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REPORTS 
 
 
 SECRETARY OF THE TREASURY 
 
 
 UNITED STATES, 
 
 PREPARED 
 
 IN OBEDIENCE TO THE ACT OF THE 10th MAY, 1800, 
 
 Supplementary to the ad, entitled * An act to establish the Treasury Department. 
 
 TO WHICH ARE PREFIXED, 
 
 THE REPORTS OF ALEXANDER HAMILTON, 
 
 ON 
 
 UBLIC CREDIT, ON A NATIONAL BANK, ON MANUFACTURES, 
 
 AND ON THE 
 
 ESTABLISHMENT OF A MINT. 
 
 
 VOL. I. *$' 
 
 ^i 
 
 PRINTED BT ORDER OF THE SENATE OF THE UNITED STATES 
 
 WASHINGTON: 
 
 PRINTED BY DUFF GREEN. 
 
 1828. 
 
IN SENATE OF THE UNITED STATES. 
 Thursday, February 7, 1828. 
 
 Resolved^ That the Secretary of the Senate cause to be printed and bound, 
 six hundred copies of the Annual Reports of the Secretary of the Treasury, 
 including the Reports of Mr. Hamilton; and to cause an Index to be prepared 
 for the same; and that the expense thereof be paid out of the Contingent 
 Fund. 
 
 Attest: 
 
 WALTER L0WR1E, gecretary. 
 
 i 
 
TABLE OF CONTENTS. 
 
 Page- 
 
 Reports by Mr. Hamilton on Public Credit, January, 1790 3 
 
 National Bank, December, 1790 54 
 
 Manufactures, December, 1791 78 
 
 Establishing a Mint, May, 1791 133 
 
 Public Credit, January, 1795 157 
 
 Gallatin on the Finances, December, 1801 216 
 
 December, 1802 252 
 
 October, 1803 262 
 
 November, 1804 285 
 
 December, 1805 297 
 
 December, 1806 331 
 
 November, 1807 356 
 
 December, 1808 373 
 
 June, 1809 391 
 
 December, 1809 398 
 
 December, 1810 421 
 
 November, 1811 443 
 
 December, 1812 468 
 
 William Jones, (Acting Secretary,) June, 1813 488 
 
 Decemler, 1813 499 
 
 G. W. Campbell, December, 1814 523 
 
Digitized by the Internet Archive 
 
 in 2011 with funding from 
 
 Boston Library Consortium Member Libraries 
 
 http://www.archive.org/details/reportsofsecretaunit 
 
ilF.POUT* 
 
 SECRETARY OF THE TREASURY OF THE UNITED STATED. 
 
 ON PUBLIC CREDIT. 
 
 Treasury Department, January 9, 1790. 
 
 The Secretary of the Treasury > in obedience to the resolution of the House 
 of Representatives of the twenty-first day of September last, has, during the 
 recess of Congress, applied himself to the consideration of a proper plan for 
 the support of the public credit, with all the attention which was due to the 
 authority of the House, and to the magnitude of the object. 
 
 In the discharge of this duty, he has felt, in no small degree, the anxie- 
 ties which naturally flow from a just estimate of the diflficulty of the task,, 
 from a well founded diffidence of his own qualifications for executing it 
 with success, and from a deep and solemn conviction of the momentous na- 
 ture of the truth contained in the resolution under which his investigations 
 have been conducted, li That an adequate provision for the support of the 
 Public Credit is a matter of high importance to the honor and prosperity 
 of the United States." 
 
 With an ardent desire that his well meant endeavors may be conducive 
 to the real advantage of the nation, and with the utmost deference to the 
 superior judgment of the House, he now respectfully submits the result of 
 his inquiries and reflections to their indulgent construction. 
 
 In the opinion of the Secretary, the wisdom of the House, in giving 
 their explicit sanction to the proposition which has been stated, cannot but 
 be applauded by all who will seriously consider and trace, through their 
 obvious consequences, these plain and undeniable truths: 
 
 That exigencies are to be expected to occur, in the affairs of nations, in 
 which there will be a necessity for borrowing; 
 
 That loans in times of public danger, especially from foreign war, are 
 found an indispensable resource, even to the wealthiest of them; 
 
 And that in a country which, like this, is possessed of little active wealth, 
 or, in other words, little monied capital, the necessity for that resource must, 
 in such emergencies, be proportionably urgent. 
 
 And as, on the one hand, the necessity for borrowing in particular emer- 
 gencies cannot be doubted, so, on the other, it is equally evident, that to be 
 able to borrow upon good terms, it is essential that the credit of a nation, 
 should be well established. 
 
 For, when the credit of a country is in any degree questionable, it never 
 fails to give an extravagant premium, in one shape or another, upon all the 
 loans it has occasion to make. Nor does the evil end here; the same disad-- 
 vantage must be sustained upon whatever is to be bought on terms of future 
 payment. 
 
REPORTS OF THE 
 
 [179a 
 
 From this constant necessity of borrowing and buying dear, it is easy to 
 conceive how immensely the expenses of a nation, in a. course of time, will 
 be augmented by an unsound state of the public credit. 
 
 To attempt to enumerate the complicated variety of mischiefs in the 
 whole system of the social economy, which proceed from a neglect of the 
 maxims that uphold public credit, and justify the solicitude manifested by 
 the House on this point, would be an improper intrusion on their time and 
 patience. 
 
 In so strong a light, nevertheless, do they appear to the Secretary, that 
 on their due observance at the present critical juncture, materially depends, 
 in his judgment, the individual and aggregate prosperity of the citizens of 
 the United States; their relief from the embarrassments they now experi- 
 ence; their character as a people; the cause of good government. 
 
 If the maintenance of public credit, then, be truly so important, the next 
 inquiry which suggests itself is, by what means it is to be effected. The 
 ready answer to which question is, by good faith, by a punctual perform- 
 ance of contracts. States, like individuals, who observe their engagements, 
 are respected and trusted; while the reverse is the fate of those who pursue 
 an opposite conduct. 
 
 Every breach of the public engagements, whether from choice or neces- 
 sity, is, in different degrees, hurtful to public credit. When such a neces- 
 sity does truly exist, the evils of it are only to be palliated by a scrupulous 
 attention on the part of the government, to carry the violation no further 
 than the necessity absolutely requires, and to manifest, if the nature of the 
 case admit of it, a sincere disposition to make reparation whenever circum- 
 stances shall permit. But, with every possible mitigation, credit must suffer, 
 and numerous mischiefs ensue. It is, therefore, highly important, when an 
 appearance of necessity seems to press upon the public councils, that they 
 should examine well its reality, and be perfectly assured that there is no 
 method of escaping from it, before they yield to its suggestions. For, 
 though it cannot safely be affirmed that occasions have never existed, or may 
 not exist, in which violations of the public faith, in this respect, are inevita- 
 ble; yet there is great reason to believe that they exist far less frequently 
 than precedents indicate; and are oftenest either pretended through levity or 
 want of firmness, or supposed, through want of knowledge. Expedients 
 might often have been devised to effect, consistently with good faith, what 
 has been done in contravention of it. Those who are most commonly cre- 
 ditors of a nation, are, generally speaking, enlightened men; and there are 
 signal examples to warrant a conclusion, that when a candid and fair appeal 
 is made to them, they will understand their true interest too well to refuse 
 their concurrence in such modifications of their claims, as any real necessity 
 may demand. 
 
 While the observance of that good faith which is the basis of public cre- 
 dit, is recommended by the strongest inducements of political expediency, 
 it is enforced by considerations of still greater authority. There are argu- 
 ments for it which rest on the immutable principles of moral obligation. 
 And in proportion as the mind is disposed to contemplate, in the order of 
 Providence, an intimate connexion between public virtue and public happi- 
 ness, will be its repugnancy to a violation of those principles. 
 
 This reflection derives additional strength from the nature of the debt of 
 the United States. It was the price of liberty. The faith of America has 
 been repeatedly pledged for it, and with solemnities that give peculiar force 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 
 to the obligation. There is, indeed, reason to regret that it has not hitherto 
 been kept; that the necessities of the war, conspiring with inexperience in the 
 subjects of finance, produced direct infractions; and that the subsequent pe- 
 riod has been a continued scene of negative violation, or non-compliance. 
 But a diminution of this regret arises from the reflection that the last seven 
 years have exhibited an earnest and uniform effort on the part of the govern- 
 ment of the Union, to retrieve the national credit, by doing justice to the 
 creditors of the nation; and that the embarrassments of a defective Constitu- 
 tion, which defeated this laudable effort, have ceased. 
 
 From this evidence of a favorable disposition given by the former govern- 
 ment, the institution of a new one, clothed with powers competent to call- 
 ing forth the resources of the community, has excited correspondent expec- 
 tations. A general belief accordingly prevails, that the credit of the United 
 States will quickly be established on the firm foundation of an effectual pro- 
 vision for the existing debt. The influence which this has had at home, is 
 witnessed by the rapid increase that has taken place in the market value of 
 the public securities. From January to November, they rose thirty-three 
 and a third per cent., and from that period to this time, they have risen fifty 
 per cent, more; and the intelligence from abroad announces effects propor- 
 tionably favorable to our national credit and consequence. 
 
 It cannot but merit particular attention, that among ourselves, the most en- 
 lightened friends of good government are those whose expectations are the 
 highest. 
 
 To justify and preserve their confidence to promote the increasing respec- 
 tability of the American name; to answer the calls of justice; to restore 
 landed property to its due value; to furnish new resources, both to agricul- 
 ture and commerce; to cement more closely the union of the States; to add 
 to their security against foreign attack; to establish public order on the basis 
 of an upright and liberal policy — These are the great and invaluable ends 
 to be secured by a proper and adequate provision, at the present period, for 
 the support of public credit. 
 
 To this provision we are invited, not only by the general considerations 
 which have been noticed, but by others of a more particular nature. It will 
 procure to every class of the community some important advantages, and re- 
 move some no less important disadvantages. 
 
 The advantage to the public creditors from the increased value of that 
 part of their property which constitutes the public debt, needs no expla- 
 nation. 
 
 But there is a consequence of this, less obvious, though not less true, in 
 which every other citizen is interested. It is a well known fact, that in 
 countries in which the national debt is properly funded, and an object of 
 established confidence, it answers most of the purposes of money. Transfers 
 of stock or public debt, are there equivalent to payments in specie; or, in 
 other words, stock in the principal transactions of business, passes current 
 as specie. The same thing would, in all probability, happen here under 
 the like circumstances. 
 
 The benefits of this are various and obvious: 
 
 First. Trade is extended by it, because there is a larger capital to carry 
 it on, and the merchant can, at the same time, afford to trade for smaller 
 profits; as his stock, which, when unemployed, brings him in an interest 
 from the government, serves him also as money when he has a call fpr it 
 in his commercial operations. 
 
6 REPORTS OF THE [1790, 
 
 Secondly. Agriculture and manufactures are also promoted by it, for the 
 like reason, that more capital can be commanded to be employed in both; 
 and because the merchant, whose enterprise in foreign trade gives to them 
 activity Tend extension, has greater means for enterprise. . 
 
 Thirdly. The interest of money will be lowered by it; for this is always 
 in a ratio to the quantity of money, and to the quickness of circulation. 
 This circumstance will enable both the public and individuals to borrow on 
 easier and cheaper terms. 
 
 And from the combination of these effects, additional aids will be furnished 
 to labor, to industry, and to arts of every kind. But these good effects of 
 a public debt are only to be looked for, when, by being well funded, it has 
 acquired an adequate and stable value; till then, it has rather a contrary ten- 
 dency. The fluctuation and insecurity incident to it in an unfunded state, 
 render it a mere -commodity, and a precarious one. As such, being only an 
 object of occasional and particular speculation, all the money applied to it 
 is so much diverted from the more useful channels of circulation, for. which 
 the thing itself affords no substitute; so that, in fact, one serious inconveni- 
 ence of an unfunded debt is, that it contributes to the scarcity of money. 
 
 This distinction, which has been little if at all attended to, is of the greatest 
 moment; it involves a question immediately interesting to every part of the 
 community, which is no other than this: whether the public debt, by a pro- 
 vision for it on true principles, shall be rendered a substitute for money; 
 or whether, by being left as it is, or by being provided for in such a manner 
 as will wound those principles and destroy confidence, it shall be suffered to 
 continue as it is, a pernicious drain of our cash from the channels of produc- 
 tive industry. 
 
 The effect which the funding of the public debt, on right principles, would 
 have upon landed property, is one of the circumstances attending such an 
 arrangement, which has been least adverted to, though it deserves the most 
 particular attention. The present depreciated state of that species of pro- 
 perty is a serious calamity. The value of cultivated lands in most of the 
 States, has fallen, since the revolution, from twenty-five to fifty per cent. 
 In those furthest South, the decrease is still more considerable. Indeed, if 
 the representations continually received from that quarter may be credited, 
 lands there will command no price which may not be deemed an almost 
 total sacrifice. This decrease in the value of lands, ought, in a great measure, 
 to be attributed to the scarcity of money ; consequently, whatever produces 
 an augmentation of the monied capital of the country, must have a propor- 
 tional effect in raising that value. The beneficial tendency of a funded debt, 
 in this respect, has been manifested by the most decisive experience in Great 
 Britain. 
 
 The proprietors of lands would not only feel the benefit of this increase 
 in the value of their property, and of a more prompt and better sale, when 
 they had occasion to sell, but the necessity of selling would be itself greatly 
 diminished. As the same cause would contribute to the facility of loans, 
 there is reason to believe, that such of them as are indebted, would be able, 
 through that resource, to satisfy their more urgent creditors. 
 
 It ought not, however, to be expected, that the advantages described as 
 likely to result from funding the public debt, would be instantaneous. It 
 might require some time to bring the value of stock to its natural level, and 
 to attach to it that fixed confidence, which is necessary to its quality as mo- 
 ney. Yet the late rapid rise of the public securities encourages an expecta- 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 
 tion, that the progress of stock to the desirable point, will be much more 
 expeditious than could have been foreseen. And as, in the mean time, it will 
 be increasing in value, there is room to conclude that it will, from the 
 outset, answer many of the purposes in contemplation. Particularly it seems 
 to be probable, that from creditors who are not themselves necessitous, it 
 will early meet with a ready reception in payment of debts, at its current 
 price. 
 
 Having now taken a concise view of the inducements to a proper pro- 
 vision for the public debt, the next inquiry which presents itself is, what 
 ought to be the nature of such a provision? This requires some preliminary 
 discussions. 
 
 It is agreed on all hands, that that part of the debt which has been con- 
 tracted abroad, and is denominated the foreign debt, ought to be provided 
 for according to the precise terms of the contracts relating to it. The dis- 
 cussions which can arise, therefore, will have reference essentially to the 
 domestic part of it — or to that which has been contracted at home. It is to 
 be regretted, that there is not the same unanimity of sentiment on this part, 
 as on the other. 
 
 The Secretary has too much deference for the opinions of every part of 
 the community, not to have observed one, which has more than once made 
 its appearance in the public prints, and which is occasionally to be met with 
 in conversation. It involves this question, whether a discrimination ought 
 not to be made between original holders of the public securities, and present 
 possessors, by purchase? Those who advocate a discrimination, are for mak- 
 ing a full provision for the securities of the former at their nominal value; 
 but contend that the latter ought to receive no more than the cost to them, 
 and the interest. And the idea is sometimes suggested of making good the 
 difference to the primitive possessor.- 
 
 In favor of this scheme, it is alleged, that it would be unreasonable to pay 
 twenty shillings in the pound, to one who had not given more for it than 
 three or four. And it is added, that it would be hard to aggravate the mis- 
 fortune of the first owner, who, probably through necessity, parted with 
 his property at so great a loss, by obliging him to contribute to the profit of 
 the person who had speculated on his distresses. 
 
 The Secretary, after the most mature reflection on the force of this argu- 
 ment, is induced to reject the doctrine it contains, as equally unjust and im- 
 politic — as highly injurious, even to the original holders of public securities — ■ 
 as ruinous to public credit. 
 
 It is inconsistent with justice, because, in the first place, it is a breach of 
 contract, a violation of the rights of a fair purchaser. 
 
 The nature of the contract, in its origin, is, that the public will pay the 
 sum expressed in the security, to the first holder or his assignee. The in- 
 tent in making the security assignable, is, that the proprietor may be able 
 to make use of his property, by selling it for as much as it may be worth in 
 the market, and that the buyer may be safe in the purchase. 
 
 Every buyer, therefore, stands exactly in the place of the seller, has the same 
 right with him to the identical sum expressed in the security, and having ac- 
 quired that right, by fair purchase, and in conformity to the original agree- 
 ment and intention of the government, his claim cannot be disputed, without 
 manifest injustice. 
 
 That he is to be considered as a fair purchaser, results from this: whatever 
 necessity the seller may have been under,, was occasioned by the government, 
 
REPORTS OF THE 
 
 [1790. 
 
 in not making a proper provision for its debts. The buyer had no agency 
 in it, and therefore ought not to suffer. He is not even chargeable with 
 having taken an undue advantage. He paid what the commodity was worth 
 in the market, and. took the risks of reimbursement upon himself. He of 
 course gave a fair equivalent, and ought to reap the benefit of his hazard; a 
 hazard which was far from inconsiderable, and which, perhaps, turned on 
 little less than a revolution in government. 
 
 That the case of those who parted with their securities from necessity, is 
 a hard one, cannot be denied. But, whatever complaint of injury, or claim 
 of redress they may have, respects the government solely. They have not 
 only nothing to object to the persons who relieved their necessities, by giv- 
 ing them the current price of their property, but they are even under 
 an implied condition to contribute to the reimbursement of those per- 
 sons. They knew that, by the terms of the contract with themselves, 
 the public were bound to pay to those to whom they should convey their 
 title the sums stipulated to be paid to them; and that, as citizens of the United 
 States, they were to bear their proportion of the contribution for that pur- 
 pose. This, by the act of assignment, they tacitly engage to do; and, if they 
 had an option, they could not, with integrity or good faith, refuse to do it, 
 without the consent of those to whom they sold. 
 
 But, though many of the original holders sold from necessity, it does not 
 follow that this was the case with all of them. It may well be supposed that 
 some of them did it either through want of confidence in an eventual provi- 
 sion, or from the allurements of some profitable speculation. How shall 
 these different classes be discriminated from each other? How shall it be 
 ascertained, in any case, that the money which the original holder obtained 
 for his security was not more beneficial to him than if he had held it to the 
 present time, to avail himself of the provision which shall be made? How 
 shall it be known whether, if the purchaser had employed his money in 
 some other way, he would not be in a better situation than by having applied it 
 in the purchase of securities, though he should now receive their full amount? 
 And, if neither of these things can be known, how shall it be determined 
 whether a discrimination, independent of the breach of contract, would not 
 do a real injury to purchasers; and, if it included a compensation to the pri- 
 mitive proprietors, would not give them an advantage to which they had no 
 equitable pretension? 
 
 It may well be imagined, also, that there are not wanting instances in 
 which individuals, urged by a present necessity, parted with the securities 
 received by them from the public, and shortly after replaced them with others, 
 as an indemnity for their first loss. Shall they be deprived of the indemnity 
 which they have endeavored to secure by so provident an arrangement? 
 
 Questions of this sort, on a close inspection, multiply themselves without 
 end, and demonstrate the injustice of a discrimination, even on the most 
 subtile calculations of equity, abstracted from the obligation of contract. 
 
 The difficulties, too, of regulating the details of a plan for that purpose, 
 which would have even the semblance of equity, would be found immense. 
 It may well be doubted whether they would not be insurmountable, and re- 
 plete with such absurd as well as inequitable consequences, as to disgust 
 even the proposers of the measure. 
 
 As a specimen of its capricious operation, it will be sufficient to notice the 
 effect it would have upon two persons, who may be supposed two years ago 
 to have purchased, each, securities at three shillings in the pound, and one of 
 
1790.] SECRETARY OF THE TREASURY. 9 
 
 them to retain those bought by him, till the discrimination should take 
 place, the other to have parted with those bought by him, within a month 
 past, at nine shillings. The former, who had had most confidence in the 
 government, would, in this case, only receive at the rate of three shillings, 
 and the interest; while the latter, who had had less confidence, would receive 
 for what cost him the same money, at the rate of nine shillings, and his re- 
 presentative, standing in his place, would be entitled to a like rate. 
 
 The impolicy of a discrimination results from two considerations: one, 
 that it proceeds upon a principle destructive of that quality of the public debt, 
 or the stock of the nation, which is essential to its capacity for answering 
 the purposes of money, that is, the security of transfer; the other, that, as 
 well on this account as because it includes a breach of faith, it renders pro- 
 perty in the funds less valuable, consequently induces lenders to demand a 
 higher premium for what they lend, and produces every other inconvenience 
 of a bad state of public credit. 
 
 It will be perceived, at first sight, that the transferable quality of stock is 
 essential to its operation as money, and that this depends on the idea of com- 
 plete security to the transferee, and a firm persuasion that no distinction 
 can, in any circumstances, be made between him and the original proprietor. 
 
 The precedent of an invasion of this fundamental principle, would, of 
 course, tend to deprive the community of an advantage with which no tem- 
 porary saving could bear the least comparison. 
 
 And it will as readily be perceived, that the same cause would operate 3; 
 diminution of the value of stock in the hands of the first as well as of every 
 other holder. The price which any man who should incline to purchase, 
 would be willing to give for it, would be in a compound ratio to the imme- 
 diate profit it afforded, and the chance of the continuance of his profit. If 
 there was supposed to be any hazard of the latter, the risk would be taken 
 into the calculation, and either there would be no purchase at all, or it would 
 be at a proportionably less price. 
 
 For this diminution of the value of stock, every person who should be 
 about to lend to the government, would demand compensation; and would 
 add to the actual difference between the nominal and the market value, an 
 equivalent for the chance of greater decrease; which, in a precarious state 
 of public credit, is always to be taken into the account. Every compensa- 
 tion of this sort, it is evident, would be an absolute loss to the government 
 
 In the preceding discussion of the impolicy of a discrimination, the inju- 
 rious tendency of it to those who continue to be the holders of the securi- 
 ties they received from the government, has been explained. Nothing need 
 be added on this head, except that this is an additional and interesting light 
 in which the injustice of the measure may be seen. It would not only di- 
 vest present proprietors, by purchase, of the rights they had acquired under 
 the sanction of public faith, but it would depreciate the property of the re- 
 maining original holders. It is equally unnecessary to add any thing to what 
 has been already said, to demonstrate the fatal influence which the principle 
 of discrimination would have on the public credit. 
 
 But there is still a point in view in which it will appear perhaps even 
 more exceptionable than in either of the former. It would be repugnant 
 to an express provision of the Constitution of the United States. This pro- 
 vision is, that "all debts contracted, and engagements entered into, before 
 the adoption of that Constitution, shall be as valid against the United States 
 under it, as under the Confederation;" which amounts to a constitutional rati- 
 
20 REPORTS OF THE [1790, 
 
 fication of the contracts respecting the debt in the state in which they existed 
 under the Confederation. And, resorting to that standard, there can be no 
 doubt that the rights of assignees and original holders must be considered 
 as equal. In exploding thus fully the principle of discrimination, the Se- 
 cretary is happy in reflecting, that he is only the advocate of what has been 
 already sanctioned by the formal and express authority of the government of 
 the Union, in these emphatic terms: u The remaining class of creditors," say 
 Congress, in their circular address to the States, of the 26th of April, 1783, "is 
 " composed partly of such of our fellow citizens as originally lent to the 
 "public the use of their funds, or have since manifested most confidence in 
 " their country, by receiving transfers from the lenders; and partly of those 
 "whose property has been either advanced or assumed for the public service* 
 61 To discriminate the merits of these several descriptions of creditors would 
 " be a task equally unnecessary and invidious. If the voice of humanity 
 "plead more loudly in favor of some than of others, the voice of policy, no 
 '*' less than of justice, pleads in favor of all. A wise nation will never per- 
 " mit those who relieve the wants of their country, or who rely most on 
 " its faith, its firmness, and its resources, when either of them is distrusted, 
 " to suffer by the event." 
 
 The Secretary, concluding that a discrimination between the different 
 classes of creditors of the United States cannot, with propriety, be made, 
 proceeds to examine whether a difference ought to be permitted to remain 
 between them and another description of public creditors — those of the 
 States, individually. The Secretary, after mature reflection on this point, en- 
 tertains a full conviction, that an assumption of the debts of the particular 
 States by the Union, and a like provision for them as for those of the Union, 
 will be a measure of sound policy and substantial justice. 
 
 It would, in the opinion of the Secretary, contribute, in an eminent de- 
 gree, to an orderly, stable, and satisfactory arrangement of the national 
 finances. Admitting, as ought to be the case, that a provision must be made, 
 in some way or other, for the entire debt, it will follow that no greater reve- 
 nues will be required, whether that provision be made wholly by the United 
 States, or partly by them, and partly by the States separately. 
 
 The principal question, then, must be, whether such a provision cannot be 
 more conveniently and effectually made, by one general plan, issuing from 
 one authority, than by different plans, originating in different authorities? 
 In the first case there can be no competition for resources; in the last, there 
 must be such a competition. The consequences of this, without the greatest 
 caution on both sides, might be interfering regulations, and thence collision 
 and confusion. Particular branches of industry might also be oppressed by 
 it. The most productive objects of revenue are not numerous. Either these 
 must be wholly engrossed by one side, which might lessen the efficacy of 
 the provisions by the other, or both must have recourse to the same objects, 
 in different modes, which n:ight occasion an accumulation upon them beyond 
 what they could properly bear. If this should not happen, the caution re- 
 quisite to avoiding it would prevent the revenue's deriving the full benefit 
 of each object. The danger of interference and of excess, would be apt to 
 impose restraints very unfriendly to the complete command of those re- 
 sources which are the most convenient, and to compel the having recourse 
 to others less eligible in themselves, and less agreeable to the community. 
 The difficulty of an effectual command of the public resources, in case of 
 separate provisions for the debt, may be seen in another, and, perhaps, more 
 striking light It would naturally happen that different States, from local 
 
179U.] SECRETARY OF THE TREASURY. n 
 
 considerations, would, in some instances, have recourse to different objects, 
 in others to the same objects, in different degrees, for procuring the funds 
 of which they stood in need. It is easy to conceive how this diversity 
 would affect the aggregate revenue of the country. By the supposition, ar- 
 ticles which yielded a full supply in some States, would yield nothing, or an 
 insufficient product, in others. And hence the public revenue would not 
 derive the full benefit of those articles from State regulations: neither could 
 the deficiencies be made good by those of the Union. It is a provision of 
 the national Constitution, that " all duties, imposts, and excises, shall be 
 " uniform throughout the United States." And, as the general govern- 
 ment would be under a necessity, from motives of policy, of paying regard 
 to the duty which may have been previously imposed upon any article, 
 though but in a single State, it would be constrained either to refrain wholly 
 from any further imposition upon such article, where it had been already 
 rated as high as was proper, or to confine itself to the difference between the 
 existing rate and what the article would reasonably bear. Thus the pre- 
 occupancy of an article by a single State, would tend to arrest or abridge 
 the impositions of the Union on that article. And as it is supposable, that 
 a great variety of articles might be placed in this situation, by dissimilar ar- 
 rangements of the particular States, it is evident that the aggregate revenue 
 of the country would be likely to be very materially contracted by the plan 
 of separate provisions. 
 
 If all the public creditors receive their dues from one source, distributed 
 with an equal hand, their interest will be the same. And, having the same 
 interests, they will unite in the support of the fiscal arrangements of the 
 government: as these, too, can be made with more convenience where 
 there is no competition. These circumstances combined, will ensure to the 
 revenue laws a more ready and more satisfactory execution. 
 
 If, on the contrary, there are distinct provisions, there will be distinct 
 interests, drawing different ways. That, union and concert of views, among 
 the creditors, which in every government is of great importance to their 
 security, and to that of public credit, will not only not exist, but will be 
 likely to give place to mutual jealousy and opposition. And from this cause,, 
 the operation of the systems which may be adopted both by the particular 
 States and by the Union, with relation to their respective debts, will be in 
 danger of being counteracted. 
 
 There are several reasons, which render it probable that the situation of 
 the State creditors would be worse than that of. the creditors of the Union, 
 if there be not a national assumption of the State debts. Of these it will be 
 sufficient to mention two: one, that a principal branch of revenue is exclu- 
 sively vested in the Union; the other, that a State must always be checked 
 in the imposition of taxes on articles of consumption, from the want of power 
 to extend the same regulation to the other States, and from the tendency of 
 partial duties to injure its industry and commerce. Should the State creditors 
 stand upon a less eligible footing than the others, it is unnatural to expect 
 they would see with pleasure a provision for them. The influence which 
 their dissatisfaction might have, could not but operate injuriously, both for 
 the creditors and the credit of the United States. Hence it is even the 
 interest of the creditors of the Union, that those of the individual States 
 should be comprehended in a general provision. Any attempt to secure to 
 the former either exclusive or peculiar advantages, would materially hazard 
 their interests. Neither would it be just, that one class of the public creditors 
 should be more favored than the other, The objects for which both descrip- 
 
12 REPORTS OF THE [179(j s 
 
 tions of the debt were contracted, are in the main the same. Indeed a great 
 part of the particular debts of the States has arisen from assumptions by them 
 on account of the Union. And it is most equitable, that there should be the 
 same measure of retribution for all. There is an objection, however, to an 
 assumption of the State debts, which deserves particular notice. It may be 
 supposed, that it would increase the difficulty of an equitable settlement be- 
 tween them and the United States. 
 
 The principles of that settlement, whenever they shall be discussed, will 
 require all the moderation and wisdom of the government. In the opinion 
 of the Secretary, that discussion, till further lights are obtained, would be 
 premature. All, therefore, which he would now think adviseable on the 
 point in question, would be, that the amount of the debts assumed and pro- 
 vided for, should be charged to the respective States, to abide an eventual 
 arrangement. ~~This, the United States, as assignees to the creditors, would 
 have an indisputable right to do. But as it might be a satisfaction to the 
 House to have before them some plan for the liquidation of accounts between 
 the Union and its members, which, including the assumption of the State 
 debts, would consist with equity, the Secretary will submit, in this place, 
 such thoughts on the subject as have occurred to his own mind, or been sug- 
 gested to him, most compatible, in his judgment, with the end proposed. 
 
 Let each State be charged with all the money advanced to it out of the 
 treasury of the United States, liquidated according to the specie value at 
 the time of each advance, with interest at six per cent. 
 
 Let it also be charged with the amount, in specie value, of all its securities 
 which shall be assumed, with the interest upon them, to the time when inte- 
 rest shall become payable by the United States. 
 
 Let it be credited for all moneys paid, and articles furnished to the United 
 States, and for all other expenditures during the war, either towards general 
 or particular defence, whether authorized or unauthorized by the United 
 States; the whole liquidated to specie value, and bearing an interest of six 
 per cent., from the several times at which the several payments, advances, 
 and expenditures accrued. 
 
 And let all sums of continental money now in the treasuries of the re- 
 spective States, which shall be paid into the treasury of the United States, be 
 credited at specie value. 
 
 Upon a statement of the accounts according to these principles, there can 
 be little doubt that balances would appear in favor of all the States against 
 the United States. 
 
 To equalize the contributions of the States, let each be then charged with 
 its proportion of the aggregate of those balances, according to some equitable 
 ratio, to be devised for that purpose. 
 
 If the contributions should be found disproportionate, the result of this 
 adjustment would be, that some States would be creditors, some debtors, to 
 the Union. Should this be the case — as it will be attended with less incon- 
 venience to the United States to have to pay balances to, than to receive 
 them from, the particular States — it may, perhaps, be practicable to effect 
 the former by a second process, in the nature of a transfer of the amount of 
 the debts of debtor States, to the credit of creditor States; observing the ratio 
 by which the first apportionment shall have been made. This, whilst it 
 would destroy the balances due from the former, would increase those due 
 to the latter. These to be provided for by the United States, at a reasonable 
 interest, but not to be transferable. The expediency of this second process 
 must depend on a knowledge of the result of the first. If the inequalities 
 
1790.1 SECRETARY OF THE TREASURY. | 3 
 
 should be too great, the arrangement may be impracticable, without unduly 
 increasing the debt of the United States. But it is not likely that this would 
 be the case. It is also to be remarked, that though this second process might 
 not, upon the principle of apportionment, bring the thing to the point aimed 
 at, yet it may approach so nearly to it, as to avoid essentially the embarrass- 
 ment of having considerable,balances to collect from any of the States. 
 
 The whole of this arrangement to be under the superintendence of 
 commissioners, vested with equitable discretion and final authority. The 
 operation of the plan is exemplified in schedule A. 
 
 The general principle of it seems to be equitable, for it appears difficult 
 to conceive a good reason why the expenses for the particular defence of a 
 part, in a common war, should not be a common charge, as well as those 
 incurred professedly for the general defence. The defence of each part is 
 that of the whole; and unless all the expenditures are brought into a com- 
 mon mass, the tendency must be to add to the calamities suffered, by being 
 the most exposed to the ravages of war, an increase of burthens. This plan 
 seems to be susceptible of no objection which does not belong to every other, 
 that proceeds on the idea of a final adjustment of accounts. The difficulty 
 of settling a ratio is common to all. This must, probably, either be sought 
 for in the proportions of the requisitions during the war,' or in the decision 
 of commissioners, appointed with plenary power. The rule prescribed in 
 the Constitution with regard to representation and direct taxes, would evi- 
 dently not be applicable to the situation of parties, during the period in 
 question. The existing debt of the United States is excluded from the com- 
 putation, as it ought to be, because it will be provided for out of a genera! 
 fund. The only discussion of a preliminary kind which remains, relates 
 to the distinctions of the debt into principal and interest. It is well known 
 that the arrears of the latter bear a large proportion to the amount of the 
 former. The immediate payment of these arrears is evidently impracticable: 
 and a question arises — what ought to be done with them? 
 
 There is good reason to conclude, that the impressions of many are more 
 favorable to the claim of the principal, than to that of the interest; at least so 
 far as to produce an opinion, that an inferior provision might suffice for the 
 latter. 
 
 But, to the Secretary, this opinion does not appear to be well founded. His 
 investigations of the subject have led him to a conclusion^ that the arrears 
 of interest have pretensions at least equal to the principal. 
 
 The liquidated debt, traced to its origin, falls under two principal dis- 
 criminations. One relating to loans, the other to services performed and 
 articles supplied. The part arising from loans was at first made payable at 
 fixed periods, which have long since elapsed, with an early option to lenders, 
 either to receive back their money at the expiration of those periods, or to 
 continue it at interest, till the whole amount of continental bills circulating 
 should not exceed the sum in circulation at the time of each loan. This con- 
 tingency, in the sense of the contract, never happened; and the presumption 
 is, that the creditors preferred continuing their money indefinitely at in- 
 terest, to receiving it in a depreciated and depreciating state. 
 
 The other parts of it were chiefly for objects which ought to have been 
 paid for at the time, that is, when the services were performed, or the sup- 
 plies furnished; and were not accompanied with any contract for interest. 
 
 But by different acts of government and administration, concurred in by 
 the creditors, these parts of the debt have been converted into a capital, 
 bearing an interest of six per cent, per annum, but without anv definite 
 
|4 ' REPORTS OF THE [1790, 
 
 period of redemption. A portion of the Loan Office debt, has been ex- 
 changed for new securities of that import; and the whole of it seems to 
 have acquired that character after the expiration of the periods prefixed for 
 re-payment. If this view of the subject be a just one, the capital of the debt 
 of the United States may be considered in the light of 'an annuity at the rate 
 of six per cent, per annum, redeemable at the pleasure of the govern- 
 ment, by payment of the principal. For it seems to be a clear position, that 
 when a government contracts a debt payable with interest, without any pre- 
 cise time being stipulated or understood for payment of the capital, that time 
 is a matter of pure discretion with the government, which is at liberty to 
 consult its own convenience respecting it, taking care to pay the interest 
 with punctuality. 
 
 Wherefore, as long as the United States should pay the interest of their debt, 
 as it accrued, jtheir creditors would have no right to demand the principal. 
 But with regard to the arrears of interest, the case is different. These are 
 now due, and those to whom they are due, have a right to claim immediate 
 payment. To say that it would be impracticable to comply, would not vary 
 the nature of the right. Nor can this idea of impracticability be honora- 
 bly carried further than to justify the proposition of a new contract, upon 
 the basis of a commutation of that right for an equivalent. This equivalent 
 too ought to be a real and fair one. And what other fair equivalent can be 
 imagined for the detention of money, but a reasonable interest? Or what can 
 be the standard of that interest, but the market rate, or the rate which the 
 government pays in ordinary cases? 
 
 From this view of the matter, which appears to be the accurate and true 
 one, it will follow, that, the arrears of interest are entitled to an equal pro- 
 vision with the principal of the debt. 
 
 The result of the foregoing discussions is this. That there ought to be no 
 discrimination between the original holders of the debt, and present pos- 
 sessors by purchase. That it is expedient there should be an assumption 
 of the State debts by the Union, and that the arrears of interest should be 
 provided for on an equal footing with the principal. 
 
 The next inquiry, in order, towards determining the nature of a proper 
 provision, respects the quantum of the debt, and the present rates of interest. 
 
 The debt of the Union is distinguishable into foreign and domestic. 
 The Foreign Debt, as stated in schedule B, amounts to 
 
 principal - - - - - - $10,070,307 00 
 
 Bearing an interest of four, and partly an interest, of 
 
 five per cent. 
 Arrears of interest to the last of December, 1789 - 1,640,071 62 
 
 Making together - - - $11,710,378 62 
 
 The Domestic Debt may be subdivided into liquidated 
 
 and unliquidated; principal and interest. 
 The principal of the liquidated part, as stated in the 
 
 schedule C, amounts to - . - - - $27,383,917 74 
 
 Bearing an interest of six per cent. 
 The arrears of interest, as stated in the schedule D, to 
 
 the end of 1790, amount to - 13,030,168 20 
 
 Making together - . - $40,414,085 94 
 
90.] 
 
 SECRETARY OF THE TREASURY. i Lii 
 
 This includes all that has been paid in indents (except what has come into 
 the treasury of the United States,) which, in the opinion of the Secretary, 
 can be considered in no other light than as interest due. 
 
 The unliquidated part of the domestic debt, which consists chiefly of 
 the continental bills of credit, is not ascertained, but may be estimated at 
 2,000,000 dollars. 
 
 These several sums constitute the whole of the debt of the United States, 
 amounting together to $ 54,124,464 56. That of the individual States is not 
 equally well ascertained. The schedule E shows the extent to which it 
 has been ascertained by returns pursuant to the order of the House of the 21st 
 September last, but this not comprehending all the States, the residue must 
 he estimated from less authentic information. The Secretary, however, 
 presumes, that the total amount may be safely stated at 25 millions of dollars, 
 principal and interest. The present rate of interest of the State debts is, 
 in general, the same with that of the domestic debt of the Union. 
 
 On the supposition that the arrears of interest ought to be provided for, 
 on the same terms with the principal, the annual amount of the interest, 
 which, at the existing rates, would be payable, on the entire mass of the 
 public debt, would be — 
 
 On the foreign debt, computing the interest on the principal, as it stands, 
 and allowing four per cent, on the arrears of interest, $542,599 6*6 
 
 On the domestic debt, including that of the States, 4,044,845 15 
 
 Making together, $4,587,444 SI 
 
 The interesting problem now occurs. Is it in the power of the United 
 States, consistently with those prudential considerations which ought not to 
 be overlooked, to make a provision equal to the purpose of funding the 
 whole debt, at the rates of interest which it now bears, in addition to the sum 
 which will be necessary for the current service of the government? 
 
 The Secretary will not say that such a provision would exceed the abilities 
 of the country; but he is clearly of opinion, that to make it, would require 
 the extension of taxation to a degree, and to objects, which the true interest 
 of the public creditors forbids. It is therefore to be hoped, and even to be ex- 
 pected, that they will cheerfully concur in such modifications of their claims, 
 on fair and equitable principles, as will facilitate to the government an arrange- 
 ment substantial, durable, and satisfactory to the community. The import- 
 ance of the last characteristic will strike every discerning mind. No plan, 
 however flattering in appearance, to which it did not belong, could be trulv 
 entitled to confidence. 
 
 It will not be forgotten, that exigencies may, ere long, arise, which would 
 call for resources greatly beyond what is now deemed sufficient for the cur- 
 rent service; and that, should the faculties of the country be exhausted, or 
 even strained, to provide for the public debt, there could be less reliance on 
 the sacredness of the provision. But while the Secretary yields to the force 
 of these considerations, he does not lose sight of those fundamental principles 
 of good faith, which dictate that every practicable exertion ought to be 
 made, scrupulously to fulfil the engagements of the government; that no 
 change in the rights of its creditors ought to be attempted without their 
 voluntary consent; and that this consent ought to be voluntary in fact, as 
 well as in name. Consequently, that every proposal of a change ought to 
 be in the shape of an appeal to their reason and to their interest; not to 
 
jfc REPORTS OF THE 1790.] 
 
 their necessities. To this end it is requisite, that a fair equivalent should 
 be offered for what may be asked to be given up, and unquestionable securi- 
 ty for the remainder. Without this, an alteration consistently with the 
 credit and honor of the nation would be impracticable. 
 
 It remains to see what can be proposed in conformity to these views. 
 It has been remarked, that the capital of the debt of the Union is to be 
 viewed in the light of an annuity at the rate of six per cent, per annum, re- 
 deemable at the pleasure of the government, by payment of the principal. 
 And it will not be required that the arrears of interest should be considered 
 in a more favorable light. The same character, in general, may be applied 
 to the debts of the individual States. 
 
 This view of the subject admits, that the United States would have it in 
 their power to avail themselves of any fall in the market rate of interest 
 for reducing thaT of the debt. 
 
 This property of the debt is favorable to the public; unfavorable to the 
 creditor; and may facilitate an arrangement for the reduction of interest, 
 upon the basis of a fair equivalent. 
 
 Probabilities are always a rational ground of contract. The Secretary 
 conceives, that there is good reason to believe, if effectual measures are 
 taken to establish public credit, that the government rate of interest in the 
 United States, will, in a very short time, fall at least as low as five per cent,, 
 and that in a period, not exceeding twenty-years, it will sink still lower, 
 probably to four. There are two principal causes which will be likely to 
 produce this effect; one, the low rate of interest in Europe; the other, the 
 increase of the monied capital of the nation, by the funding of the public 
 debt. 
 
 From three to four per cent, is deemed good interest in several parts of 
 Europe. Even less is deemed so, in some places; — and it is on the de- 
 cline; — the increasing plenty of money continually tending to lower it. It 
 is presumable, that no country will be able to borrow of foreigners upon 
 better terms than the United States, because none can, perhaps, afford so 
 good security. Our situation exposes us less than that of any other nation, 
 to those casualties which are the chief causes of expense; our incumbrances, 
 in proportion to our real means, are less, though these cannot immediately 
 be brought so readily into action; and our progress in resources from the 
 early state of the country, and the immense tracts of unsettled territory, 
 must necessarily exceed that of any other. The advantages of this situa- 
 tion have already ■ engaged the attention of the European money lenders, 
 particularly among the Dutch. And as they become better understood, 
 ihey will have the greater influence. Hence, as large a proportion of the 
 cash of Europe as may be wanted, will be, in a certain sense, in our market 
 for the use of government. And this will naturally have the effect of a 
 reduction of the rate of interest, not indeed to the level of the places which 
 send their money to market, but to something much nearer to it than our 
 present rate. 
 
 The influence which the funding of the debt is calculated to have in low- 
 ering interest, has been already remarked and explained. It is hardly pos- 
 sible that it should not be materially affected by such an increase of the mo- 
 nied capital of the nation, as would result from the proper funding of seven- 
 ty millions of dollars. But the probability of a decrease in the rate of in- 
 terest, acquires confirmation from facts which existed prior to the revolu- 
 tion. It is well known that, in some of the States, money might, with fa- 
 
790.] 
 
 SECRETARY OF THE TREASURY, 
 
 cility, be borrowed, on good security, at five per cent., and not unfrequent- 
 ly, even at less. 
 
 The most enlightened of the public creditors will be most sensible of the 
 justness of this view of the subject, and of the propriety of the use which 
 will be made of it. The Secretary, in pursuance of it, will assume, as a 
 probability sufficiently great to be a ground of calculation, both on the part 
 of the government and of its creditors — that the interest of money in the 
 United States will, in five years, fall to five per cent, and in twenty, to four. 
 The probability, in the mind of the Secretary, is rather that the fall may 
 be more rapid and more considerable; but he prefers a mean, as most like- 
 ly to engage the assent of the creditors, and more equitable in itself ; because 
 it is predicated on probabilities, which may err on one side, as well as on 
 the other. 
 
 Premising these things, the Secretary submits to the House the expediency 
 of proposing a loan, to the full amount of the debt, as well of the particular 
 States as of the Union, upon the following terms: 
 
 First. That, for every hundred dollars subscribed, payable in the debts 
 (as well interest as principal,) the subscriber be entitled, at his option, either 
 to have two-thirds funded at an annuity or yearly interest of six per cent, 
 redeemable at the pleasure of the government, by payment of the principal., 
 and to receive the other third in lands in the western territory, at the rate 
 of twenty cents per acre. Or, to have the whole sum funded at an an- 
 nuity or yearly interest of four per cent, irredeemable by any payment ex- 
 ceeding five dollars per annum, on account both of principal and interest, 
 and to receive, as a compensation for the reduction of interest, fifteen dollars 
 and eighty cents, payable in lands, as in the preceding case. Or, to have 
 sixty-six dollars and two-thirds of a dollar funded immediately, at an annuity 
 or yearly interest of six per cent, irredeemable by any payment exceeding 
 four dollars and two-thirds of a dollar per annum, oh account both of princi^ 
 pal and interest; and to have, at the end of ten years, twenty-six dollars and, 
 eighty-eight cents, funded at the like interest and rate of redemption. Or, 
 to have an annuity for the remainder of life, upon the contingency of living 
 to a given age, not less distant than ten years, computing interest at four per 
 cent. Or, to have an annuity for the remainder of life, upon the contingency 
 of the survivorship of the youngest of two persons, computing interest in this 
 case also at four per cent. 
 
 In addition to the foregoing loan, payable wholly in the debt, the Secre- 
 tary would propose that one should be opened for ten millions of dollars, on 
 the following plan: 
 
 That, for every hundred dollars subscribed, payable one half in specie, and 
 the other half in debt, (as well principal as interest,) the subscriber be en- 
 titled to an annuity or yearly interest of five per cent, irredeemable by any 
 payment exceeding six dollars per annum, on account both of principal and 
 interest. 
 
 The principles and operation of these different plans may now require ex- 
 planation. 
 
 The first is simply a proposition for paying one-third of the debt in land, 
 and funding the other two-thirds at the existing rate of interest, and upon 
 the same terms of redemption to which it is at present subject. 
 
 Here is no conjecture, no calculation of probabilities. The creditor is 
 offered the advantage of making his interest principal, and he is asked to fa- 
 
REPORTS OF THE 
 
 [1790, 
 
 cilitate to the government an effectual provision for his demands, by accept- 
 ing a third part of them in land, at a fair valuation. 
 
 The general price at which the western lands have been heretofore sold, 
 has been a dollar per acre in public securities; but, at the time the principal 
 purchases were made, these securities were worth in the market less than 
 three shillings in the pound. The nominal price, therefore, would not be 
 the proper standard, under present circumstances, nor would the precise 
 specie value then given be a just rule: because, as the payments were to be 
 made by instalments, and the securities were, at the times of the purchases, 
 extremely low, the probability of a moderate rise must be presumed to have 
 been taken into the account. 
 
 Twenty cents, therefore, seems to bear an equitable proportion to the two 
 considerations of value at the time and likelihood of increase. 
 
 It will be understood that, upon this plan, the public retains the advan- 
 tage of availing itself of any fall in the market rate of interest, for reducing 
 that upon the debt; which is perfectly just, as no present sacrifice, either in 
 the quantum of the principal, or in the rate of interest, is required from the 
 creditor. 
 
 The inducement to the measure is, the payment of -one-third of the debt in 
 land. The second plan is grounded upon the supposition that interest, in 
 five years, will fall to five per cent. , in fifteen more to four. As the capital 
 remains entire, but bearing an interest of four per cent, only, compensation 
 is to be made to the creditor for the interest of two per cent, per annum, for 
 five years, and of one per cent, per annum, for fifteen years, to commence at 
 the distance of five years. The present value of these two sums or annuities, 
 computed according to the terms of the supposition, is, by strict calculation, 
 fifteen dollars and seven hundred and ninety-two thousandth parts of a dollar; 
 a fraction less than the sum proposed. 
 
 The inducement to the measure here, is the reduction of interest to a rate 
 more within the compass of a convenient provision, and the payment of the 
 compensation in lands. 
 
 The inducements to the individual, are — the accommodation afforded to the 
 public — the high probability of a complete equivalent — the chance even of 
 gain, should the rate of interest fall, either more speedily, or in a greater 
 degree, than the calculation supposes. Should it fall to five per cent, sooner 
 than five years; should it fall lower than five before the additional fifteen 
 were expired; or should it fall below four, previous to the payment of the 
 debt, there would be, in each case, an absolute profit to the creditor. As his 
 capital will remain entire, the value of it will increase with every decrease 
 of the rate of interest. 
 
 The third plan proceeds upon the like supposition of a successive fall in 
 the rate of interest. And upon that supposition offers an equivalent to the 
 creditor. One hundred dollars, bearing an interest of six per cent, for five 
 years* or five per cent, for fifteen years; and thenceforth of four per cent, 
 (these bein«>' the successive rates of interest in the market,) is equal to a cap- 
 ital of $122, 510725 parts, bearing an interest of four per cent, which, 
 converted into a capital, bearing a fixed rate of interest of six per cent., is 
 equal to $81, 6738166 parts. 
 
 The difference between sixty-six dollars and two-thirds of a dollar (the sum 
 to be funded immediately,) and this last sum, is $15, 0172 parts, which, at 
 six per cent, per annum, amounts, at the end of ten years, to $26, 8755 
 parts, the sum to be funded at the expiration of that period. It ought, how- 
 
2790.1 SECRETARY OF THE TREASURY. jg 
 
 ever, to be acknowledged that this calculation does not make allowance for the 
 principle of redemption, which the plan itself includes; upon which principle 
 the equivalent in a capital of six per cent, would be, by strict calculation, $87, 
 50766 parts. 
 
 But there are two considerations which induce the Secretary to think 
 that the one proposed would operate more equitably than this: One is, that 
 it may not be very early in the power of the United States to avail them- 
 selves of the right of redemption reserved in the plan: the other is, that with 
 regard to the part to be funded at the end of ten years, the principle of re- 
 demption is suspended during that time, and the full interest of six per cent, 
 goes on improving at the same rate; which, for the last five years, will ex- 
 ceed the market rate of interest, according to the supposition. 
 
 The equivalent is regulated in this plan, by the circumstance of fixing the 
 rate of interest higher than it is supposed it will continue to be in the 
 market, permitting only a gradual discharge of the debt, in an established 
 proportion, and consequently preventing advantage being taken of any de- 
 crease of interest below the stipulated rate. 
 
 Thus the true value of eighty-one dollars and sixty-seven cents, the capi- 
 tal proposed, considered as a perpetuity, and bearing six per cent, interest, 
 when the market rate of interest was five per cent, would be a small fraction 
 more than ninety-eight dollars; when it was four per cent, would be one 
 hundred and twenty-two dollars and fifty-one cents. But the proposed capi- 
 tal being subject to gradual redemption, it is evident, that its value, in each 
 case, would be somewhat less. Yet from this may be perceived the manner 
 in which a less capital, at a fixed rate of interest, becomes an equivalent for 
 a greater capital, at a rate liable to variation and diminution. 
 
 It is presumable that those creditors- who do not entertain a favorable 
 opinion of property in western lands, will give a preference to this last mode 
 of modelling the debt. The Secretary is sincere in affirming, that, in his 
 opinion, it will be likely to prove, to the full, as beneficial to the creditors, 
 as a provision for his debt upon its present terms. 
 
 It is not intended, in either case, to oblige the government to redeem, in 
 the proportion specified, but to secure to it the right of doing so, to avoid 
 the inconvenience of a perpetuity. 
 
 The fourth and fifth plans abandon the supposition which is the basis of 
 the two preceding ones, and offer only four per cent, throughout. 
 
 The reason of this is, that the payment being deferred, there will be an 
 accumulation of compound interest, in the intermediate period, against the 
 public, which, without a very provident administration, would turn to its 
 detriment. And the suspension of the burthen would be too apt to beget a 
 relaxation of efforts in the mean time. The measure, therefore, its object 
 being temporary accommodation, could only be adviseable upon a moderate 
 rate of interest. 
 
 With regard to individuals, the inducement will be sufficient at four per 
 cent. There is no disposition of money, in private loans, making allowance 
 for the usual delays and casualties, which would be equally beneficial as a 
 future provision. 
 
 A hundred dollars advanced upon the life of a person of eleven years old, 
 would produce an annuity* of — 
 
 * -See Schedule F 
 
Dolls. 
 
 Parts. 
 
 10 
 
 346 
 
 18 
 
 803 
 
 37 
 
 286 
 
 78 
 
 580 
 
 %® REPORTS OF THE [1790: 
 
 If commencing at twenty-one, of » • - 
 
 If commencing at thirty-one, of 
 
 If commencing at forty-one, of ■ ' - 
 
 If commencing at fifty-one, of - 
 
 The same sum advanced upon the chance of the survivorship of the young- 
 est of two lives, one of the persons being, twenty -live, the other thirty years 
 old, would produce, if the youngest of the two should survive, an annuity* 
 for the remainder of life, of twenty- three dollars five hundred and fifty -six 
 parts. 
 
 From these instances may readily be discerned, the advantages which 
 these deferred annuities afford, for securing a comfortable provision for the 
 evening of life, or for wives who survive their husbands. 
 
 The sixth plan also relinquishes the supposition, which is the foundation 
 of the second and third, and offers a higher rate of interest, upon similar 
 terms of redemption, for the consideration of the payment of one half of 
 the loan in specie. This is a plan highly advantageous to the creditors who 
 may be able to make that payment, while the specie itself could be applied 
 in purchases of the debt, upon terms which Would fully indemnify the pub- 
 lic for the increased interest. 
 
 It is not improbable that foreign holders of the domestic debt, may em- 
 brace this as a desirable arrangement. 
 
 As an auxiliary expedient, and by way of experiment, the Secretary 
 would propose a loan upon the principles of a tontine, t — 
 
 To consist of six classes, composed respectively of persons of the follow- 
 ing ages: 
 
 First class, of those of 20 years and under. 
 
 Second class, of those above 20, and not exceeding 30. 
 
 Third class, of those above 30, and not exceeding 40. 
 
 Fourth class, of those above 40, and not exceeding 50. 
 
 Fifth class, of those above 50, and not exceeding 60. 
 
 Sixth class, of those above 60. 
 
 Each share to be two hundred dollars; the number of shares* in each classy 
 to be indefinite. Persons to be at liberty to subscribe on their own lives, or 
 on those of others nominated by them. 
 
 The annuity upon a share in the first class, to be - $ 8 40- 
 
 Upon a share in the second, - - 8 65 
 
 Upon a share in the third, - - 9 00 
 
 Upon a share in the fourth, - - 9 65 
 
 Upon a share in the fifth, - - 10 70 
 
 Upon a share in the sixth, - - 12 80 
 
 The annuities of those who die, to be equally divided among the survi- 
 vers, until four-fifths shall be dead, when the principle of survivorship shall 
 cease, and each annuitant thenceforth enjoy his dividend as a several annuity 
 during the life upon which it shall depend. 
 
 These annuities are calculated on the best life in each class, and at a 
 rate of interest of four per cent., with some deductions in favor of the pub- 
 lic. To the advantages which these circumstances present, the cessation of 
 the right of survivorship, on the death of four-fifths of the annuitants,, will. 
 be no inconsiderable addition. 
 
 * See Table, Schedule G. 
 \ See Table, Schedule H. 
 
1790.] SECRETARY OF THE TREASURY. gj 
 
 The inducements to individuals are, a competent interest for their money 
 from the outset, secured for life, and the prospect of continual increase, and 
 even of large profit to those whose fortune it is to survive their associates. 
 It will have appeared, that, in all the proposed loans, the Secretary has 
 contemplated the putting the interest upon the same footing with the principal. 
 That on the debt of the United States, he would have computed to the last 
 of the present year; that on the debt of the .particular States, to the last of 
 the year 1791: the reason for which distinction will be seen hereafter. 
 
 In order to keep up a due circulation of money, it will be expedient that 
 the interest of the debt should be paid quarter yearly. This regulation will, 
 at the same time, conduoe to the advantage of the public creditors, giving 
 them, in fact, by the anticipation of payment, a higher rate of interest; 
 which may, with propriety, be taken into the estimate of the compensation 
 to be made to them. Six per cent, per annum, paid in this mode, will truly 
 be worth six dollars, and one hundred and thirty-five thousandth parts of a 
 dollar, computing the market interest at the same rate. 
 
 The Secretary thinks it adviseable to hold out various propositions, all of 
 them compatible with the public interest, because it is, in his opinion, of 
 the greatest consequence that the debt should, with the consent of the ere-, 
 ditors, be remoulded into such a shape as will bring the expenditure of the 
 nation to a level with its income. Till this shall be accomplished, the 
 finances of the United States Avill never wear a proper countenance. Ar- 
 rears of interest, continually accruing, will be as continual a monument, 
 either of inability or of ill faith, and will not cease to have an evil influence on 
 public credit. In nothing are appearances of greater moment than in what- 
 ever regards credit. Opinion is the soul of it; and this is affected by appear- 
 ances, as well as realities. By offering an option to the creditors between 
 a number of plans, the change meditated will be more likely be accomplished. 
 Different tempers will be governed by different views of the subject. 
 
 But while the Secretary would endeavor to effect a change in the form of 
 the debt by new loans, in order to render it more susceptible of an adequate 
 provision, he would not think it proper to aim at procuring the concurrence 
 of the creditors by operating upon their necessities. 
 
 Hence, whatever surplus of revenue might remain, after satisfying the in- 
 terest of the new loans and the demand for the current service, ought to be 
 divided among these creditors, if any, who may not think fit to subscribe 
 to them. But for this purpose, under the circumstance of depending pro^ 
 positions, a temporary appropriation will be most adviseable, and the sum 
 must be limited to four per cent., as the revenues will only be calculated to 
 produce in that proportion to the entire debt. 
 
 The Secretary confides for the success of the propositions to be made, on 
 the goodness of the reasons upon which they rest ; on the fairness of the 
 equivalent to be offered in each case; on the discernment of the creditors of 
 their true interest; and on their disposition to facilitate the arrangements of 
 the government, and to render them satisfactory to the community. 
 
 The remaining part of the task to be performed is to take a view of the 
 means of providing for the debt, according to the modification of -it which is 
 proposed. 
 
 On this point the Secretary premises, that, in his opinion, the funds to 
 he established ought, for the present, to be confined to the existing debt of 
 the United States; as well because a progressive augmentation of the reve- 
 nue will be most convenient, as because the, consent of the State creditors is 
 
22 REPORTS OF THE [1790. 
 
 necessary to the assumption contemplated; and though the obtaining of that 
 consent may be inferred with great assurance, from their obvious interest to 
 give it, yet, till it shall be obtained, an actual provision for the debt would 
 be premature. Taxes could not, with propriety, be laid for an object which 
 depended on such a contingency. 
 
 All that ought now to be done respecting it, is to put the matter in an ef- 
 fectual train for a future provision. For which purpose the Secretary will, 
 in the course of this report, submit such propositions as appear to him ad- 
 viseable. 
 
 The Secretary now proceeds to a consideration of the necessary funds. 
 
 It has been stated that the debt of the United States consists of the foreign 
 debt, amounting, with arrears of interest, to - - $11,710,378 62 
 
 And the domestic debt, amounting, with like arrears, 
 computed to tho-end of the year 1790, to - - 42,414,085 94 
 
 Making together ^ - $ 54,124, 464 56 
 
 The interest on the domestic debt is computed to the end of this year, be- 
 cause the details of carrying any plan into execution, will exhaust the year. 
 The annual interest of the foreign debt has been stated at $542,599 06 
 And the interest on the domestic debt, at four per cent, 
 would amount to - - - - - 1,696,563 43 
 
 Making together - - $2,239,163 09 
 
 Thus, to pay the interest of the foreign debt, and to pay four per cent, on 
 the whole of the domestic debt, principal and interest, forming a new ca- 
 pital, will require a yearly income of $2,239,163 09 cents. 
 
 The sum which, in the opinion of the Secretary, ought now to be pro- 
 vided, in addition to what the current service will require. 
 
 For, though the rate of interest proposed by the third plan, exceeds four 
 per cent, on the whole debt, and the annuities on the tontine will also ex- 
 ceed four percent, on the sums which may be subscribed; yet, as the actual 
 provision for a part, is in the former case suspended, as measures for re- 
 ducing the debt, by purchases, may be advantageously pursued, and as the pay- 
 ment of the deferred annuities will of course be postponed, four per cent, on 
 the whole will be a sufficient provision. 
 
 With regard to the instalments of the foreign debt, these, in the opinion of 
 the Secretary, ought to be paid by new loans abroad. Could funds be con- 
 veniently spared from other exigencies, for paying them, the United States 
 could illy bear the drain of cash, at the present juncture, which the measure 
 would be likely to occasion. 
 
 But to the sum which has been stated for payment of the interest, must be 
 added a provision for the current service. This the Secretary estimates at 
 six hundred thousand dollars,* making, with the amount of the interest, twq 
 millions eight hundred and thirty-nine thousand one hundred and sixty-three 
 dollars and nine cents. 
 
 This sum may, in the opinion of the Secretary, be obtained from the pre- 
 sent duties on imports and tonnage, with the additions which, without any 
 possible disadvantage, either to trade or agriculture, may be made on wines, 
 spirits, including those distilled within the United States, teas and coffee.... 
 
 * See Schedule I. 
 
1790.] SECRETARY OF THE TREASURY. 23 
 
 The Secretary conceives that it will be sound policy to carry the duties 
 upon articles of this kind as high as will be consistent with the practicability 
 of a safe collection. This will lessen the necessity both of having recourse 
 to direct taxation, and of accumulating duties where they would be more in- 
 convenient to trade, and upon objects which are more to be regarded as ne- 
 cessaries of life. 
 
 That the articles which have been enumerated will, better than most 
 others, bear high duties, can hardly be a question. They are all of them, in 
 reality, luxuries — the greatest part of them foreign luxuries — some of them, 
 in the excess in which they are used, pernicious luxuries. And there is. 
 perhaps none of them which is not consumed in so great abundance, as may 
 justly denominate it a source of national extravagance and impoverishment. 
 The consumption of ardent spirits particularly, no doubt very much on ac- 
 count of their cheapness, is carried to an extreme which is truly to be rev 
 gretted, as well in regard to the health and the morals, as to the economy of 
 the community. 
 
 Should the increase of duties tend to a decrease of the consumption of 
 those articles, the effect would be, in every respect, desirable. The saving 
 which it would occasion would leave individuals more at their ease, and pro- 
 mote a more favorable balance of trade. As far as this decrease might be 
 applicable to distilled spirits, it would encourage the substitution of cider 
 and malt liquors, benefit agriculture, and open a new and productive source 
 of revenue. 
 
 It is not, however, probable, that this decrease would be in a degree which 
 would frustrate the expected benefit to the revenue from raising the duties. 
 Experience has shown, that luxuries of every kind lay the strongest hold 
 on the attachments of mankind, which, especially when confirmed by habit, 
 are not easily alienated from them. 
 
 The same fact affords a security to the merchant that he is not likely to 
 be prejudiced by considerable duties on such .articles. They will usually 
 command a proportional price. The chief things in this view to be attend- 
 ed to, are, that the terms of payment be so regulated as not to require incon- 
 venient advances, and that the mode of collection be secure. 
 
 To other reasons which plead for carrying the duties upon the articles 
 which have been mentioned, to as great an extent as they will well bear, 
 may be added these: that they are of a nature, from their extensive con- 
 sumption, to be very productive, and are amongst the most difficult objects 
 of illicit introduction. 
 
 Invited by so many motives to make the best use of the resource which 
 these articles afford, the essential inquiry is, in what mode can the duties 
 upon them be most effectually collected? 
 
 With regard to such of them as will be brought from abroad, a duty on 
 importation recommends itself by two leading considerations; one is, that,, 
 meeting the object at its first entrance into the country, the collection is 
 drawn to a point, and so far simplified; the other is, that it avoids the possi- 
 bility of interference between the regulations of the United States and 
 those of the particular States. 
 
 But a duty, the precautions, for the collection of which should terminate 
 with the landing of the goods, as is essentially the case in the existing sys- 
 tem, could not, with safety, be carried to the extent- which is contemplated. 
 
 In that system, the evasion of the duties depends, as it were, on a single 
 risk. To land the goods in defiance of the vigilance of the officers of the 
 customs, is almost the sole difficulty. No future pursuit is materially to be 
 
£4 ■ REPORTS OF THE [1790. 
 
 apprehended. And where the inducement is equivalent to the risk, there will 
 be found too many who are willing to run it. Consequently there will be 
 extensive frauds of the revenue, against which the utmost rigor of penal laws 
 has proved, as often as it has been tried, an ineffectual guard. 
 
 The only expedient which has been discovered for conciliating high duties 
 with a safe collection, is the establishment of a second, or interior scrutiny. 
 
 By pursuing the article from its importation into the hands of the dealers 
 in it, the risk of detection is so greatly enhanced, that few, m comparison, 
 will venture to incur it. Indeed, every dealer, who is not himself the 
 fraudulent importer, then becomes, in some sort, a sentinel upon him. 
 
 The introduction of a system founded on this principle, in some shape or 
 other, is, in the opinion of the Secretary, essential to the efficacy of every 
 attempt to render the revenues of the United States equal to their exigencies, 
 their safety, their prosperity, their honor. 
 
 Nor is it less essential to the interest of the honest and fair trader. It 
 might even be added, that every individual citizen, besides his share in the 
 general weal, has a particular interest in it. The practice of smuggling never 
 fails to have one of two effects, and sometimes unites them both. Either the 
 smuggler undersells the fair trader, as, by saving the duty, he can afford to 
 do, and makes it a charge upon him — or he sells at the increased price occar 
 sioned by the duty, and defrauds every man who buys of him of his share 
 pf what the public ought to receive: for it is evident that the loss falls ulti- 
 mately upon the citizens, who must be charged with other taxes to make 
 good the deficiency, and supply the wants of the State. 
 
 The Secretary will not presume that the plan which he shall submit to the 
 consideration of the House, is the best that could be devised. But it is the 
 one which has appeared to him freest from objections of any that has occur- 
 red, of equal efficacy He acknowledges, too, that it is susceptible of im- 
 provement, by other precautions in favor of the revenue, which he did not 
 think it expedient to add. The chief outlines of the plan are not original: 
 but it is no ill recommendation of it, that it has been tried with success. 
 
 The Secretary accordingly proposes — 
 
 That the duties heretofore laid upon wines, distilled spirits, teas, and cof- 
 fee, should, after the last day of May next, cease; and that, instead of them, 
 the following duties be laid: 
 
 Upon every gallon of Maderia wine, of the quality of London parti culai\> 
 thirty-five cents. 
 
 Upon every gallon of other Madeira wine, thirty cents. 
 
 Upon every gallon of Sherry, twenty -five cents. 
 
 Upon every gallon of other wine, twenty cents. 
 
 Upon every gallon of distilled spirits, more than ten per cent, below 
 proof, according to Dicas's hydrometer, twenty cents. 
 
 Upon every gallon of those spirits, under five, and not more than ten per 
 cent, below proof, according to the same hydrometer, twenty-one cents. 
 
 Upon every gallon of those spirits of proof, and not more than five per 
 cent, below proof, according to the same hydrometer, twenty-two cents. 
 
 Upon every gallon of those spirits above proof, but not exceeding twenty 
 per cent, according to the same hydrometer, twenty-five cents. 
 
 Upon every gallon of those spirits more than twenty, and not more than 
 forty per cent, above proof, according to the same hydrometer, thirty cents. 
 
 Upon every gallon of those spirits more than forty per cent, above proof, 
 according to the same hydrometer, forty cents. 
 
 Upon every pound of H} 7 son tea, forty cents. 
 
790.] 
 
 SECRETARY OF TlIE TREASURY, %[ 
 
 Upon every pound of other green tea, twenty-four cents. 
 
 Upon every pound of Souchong and other black teas, except Bohea* twen- 
 ty cents. 
 
 Upon every pound of Bohea tea,- twelve cents. 
 
 Upon every pound of coffee, five cents. 
 
 That upon spirits distilled within the United States, from molasses, sugar, 
 <or other foreign materials, there be paid — - 
 
 Upon every gallon of those spirits more than ten per cent, below proof,' 
 according to Dicas's hydrometer, eleven cents. 
 
 Upon every gallon of those spirits under five, and not more than ten per 
 cent, below proof, according to the same hydrometer, twelve cents. 
 
 Upon every gallon of those spirits of proof, and not more than five per 
 cent below proof, according to the same hydrometer, thirteen cents. 
 
 Upon every gallon of those spirits above proof, but not exceeding twenty 
 per cent., according to the same hydrometer, fifteen cents. 
 
 Upon every gallon of those spirits more than twenty, and not more than 
 forty per cent, above proof, according to the same hydrometer, twenty cents. 
 
 Upon every gallon of those spirits more than forty per cent, above proof, 
 according to the same hydrometer, thirty cents. 
 
 That upon spirits distilled within the United States, in any city, town, 
 or village, from materials of the growth or production of the United States,, 
 there be paid— 
 
 Upon every gallon of those spirits more than ten per cent, below proof, 
 according to Dicas's hydrometer, nine cents. - 
 
 Upon every gallon of those spirits under five, and not more than ten per 
 cent, below proof, according to the same hydrometer, ten cents. 
 
 Upon every gallon of those spirits of proof, and not more than five per 
 cent, below proof, according to the same hydrometer, eleven cents. 
 
 Upon every gallon of those spirits above proof, but not exceeding twenty 
 per cent, according to the same hydrometer, thirteen cents. 
 
 Upon every gallon of those spirits more than twenty, and not more than 
 forty per cent, above proof, according to the same hydrometer, seventeen 
 cents. 
 
 Upon every gallon of those spirits more than forty per cent, above proof, 
 according to the same hydrometer, twenty-five cents. 
 
 That upon- all stills employed in distilling spirits from materials of the 
 growth or production of the United States, in any other place than a city, 
 town, or village, there be paid the yearly sum of sixty cents, for every gallon, 
 English wine measure, of the capacity of each still, including its head. 
 
 The Secretary does not distribute the duties on teas into different classes, 
 as has been done in the impost act of the last session; because this distribu- 
 tion depends on considerations of commercial policy, not of revenue. It is 
 sufficient, therefore, for him, to remark, that the rates above' specified are- 
 proposed with reference to the lowest class. 
 
 The Secretary, conceiving that he could not convey an accurate idea of 
 the plan contemplated by him, for the collection of these duties, in any mode 
 so effectual as by the draft of a bill for the purpose, begs leave respectfully 
 to refer the House to that which will be found annexed to this report, re- 
 latively to the article of distilled spirits; and which, for the better explana- 
 tion of some of its parts, is accompanied with marginal remarks. 
 
 It would be the intention of the Secretary, that the duty on wines should 
 he collected upon precisely the sarrieplah with that on imported spirits, 
 
26 REPORTS OF THE [1790. 
 
 But with regard to teas and coffee, the Secretary is inclined to think 
 that it will be expedient, till experience shall evince the propriety of going 
 further, to exclude the ordinary right of the officers to visit and inspect the 
 places in which those articles may be kept. The other precautions, without 
 this, will afford, though not complete, considerable security. 
 
 It will not escape the observation of the House, that the Secretary, in the 
 plan submitted, has taken the most scrupulous care, that those citizens upon 
 whom it is immediately to operate, be secured from every species of inju- 
 ry by the misconduct of the officers to be employed. There are not only 
 strong guards against their being guilty of abuses of authority; they are not 
 only punishable, criminally, for any they may commit, and made answerable 
 in damages, to individuals, for whatever prejudice these may sustain by their 
 acts or neglects; but even where seizures are made with probable cause, if 
 there be an acquittal of the articles seized, a compensation to the proprie- 
 tors for the injury their property may suffer, and even for its detention, is to 
 be made out of the public treasury. 
 
 So solicitous indeed has the Secretary been, to obviate every appearance 
 of hardship, that he has even included a compensation to the dealers for 
 their agency in aid of the revenue. 
 
 With all these precautions to manifest a spirit of moderation and justice on 
 the part of the government; and when it is considered, that the object of 
 the proposed system is the firm establishment of public credit; that on this 
 depends the character, security and prosperity of the nation; that advantages 
 in every light important may be expected to result from it; that the immedi-* 
 ate operation of it will be upon an enlightened class of citizens, zealously 
 devoted to good government, and to a liberal and enlarged policy; and 
 that it is peculiarly the interest of the virtuous part of them to co-operate in 
 whatever will restrain the spirit of illicit traffic; there will be perceived to exist 
 the justest ground of confidence, that the plan, if eligible in itself, will experi- 
 ence the cheerful and prompt acquiescence of the community. 
 
 The Secretary computes the nett product of the duties proposed in this 
 report, at about one million seven hundred and three thousand four hundred 
 dollars, according to the estimate in schedule K, which, if near the truth, 
 will, together with the probable product of the duties on imports and ton- 
 nage, complete the sum required. 
 
 But it will readily occur, that, in so unexplored a field, there must be a 
 considerable degree of uncertainty in the data ; and that, on this account, it 
 will be prudent to have an auxiliary resource for the first year in which the 
 interest will become payable, that there may be no possibility of disappoint- 
 ment to the public creditors, ere there may be an opportunity of providing 
 for any deficiency which the experiment may discover. This will accord- 
 ingly be attended to. 
 
 The proper appropriation of the funds provided, and to be provided, 
 seems next to offer itself to consideration. 
 
 On this head the Secretary would propose, that the duties on distilled 
 spirits should be applied, in the first instance, to the payment of the interest 
 of the foreign debt. 
 
 That, reserving out of the residue of those duties an annual sum of six 
 hundred thousand dollars for the current service of the United States, the 
 surplus, together with the product of the other duties, be applied to the pay- 
 ment of the interest on the new loan, by an appropriation co-extensive with 
 1 he duration of the debt. 
 
1790.] SECRETARY OF THE TREASURY. c^ 
 
 And that, if any part of the debt should remain unsubscribed, the excess 
 of the revenue be divided among the creditors of the unsubscribed part, by a 
 temporary disposition — with a limitation, however, to four per cent. 
 
 It will hardly have been unnoticed that the Secretary has been thus far 
 silent on the subject of the Post Office. The reason is, that he has had in 
 view the application of the revenue arising from that source to the purpose 
 of a sinking fund. The Postmaster General gives it as his opinion, that the 
 immediate product of it, upon a proper arrangement, would probably be not 
 less than one hundred thousand dollars. And from its nature, with good 
 management, it must be a growing, and will be likely to become a considera- 
 ble fund. The Postmaster General is now engaged in preparing a plan 
 which will be the foundation of a proposition for a new arrangement of the 
 establishment This, and some other points relative to the subject referred 
 to the Secretary, he begs leave to reserve for a future report. 
 
 Persuaded, as the Secretary is, that the proper funding of the present debt 
 will render it a national blessing, yet he is so far from acceding to the posi- 
 tion in the latitude in which it is sometimes laid down, that "public debts 
 are public benefits," a position inviting to prodigality, and liable to danger- 
 ous abuse, that he ardently wishes to see it incorporated, as a fundamental 
 maxim in the system of public credit of the United States, that the creation 
 •of debt should always be accompanied with the means of extinguishment. 
 This he regards as the true secret for rendering public credit immortal. And 
 he presumes, that it is difficult to conceive a situation in which there may 
 not be an adherence to the maxim. At least, he feels an unfeigned solici- 
 tude that this may be attempted by the United States, and that they may 
 commence their measures for the establishment of credit with the observ- 
 ance of it. 
 
 Under this impression, the Secretary proposes that the nett product of 
 •the Post Office, to a sum not exceeding one million of dollars, be vested in 
 Commissioners, to consist of the Vice-President of the United States, or 
 President of the Senate, the Speaker of the House of Representatives, the 
 Chief Justice, Secretary of the Treasury, and Attorney General of the 
 United States, for the time being, in trust; to be applied by them, or any 
 three of them, to the discharge of the existing public debt, either by pur- 
 chases of stock in the market, or by payments on account of the principal, 
 as shall appear to them most adviseable, in conformity to public engage- 
 ments; to continue so vested, until the whole of the debt shall be discharged. 
 
 As ah additional expedient for effecting a reduction of the debt, and for 
 other purposes which will be mentioned, the Secretary would further pro- 
 pose, that the same Commissioners be authorized, with the approbation of 
 the President of the United States, to borrow, on their credit, a sum not ex- 
 ceeding twelve millions of dollars, to be applied — - 
 
 First. To the payments of the interest and instalments of the foreign 
 debt, to the end of the present year, which will require $3,491,923 and 46 
 cents. 
 
 Secondly. To the payment of any deficiency which may happen in the 
 product of the funds provided for paying the interest of the domestic debt. 
 
 Thirdly. To the effecting a change in the form of such part of the foreign 
 debt, as bears an interest of five per cent. It is conceived that, for this pur- 
 pose, a new loan, at a lower interest, may be combined with other expe- 
 dients. The remainder of this part of the debt, after paying the instalments 
 which will accrue in the course of 1790., will be $>3.,8S8,888 and 81 Gents. 
 5 
 
28 REPORTS OF THE [1790. 
 
 Fourthly. To the purchase of the public debt at the price it shall bear in 
 the market, while it continues below its true value. This measure, which 
 would be, in the opinion of the Secretary, highly dishonorable to the go- 
 vernment, if it were to precede a provision for funding the debt, would be- 
 come altogether unsxceptionable after that had been made. Its effect would 
 be in favor of the public creditors, as it would tend to raise the value of 
 stock: and all the difference between its true value and the actual price, 
 would be so much clear gain to the public. The payment of foreign inter 
 est on the capital to be borrowed for this purpose, should that be a neces- 
 sary consequence, would not, in the judgment of the Secretary, be a good 
 objection to the measure. The saving by the operation, would be itself a 
 sufficient indemnity; and the employment of that capital, in a country 
 situated like this, would much more than compensate for it. Besides, if the 
 government does not undertake this operation, the same inconvenience 
 which the objection in question supposes, would happen in another way, 
 with a circumstance of aggravation. As long at least as the debt shall continue 
 below its proper value, it will be an object of speculation to foreigners, who 
 will not only receive the interest upon what they purchase, and remit it 
 abroad, as in the case of the loan, but will reap the additional profit of the 
 difference in value. By the government's entering into competition with 
 them, it will not only reap a part of the profit itself, but will contract the 
 extent, and lessen the extra profit of foreign purchasers. That competition 
 will accelerate the rise of stock, and whatever greater rate this obliges 
 foreigners to pay for what they purchase, is so much clear saving to the na- 
 tion. In the opinion of the Secretary, and contrary to an idea which is not 
 without patrons, it ought to be the policy of the government to raise the 
 value of stock to its true standard, as fast as possible. When it arrives to 
 that point, foreign speculations (which, till then, must be deemed pernicious, 
 further than as they serve to bring it to that point,) will become beneficial. 
 Their money, laid out in this country upon our agriculture, commerce, and 
 manufactures, will produce much more to us than the income they will re- 
 ceive from it. 
 
 The Secretary contemplates the application of this money through the 
 medium of a national bank, for which, with the permission of the House, 
 he will submit a plan in the course of the session. 
 
 The Secretary now proceeds, in the last place, to offer to the considera- 
 tion of the House, his ideas of the steps which ought, at the present session, 
 to be taken towards the assumption of the State debts. 
 
 These are, briefly, that concurrent resolutions of the two Houses, with the 
 approbation of the President, be entered into, declaring in substance — 
 
 That the United States do assume, and will, at the first session in the year 
 1791, provide, on the same terms with the present debt of the United 
 States, for all such part of the debts of the respective States, or any of 
 them, as shall, prior to the first day of January, in the said year, 1791, be 
 subscribed towards a loan to the United States, upon the principles of either 
 of the plans, which shall have been adopted by them, for obtaining a re- 
 loan of their present debt. 
 
 Provided, that the provision to be made as aforesaid, shall be suspended, 
 with respect to the debt of any State, which may have exchanged the secu- 
 rities of the United States for others issued by itself, until the whole of the 
 said securities shall either be re-exchanged or surrendered to the United States. 
 
1790.] SECRETARY OF THE TREASURY. 09 
 
 And provided also, that the interest upon the debt assumed, be computed 
 to the end of the year 1791; and that the interest to be paid by the United 
 States, commence on the first day of January, 1792. 
 
 That the amount of the debt of each State so assumed and provided for, 
 be charged to such State in account with the United States, upon the same 
 principles upon which it shall be lent to the United States. 
 
 That subscriptions be opened for receiving loans of the said debts, at the 
 same times and places, and under the like regulations, as shall have been 
 prescribed in relation to the debt of the United States. 
 
 The Secretary has now completed the objects which he proposed to him- 
 self to comprise in the present report. He has, for the most part, omitted 
 details, as well to avoid fatiguing the attention of the House, as because 
 more time would have been desirable even to digest the general principles 
 of the plan. If these should be found right, the particular modifications 
 will readily suggest themselves in the progress of the work. 
 
 The Secretary, in the views which have directed his pursuit of the subject, 
 has been influenced, in the first place, by the consideration, that his duty, 
 from the very terms of the resolution of the House, obliged him to propose 
 what appeared to him an adequate provision for the support of the public 
 credit, adapted at the same time to the real circumstances of the United 
 States; and, in the next, by the reflection, that measures which will not bear 
 the test of future unbiassed examination, can neither be productive of indi- 
 vidual reputation, nor (which is of much greater consequence) public honor 
 or advantage. 
 
 Deeply impressed, as the Secretary is, with a full and deliberate convic- 
 tion that the establishment of public credit, upon the basis of a satisfactory 
 provision for the public debt, is, under the present circumstances of this 
 country, the true desideratum towards relief from individual and national em- 
 barrassments; that, without it, these embarrassments will be likely to press 
 still more severely upon the community — he cannot but indulge an anxious 
 wish, that an effectual plan for that purpose may, during the present session, 
 be the result of the united wisdom of the legislature. 
 
 He is fully convinced, that it is of the greatest importance, that no further 
 delay should attend the making of the requisite provision: not only because 
 it will give a better impression of the good faith of the country, and will 
 bring earlier relief to the creditors — both which circumstances are of great 
 moment to public credit — but because the advantages to the community, from 
 raising stock, as speedily as possible, to its natural value, will be incompara- 
 bly greater, than any that can result from its continuance below that stand- 
 ard. No profit which could be derived from purchases in the market, on 
 account of the government, to any practicable extent, would be an equiva- 
 lent for the loss which would be sustained by the purchases of foreigners at 
 a low value. Not to repeat, that governmental purchases, to be honorable, 
 ought to be preceded by a provision. Delay, by disseminating doubt, 
 would sink the price of stock; and as the temptation to foreign speculations, 
 from the lowness of the price, would be too great to be neglected, millions 
 would probably be lost to the United States. 
 
 All which is humbly submitted. 
 
 ALEXANDER HAMILTON, 
 Secretary of the Treasury. 
 
so 
 
 REPORTS OF THE 
 
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1790.] SECRETARY OF THE TREASURY. 31 
 
 SCHEDULE B. 
 
 *ft General Statement of the Foreign Loans; showing, in abstract, the 
 capital sums borrowed, and the arrearages of interest, to the 3\st of 
 December, 1789. 
 
 Capital sums borrowed. 
 
 Of the Royal French Treasury, on interest at 
 
 5 per cent. ... - 24,000,000 
 
 In Holland, guarantied by the French Court, at 
 
 4 per cent. ... . - 10,000,000 
 
 Livres 34,000,000 $6,296,296 00 
 
 Of the Royal Spanish Treasury, at 5 per cent - - 174,011 00 
 
 Lenders in Holland: 
 
 First loan, 5 per cent. - - - 5,000,000 
 
 Second do. 4 per cent. - 2,000,000 
 
 Third do. 5 per cent. - - - 1,000,000 
 
 Fourth do. 5 per cent. - - - 1,000,000 
 
 Floriiis 9,000,000 3,600,000 00 
 
 Capital, $ 10,070,307 0© 
 
 Arrearages of Interest to 31st December, 1189. 
 
 On the French Loan. 
 
 4789, January 1. — Five years interest on the 
 
 6,000,000 livres, at five per cent. $211,111 77 
 
 September 3.-— Six years interest on the 
 
 18,000,000 at five per cent. - 999,999 96 
 
 November 5. — Four years interest on the 
 
 10,000,000, at four per cent. - 296,296 00 
 
 On the Spanish Loan. 
 
 Arrearages on the Spanish loan of g 174,011, to 
 
 21st March, 1782, at five percent. - 5,093 27 
 
 March 21st, seven years interest on ditto. 60,904 62 
 
 1,640,071 62 
 
 Total, #11,710,378 62 
 
 Note. — There were certain parts of the capital of the Dutch guarantied 
 loan of 10,000,000 florins, and of the French loan of 18,000,000 livres, 
 which became due at the following periods, and remain unpaid, viz: 
 
 17g7 C Sept. 3, first payment of the 18,000,000, 1,500,000 g 277,777 77 
 
 I Nov. 5, first ditto of the 10,000,000, 1,000,000 185,185 19 
 
 i7bc S Sept. 3, second ditto of the 18,000,000,? ., ._„ n ._ no 
 
 1788 \ Nov. 5, second ditto of the 10 OOolooo, J the Same > 462 > 9S2 9g 
 
32 REPORTS OF THE T1790, 
 
 17ftQ CSept. 3, third payment of the 18,000,000, > ■', ~ „. rt __ fto 
 
 1789 ^ Nov. 5, third ditto of the lo!ooo,00(>; J the Same ' * 462 ' 962 96 
 
 $ 1,388,888 88 
 
 Treasury Department, Register's Office, 3lst Dec. 1789. 
 
 JOSEPH NOURSE, Register. 
 
 To the arrearage of interest to 31st December, 1789, above 
 
 stated, amounting to - $ 1,640,071 62 
 
 Add one year's interest, from 1st January to 31st December, 
 1789, on 1S6,427 dollars and 69 cents, being the amount 
 of principal -sum due to foreign officers employed in the 
 service of the United States, which interest is annually pay- 
 able at the house of Monsieur Grand, banker, at Paris, at 
 six per cent. - 11,185 66 
 
 Arrearages of interest to 31st December, 1789 - - $1,651,257 28 
 
 The above addition was adverted to after the conclusion of the report; but 
 as it makes no material difference, an alteration in consequence of it is 
 deemed unnecessary. 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury^ 
 
 SCHEDULE C. 
 
 Abstract of the Liquidated and Loan Office debt of the United States, 
 on the 3d March, 1789. 
 
 Dolls. 90tks. 
 
 Registered debt .... $4,598,462 78 
 
 Credits given to sundries on the Treasury books, by virtue 
 of special acts of Congress, which are not yet put on the 
 funded debt ... - . 187,578 65 
 
 Certificates issued by Commissioner of Army Accounts, de- 
 ducting those which have been cancelled and registered 7,967,109 73 
 
 Certificates issued by the Commissioners of the five Depart- 
 ments, deducting those which have been cancelled and 
 registered - 903,574 59 
 
 Certificates issued by the late State Commissioners, deduct- 
 ing those which have been cancelled and registered 3,291,156 37 
 
 Loan Office Certificates issued in 1781, and expressed as 
 specie value, deducting those which have been cancelled 
 and registered - - - - . - 112,704 15 
 
 Loan Office Certificates, old emissions, reduced to specie 
 value, agreeably to the scale made by Congress, by taking 
 the medium of the loans made in each month, viz: three 
 millions seven hundred and eighty-seven thousand nine 
 hundred dollars loaned to first September, 1777, equal 
 to .••'-''.-.-.- 3,787,900 00 
 
1790.] SECRETARY OF THE TREASURY. 33 
 
 Dolls. 90ths, 
 $3,459,000, between 1st September, 1777, 
 
 and 1st March, 1778 - - 2,538,572 00 
 
 $59,830,212, between 1st March, 1778, 
 
 and the close of the Loan Offices - 5,146,330 00 
 
 11,472,802 00 
 
 Deduct specie amount cancelled and regis- 
 tered ... _ 365,983 15 
 
 11,106,818 75 
 
 Foreign officers, amount to their credit, the interest where- 
 of is payable at the house of Mons. Grand, banker, at 
 Paris, and included in the estimate of foreign interest 186,427 69 
 
 28,343,833 21 
 
 From which deduct this sum received into the Treasury, 
 
 on account of lands and other property, and cancelled 960,915 44 
 
 Leaves the amount of the domestic debt - $27,383,917 74 
 
 On the certificates issued between the 1st September, 1777, and 1st March, 
 1778, interest is payable on the nominal sum, (being g 3,459,000,) although, 
 the specie value of the principal is only g 2,538,572. 
 
 Register's Office, March 3d, 1789. 
 
 JOSEPH NOURSE, Register. 
 
 Treasury Department, 
 
 Register's Office, January 1st, 1790. 
 
 The above estimate was formed to the expiration of the late government. 
 Some variation hath since taken place in the several parts, without making 
 any material alteration in the aggregate amount of the domestic debt. This 
 arises from a daily exchange, at the Treasury, of Loan Office and Final Set 
 tlement Certificates, for Treasury certificates given as evidences of the re- 
 gistered debt, whereby the increase of the latter is carried on in proportion 
 to the cancelment of the former. 
 
 JOSEPH NOURSE, Register. 
 
 SCHEDULE D. 
 
 *fln estimate of all the interest which tcill accrue on the Domestic Debt of 
 the United States, from its formation to the 3l$t December, 1790; of 
 such partial payments as have been made on account thereof; and of 
 the balance which will remain to be provided for, to pay up the inte- 
 rest fully to that period. 
 
 The total amount of interest arising on the Loan Office debt, from the open- 
 ing of the several offices in 1776 to 31st December, 1790 89,534,478 00 
 
34 REPORTS OF THE 
 
 The total amount of interest arising on the Army debt, 
 from the several periods of its drawing interest to 31st 
 December, 1790 - $5,105,099 00 
 
 The total amount of interest arising on certificates issued 
 
 by the thirteen State Commissioners, estimated at • - 2,146,799 00 
 
 The total amount of interest arising on certificates issued by 
 the Commissioners, for the Commissaries, Quartermas- 
 ter's, Marine clothing, and Hospital Departments, esti- 
 mated at - - - - -"'''- 737,338 00 
 
 The total amount of interest arising on the debt registered 
 
 at the Treasury, estimated at - - - - 366,646 00 
 
 The total amount of interest on debts entered in the Trea- 
 sury books, but for which certificates have not been is- 
 sued by the Register, so as to become a part of the re- 
 gistered debV estimated at - - - - 83,936 00 
 
 Total $ 17,974,296 00 
 
 From this total amount of interest the 
 
 following deductions are to be made, viz: 
 
 So much paid on the Loan Office debt 
 
 in old emission, equal to - g 372,368 30 
 
 In new emissions, as specie - 39,433 49 
 
 In bills of exchange, as specie, 1,663,992 00 
 
 So much paid by the several States in In- 
 dents, paid into the Treasury on ac- 
 count of their quotas on the existing re- 
 quisitions of the late Congress - 2,244,231 31 
 
 So much paid by the State of New Jersey 
 to their own citizens on the domestic 
 debt, not included in the schedule of 
 taxes - 424,442 22 
 
 So much paid by the State of South Caro- 
 lina, being two years interest on 
 g> 222,465 -/oths, the amount of certifi- 
 cates issued to the line of that State, at 
 six per cent., is - 26,695 73 
 
 Total amount of interest paid - $ 4,771,1 63 05 
 Deduct three years interest, estimated in 
 the foregoing, on $960,915 42, being 
 so much of the capital of the domestic 
 debt received in payment for lands, and 
 other public property - - 172,964 75 
 
 Total amount of deductions - 4,944,127 80 
 
 Leaves a balance of thirteen millions and thirty thousand 
 one hundred and sixty-eight dollars, and twenty cents, 
 which will accrue on the domestic debt, and for which 
 provision is to be mad<j to pay the interest fully, up to 
 the 31st December, 1790 ' - - - - $13,030,168 20 
 
1790/ 
 
 SECRETARY OF THE TREASURY. 
 
 35 
 
 It is to be observed, that, as the certificates which have been issued for 
 the principal of a debt of more than twenty-seven millions of dollars, are, 
 in themselves, exceedingly numerous, and that as those several certificates 
 bear an interest from different periods, it has not been practicable to form a 
 statement of arrearages, but by ascertaining, in the most accurate manner, the 
 different periods of time from which the several parts of the domestic debt bear 
 interest, and therefrom calculating the interest to 31st December, 1790. 
 
 Treasury Department., Register's Office, Slst Dec. 1789. 
 
 JOSEPH NOURSE, Register, 
 
 SCHEDULE E. 
 
 Abstract of the public debt of the States under-mentioned, agreeably to 
 statements transmitted in pursuance of the resolution of the House 
 of Representatives of the 21st of September, 1789. 
 
 MASSACHUSETTS. 
 
 Principal, with interest to 1st 
 Nov. 1789 
 
 Due to sundries, for which no 
 certificates have yet been is- 
 sued - 
 
 £. s. d. 
 
 1 , 548, 040 7 9, lawful 
 
 20,000 
 
 Dollars. Cts. 
 Total, 1,568,040 7 9, at 6s. p. dol. 5,226,801 29 
 
 CONNECTICUT. 
 
 Principal bearing interest from 
 
 1st Feb. 1789 - - 560,404 © 
 
 To which ought to be added for 
 
 balance of State bills emitted 
 
 in the year 1780, bearing an 
 
 interest at 5 per cent, to the 
 
 1st March, 1785, estimated at 24,948 
 
 Total, 585,352 0, at 6*. p. dol. 1,951,173 33| 
 
 NEW YORK. 
 
 Principal and interest computed 
 
 to the 1st day of Jan. 1790 1,032,616 2 
 
 From which ought to be de- 
 ducted, for amount of princi- 
 pal and interest of Continen- 
 tal securities loaned to the 
 State, in pursuance of their 
 act of' 18th of April, 1786, 
 estimated at 565,586 
 
 Leaves for State debt proper 467,030 2 0, at 8*. p. dol. 1,167,575 25 
 
 NEW JERSEY. 
 
 Principal unredeemed 295,755 4 11, at 7*. 6c?. p. dol 788,680 65| 
 
 6 
 
36 REPORTS OF THE [1790. 
 
 VIRGINIA. 
 
 Principal of domestic debt 
 Ditto of foreign debt, with 
 terest to the 1st of Jan. 17 
 
 in- 
 90 
 
 £. s. d. 
 1,063,396 17 1 
 
 40,826 1 1 
 
 at 6s. 
 
 P- 
 
 dol 3 
 
 Dolls. 
 ,680,743 
 
 
 Total, 
 
 1,104,222 18 2, 
 
 Ctsi 
 
 021 
 
 SOUTH CAROLINA. 
 
 
 
 Principal of domestic debt 
 Indents of interest on ditto 
 
 circulation - 
 Foreign debt, principal and 
 
 terest, due to the 1st Jan 
 
 ry, 1789 ~ 
 
 in 
 
 in- 
 iia- 
 
 1,069,652 2 4 
 • 71,325 7 2 
 
 - 115,810 1 
 
 at 4s. 
 Tc 
 
 8d. 
 
 ital, 
 
 p. dol. 
 
 5,386,23. 
 
 
 Totah 
 
 1,256,787 9 7, 
 
 2 05 
 
 
 $18,201,205 
 
 60| 
 
 It will be observed, that the period to which interest is caculated on the 
 debts above-mentioned, is only specified with accuracy on the statements 
 which have been transmitted from Massachusetts, Connecticut, and New 
 York. From the best information which the Secretary can obtain, he pre- 
 sumes, that in the statement made of the debt of New Jersey, interest has 
 been calculated to the 31st .day of December, 1788; that, on the debt of Vir- 
 ginia, interest has been calculated to the 31st day of December, 17S8; on 
 that of South Carolina, to the 1st day of April, 1790. 
 
 From the States of New Hampshire, Pennsylvania, Delaware, Maryland, 
 North -Carolina, and Georgia, no accounts of their respective State debts have 
 been forwarded. 
 
 The Secretary is, however, of opinion, from the result of 
 inquiries made by him, that the State debt of New Hampshire 
 may be estimated at about - - - - - $300,000 00 
 
 That the State debt proper of Pennsylvania, (that is, exclu- 
 sive of their assumption of the continental debt,) at about 2,200,000 00 
 
 And that of Maryland, at - ' - - S00,000 00 
 
 From the above statement and estimates, the amount of principal and in- 
 terest, (exclusive of Delaware, North Carolina, Georgia, and Rhode Island,) 
 appears to be about twenty-one millions and a half; but as the debts of the 
 four last States are not included in the above sum, and it is possible that a 
 greater arrearage of interest may be due on the State debts than is at present 
 ascertained, the aggregate of the principal and interest may be computed at 
 about twenty-five millions of dollars. 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury^ 
 
 COMMONWEALTH OF MASSACHUSETTS. 
 
 A statement of the debt of the Commonwealth of Massachusetts, as it 
 respects the notes issued by the several Treasurers, to the first of No* 
 vember, 1789. 
 
 November 1, 17S9, exclusive of half-pay notes - £ 1,403,459 16 11 
 
1790.] SECRETARY OF THE TREASURY. 37 
 
 Notes issued to widows and orphan children of the de- 
 ceased officers of the late Continental Army, for the 
 seven years half-pay, agreeable to resolves of Con- 
 gress ' - - - - - £8,246 11 10 
 
 Interest on the foregoing notes since 
 
 October 1st, 1781, - £579,660 6 4 
 
 Of which has been paid - - 443,326 7 4 
 
 Interest remaining due November 1st, 1789, - - 136,333 19 
 
 Remains due on the books of the Committee for settling 
 
 £1,548,040 7 9 
 
 with the late Continental Army, to the widows and 
 orphan children of deceased officers of said army, 
 and to officers and soldiers for their services, about 20,000 
 
 N. B. — By an act of the Legislature, one-third part of the revenue of 
 excise is appropriated to pay the exigencies of government, and the other 
 two-third parts for the payment of interest of the notes, which pays about 
 one-quarter part of the interest; the other three quarters arc provided for. 
 
 Treasury Office, Boston, Oct. 31, 1789. 
 
 ALEXANDER HODGDON, Treasurer. 
 
 Compared with the original in the Office of the Secretary of the Treasury. 
 
 WILLIAM DUER, 
 
 STATE OF CONNECTICUT. 
 
 *fl statement of the public debt of the State of Connecticut, as it stood 
 
 November 1st, 1789. 
 
 NotesissuedtotheConnecticutLine,payable June 1st, 1782, £2,334 13 1 1§ 
 
 Do. do. 1783, 2,339 13 4 
 
 Do. do. 1784, 3,252 12 1 
 
 Do. do. 1785, 42,309 6 If 
 
 Do. • do. 1786, 28,189 6 3§ 
 
 Do. do. 1787, 28,448 5 6| 
 
 Do. dp. 1788, 21,593 4i 
 
 Do. do. 1789, 20,097 5 7-k 
 Do. dated February, 1781, issued per act of Assembly, 
 
 November, 1780, - 153,229 8 6i 
 Do. of various dates, issued per act of Assembly, 
 
 May, 1781, -.-.,;- - - - 33,947 11 Si 
 Notes dated June 1st, 1781, issued per act of Assem- 
 bly, for remounting dragoons, - - • 1,932 S 
 Do. of various dates, issued per act of Assembly, 
 
 May, 1783, - - - ■_ - 41,841 6 If 
 
 Do. issuedperact of May, 1789, for old notes reloaned, 180,890 l 
 
 560,404 IS H 
 
3S REPORTS OF THE [1790. 
 
 Notes issued per particular acts of Assembly, payable out 
 
 of the civil list funds, • - . - - £2,856 11 4 
 
 Certificates for interest &c, issued on the State debt, up to 
 February 1st, 1789, and remaining unpaid November 
 1st, 1789, ------ 19,140 3 9| 
 
 Balance of orders unpaid, drawn by Oliver Wolcott, Esq. 
 
 payable out of the 1*. tax, granted in January, 1783, - 692 8 10 
 
 Balance of State bills which were emitted in March, June, 
 and July, 1780, with the interest at 5 per cent., to 1st 
 March, 1785, estimated at - - - - 24,948 9 1 
 
 There are a number of pay table orders drawn on former taxes, the amount, 
 supposed not great, cannot be ascertained. 
 
 There is also_outstanding a sum of old emissions of paper, issued before 
 the war — the amount not known. 
 
 Account of Loan Office and Final Settlement certificates in the Treasury 
 of the State of Connecticut, 
 
 Loan Office certificates - - - - - £ 442 19 7 
 
 Final Settlement certificates - - 2,151 17 1 
 
 £2,594 16 8 
 
 Amount of interest certificates that were issued upon the 
 evidence of the United States debt, received by the Trea- 
 surer of the State of Connecticut, for taxes and impost du- 
 ties, and delivered to William Imlay, Esq. Continental 
 Loan Officer, from January 9th, 1786, to November 1st, 
 17S9, - - - - - - £33,996 IS 
 
 Compared with the original in the Office of the Secretary of the Treasury. 
 
 *9 statement of the funds provided for the payment of the principal and 
 interest of the public debt of the State of Connecticut. 
 
 Balances of taxes laid for the payment of interest on the State debt, and the 
 first three classes of army notes, as appears from the Treasury books, No- 
 vember 1st, 1789, being the balance of fifteen taxes, including abatements, 
 collecting fees, &c. - - - - £40,489 14 10 
 
 Balance of excise and impost bonds payable, including col- 
 lecting fees, &c. ----_ 9,070 15 2 
 
 A tax of fourpence on the pound, laid on the list, 1788, 
 amounting to £1,462,860 10 11, for the payment of in- 
 terest on the State debt, and the balance of three first 
 classes of the State notes; the nett avails estimated at - 20,266 14 4 
 
 A tax of eightpence on the pound, on the same list, laid for 
 
 the payment of the balance of State bills, orders on 2*. 6d. 
 
 and Is. taxes, and part of the principal of the State debt; 
 
 the nett avails estimated at - 40,533 S 8 
 
 Excise for the payment of interest on the State debt, &c. 
 
 estimated at - t - - - - 5,000 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 
 39 
 
 13 
 
 6 
 5 
 
 Interest to Jan. 
 1st, 1790. 
 
 £ 78 14 5 
 
 The first article in the above statement of funds, will, probably, upon set- 
 tlement of those old taxes, fall greatly short of the sum set down; to say how 
 much is merely conjectural. There will also be a loss upon the excise and 
 impost bonds. The excise for the current year is very uncertain. 
 
 Comptboller's Office, 1st December, 1789. 
 
 RALPH POMEROY, 
 
 Comptroller. 
 
 STATE OF NEW YORK. 
 A statement of the debt of the State of New York. 
 
 The following species of certificates, &c. have been issued by the State, 
 
 and are still unredeemed, viz: 
 
 Principal sum, 
 specie value. 
 
 Certificates for money loaned pursuant to. re- 
 solutions of the 4th day of April, 1778, £111 
 
 For ditto, pursuant to a law of the 30th 
 
 June, 1780, ..-741 
 
 For horses purchased in the year 1 780, 904 
 
 For depreciation of pay to the army, da- • 
 ted 31st July, 1780 - - 54,520 
 
 For pay of the year 1781, to ditto, dated 
 
 1st January, 1782 - - 17,972 
 
 For pensions to widows of military officers 8,104 
 
 For pay of levies, militia, &c. &c. 42,871 
 
 For other certificates received on loan, pur- 
 suant to a law 18th April, 1786 - 523,848 
 
 Four-fifths of the interest due on those re- 
 ceived on loan ... 105,669 
 
 For claims on forfeited estates - 25,897 
 
 Bills of credit called new emission, emitted 
 pursuant to a law passed the 30th June, 
 1780, bearing interest 
 
 Ditto, emitted pursuant to resolutions of 
 Congress and Convention of this State, 
 reduced to specie value 
 
 422 
 515 
 
 10 
 
 8 
 
 1 7 
 
 25,669 17 4 
 
 6 9 
 
 8,626 14 
 
 18 2 
 
 3,647 4 2 
 
 43 
 
 18,220 5 3. 
 
 5 1 
 
 10 
 
 144,058 5 4 
 
 3,884 12 
 
 3,612 16 
 
 1,174 
 
 1,047 
 
 £785,300 14 7 £206,297 15 O 
 
 There are large demands against forfeited estates unli- 
 quidated, and others liquidated, for which no certificates 
 have yet issued, to the amount of - £41,017 12 5, 
 
 There are no funds especially provided for redeeming 
 the aforesaid certificates, except the following, viz: 
 
 The arrears of old taxes may probably produce about 10,000 
 Quitrents about - - - 20,000 
 
 Fifteen townships of new lands, of 375,000 acres, ordered to be sold (by 
 a law passed 25th February, 1789,) and are now surveying. 
 
 GERARD BANCKER, 
 Treasurer of the State of New York. 
 New York, November 30th, 1789. 
 
 Compared with the original in the Office of the Secretary of the Treasury. 
 
40 REPORTS OF THE [1790, 
 
 Jin account of Continental Securities now in the Treasury of the State 
 
 of New York. 
 
 Principal. » Interest Jan. 1st, 
 
 1790. 
 
 Certificates issued by William Barber £352,471 13 1 £105,741 9 11 
 pitto do by Loan Offices in this 
 
 State - 277,448 16 4 83,234 12 11 
 
 Ditto do by John Pierce, Burrall 
 Penning, Bindon and 
 
 Fox - 299,614 4 5 89,884 5 4 
 
 Interest facilities - - 2,502 14 8 
 
 £932,037 8 6 £278,S60 8 2 
 
 Of the above-mentioned Loan Office and Barber's certificates, the sum of 
 £470,649 17 6, was received in on loan by the State, in 1786, and one- 
 fifth of the interest that was due thereon to the 31st December, 1784, then 
 paid, and certificates for the remaining four-fifths issued, payable in one 
 year, of which certificates threerfourths remain unredeemed, as represented 
 in the former part of this statement. 
 
 GERARD BANCKER, 
 Treasurer of the State of New York. 
 
 New York, November &0th, 1789. 
 
 Compared with the original in the Office of the Secretary of the Treasury. 
 
 Jin account of Certificates due from the United States to the inhabit- 
 ants of the State of New Jersey, which draw interest at the Trea- 
 sury. 
 
 1st. Continental Loan Office certificates £420,511 10 £25,230 13 3 
 2d. Certificates issued by John Pierce, 
 
 Cpmm'r, for arrears of pay, &c. 147,118 15 2\ 8,827 2 6 
 
 8d. Certificates by Benjamin Tompson, 
 
 Commissioner - - 344,237 11 2 20,654 5 
 
 £911,867 7 2i £54,712 9 
 
 COMMUTATION. 
 
 4th. Certificates issued by John Pierce, 
 Commissioner, and given to the of- 
 ficers of the late Jersey line, for their 
 commutation - - £66,899 2 6 
 
 STATE DEBT. 
 
 1st. Certificates given to the officers and 
 soldiers of the late Jersey line, for 
 the depreciation of their pay, of 
 which there was outstanding, Octo- 
 ber 1st, 1786 - 99,526 11 4 
 
1790.] 
 
 SECRETARY OF THE TREASURY 
 
 2d. Ditto given by the Commissioners in 
 the several counties for militia pay, 
 . of which there was outstanding, Oc- 
 tober 1st, 1786 - - £ 55,365 17 74 
 
 3d. Certificates given by Silas Condict, 
 
 Commissioner - • - 121,521 8 7 
 
 4th. Ditto given by the Treasurer and Au- 
 ditor for demands against confisca- 
 ted estates - - - 32,020 2 9 
 
 5th. Ditto issued by the Auditor for mi- 
 litia pay - 821 4 7§ 
 
 309,255 4 11 
 Paid into the Treasury since Oct. 1786 13,500 O 
 
 £295,755 4 11 
 Annual interest of State debt - £17,745 6 31 
 
 i s . C Compared with the original in the Office of the Secretary of the Treasury a 
 
 Abstract of the public debts due from the State of Virginia. 
 
 On i ntpr C Army debt for pay and depreciation of the officers 
 ^ t f J and so^iers - £ 936,830 7 6 
 
 per cent. / Loan 0ffice debt " " " 119,382 7 4 
 
 ' C_ Certificates issued for the paper money funded 7,183 2 3 
 
 Balance due to foreign creditors, including interest, (at six per 
 cent.) to the 1st of. January, 1790, on £ 9,415 2, part 
 of the said balance, for which warrants have not been 
 drawn by the creditors - '40,826 1 1 
 
 JOHN PENDLETON, 
 Auditor of Public Accounts, 
 
 Virginia, Auditor's Office, November 20th, 1789. 
 
 Compared with the original in the Office of the Secretary of the Treasury,. 
 
 The Auditor General reports the following statement of the debt due 
 by the State of South Carolina, viz. 
 
 PRINCIPAL INDENTS. 
 
 Balance issued from the Treasury of the State aforesaid, 
 -and yet remaining to be issued on the 1st October, 17S9 £ 1,069,652 2 4§ 
 
 To be cancelled by 
 Bal. of bonds for confiscated property £79,985 10 0i 
 Purchases of bonds unsettled for 12,910 
 Balance of amercements - - 7,713 4 6 
 Balance for bonds for public property 35 5 065 10 6 
 Balance of lands granted to 1st No- 
 vember, 17S9 - - 42,568 1 71 178,242 6 S 
 
 Balance still to be cancelled Sterling £891,409 15 8| 
 
4<J REPORTS OF THE £17900 
 
 SPECIAL INDENTS. 
 
 Amount issued and to be issued - £440,368 
 
 Deduct for so much received into the Treasury - 369,042 12 9§ 
 
 Balance in circulation, and yet to be issued - £ 71,325 7 2i 
 
 Agreeably to a report of the Committee of Ways and Means, the debts 
 due to the State for the arrears of taxes, &c. are sufficient to cancel the above 
 balance. 
 
 Foreign Debt* 
 
 Amount due to sundry persons - £ 93,244 17 4 
 
 Balance of interest due 1st January, 1789 29,558 4 11^ 
 Deduct for so much paid J. S. Cripps, 
 
 agent -~ - 4,949 5 4i 
 
 Balance paid to such creditors as 
 
 were here, or their attorneys 2,043 16 10 6,993 2 2\ 22,565 2 9 
 
 Principal and balance due 1st January, 1789 - £115,810 1 
 
 Funds appropriated by the Legislature. 
 
 Out of the taxes payable 1st April, 1790 - - £ 10,000 
 
 Interest on the paper medium to 1st May, 1791 - 12,750 
 
 Balance of bonds given for confiscated property, payable 
 
 in specie _____ 1,610 17 3i 
 
 The sums due, and that shall become due, for amerce- 
 ments, in specie - - - - 8,371166 
 
 Balance of bonds given for duties payable by instalments 6,240 14 3 
 
 Bonds for duties due prior to 1st January, 1788, not in- 
 stalled • - - - - - - 233 3 4| 
 
 A tax of a quarter of a dollar per head, per annum, on all 
 negroes, mustizoes, and mulattoes, for ten years, from 
 February, 1791, the number computed to be about 
 100,000, which will amount to - - - 58,333 6 8 
 
 Sterling - £ 97,539 18 0§ 
 
 Auditor's Office, Charleston, 30th Nov. 1789. 
 
 J. McCALL, Treasure?-. 
 Compared with the original in the Office of the Secretary of the Treasury 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 
 43 
 
 SCHEDULE F. 
 
 TABLE showing the annuity which a person of a given age would 6c 
 entitled to during life, from the time he should arrive at a given age, 
 upon the present payment of a hundred dollars, computing interest 
 at four per cent. 
 
 o 
 
 S3 . 
 
 -t-> c 
 
 S3 
 
 
 4) 
 
 
 0) 
 
 
 
 
 
 43 S 
 
 Is o- 
 < 
 
 <u *d 
 
 43 « 
 60 
 
 Annuity. 
 
 a . 
 
 43 <U 
 £~ 
 4> 
 
 ba 
 
 < 
 
 Annuity. 
 
 (3 , 
 
 4) 
 bo 
 
 < 
 
 Annuity. 
 
 &0 
 
 < 
 
 Annuity* 
 
 
 1 
 
 21 
 
 23.453 
 
 31 
 
 42.625 
 
 41 
 
 84.522 
 
 50 
 
 174.11 
 
 
 2 
 
 22 
 
 20.376 
 
 32 
 
 37.365 
 
 42 
 
 74.936 
 
 50 
 
 143.14 
 
 
 3 
 
 23 
 
 19.415 
 
 33 
 
 35.775 
 
 43 
 
 72.440 
 
 50 
 
 128.46 
 
 
 4 
 
 24 
 
 18.826 
 
 34 
 
 34.970 
 
 44 
 
 71-697 
 
 50 
 
 117.64 
 
 
 5 
 
 25 
 
 18.457 
 
 35 
 
 34.660 
 
 45 
 
 71-840 
 
 50 
 
 108.95 
 
 i 
 
 6 
 
 26 
 
 18.280 
 
 36 
 
 34.619 
 
 46 
 
 72.584 
 
 50 
 
 101.60 
 
 | 
 
 7 
 
 27 
 
 18.188 
 
 37 
 
 34.767 
 
 47 
 
 73.752 
 
 50 
 
 95.210 
 
 i 
 
 8 
 
 28 
 
 18.258 
 
 38 
 
 35.235 
 
 48 
 
 75.720 
 
 50 
 
 89.971 
 
 ; 
 
 9 
 
 29 
 
 18.383 
 
 39 
 
 35830 
 
 49 
 
 78.025 
 
 50 
 
 85.238 
 
 
 10 
 
 30 
 
 18.617 
 
 40 
 
 37.006 
 
 50 
 
 81.960 
 
 
 
 
 11 
 
 21 
 
 10.346 
 
 31 
 
 18.803 
 
 41 
 
 37.286 
 
 50 
 
 75.500 
 
 
 12 
 
 22 
 
 10.414 
 
 32 
 
 19.072 
 
 42 
 
 38-162 
 
 50 
 
 73.058 
 
 
 13 
 
 23 
 
 10.519 
 
 33 
 
 19.382 
 
 43 
 
 39.249 
 
 50 
 
 70.246 
 
 
 14 
 
 24 
 
 10.608 
 
 34 
 
 19.704 
 
 44 
 
 40-493 
 
 50 
 
 66.279 
 
 
 15 
 
 25 
 
 10.727 
 
 35 
 
 20.088 
 
 45 
 
 41.638 
 
 50 
 
 63.151 
 
 
 16 
 
 26 
 
 10.818 
 
 36 
 
 20.489 
 
 46 
 
 42-957 
 
 50 
 
 60.129 
 
 
 17 
 
 27 
 
 10.939 
 
 37 
 
 20.911 
 
 47 
 
 44-358 
 
 50 
 
 57.258 
 
 
 18 
 
 28 
 
 11.065 
 
 38 
 
 21.354 
 
 48 
 
 45-888 
 
 50 
 
 54.520 
 
 
 19 
 
 29 
 
 11.195 
 
 39 
 
 21.821 
 
 49 
 
 47-519 
 
 50 
 
 51.907 
 
 
 20 
 
 30 
 
 11.352 
 
 40 
 
 22.313 
 
 50 
 
 49-415 
 
 
 
 
 21 
 
 31 
 
 11.515 
 
 41 
 
 22.836 
 
 50 
 
 47-038 
 
 
 
 
 22 
 
 32 
 
 11.687 
 
 42 
 
 23.386 
 
 50 
 
 44-770 
 
 
 
 
 23 
 
 33 
 
 11.846 
 
 43 
 
 23.987 
 
 50 
 
 42-534 
 
 
 
 
 24 
 
 34 
 
 12.028 
 
 44 
 
 24.719 
 
 50 
 
 40-460 
 
 
 
 
 "25 
 
 35 
 
 12.253 
 
 45 
 
 25.396 
 
 50 
 
 38-510 
 
 
 
 
 26 
 
 36 
 
 12.462 
 
 46 
 
 26.128 
 
 50 
 
 36-572 
 
 
 
 , 
 
 27 
 
 37 
 
 12.682 
 
 47 
 
 26.902 
 
 50 
 
 34-726 
 
 
 
 
 28 
 
 38 
 
 12.913 
 
 48 
 
 27.749 
 
 50 
 
 32-967 
 
 
 
 
 29 
 
 39 
 
 13.155 
 
 49 
 
 28.647 j 
 
 50 
 
 31-329 
 
 
 
 
 30 
 
 40 
 
 13.385 
 
 
 i 
 
 50 
 
 29-643 
 
 
 
 
 31 
 
 41 
 
 13.629 
 
 
 
 50 
 
 28-073 
 
 
 
 
 32 
 
 42 
 
 13.884 
 
 
 
 50 
 
 26-580 ! 
 
 
 
 
 33 
 
 43 
 
 14.190 
 
 
 
 50 
 
 25161 j 
 
 
 
 
 34 
 
 44 
 
 14.547 
 
 
 
 50 
 
 23-812 1 
 
 
 
 
 35 
 
 45 
 
 14.827 
 
 
 
 50 
 
 22-483 
 
 
 
 
 36 
 
 46 
 
 15.157 
 
 
 
 50 
 
 21.217 
 
 
 
 
 37 
 
 47 
 
 15.512 
 
 1 
 
 
 50 
 
 20-023 
 
 
 
 
 38 
 
 48 
 
 15.896 
 
 i 
 
 
 50 
 
 18.886 I 
 
 
 
 
 39 
 
 49 
 
 16.301 
 
 
 
 50 
 
 17.806 
 
 
 ■ 
 
 
 40 
 
 50 
 
 16.783 
 
 i 
 
 j 
 
 
 j 
 
 
 
 
44 
 
 REPORTS OF THE 
 
 [1790. 
 
 SCHEDULE G. 
 
 TABLE showing luhat annuity would be enjoyed by the surviver of 
 any two persons, of certain ages, for the remainder of life, after the 
 determination of the life in expectation, upon the present payment of 
 one hundred dollars, computing interest at four per cent, per annum, 
 and the duration of life according to Dr. Halley's tables. 
 
 09 
 
 
 
 +3 
 
 
 
 +s 
 
 
 
 co 
 
 
 
 <u 
 
 
 
 c 
 
 
 
 t> 
 
 
 
 CU 
 
 
 
 ha 
 
 -ij 
 
 
 ttf 
 
 *i 
 
 
 bo 
 
 
 
 bo 
 
 
 
 o 
 
 2 
 
 Annuity 
 
 c 
 
 s 
 
 Q 
 
 Gfl 
 
 u 
 
 2 
 
 Annuity 
 
 s 
 
 o 
 
 4> 
 2 
 
 Annuity 
 
 B 
 S 
 o 
 
 OB 
 
 4) 
 
 2 
 
 Annuity 
 
 >. 
 
 "3 
 
 of 
 
 S» 
 
 13 
 
 of 
 
 >» 
 
 13 
 
 of 
 
 >> 
 
 13 
 
 of 
 
 
 
 Surviver. 
 
 <o 
 
 J! 
 
 Surviver. 
 
 4> 
 
 
 Surviver. 
 
 4) 
 
 ■£5 
 
 <u 
 
 'j3 
 
 Surviver. 
 
 
 *3 
 
 
 
 +J 
 
 
 
 
 
 
 +J 
 
 
 
 Cw 
 
 
 u- 
 
 «*- 
 
 
 In 
 
 Cm 
 
 
 «+- 
 
 Cm 
 
 
 o 
 
 o 
 
 
 c 
 
 O 
 
 
 o 
 
 O 
 
 
 O 
 
 O 
 
 
 o 
 
 y 
 
 
 o 
 
 4) 
 
 
 o 
 
 1) 
 
 
 CD 
 
 <D 
 
 
 bo 
 
 60 
 
 
 br 
 
 to 
 
 
 bo 
 
 &o 
 
 
 bo 
 
 bo 
 
 
 < 
 
 < 
 
 
 < 
 
 < 
 
 
 < 
 
 < 
 
 
 «i 
 
 O 
 
 
 
 10 
 
 28.248 
 
 
 20 
 
 28.169 
 
 
 30 
 
 28.555 
 
 
 45 
 
 30.620 
 
 15 
 
 26.392 
 
 
 25 
 
 26.041 
 
 
 35 
 
 26.001 
 
 
 50 
 
 27.005 
 
 20 
 
 24.545 
 
 
 30 
 
 23.923 
 
 
 40 
 
 23.496 
 
 
 55 
 
 23.375 
 
 
 25 
 
 22.716 
 
 
 35 
 
 21.753 
 
 
 45 
 
 21.061 
 
 45 
 
 60 
 
 20.040 
 
 
 30 
 
 20.920 
 
 
 40 
 
 19.825 
 
 30 
 
 50 
 
 18.730 
 
 
 65 
 
 16.957 
 
 
 35 
 
 19-168 
 
 20 
 
 45 
 
 17.876 
 
 
 55 
 
 16.529 
 
 
 70 
 
 14.240 
 
 10 
 
 40 
 
 45 
 
 17.464 
 15.847 
 
 
 50 
 55 
 
 16.018 
 
 
 60 
 65 
 
 14.484 
 12.600 
 
 
 
 
 
 14*261 
 
 
 
 50 
 
 32.164 
 
 
 50 
 
 14,263 
 
 
 60 
 
 12.620 
 
 
 70 
 
 10.894 
 
 
 55 
 
 27-731 
 
 
 55 
 60 
 
 12.782 
 11.237 
 
 
 65 
 70 
 
 11.100 
 9-707 
 
 
 
 
 50 
 
 60 
 65 
 
 23.513 
 19.662 
 
 
 
 35 
 
 28.993 
 
 
 65 
 
 70 
 
 10.099 
 8.905 
 
 
 
 
 
 40 
 45 
 50 
 
 26.164 
 23.381 
 20.702 
 
 
 70 
 
 16.257 
 
 
 
 25 
 30 
 
 27.816 
 25.556 
 
 
 
 
 
 
 
 55 
 
 34.286 
 
 
 15 
 
 28.169 
 
 
 35 
 
 23.331 
 
 35 
 
 55 
 
 18.172 
 
 
 60 
 
 28.843 
 
 
 20 
 
 26-198 
 
 
 40 
 
 21.159 
 
 
 60 
 
 15.820 
 
 55 
 
 65 
 
 23.742 
 
 
 25 
 
 24.219 
 
 
 45 
 
 19.047 
 
 
 65 
 
 13.666 
 
 
 70 
 
 19.175 
 
 
 in 
 
 22-276 
 20.376 
 18.528 
 
 25 
 
 50 
 55 
 60 
 
 17.030 
 15.117 
 
 
 70 
 
 11.724 
 
 
 
 
 in 
 
 
 60 
 65 
 
 37.509 
 30.423 
 
 
 40 
 
 
 13.331 
 
 
 40 
 
 29.673 
 
 60 
 
 15 
 
 45 
 
 16.750 
 
 
 65 
 
 11.689 
 
 
 45 
 
 26.469 
 
 
 70 
 
 24.044 
 
 
 50 
 
 15.053 
 
 
 70 
 
 10.173 
 
 
 50 
 
 23.337 
 
 
 
 
 
 55 
 
 12.968 
 
 
 
 
 40 
 
 55 
 
 20.354 
 
 65 
 
 65 
 
 42.481 
 
 
 60 
 
 11.948 
 
 
 
 
 
 60 
 
 17.604 
 
 70 
 
 32.679 
 
 
 65 
 
 10.553 
 
 
 
 
 
 65 
 
 15.060 
 
 
 
 
 
 70 
 
 9.270 
 
 
 
 
 
 70 
 
 12.799 
 
 70 
 
 70 
 
 50.994 
 
 To find the annuity upon the survivership of the youngest of any two 
 lives expressed in this table, look for the respective ages under their respec- 
 tive heads, and opposite the number which corresponds with the age of the 
 eldest will be seen the annuity required. 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 SCHEDULE H. 
 
 4h 
 
 Table for a Tontine of six Classes, the number of lives in each Class be- 
 ing indefinite, calculated on a payment of two hundred dollars by each 
 subscriber, and at a rate of interest of four per cent. The computa- 
 tion on the best life in each Class, and on the supposition that the sub- 
 scribers to each class will not be less than the respective numbers spe- 
 cified in the first column. 
 
 s 
 
 
 Annuity dividends at successive periods during 1 the probable continuance 
 
 CO 
 
 
 of life. 
 
 > 
 
 
 
 
 Ages. 
 
 Whilst 
 
 At the 
 
 At the 
 
 At the 
 
 At the At the 
 
 At the 
 
 At the 
 
 
 
 all are in 
 
 expira- 
 
 expira- 
 
 expira- 
 
 expira- 
 
 expira- 
 
 expira- 
 
 expira- 
 
 =5 « 
 
 5 rt 
 1 " 
 
 
 life. 
 
 tion of 
 
 tion of 
 
 tion of 
 
 tion of 
 
 tion of 
 
 tion of 
 
 tion of 
 
 
 
 10 years. 
 
 20 years. 
 
 30 years. 
 
 40 years. 
 
 50 years. 
 
 60 years. 
 
 70 years. 
 
 75 
 
 Ito20 
 
 8.426 
 
 9.722 
 
 11.490 
 
 14.042 
 
 18.054 
 
 25.278 
 
 42.130 
 
 126.390 
 
 64 
 
 21 to 30 
 
 8.676 
 
 10.272 
 
 12.606 
 
 16.314 
 
 23.110 
 
 39.618 
 
 138.666 
 
 
 54 
 
 31 to 40 
 
 9-046 
 
 11.102 
 
 14.366 
 
 20.354 
 
 34.890 
 
 122.282 
 
 
 
 44 
 
 41 to 50 
 
 9.650 
 
 12.488 
 
 17.608 
 
 30.328 
 
 106.150 
 
 
 
 
 34 
 
 51 to 60 
 
 10.714 
 
 15.178 
 
 26.020 
 
 91-068 
 
 
 
 
 
 24 
 
 61 to 70 
 
 12.802 
 
 20.518 
 
 71.802 
 
 
 
 
 1 
 
 This table, which is calculated on so small a number of persons, will serve 
 to show the greatness of the advantage to fortunate survivers, in case of a 
 numerous subscription. 
 
 SCHEDULE I. 
 
 General Estimate for the services of the current year. 
 Civil List, as per No. 1 - . - $254,892 73 
 
 War Department, No. 2 - 155,537 72 
 
 Military Pensions, No. 3 96,979 72 
 
 507,410 17 
 
 With an eye to the necessary provisions for the Foreign Department, 
 and to other arrangements which may be found requisite, it appeared ad- 
 viseable to state in the report, to which this is annexed, a sum of six hun- 
 dred thousand dollars for the current service. 
 
 Treasury Department, Jan. 5th, 1790. 
 
 No. 1. 
 
 Estimate of the expenditure for the Civil List of the United States, on 
 the present establishment, for the year 1 790. 
 
 For the compensation to the President of the United States $ 25,000 00 
 
 That of the Vice-President - - - - - 5,000 00 
 
 Compensation to the Chief Justice - 4,000 00 
 
 Do, to each of the five Associate Judges, $3,500 each 17,500 00 
 
4b REPORTS OF THE [1790. 
 
 To the Judges of the following 
 
 Districts, viz 
 
 
 
 District of Maine 
 
 - 
 
 - 
 
 $ 1,000 00 
 
 New Hampshire 
 
 - 
 
 - 
 
 1,000 00 
 
 Massachusetts 
 
 - 
 
 - 
 
 1,200 00 
 
 Connecticut 
 
 - 
 
 - 
 
 1,000 00 
 
 New York 
 
 - 
 
 - 
 
 1,500 00 
 
 New Jersey 
 
 - 
 
 - 
 
 1,000 00 
 
 Pennsylvania 
 
 - 
 
 - 
 
 1,600 00 
 
 Delaware 
 
 - 
 
 - 
 
 800 00 
 
 Maryland 
 
 - 
 
 - 
 
 1,500 00 
 
 Virginia 
 
 - 
 
 
 1,800 00 
 
 Kentucky 
 
 - 
 
 - 
 
 1,000 00 
 
 South Carolina 
 
 - 
 
 
 1,800 00 
 
 Georgia 
 
 - 
 
 - 
 
 1,500 00 
 
 Attorney General - 
 
 - 
 
 - 
 
 1,500 00 
 
 Compensation to the members of Congress, es- 
 timating the attendance of the whole number 
 for six months, viz: 
 
 Speaker of the House of Representatives, at 
 
 twelve dollars per day - - 2,190 00 
 
 Eighty members, at six dollars per day - 87,600 00 
 Travelling expenses computed - - 15,000 00 
 
 69,700 00 
 
 To the Secretary of the Senate, one year's salary 1,500 00 
 Additional allowance, estimated for six months, at 
 
 two dollars per day = 365 00 
 
 -104,790 00 
 
 Principal clerk to the Secretary of the Senate, for 
 
 the same time, at three dollars per day - 547 50 
 
 Engrossing clerk to the Secretary of the Senate, 
 
 estimated for same time, at two dollars per day 365 00 
 
 Chaplain to the Senate, estimated for six months, 
 
 at five hundred dollars per annum - - 250 00 
 
 Compensation to the door-keeper of the Senate for 
 
 the same time, at three dollars per day - 547 50 
 
 Messenger to the Senate, for the same time, at two 
 
 dollars per day - • - - - 365 00 
 
 Clerk of the House of Representatives, 
 
 for one year's salary - - 1,500 00 
 
 Additional allowance for six months, at 
 
 two dollars per day - - 365 00 
 
 1,865 00 
 
 1,865 00 
 
 Principal clerk in the office of do. estimated for 
 
 same time, at three dollars per day - - 547 50 
 
 Engrossing clerk for same time, estimated at two 
 
 dollars per day - - - - 365 00 
 
 Chaplain to the House of Representatives, estima- 
 ted for same time, at 500 dollars per annum - 250 00 
 
 Sergeant at Arms, estimated for same time, at four 
 
 dollars per day " - 730 00 
 
 
790.] 
 
 SECRETARY OF THE TREASURY. 
 
 47 
 
 Doorkeeper for same time, at three dollars per day 
 Assistant doorkeeper, for do. at two dollars per day 
 
 Treasury Department 
 
 Secretary of the Treasury 
 
 Assistant of the Secretary of the Treasury 
 
 Five clerks, at 500 dollars per annum each 
 
 Messenger and office-keeper - 
 
 Comptroller of the Treasury - 
 
 Principal clerk to do . 
 
 Four clerks,, at $ 500 each, - 
 
 Treasurer 
 
 Principal clerk to do. 
 
 Auditor of the Treasury 
 
 Principal clerk to do. - 
 
 Twelve clerks to do. who, besides the current bu- 
 siness under the new government, has the set- 
 tlement of the accounts which arose under the 
 Confederation, in the quartermaster, commissa- 
 ry, clothing, hospital, and marine departments, 
 and ordnance stores, and also the accounts of the 
 secret and commercial committees of Congress, 
 at 500 dollars each - 
 
 Register of the Treasury -.'."'.- 
 
 One clerk on the books of the public creditors, call- 
 ed funded debt at the Treasury, transfers, &c. 
 
 One clerk in the office of the Register, employed 
 in keeping the accounts of interest arising on 
 the domestic debt - 
 
 One do. on the principal books of the Treasury in 
 journalizing and posting into the Ledger 
 
 One clerk in copying fair statements of the public 
 accounts and other transcripts, as required, from 
 the Treasury books ■ - 
 
 One do. in keeping the accounts of the registers, 
 signed and sealed, &c. for ships, transmitted to the 
 Collectors of the Customs at the several ports; 
 filing duplicates of registers issued by the Col- 
 lectors; keeping the accounts of the transfers of 
 vessels, and other business of record arising from 
 the act for registering of vessels, regulating the 
 coasting trade, and other purposes therein men- 
 tioned 
 
 Two do. on the old accounts of the Treasury, and 
 books and accounts of the thirteen late State 
 Commissioners, at five hundred dollars each 
 
 Messenger and office-keeper to the Comptroller, 
 Auditor's and Register's office 
 
 ' $547 
 
 50 
 
 365 
 
 00 
 
 
 or 74 K on 
 
 
 
 f m 
 
 8 183,100 00 
 
 $3,500 
 
 00 
 
 1,500 
 
 00 
 
 2,500 
 
 00 
 
 150 
 
 00 
 
 2,000 
 
 00 
 
 800 
 
 00 
 
 2,000 
 
 00 
 
 2,000 
 
 00 
 
 600 
 
 00 
 
 1,500 
 
 00 
 
 600 
 
 00 
 
 6,000 00 
 1,250 00 
 
 500 00 
 
 500 00 
 500 00 
 
 500 00 
 
 -208,950 00 
 
 500 00 
 
 1,000 00 
 
 150 00 
 
 - 2,150 00 
 
4S REPORTS OF THE [1790. 
 
 Department of State. 
 
 Secretary of that Department - 83,500 00 
 
 Chief clerk ----- 800 00 
 
 Three clerks at 500 dollars each - 1,500 00 
 
 Messenger and office-keeper - 150 00 
 
 3,000 
 
 00 
 
 600 
 
 00 
 
 1,000 
 
 00 
 
 150 
 
 00 
 
 Depart 'me tit of TVar 
 Secretary of that Department - 
 Chief clerk - 
 
 Two clerks at 500 dollars each 
 Messenger and office-keeper - 
 
 Governmejit of the TVestem Territory. 
 The Governor, for his salary as such, and for dis- 
 charging the duties of Superintendent of In- 
 dian Affairs in the Northern Department - §2,000 00 
 The Secretary of the Western Territory - 750 00 
 
 The three Judges, at $ S00 each -* - 2,400 00 
 
 S5,950 00 
 
 4,750 00 
 
 Officers employed to settle the accounts between 
 
 the United States and individual States 
 Three Commissioners of the General Board, at two 
 
 thousand two hundred and fifty dollars per annum 
 Chief clerk - 
 
 Four clerks, at four hundred dollars each, 
 Messenger and office-keeper - 
 Paymaster General, and Commissioner of Army 
 
 Accounts ------ 
 
 Eight clerks, at 500 dollars each, 
 One clerk at four hundred dollars 
 One clerk at four hundred and fifty dollars 
 
 Pensions granted by the late government. 
 
 Isaac Van Vert, ~) A pension of $ 200 per annum 
 John Paulding, > to each, pursuant to an act of 
 David Williams, ) Congress of 3d Nov. 1780, 600 00 
 Dominique L'Eglize, per act of Sth August, 1782, 120 00 
 Joseph Traversie, per do. - 120 00 
 
 Youngest children of the late Major General War- 
 ren, per act of 1st July, 17S0, - . - 450 00 
 Eldest son of Maj. Gen. Warren, per act of Sth 
 
 April, 1777, estimated at 600 00 
 
 Youngest son of Gen. Mercer, per act of Sth 
 
 April, 1777, estimated at - 700 00 
 
 James McKenzie, ^ per act of 10th Sept'r, 1783, 
 Joseph Brussels, V entitled to a pension of $40 
 John Jordan, ) each per annum - 
 
 Elizabeth Bergen, per act 21st August, 1781, 
 Joseph De Beauleau, per act 5th August, 1782, - 
 Richard Gridley, per acts 17th November, 1775, 
 
 and 26th February, 1781, 
 Lieut Col. Touzard, per act 27th October, 1778, - 
 
 5,150 00 
 
 6,750 00 
 
 
 600 00 
 
 
 1,600 00 
 
 
 150 00 
 
 
 1,250 00 
 
 
 4.000 00 
 
 
 400 00 
 
 
 450 00 
 
 
 
 15.200 00 
 
 120 00 
 
 
 53 33 
 
 
 100 00 
 
 
 444 40 
 
 
 360 00 
 
 
 
 3.667 7? 
 
1790.] SECRETARY OP TBB TREASURE. 4^ 
 
 JFbr incidental and contingent expenses relative to the Civil 
 List establishment. 
 
 Under this head are comprehended firewood, stationary, to- 
 gether with printing work, and all other contingent expenses 
 for the two Houses of Congress, rent and office expenses of the 
 several Departments, viz: Treasury, State, War, and of the 
 General Board of Commissioners, and Paymaster General. 
 
 Congress estimated at - 
 
 - 
 
 
 
 5 5,000 00 
 
 TREASURY DEPARTMENT, 
 
 viz: 
 
 
 
 
 Rent ----- 
 
 - 
 
 500 
 
 00 
 
 
 Contingencies of the Secretary's office 
 
 - 
 
 906 
 
 00 
 
 
 Comptroller's 
 
 - 
 
 400 
 
 00 
 
 
 Contingencies of the Auditor's - 
 
 - 
 
 200 
 
 00 
 
 
 Register's - 
 
 - 
 
 200 
 
 00 
 
 
 Treasurer's 
 
 - 
 
 200 
 
 00 
 
 2,000 00 
 
 
 
 
 
 Contingencies of the "War Department 
 
 - 
 
 600 
 
 00 
 
 
 Department of State, 
 
 - 
 
 500 
 
 00 
 
 
 Board of Commissioners 
 
 - 
 
 500 
 
 00 
 
 
 Paymaster and Commission- 
 
 
 
 
 er of Army Accounts 
 
 - 
 
 425 
 
 00 
 
 2,025 00 
 
 
 
 
 
 
 % 254.802 75 
 
 lias estimate corresponds with the existing provisions; but it will probably 
 receive additions from others in the course of the session. In particular, it will 
 be observed, that there is no article respecting the salaries of foreign minis- 
 ters, their allowances not having been regulated by law. Neither does the 
 estimate include those objects which remain to be provided for, in conse- 
 quence of some deficiency in the estimate for the services of last year, and 
 also from certain demands on the Treasury, founded on acts of the late go- 
 vernment, which require an appropriation by Congress previous to their be- 
 ing discharged. These will form an estimate by themselves, under the Y 
 of Contingencies. 
 
 Register's Office, 5th January, 1790. 
 
 JOSEPH NOURSE, Register 
 
 No. 2. 
 
 Estimate of Moneys requisite for the Department of War, for the year 
 
 1790. 
 
 infantry. 
 
 1 Brigadier General, with the pay of Lieuter. 
 
 Colonel Commandant, for 12 months, at % 50 - $ (JOG 
 
 2 Majors, for 12 months, at 45 dollars. - 1,086 
 7 Captains, 35 - 2,940 
 7 Lieutenants. 30 ' - 2,520 
 
 3 Ensigns, 20 1,920 
 1 Paymastei 10 120 
 
50 
 
 REPORTS OF THE 
 
 1790. 
 
 1 Adjutant, 10 
 
 1 Quartermaster, 10 
 
 1 Surgeon, 45 
 
 4 Surgeon's Mates, 30 
 
 28 Sergeants, 6 
 
 28 Corporals, 5 
 
 14 Musicians, 5 
 
 490 Privates, 4 
 
 $ 120 
 
 120 
 
 540 
 
 1,440 
 
 2,016 
 
 1,680 
 
 S40 
 
 23,520 
 
 39,456 00 
 
 ARTILLERY. 
 
 1 Major, for 12 months, at 45 dollars 
 
 4 Captains, 35 
 
 8 Lieutenants, — 30 
 
 1 Surgeon's Mate, 30 
 
 16 Sergeants, 6_ 
 
 16 Corporals, 5 
 
 8 Musicians, 5 
 
 240 Matrosses, 4 
 
 540 
 1,680 
 
 2,880 
 
 360 
 
 1,152 
 
 960 
 
 480 
 
 11,520 
 
 Brigadier General, 12 months, 
 Three Majors, do 
 
 Eleven Captains, do 
 Twenty-three subalterns, do 
 One Surgeon, do 
 
 Five Surgeon's Mates, do 
 
 Subsistence. 
 
 at 48 dollars 
 at 20 do 
 at 12 
 at 8 
 at 16 
 at 8 
 
 do 
 do 
 do 
 do 
 
 576 00 
 720 00 
 1,584 00 
 2,208 00 
 192 00 
 480 00 
 
 Hations. 
 
 For 840 non-commissioned officers and privates, 
 one ration per day, each, for 365 days, is 
 306,600 rations, at 12 cents per ditto, 
 
 Clothing 840 > g40 guits at 2g dollarg each 
 
 Contingencies 100 3 
 
 Quartermaster's Department 
 
 Transportation, including the transportation of 
 the recruits to the frontiers, the removal of 
 troops from one station to another, the transpor- 
 tation of clothing, ordnance, and military stores 
 for the troops on the frontiers, the necessary 
 removal of ordnance and military stores, the 
 hire of teams and packhorses, the purchase of 
 tents, boats, axes, camp-kettles, boards, fire 
 wood,company books, stationary for the troops, 
 and all other expenses in the Quartermaster's 
 Department 
 
 Hospital Department. 
 
 For medicines, instruments, furniture and stores 
 for an hospital for the frontiers; also for attend- 
 ance, when necessary, at West Point 
 
 36,792 00 
 24,440 00 
 
 19.572 00 
 
 5,760 00 
 
 61,232 00 
 
 15,000 00 
 
 1,000 00 
 
1790.] 
 
 SECRETARY OF THE TREASURY, 
 
 51 
 
 Ordnance Department 
 
 For salaries for the store-keepers at the several 
 
 deposites, viz: 
 West Point, } 
 
 Virginia, > 3, at $40 per month $ 
 Springfield, 3 
 Charlestown, one storekeeper, at $100 
 
 per annum - 
 
 Two assistants, at 15 dollars per month 
 One storekeeper at Philadelphia 
 One do at Rhode Island 
 
 One do at Lancaster 
 
 One storekeeper atFort Herkimer, 120 
 His subsistence, one dollar per week, 52 
 
 1,440 00 
 
 100 00 
 
 360 00 
 
 500 00 
 
 96 00 
 
 96 00 
 
 172 00 
 
 Rents of buildings for deposites: 
 
 Philadelphia - - -, 752 66 
 
 Virginia - - - 350 00 
 
 West Point - - 400 00 
 
 Laborers at the several deposites 
 
 Eight artificers at the posts on the frontiers, in- 
 cluding armorers, at 5 dollars per month 
 
 Coopers, armorers, and carpenters employed oc- 
 casionally at the several arsenals r 
 
 The expense of materials and constructing twenty 
 new carriages for cannon and howitzers 
 
 % 2,764 00 
 
 1,502 66 
 400 00 
 
 480 00 
 
 500 00 
 
 2,000 00 
 
 Buildings for arsenals and magazines are highly requisite in 
 the southern and middle departments, for which, particu- 
 larly, estimates will be formed. 
 
 Contingencies of the War Department, viz: 
 
 For maps, hiring expresses, allowance to officers for extra 
 expenses, printing, loss of stores of all kinds, advertising 
 and apprehending deserters - 
 
 Contingencies for the War Office, viz: 
 
 Office rent, wood, stationary, desks, book-cases, sweeping, &c. 
 
 Subsistence due the officers of Colonel Marinus 
 
 Willett's regiment, 1782 - - - 786 06 
 
 Pay due to Lieutenant Joseph Wilcox, paymaster 
 to the regiment lately commanded by Colonel 
 David Humphreys - - - - 315 00 
 
 Pay, subsistence, and forage due the officers ap- 
 pointed by the State of Rhode Island, under the 
 act of Congress of the 20th October, 1786 - 1,770 00 
 
 "I 
 
 7,646 66 
 
 3,000 00 
 
 600 00 
 
 Total amount as above 
 
 ft 
 
 2,871 06 
 156,137 72 
 
52 REPORTS OF THE [1790. 
 
 Deduct contingencies of the War Office, office 
 rent, wood, stationary, desks, &c. as above, the 
 same being included with the salaries in the Ci- 
 vil List estimate - - - -■ •■ . $600 00 
 
 .55,537 72 
 
 Summary of the foregoing. 
 
 Pay of the troops - - - - $59,028 00 
 
 Subsistence of do - - ' '".- - - 42,552 00 
 
 Clothing of do - - - - ~ ' - 24,440 00 
 
 Quartermaster's Department - - - 15,000 00 
 
 Hospital Department - - - - - 1,000 00 
 
 Contingencies~of the War Department - 3,000 00 
 
 Contingencies of the War Office - 600 00 
 
 Arrears of pay and subsistence unprovided for - - 2,871 06 
 
 Ordnance Department - - - - - 7,646 66 
 
 8156,137 72. 
 
 War Office, December 29, 1789. 
 
 (Signed) HENRY KNOX, 
 
 Secretary for the Department of War. 
 
 No. III. 
 
 Estimate of the Annual Pensions of the Invalids of the United States, 
 viz: Taken from returns in the War Office, dated as folloivs: 
 
 November 28, 1789. — New Hampshire, 
 
 $ 3,024 00 
 
 
 December 14, 1789. — Massachusetts, 
 
 11,166 
 
 00 
 
 
 December 1, 1789. — Connecticut, 
 
 7,296 
 
 00 
 
 
 December 31, 1789. — New York, 
 
 15,588 
 
 00 
 
 
 February 2,1789. — New Jersey, 
 
 4,357 
 
 06 
 
 
 December 10, 1789. — Pennsylvania, 
 
 16,506 
 
 00 
 
 
 For 1787. — Virginia, - 
 
 9,276 
 
 66 
 
 67,2-13 72 
 
 
 
 
 Conjectural. — No returns having been received, 
 
 
 
 
 suppose Rhode Island and Delaware nearly 
 
 
 
 
 equal to New Hampshire, 
 
 3,170 
 
 00 
 
 ' 
 
 Maryland nearly equal to Connecticut, 
 
 7,000 
 
 00 
 
 
 North Carolina, South Carolina, and Georgia, 
 
 
 
 
 nearly equal to New Hampshire, Connecticut, 
 
 
 
 
 and Virginia, - 
 
 19,596 
 
 00 
 
 29,766 Ofi 
 
 
 
 
 
 $96,979 72 
 
 (Signed) ■■'• H. KNOX, 
 
 Secretary for the Department of War. 
 War Office, 31st December, 17S9. 
 
1790.] SECRETARY OF THE TREASURY. 53 
 
 SCHEDULE K. 
 
 Estimate of the probable product of the funds proposed for funding the 
 debt, and providing for the current service of the United States, in- 
 cluding the present duties on imports and tonnage. 
 
 Probable productof the duties on imports and tonnage, 
 
 according to the acts of the last session - - $1,S00,000 
 
 Including the State of North Carolina, this estimate 
 may be said to correspond with the statement 
 made by the Committee of Ways and Means, 
 during the last session ; which statement the Se- 
 cretary is inclined to think is as near the truth 
 as can be now obtained. 
 
 In the preceding estimate are comprehended wines, 
 
 distilled spirits, teas and coffee, amounting to about 600,000 
 
 Which, being deducted, leaves §1,200,000 
 From which, deducting five per cent, for expense of 
 
 collection - 60,000 
 
 Leaves nett product - - $1,140,000 
 
 PROBABLE PRODUCT OF DUTIES PROPOSED. 
 
 Imported. 
 
 1,000,000 gallons of wine, at 20 cents, % 200,000 
 
 4,000,000 gallons of distilled spirits, at 20. cents, 800,000 
 
 700,000 pounds Bohea tea, at 12 cents, 84,000 
 
 800,000 do. Souchong and other 
 
 black teas . at 20 cents, 160,000 
 
 100,000 do. green tea, average at 25 cents, 25,000 
 
 1,600,000 do. coffee, at 5 cents, 80,000 
 
 Made in the United States. 
 
 3,500,000 gallons distilled spirits, from foreign ma- 
 terials, at 1 1 cents - 385,000 
 
 3,000,000 gallons distilled from materials of the 
 
 United States, at 9 cents - - 270,000 
 
 2,004,000 
 
 Deduct for drawbacks and expense of collection, 15 
 
 percent. - 300,600 
 
 1,703,400 
 $2,843,400 
 
54 REPORTS OF THE [1790. 
 
 REPORT ON A NATIONAL BANK. 
 
 Treasury Department, 
 
 December 13th, 1790. 
 
 In obedience to the order of the House of Representatives, of the ninth 
 day of August last, requiring the Secretary of the Treasury to pre- 
 pare and report, on this day, such further provision as may, in his 
 opinion, he-necessary for establishing the Public Credit; the said 
 Secretary further 
 
 Respectfully reports: 
 
 That from a conviction (as suggested in his report No. 1, herewith pre- 
 sented) that a National Bank is an institution of primary importance to the 
 prosperous administration of the Finances, and would be of the greatest 
 utility in the operations connected with the support of the Public Credit, 
 his attention has been drawn to devising the plan of such an institution, 
 upon a scale which will entitle it to the confidence, and be likely to render 
 it equal to the exigencies, of the public. 
 
 Previously to entering upon the detail of this plan, he entreats the indul- 
 gence of the House, towards some preliminary reflections naturally arising 
 out of the subject, which he hopes will be deemed neither useless nor out 
 of place. Public opinion being the ultimate arbiter of every measure of 
 government, it can scarcely appear improper, in deference to that, to accom- 
 pany the origination of any new proposition with explanations, which the 
 superior information of those to whom it is immediately addressed, would 
 render superfluous. 
 
 It is a fact, well understood, that public banks have found admission and 
 patronage among the principal and most enlightened commercial nations. 
 They have successively obtained in Italy, Germany, Holland, England and 
 France, as well as in the United States. And it is a circumstance which 
 cannot but have considerable weight, in a candid estimate of their tendency, 
 that, after an experience of centuries, there exists not a question about their 
 utility in the countries in which they have been so. long established. Theo- 
 rists and men of business unite in the acknowledgment of it. 
 
 Trade and industry, wherever they have been tried, have been indebted to 
 them for important aid. And government has been repeatedly under the 
 greatest obligations to them in dangerous and distressing emergencies. That 
 of the United States, as well in some of the most critical conjunctures of 
 the late war, as since the peace, has received assistance from those estab- 
 lished among us, with which it could not have dispensed. 
 
 With this twofold evidence before us, it might be expected that there 
 would be a perfect union of opinions in their favor. Yet doubts have been 
 entertained; jealousies and prejudices have circulated; and though the expe- 
 riment is every day dissipating them, within the spheres in which effects are 
 best known; yet there are still persons by whom they have not been entirely 
 renounced. To give a full and accurate view of the subject, would be to 
 
1790.] SECRETARY OF THE TREASURY. 5$ 
 
 make a treatise of a report; but there are certain aspects in which it may be 
 eursorily exhibited, which may perhaps conduce to a just impression of its 
 .merits. These Will involve a comparison of the advantages, with the dis- 
 advantages, real or supposed, of such institutions. 
 
 The following are among the principal advantages of a Bank: 
 First. The augmentation of the active or productive capital of a country. 
 Gold and silver, where they are employed merely as the instruments of ex- 
 change and alienation, have been not improperly denominated dead stock; 
 but when deposited in banks, to become the basis of a paper circulation, 
 which takes their character and place, as the signs or representatives of 
 value, they then acquire life, or, in other words, an active and productive 
 quality. This idea, which appears rather subtile and abstract, in a general 
 form, may be made obvious and palpable, by entering into a few particulars. 
 It is evident, for instance, that the money which a merchant keeps in his 
 chest, waiting for a favorable opportunity to employ it, produces nothing 
 till that opportunity arrives. But if, instead of locking it up in this manner, 
 he either deposites it in a bank, or invests it in the stock of a bank, it yields 
 a profit during the interval, in which he partakes, or not, according to the 
 choice he may have made of being a depositor or a proprietor; and when 
 any advantageous speculation offers, in order, to be able to embrace it, he 
 has only to withdraw his money, if a depositor, or if a proprietor, to obtain 
 a loan from the bank, or to dispose of his stock; an alternative seldom or 
 never attended with difficulty, when the affairs of the institution are in a 
 prosperous train. His money thus deposited or invested, is a fund upon 
 which himself and others can borrow to a much larger amount. It is a well 
 established fact, that banks in good credit can circulate a far greater sum 
 than the actual quantum of their capital in gold and silver. The extent of 
 the possible excess seems indeterminate; though it has been conjecturally 
 stated at the proportions of two and three to one. This faculty is produced 
 in various ways. First — A great proportion of the notes which are 
 issued and pass current as cash, are indefinitely suspended in circulation, 
 from the confidence which each holder has, that he can at any moment turn 
 them into gold and silver. Secondly — Every loan which a bank makes, 
 is, in its first shape, a credit given to the borrower on its books, the amount 
 of which it stands ready to pay, either in its own notes, or in gold or silver, 
 at his option. But, in a great number of cases, no actual payment is made 
 in either. The borrower frequently, by a check or order, transfers his 
 credit to some other person, to whom he has a payment to make; who, in 
 his turn, is as often content with a similar credit, because he is satisfied that 
 he can, whenever he pleases, either convert it into cash, or pass it to some 
 other hand, as an equivalent for it. And in this manner the credit keeps 
 circulating, performing in every stage the office of money, till it is extin- 
 guished by a discount with some person who has a payment to make to the 
 bank, to an equal or greater amount. Thus large sums are lent and paid, 
 frequently through a variety of hands, without the intervention of a single 
 piece of coin. Thirdly — There is always a large quantity of gold and 
 silver in the repositories of the bank, besides its own stock, which is placed 
 there with a view partly to its safe keeping, and partly to the accommodation 
 of an institution which is itself a source of general accommodation. These 
 deposites are of immense consequence in the operations of a banV. Though 
 liable to be re-drawn at any moment, experience proves, that the money so 
 much oftener changes proprietors than place, and that what is drawn out is 
 
56 REPORTS OF THE [1790, 
 
 generally so speedily replaced, as to authorize the counting upon the sums 
 deposited, as an effective fund; which, concurring with the stock of the 
 bank, enables it to extend its loans, and to answer all the demands for coin, 
 whether in consequence of those loans, or arising from the occasional return 
 of its notes. 
 
 These different circumstances explain the manner in which the ability of 
 a bank to circulate a greater sum than its actual capital in coin is acquired. 
 This, however, must be gradual, and must be preceded by a firm establish- 
 ment of confidence; a confidence which may be bestowed on the most ra- 
 tional grounds, since the excess in question will always be bettomed on good 
 security of one kind or another. This, every well conducted bank carefully 
 requires, before it will consent to advance either its money or its credit; 
 and where there is an auxiliary capital, (as will be the case in the plan here- 
 after submitted,) which, together with the capital in coin, define the bounda- 
 ry that shall not be exceeded by the engagements of the bank, the security 
 may, consistently with all the maxims of a reasonable circumspection, be 
 regarded as complete. 
 
 The same circumstances illustrate the truth of the position, that it is one 
 of the properties of banks to increase the active capital of a country. This, 
 in other words, is the sum of them — the money of one individual, while he 
 is waiting for an opportunity to employ it, by being either deposited in the 
 bank for safe keeping, or invested in its stock, is in a condition to adminis- 
 ter to the wants of others, without being put out of his own reach when oc- 
 casion presents. This yields an extra profit, arising from what is paid for 
 the use of his money by others, when he could not himself make use of it j 
 and keeps the money itself in a state of incessant activity. In the almost 
 infinite vicissitudes and competitions of mercantile enterprise, there never 
 can be danger of an intermission of demand, or that the money will remain 
 for a moment idle in the vaults of the bank. This additional employment 
 given to money, and the faculty of a bank to lend and circulate a greater 
 sum than the amount of its stock in coin, are, to all the purposes of trade and 
 industry, an absolute increase of capital. Purchases and undertakings, in 
 general, can be carried on by any given sum of bank paper or credit, as ef- 
 fectually as by an equal sum of gold and silver. And thus, by contributing 
 to enlarge the mass of industrious and commercial enterprise, banks become 
 nurseries of national wealth; a consequence as satisfactorily verified by ex- 
 perience, as it is clearly deducible in theory. 
 
 Secondly. Greater facility to the government, in obtaining pecuniary aids, 
 especially in sudden emergencies. This is another, and an undisputed ad- 
 vantage of public banks: one which, as already remarked, has been realized 
 in signal instances among ourselves. The reason is obvious: the capitals of a 
 great number of individuals are, by this operation, collected to a point, and 
 placed under one direction. The mass formed by this union, is, in a certain 
 sense, magnified by the credit attached to it; and while this mass is always 
 ready, and can at once be put in motion, in aid of the government, the in- 
 terest of the bank to afford that aid, independent of regard to the public 
 safety and welfare, is a sure pledge for its disposition to go as far in its com- 
 pliances as can in prudence be desired. There is, in the nature of things, as 
 will be more particularly noticed in another place, an intimate connexion 
 of interest between the government and the bank of a nation. 
 
 Thirdly. The facilitating of the payment of taxes. This advantage is 
 produced in two ways. Those who are in a situation to have access to the 
 
1790.] SECRETARY OF THE TREASURY. 57 
 
 bank, can have the assistance of loans, to answer, with punctuality, the pub- 
 lic calls upon them. This accommodation has been sensibly felt in the pay- 
 ment of the duties heretofore laid by those who reside where establishments 
 of this nature exist. This, however, though an extensive, is not an univer- 
 sal benefit. The other way in which the effect here contemplated is pro- 
 duced, and in which the benefit is general, is the increasing of the quantity 
 of circulating medium, and the quickening of circulation. The manner 
 in which the first happens, has already been traced . The last may require 
 some illustration. When payments are to be made between different places, 
 having an intercourse of business with each other, if there happen to be no 
 private bills at market, and there are no bank notes which have a currency 
 in both, the consequence is that coin must be remitted. This is attended 
 with trouble, delay, expense, and risk. If, on the contrary, there are bank 
 notes current in both places, the transmission of these by the post, or any 
 other speedy or convenient conveyance, answers the purpose; and these 
 again, in the alternations of demand, are frequently returned very soon af- 
 ter to the place from whence they were first sent: whence the transportation 
 and re-transportation of the metals are obviated, and a more convenient and 
 more expeditious medium of payment is substituted. Nor is this all— the 
 metals, instead of being suspended from their usual functions during this 
 process of vibration from place to place, continue in activity, and adminis- 
 ter still to the ordinary circulation, which, of course, is prevented from suf- 
 fering either diminution or stagnation. These circumstances are additional 
 causes of what, in a practical sense, or to the purposes of business, may be 
 called greater plenty of money. And it is evident, that whatever enhances 
 the quantity of circulating money, adds to the ease with which every indus- 
 trious member of the community may acquire that portion of it of which 
 he stands in need, and enables him the better to pay his taxes, as well as to 
 supply his other wants. Even where the circulation of the bank paper is 
 not general, it must still have the same effect, though in a less degree. For, 
 whatever furnishes additional supplies to the channels of circulation, in one 
 quarter, naturally contributes to keep the streams fuller elsewhere. This 
 last view of the subject, serves both to illustrate the position that banks 
 tend to facilitate the payment of taxes, and to exemplify their utility to busi- 
 ness of every kind in which money is an agent. 
 
 It would be to intrude too much on the patience of the House, to pro- 
 long the details of the advantages of banks; especially as all those which 
 might still be particularized, are readily to be inferred as consequences from 
 those which have been enumerated. Their disadvantages, real or supposed^ 
 are now to be reviewed. The most serious of the charges which have been, 
 brought against them, are, 
 
 That they serve to increase usury; 
 
 That they tend to prevent other kinds of lending; 
 
 That they furnish temptations to overtrading;' 
 
 That they afford aid to ignorant adventurers, who disturb the natural and 
 beneficial course of trade; 
 
 That they give to bankrupt and fraudulent traders, a fictitious credit, 
 which enables them to maintain false appearances, and to extend their impo- 
 sitions; and lastly, 
 
 That they have a tendency to banish gold and silver from the country. 
 
 There is great reason to believe, that on a close and candid survey, it will 
 be discovered, that these charges are either without foundation, or that, as 
 
58 REPORTS OF THE [1790, 
 
 far as the evils they suggest have been found to exist, they have proceeded 
 from other, or partial, or temporary causes; are not inherent in the nature 
 and permanent tendency of such institutions; or are more than counterbal- 
 anced by opposite advantages. This survey shall be had, in the order ire" 
 which the charges have been stated. The first of them is — 
 
 That banks serve to increase usury. 
 
 It is a truth, which ought not to be denied, that the method of conducting 
 business, which is essential to bank operations, has, among us, in particular 
 instances, given occasion to usurious transactions. The punctuality in pay- 
 ments, which they necessarily exaet, has sometimes obliged those who have 
 adventured beyond both their capital and credit, to procure money at any 
 price, and consequently to resort to usurers for aid. 
 
 But experience and practice gradually bring a cure to this evil. A gener- 
 al habit of punctuality among traders, is the natural consequence of the ne- 
 cessity of observing it with the bank; a circumstance which, itself, more than 
 compensates for any occasional ill which may have sprung from that necessi- 
 ty, in the particular under consideration. As far, therefore, as traders depend 
 on each other for pecuniary supplies, they can calculate their expectations 
 with greater certainty; and are in proportionably less danger of disappoint- 
 ments, which might compel them to have recourse to so pernicious an ex- 
 pedient as that of borrowing at usury; the mischiefs of which, after a few 
 examples, naturally inspire great care in all but men of desperate circum- 
 stances, to avoid the possibility of being subjected to them. One, and not 
 the least of the evils incident to the use of that expedient, if the fact be 
 known, or even strongly suspected, is loss of credit with the bank itself. 
 
 The directors of a bank, too, though in order to extend its business and its 
 popularity in the infancy of an institution, they may be tempted to go fur- 
 ther in accommodation than the strict rules of prudence will warrant, grow 
 more circumspect, of course, as its affairs become better established, and as 
 the evils of too great facility are experimentally demonstrated. They be- 
 come more attentive to the situation and conduct of those with whom they 
 deal; they observe more narrowly their operations and pursuits; they econo j 
 mize the credit they give to those of suspicious solidity ; they refuse it to those 
 whose career is more manifestly hazardous. In a word, in the course of 
 practice, from the very nature of things, the interest will make it the policy 
 of a bank to succor the wary and industrious; to discredit the rash and 
 unthrifty; to discountenance both usurious lenders and usurious borrowers. 
 
 There is a leading view in which the tendency of banks will be seen to be to 
 abridge rather than to promote usury. This relates to their property of in- 
 creasing the quantity and quickening the circulation of money. If it be 
 evident, that usury will prevail or diminish, according to the proportion 
 which the demand for borrowing bears to the quantity of money at market 
 to be lent; whatever has the property just mentioned, whether it be in the 
 shape of paper or coin, by contributing to render the supply more equal to 
 the demand, must tend, to counteract the progress of usury. 
 
 But bank lending, it is pretended, is an impediment to other kinds of 
 lending; which, by confining the resource of borrowing to a particular class, 
 leaves the rest of the community more destitute, and therefore more exposed 
 to the extortions of usurers. As the profits of bank stock exceed the legal 
 rate of interest, the possessors of money, it is argued, prefer investing it 
 in that article to lending it at this rate; to which there are the additional mo- 
 tives of a more prompt command of the capital, and of more frequent and 
 
1790.] 
 
 .SECRETARY OF THE TREASURY. &% 
 
 exact returns, without trouble or perplexity in the collection. This const!* 
 tutes the second charge which has been enumerated. 
 
 The fact on which this charge rests is not to be admitted without several 
 qualifications; particularly in reference to the state of things in this country. 
 first — The great bulk of the stock of a bank will consist of the funds of men 
 in trade, among ourselves, and monied foreigners; the former of whom could 
 not spare their capitals out of their reach, to be invested in loans fpr long 
 periods, on mortgages' or personal security; and the latter of whom would 
 not be willing to be subjected to the casualties, delays, and embarrassments 
 of such a disposition of their money in a distant country. Secondly — There 
 will always be a considerable proportion of those who are properly the mo- 
 ney lenders of a country, who, from- that spirit of caution which usually char 
 acterizes this description of men, will incline rather to vest their funds in 
 mortgages on real estate, than in the stock of a bank, which they are apt to 
 consider as a more precarious security. 
 
 These considerations serve, in a material degree, to narrow the foundation 
 of the objection, as to the point of fact. But there is a more satisfactory an- 
 swer to it. The effect supposed, as far as it has existence, is temporary. 
 The reverse of it takes place in the general and permanent operation of the 
 thing. 
 
 The capital of every public bank will, of course, be restricted within a cer- 
 tain defined limit. It is the province of legislative prudence so to adjust this 
 limit, that, while it will not be too contracted for the demand which the 
 course of business may create, and for the security which the public ought to 
 have for the solidity of the paper which may be issued by the bank, it will still 
 be within the compass of the pecuniary resources of the community; so that 
 there may be an easy practicability of completing the subscriptions to it. 
 When this is once done, the supposed effect of necessity ceases. There is 
 then no longer room for the investment of any additional capital. Stock may 
 indeed change hands by one person seilingand another buying; but the mo- 
 ney which the bu3 7 er takes out of the common mass to purchase the stock, 
 the seller receives and restores to }t. Hence the future surpluses which may 
 accumulate, must take their natural course, and lending at interest must go 
 on as if there were no such institution. 
 
 It must, indeed, fiow in a more copious stream. The bank furnishes an 
 extraordinary supply for borrowers, within its immediate sphere. A larger 
 supply consequently remains for borrowers elsewhere. In proportion as the. 
 circulation of the bank is extended, there is an augmentation of the aggre- 
 gate mass of money for answering the aggregate mass of demand. Hence 
 greater facility in obtaining it for every purpose. 
 
 It ought not to escape without a remark, that, as far as the citizens of other 
 countries become adventurers in the bank, there is a positive increase of the 
 gold and silver of the country. It is true, that from this a half yearty rent 
 is drawn back, accruing from the dividends upon the stock. But as this 
 rent arises from the employment of the capital by our own citizens, it is pro- 
 bable, that it is more than replaced by the profits of that employment. It is 
 also likely, that a part of it is, in the course of trade, converted into the pro- 
 ducts of our country: And it may even prove an incentive, in some cases, 
 to emigration to a country in which the character of citizen is as easy to b<} 
 acquired, as it is estimable and important. This view of the subject furnishe., 
 an answer to an objection which has been deduced from the circumstance 
 here taken notice of, namely, the income resulting to foreigners from the pari 
 9 
 
60 REPORTS OF THE [1790, 
 
 of the stock owned by them, which has been represented as tending to drain 
 the country of its specie. In this objection, the original investment of the 
 capital, and the constant use of it afterwards, seem both to have been over- 
 looked. 
 
 That banks furnish temptations to overtrading, is the third of the enume- 
 rated objections. This must mean, that, by affording additional aid to mer- 
 cantile enterprise, they "induce the merchant sometimes to adventure beyond 
 the prudent or salutary point. But the very statement of the thing shows 
 that the subject of the charge is an occasional ill, incident to a general good. 
 Credit of every kind, (as a species of which only can bank lending have the 
 effect supposed,) must be, in different degrees, chargeable with the same in- 
 convenience. It is even applicable to gold and silver, when they abound in 
 circulation. But would it be wise on this account to decry the precious 
 metals, to root-out credit, or to prescribe the means of that enterprise which 
 is the main-spring of trade, and a principal source of national wealth, because 
 it now and then runs into excesses, of which overtrading is one. 
 
 If the abuses of a beneficial thing are to determine its condemnation, there 
 is scarcely a source of public prosperity which will not speedily be closed. 
 In every case the evil is to be compared with the good; and in the present 
 case, such a comparison will issue in this, that the new and increased ener- 
 gies derived to commercial enterprise, from the aid of banks, are a source 
 of general profit and advantage, which greatly outweigh the partial ills of 
 the overtrading of a few individuals at particular times, or of numbers in 
 particular conjunctures. 
 
 The fourth and fifth charges may be considered together. These relate to 
 the aid which is sometimes afforded by banks to unskilful adventurers and 
 fraudulent traders. These charges also have some degree of foundation, 
 though far less than has been pretended; and they add to the instances of 
 partial ills, connected with more extensive and overbalancing benefits. 
 
 The practice of giving fictitious credit to improper persons, is one of those 
 evils which experience guided by interest speedily corrects. The bank it- 
 self is in so much jeopardy of being a sufferer by it, that it has the strongest 
 of all inducements to be on its guard. It may not only be injured immedi- 
 ately by the delinquencies 'of the persons to whom such credit is given, but 
 eventually by the incapacities of others, whom their impositions or failures 
 may have ruined. 
 
 Nor is there much danger of a bank's being betrayed into this error from 
 want of information. The directors themselves being, for the most part, 
 selected from the class of traders, are to be expected to possess individually 
 an accurate knowledge of the characters and situations 'of those who come 
 within that description. And they have, in addition to this, the course of 
 dealing of the persons themselves with the bank, to assist their judgment, 
 which is in most cases a good index of the state in which those persons are. 
 The artifices and shifts which those in desperate or declining circumstances 
 are obliged to employ, to keep up the countenance which the rules of- the 
 bank require, and the train of their connexions, are so many prognostics, 
 not difficult to be interpreted, of the fate which awaits them. Hence, it not 
 unfrequently happens, that banks are the first to discover the unsoundness 
 of such characters, and, by withholding credit, to announce to the public that 
 they are not entitled to it. 
 
 If banks, in spite of every precaution, are sometimes betrayed into giving 
 a false credit to the persons described, they more frequently enable honest and 
 
1790.J SECRETARY OF THE TREASURE 6i 
 
 industrious men, of small, or perhaps of no capital, to undertake and prose- 
 cute business with advantage to themselves and to the community; and assist 
 merchants, of both capital and credit, who meet with fortuitous and unfore- 
 seen shocks, which might without such helps prove fatal to them and to 
 others, to make head against their misfortunes, and finally to retrieve their 
 affairs; circumstances -^hich form no inconsiderable encomium on the utility 
 of banks. 
 
 But the last and heaviest charge is still to be examined: this is, that banks 
 tend to banish the gold and silver out of the country. 
 
 The force of this objection rests upon their being an engine of paper 
 credit, which, by furnishing a substitute for the metals, is supposed to pro- 
 mote their exportation. It is an objection, which, if it has any foundation, 
 lies not against banks peculiarly, but against every species of paper credit. 
 
 The most common answer given to it is, that the thing supposed is of 
 little or no consequence; that it is immaterial what serves the purpose of 
 money, whether paper or gold and silver; that the effect of both upon in- 
 dustry is the same; and that the intrinsic wealth of a nation is to be mea- 
 sured, .not by the abundance of the precious metals contained in it, but by 
 the quantity of the productions of its labor and industry. 
 
 This answer is not destitute of solidity, though not entirely satisfactory. 
 It is certain, that the vivification of industry, by a full circulation, with the 
 aid of a proper and well regulated paper credit, may more than compensate 
 for the loss of a part of the gold and silver of a nation; if the consequence of 
 avoiding that loss should be a scanty or defective circulation. 
 
 But the positive and permanent increase or decrease of the precious me* 
 tals in a country, can hardly ever be a matter of indifference. As the com- 
 modity taken in lieu of every other, it is a species of the most effective 
 wealth; and as the money of the world, it is of great concern to the State, 
 that it possess a sufficiency of it to face any demands which the protection 
 of its external interests may create. 
 
 The objection seems to admit of another and a more conclusive answer 
 which controverts the fact itself. A nation that has no mines of its own 
 must derive the precious metals from others; generally speaking, in exchange 
 for the products of its labor and industry. The quantity it will possess, will, 
 therefore, in the ordinary course of things, be regulated by the favorable or 
 unfavorable balance of its trade; that is, by the proportion between its abili- 
 ties to supply foreigners, and its wants of them; between the amount of its 
 exportation s and that of its importations. Hence, the state of its agriculture 
 and manufactures, the quantity and quality of its labor and industry, must 
 in the main, influence and determine the increase or decrease of its o-old and 
 silver. 
 
 If this be true, the inference seems to be, that well constituted banks favor 
 the increase of the precious metals. It has been shown that they augment, 
 in different ways, the active capital of a country. This it is which generates 
 employment; which animates and expands labor and industry. Every ad- 
 dition which is made to it, by contributing to put in motion a greater quan- 
 tity of both, tends to create a greater quantity of the products of both; and, 
 by furnishing more materials for exportation, conduces to a favorable balance 
 of trade, and, consequently, to the introduction and increase of gold and silver. 
 This conclusion appears to be drawn from solid premises. There are, 
 however, objections to be made to it. 
 
62 REPORTS OF THE if 1790* 
 
 It may be said that as bank paper affords a substitute for specie, it serves to 
 counteract that rigorous necessity for the metals as a medium of circulation, 
 which, in the case of a wrong balance, might restrain, in some degree, their 
 exportation; and it may be added, that, from the same cause, in the same 
 case, it would retard those economical and parsimonious reforms in the man- 
 ner of living, which the scarcity of money is calculated to produce, and 
 which might be necessary to rectify such wrong balance. 
 
 There is, perhaps, some truth in both these observations; but they appear 
 to be of a nature rather to form exceptions to the generality of the conclusion,, 
 than to overthrow it. The state of things in which the absolute exigencies 
 of circulation can be supposed to resist, with any effect, the urgent demands 
 for specie which a wrong balance of trade may occasion, presents an extreme 
 case. And a situation in which a too expensive manner of living of a com- 
 munity, compared with its means, can stand in need of a corrective, from 
 distress or necessity, is one which perhaps rarely results but from extraor- 
 dinary and adventitious causes: such, for example^ as a national revolution; 
 which unsettles all the established habits of the people, and inflames the 
 appetite for extravagance, by the illusions of an ideal wealth, engendered 
 by the continual multiplication of a depreciating currency, or some similar 
 cause. There is good reason to believe, that, where the laws are wise and 
 well executed, and the inviolability of property and contracts maintained, 
 the economy of a people will, in the general course of things, correspond 
 with its means. 
 
 The support of industry is, probably, in every case, of more consequence 
 towards correcting a wrong balance of trade, than any practicable retrench- 
 ments in the expenses of families or individuals; and the stagnation of it 
 would be likely to have more effect in prolonging, than any such savings in 
 shortening, its continuance. That stagnation is a natural consequence of an 
 inadequate medium, which, without the aid of bank circulation, would, in 
 the cases supposed, be severely felt. 
 
 It also deserves notice, that, as the circulation of a bank is always in a 
 compound ratio to the fund upon which it depends, and to the demand for 
 it, and as that fund is itself affected by the exportation of the metals, there 
 is no danger of its being overstocked, as in the case of paper issued at the 
 pleasure of the government, or of its preventing the consequences of any 
 unfavorable balance from being sufficiently felt to produce the reforms 
 alluded to, as far as circumstances may require and admit. 
 
 Nothing can be more fallible than the comparisons which have been made 
 between different countries, to illustrate the truth of the position under con- 
 sideration. The comparative quantity of gold and silver in different coun- 
 tries, depends upon an infinite variety of facts and combinations, all of 
 vdiich ought to be known in order to judge whether the existence or non- 
 existence of paper currencies has ai^r share in the relative proportions they 
 contain. The mass and value of the productions of the labor and industry 
 of each, compared with its wants; the nature of its establishments abroad; 
 the kind of wars in which it is usually engaged; the relations it bears to the 
 countries which are the original possessors of those metals; the privileges 
 it enjoys in their trade; these, and a number of other circumstances, are 
 all to be taken into the account, and render the investigation too complex to 
 justify any reliance on the vague and general surmises which have been 
 hitherto hazarded on the point. 
 
1790.] secretary of the Treasury. us 
 
 In the foregoing discussion, the objection has been considered as applying 
 to the permanent expulsion and diminution of the metals. Their temporary 
 exportation, for particular purposes, has not been contemplated. This, it 
 must be confessed, is facilitated by banks, from the faculty banks possess of 
 supplj'ing their place. But their utility is in nothing more conspicuous, 
 than in. these very cases. They enable the government to pay its foreign 
 debts, and to answer any exigencies which the external concerns of the 
 community may have produced. They enable the merchant to support his 
 credit, (on which the prosperity of trade depends,) when special circum- 
 stances prevent remittances in other modes. They enable him also to pro- 
 secute enterprises which ultimately tend to an augmentation of the species 
 of wealth in question. It is evident that gold and silver may often be em- 
 ployed in procuring commodities abroad, which, in a circuitous commerce, 
 replace the original fund, with considerable addition. But it' is not to be 
 inferred from this facility given to temporary exportation, that banks, which 
 are so friendly to trade and industry, are, in their general tendency, inimical 
 to the increase of the precious metals. 
 
 These several views of the subject appear sufficient to impress a full con- 
 viction of the utility of banks, and to demonstrate that they are of great 
 importance, not only in relation to the administration of the finances, but in 
 the general system of the political economy. 
 
 The judgment of many concerning them, has, no doubt, been perplexed, by 
 the misinterpretation of appearances which were to be ascribed to other 
 causes. The general devastation of personal property, occasioned by the 
 late war, naturally produced, on the one hand, a great demand for money, 
 and, on the other, a great deficiency of it to answer the demand. Some in- 
 judicious laws, which grew out of the public distresses, by impairing confi- 
 dence, and causing a part of the inadequate sum in the country to be locked 
 up, aggravated the evil. The dissipated habits contracted by many individu- 
 als during the war, which, after the peace, plunged them info expenses be- 
 yond their incomes; the number of adventurers without capital, and, in many 
 instances, with/out information, who at that epoch rushed into trade, and 
 were obliged to make any sacrifices to support a transient credit; the employ- 
 ment of considerable sums in speculations upon the public debt, which, from 
 its unsettled state, was incapable of becoming itself a substitute: all these 
 circumstances concurring, necessarily led to usurious borrowing, produced 
 most of the inconveniences, and were the true cause of most of the appear- 
 ances, which, where banks were established, have been by some erroneously 
 placed to their account: a mistake which they might easily have avoided by 
 turning their eyes towards places where there were none, and where, never- 
 theless, the same evils would have been perceived to exist, even in a greater 
 degree than where those institutions had obtained. 
 
 These evils have either ceased or been greatly mitigated. Their more 
 complete extinction may be looked for from that additional security to pro- 
 perty which the Constitution of the United States happily gives; (a circum- 
 stance of prodigious moment in the scale, both of public and private prosperi- 
 ty;) from the attraction of foreign capital, under the auspices of that security, 
 to be employed upon objects, and in enterprises, for which the state of this 
 country opens a wide and inviting field; from the consistency and stability 
 which the public debt is fast acquiring, as well in the public opinion at home 
 and abroad, as, in fact, from the augmentation of capital which that circum- 
 stance and the quarter-vearly payment of interest will afford; and from the 
 
£4 REPORTS OF THE [1790, 
 
 more copious circulation which will be likely to be created by a well consti- 
 tuted national bank. 
 
 The establishment of banks in this countxy seems to be recommended by 
 reasons of a peculiar nature. Previously to the revolution, circulation was 
 in a great measure carried on by paper emitted by the several local govern- 
 ments. In Pennsylvania alone, the quantity of it was near a million and a 
 half of dollars. This auxiliary may be said to be now at an end. And it 
 is generally supposed that there has been, for some time past, a deficiency 
 of circulating medium. How far that deficiency is to be considered as real 
 or imaginary, is not susceptible of demonstration; but there are circumstances 
 and appearances, which, in relation to the country at large, countenance the 
 supposition of its reality. 
 
 The circumstances are,, besides the fact just mentioned respecting paper 
 emissions, the vast tracts of waste land, and the little advanced state of manu- 
 factures. The~progressive settlement of the former, while it promises ample 
 retribution, in the generation of future resources, diminishes or obstructs, 
 in the mean time, the active wealth of the country. It not only draws off 
 a part of the circulating money, and places it in a more passive state, but it 
 diverts, into its own channels, a portion of that species of labor and industry 
 which would otherwise be employed in furnishing materials for foreign trade, 
 and which, by contributing to a favorable balance, would assist the intro- 
 duction of specie. In the early periods of new settlements, the settlers not 
 only furnish no surplus for exportation, but they consume a part of that which 
 is produced by the labor of others. The same thing is a cause that manu- 
 factures do not advance, or advance slowly. And notwithstanding some 
 hypotheses to the contrary, there are many things to induce a suspicion, 
 that the precious metals will not abound in any country which has not 
 mines, or variety of manufactures. They have been sometimes acquired 
 by the sword; but the modern system of war has expelled this resource, 
 and it is one upon which it is to be hoped the United States will never be 
 inclined to rely. 
 
 The appearances alluded to, are, greater prevalency of direct barter, in 
 the more interior districts of the country — which, however, has been for 
 some time past gradually lessening; and greater difficulty, generally, in the 
 advantageous alienation of improved real estate; which, also, has of late 
 diminished, but is still seriously felt in different parts of the Union. The 
 difficulty of getting money, which has been a general complaint, is not 
 added to the number; because it is the complaint of all times, and one in 
 which imagination must ever have too great scope to permit an appeal to it. 
 If the supposition of such a deficiency be in any degree founded, and 
 some aid to circulation be desirable, it remains to inquire what ought to be 
 the nature of that aid. 
 
 The emitting of paper money by the authority of government is wisely 
 prohibited to the individual States, by the national Constitution; and the 
 spirit of that prohibition ought not to be disregarded by the government of 
 the United States. Though paper emissions, under a general authority, might 
 have some advantages not applicable, and be free from some disadvantages 
 which are applicable to the like emissions by the States, separately, yet 
 they are of a nature so liable to abuse — and, it may even be affirmed, so cer- 
 tain of being abused— that the wisdom of the government will be shown in 
 never trusting itself with the use of so seducing and dangerous an expedient. 
 In times of tranquillity, it might have no ill consequence; it might even 
 
1790.] SECRETARY OF THE TREASURY. &5 
 
 perhaps be managed in a way to be productive of good: but in great and 
 trying emergencies, there is almost a moral certainty of its becoming mis- 
 chievous. The stamping of paper is an operation so much easier than the 
 laying of taxes, that a government, in the practice of paper emissions, would 
 rarely fail, in any such emergency, to indulge itself too far in the employ- 
 ment of that resource, to avoid as much as possible one less auspicious to 
 present popularity. If it should not even be carried so far as to be rendered 
 an absolute bubble, it would at least be likely to be extended to a degree 
 which would occasion an inflated and artificial state of things, incompatible 
 with the regular and prosperous course of the political economy. 
 
 Among other material differences between a paper currency, issued by the 
 mere authority of government, and one issued by a bank, payable in coin* 
 is this: That, in the first case, there is no standard to which an appeal can be 
 made, as to the quantity which will only satisfy, or which will surcharge the 
 circulation: in the last, that standard results from the demand. If more 
 should be issued than is necessary, it will return upon the bank. Its emis- 
 sions, as elsewhere intimated, must always be in a compound ratio to the 
 fund and the demand: — whence it is evident, .that there is a limitation in 
 the nature of the thing; while the discretion of the government is the only 
 measure of the extent of the emissions, by its own authority. 
 
 This consideration further illustrates the danger of emissions of that sort, 
 and the preference, which is due to bank paper. 
 
 The payment of the interest of the public debt, at thirteen different places, 
 is a weighty reason, peculiar to our immediate situation, for desiring a bank 
 circulation. Without a paper, in general currency, equivalent to gold and 
 silver, a considerable proportion of the specie of the country must always 
 be suspended from circulation, and left to accumulate, preparatorily to each 
 day of payment; and as often as one approaches, there must in several cases 
 be an actual transportation of the metals, at both expense and risk, from their 
 natural and proper reservoirs, to distant places. This necessity will be fell: 
 very injuriously to the trade of some of the States; and will embarrass, not 
 a little, the operations of the treasury in those States. It will also obstruct 
 those negotiations, between different parts of the Union, by the instrumen- 
 tality of treasury bills, which have already afforded valuable accommodations- 
 to trade in general. 
 
 Assuming it,then,as a consequence, from what has been said, that a national 
 bank is a desirable institution, two inquiries emerge: Is there no such insti- 
 tution, already in being, which has a claim to that character, and which 
 supersedes the propriety or necessity of another? If there be none, what 
 are the principles upon which one ought to be established? 
 
 There are at present three banks in the United States: that of North 
 America, established in the city of Philadelphia; that of New-York, esta- 
 blished in the city of New- York; that of Massachusetts, established in the 
 town of Boston. Of these three, the first is the only one which has at any 
 time had a direct relation to the government of the United States. 
 
 The Bank of North America originated in a resolution of Congress of the 
 26th of May, 1781, founded upon a proposition of the Superintendent of 
 Finance, which was afterwards carried into execution by an ordinance of 
 the 31st of December following, entitled, " An ordinance to incorporate the 
 subscribers to the Bank of North America." 
 
 The aid afforded to the United States by this institution, during the re- 
 maining period of the war, was of essential consequence; and its conduct 
 
§0 REPORTS OF THE [1790. 
 
 towards them since the peace, has not weakened its title to their patronage 
 and favor. So far, its pretensions to the character in question are respecta- 
 ble; but there are circumstances which militate against them; and conside- 
 rations which indicate the propriety of an establishment on different prin- 
 ciples. 
 
 The directors of this bank, on behalf of their constituents, have since 
 accepted and acted under a new charter from the State of Pennsylvania, 
 materially variant from their original one, and which so narrows the founda- 
 tion of the institution, as to render it an incompetent basis for the extensive 
 purposes of a national bank. 
 
 The limit assigned by the ordinance of Congress to the stock of the bank, 
 is ten millions of dollars. The last charter of Pennsylvania confines it to 
 two millions. Questions naturally arise, whether there be not a direct re- 
 pugnancy between two charters so differently circumstanced? and whether 
 the acceptance of the one, is not to be deemed a virtual surrender of the 
 other? But, perhaps it is neither adviseable nor necessary to attempt a solu- 
 tion of them. 
 
 There is nothing in the acts of Congress,, which imply an exclusive right 
 in the institution to which they relate, except during the term of the war. 
 There is, therefore, nothing, if the public good require it, which prevents 
 the establishment of another. It may, however, be incidentally remarked, 
 that in the general opinion of the citizens of the United 'States, the Bank of 
 North America has taken the station of a bank of Pennsylvania only. This 
 is a strong argument for a new institution, or for a renovation of the old, to 
 restore it to the situation in which it originally stood in the view of the 
 United States. 
 
 But, though the ordinance of Congress contains no grant of exclusive pri- 
 vileges, there may be room to allege, that the government of the United 
 States ought not, in point of candor and equity, to establish any rival or in- 
 terfering institution, in prejudice of the one already established; especially 
 as this has, from services rendered, well founded claims to protection and 
 regard. 
 
 The justice of such an observation, ought, within proper bounds, to be ad- 
 mitted. A new establishment of the sort, ought not to be made without co- 
 gent and sincere reasons of public good. And, in the manner of doing it, 
 every facility should be given to a consolidation of the old with the new, 
 upon terms not injurious to the parties concerned. But there is no ground 
 to maintain, that, in a case in which the government has made no condition 
 restricting its authority, it ought voluntarily to restrict it, through regard to 
 the interests of a particular institution, when those of the State dictate a 
 different course;, especially, too, after such circumstances have intervened, 
 as characterize the actual situation of the bank of North America. 
 
 The inducements to a new disposition of the thing are now to be consider- 
 ed. The first of them which occurs, is, the at least ambiguous situation in 
 which the Bank of North America has placed itself, by the acceptance of 
 its last charter. If this has rendered it the mere bank of a particular State, 
 liable to dissolution at the expiration of fourteen years, to which term the 
 act of that State has restricted its duration, it would be neither fit nor expe- 
 dient to accept it as an equivalent for a bank of the United States. 
 
 The restriction of its capital also, which, according to the same supposi- 
 tion, cannot be extended beyond two millions of dollars, is a conclusive rea- 
 son for a different establishment. So small a capital promises neither the re- 
 
1790.] SECRETARY OP THE TREASURY: 67 
 
 quisiteaid to government, nor the requisite security to the community. It 
 may answer very well the purposes of local accommodation, but is an in- 
 adequate foundation for a circulation co-extensive with the United States, 
 embracing the whole of their revenues, and affecting every individual into 
 whose hands the paper may come. 
 
 And, inadequate as such a capital would be to the essential ends of a na- 
 tional bank, it is liable to be rendered still more so, by that principle of the 
 constitution of the Bank of North America, contained equally in its old and in 
 its new charter; which leaves the increase of the actual capital at anytime 
 (now far short of the allowed extent) to the discretion of the directors or 
 stockholders. It is naturally to be expected, that the allurements of an ad- 
 vanced price of stock, and of large dividends, may disincline those who are 
 interested to an extension of capital, from which they will be apt to fear a 
 diminution of profits. And from this circumstance, the interest and ac- 
 commodation of the public, (as well individually as collectively,) are made 
 more subordinate to the interest, real or imagined, of the stockholders, than 
 they ought to be. It is true, that unless the latter be consulted, there can 
 be no bank, (in the sense at least in which institutions of this kind, worthy 
 of confidence, can be established in this country). But, it does not follow 
 that this is alone to be consulted, or that it even ought to be paramount 
 Public utility is more truly the object of public banks, than private profit. 
 And it is the business of government to constitute them on such principles., 
 that while the latter will result in a sufficient degree to afford competent mo- 
 tives to engage in them, the former be not made subservient to it. To effect 
 this, a principal object of attention ought to be to give free scope to the 
 creation of an ample capital; and with this view, fixing the bounds which 
 are deemed safe and convenient, to leave no discretion either to stop short 
 of them, or to overpass them. The want of this precaution in the establish- 
 ment of the Bank of North America, is a further and an important reason 
 for desiring one differently constituted. 
 
 There may be room at first sight for a supposition, that as the profits of a 
 bank will bear a proportion to the extent of its operations, and as for this 
 reason the interest of the stockholders will not be disadvantageously affected 
 by any necessary augmentations of capital, there is no cause to apprehend 
 that they will be indisposed to such augmentations. But most men, in 
 matters of this nature, prefer the certainties they enjoy to probabilities de- 
 pending on untried experiments; especially when these promise rather that 
 they will not be injured, than that they will be benefited. 
 
 From the influence of this principle, and a desire of enhancing its profits, 
 the directors of a bank will be more apt to overstrain its faculties, in an at- 
 tempt to face the additional demands which the course of business may 
 create, than to set on foot new subscriptions, which may hazard a diminu- 
 tion of the profits, and even a temporary reduction of the price of stock. 
 
 Banks are among the best expedients for lowering the rate of interest in 
 a country; but, to have this effect, their capitals must be completely equal to 
 all the demands of business, and such as will tend to remove the idea, that 
 the accommodations they afford are in any degree favors; an idea very apt to 
 accompany the parsimonious dispensation of contracted funds. In this, as 
 in every other case, the plenty of the commodity ought to beget a modera- 
 tion of the price. 
 
 The want of a principle of rotation in the constitution of the Bank of 
 North America, is another argument for a variation of the establishment 
 10 
 
m 
 
 REPORTS OF THfe ("1790. 
 
 Scarcely one of the reasons which militate against this principle in the con- 
 stitution of a country, is applicable to that of a bank; while there are strong 
 reasons in favor of it in relation to the one, which do not apply to the other. 
 The knowledge to. be derived from experience is the > only circumstance 
 common to both, which pleads against rotation in the directing officers of a 
 bank. 
 
 But the objects of the government of a nation, and those of the government 
 of a bank, are so widely different, as greatly to weaken the force of that con- 
 sideration in reference to the latter. Almost every important case of legis- 
 lation requires, towards a right decision, a general and accurate acquaintance 
 with the affairs of the State, and habits of thinking seldom acquired but 
 from a familiarity with public concerns. The administration of a bank, on 
 the contrary, is regulated \by a few simple fixed maxims, the application of 
 which is not difficult to any man of judgment, especially if instructed in the 
 principles of trade. It is, in general, a constant succession of the same de- 
 tails. 
 
 But, though this be the case, the idea of the advantages of experience is 
 not to be slighted. Room ought to be left for the regular transmission of 
 official information ; and, for this purpose, the head of the direction ought to 
 be excepted from the principle of rotation. With this exception, and with 
 the a;d of the information of the subordinate officers, there can be no danger 
 of any ill effects from want of experience or knowledge; especially as the pe- 
 riodical exclusion ought not to reach the whole of the directors at one time. 
 The argument in favor of the principle of rotation is this; that, by lessen- 
 ing the danger of combinations among the directors, to make the institution 
 subservient to party views, or to the accommodation, preferably, of any par- 
 ticular set of men, it will render the public confidence more firm, stable, 
 and unqualified. 
 
 When it is considered that the directors of a bank are not elected by the 
 great body of the community, in which a diversity of views will naturally 
 prevail at different conjunctures, but by a small and select class of men, 
 among whom it is far more easy to cultivate a steady adherence to the same 
 persons and objects, and that those directors have it in their power so im- 
 mediately to conciliate, by obliging the most influential of this class, it is 
 easy to perceive that, without the principle of rotation, changes in that body 
 can rarely happen, but as a concession which they may themselves think it. 
 expedient to make to public opinion. 
 
 The continual administration of an institution of this kind, by the same 
 persons, will never fail, with or without cause, from their conduct, to excite 
 distrust and discontent. The necessary secrecy of their transactions gives 
 unlimited scope to imagination to infer that something is or may be wrong. 
 And this inevitable mystery is a solid reason for inserting in the constitution 
 of a bank the necessity of a change of men. As neither the mass of the par- 
 ties interested, nor the public in general, can be permitted to be witnesses of 
 the interior management of the directors, it is reasonable that both should have 
 that check upon their conduct, and that security against the prevalency of a 
 partial or pernicious system, which will be produced by the certainty of pe- 
 riodical changes. Such, too, is the delicacy of the credit of a bank, that 
 every thing which can fortify confidence and repel suspicion, without in- 
 juring its operations, ought carefully to be sought after in its formation. 
 
 A further consideration in favor of a change, is the improper rule by 
 which the right of voting for directors is regulated in the plan upon which 
 
1700.] SECRETARY OF THE TREASURY. gj 
 
 the bank of North America was originally constituted, namely, a vote for 
 each share, and the want of a rule in the last charter; unless the silence of it, 
 on that point, may signify that every stockholder is to have an equal and a 
 single vote, which would be a rule in a different extreme not less erroneous. 
 It is of importance that a rule should be established on this head, as it is one 
 of those things which ought not to be left to discretion; and it is, conse- 
 quently, of equal importance that the rule should be a proper one. 
 
 A vote for each share renders a combination between a few principal 
 stockholders, to monopolize the power and benefits of the bank, too easy. 
 An equal vote to each stockholder, however great or small his interest in 
 the institution, allows not that degree of weigbt to large stockholders which 
 it is reasonable they should have, and which, perhaps, their security and 
 that of the bank require. A prudent mean is to be preferred. A convic- 
 tion of this has produced a by-law of the corporation of the bank of North 
 America, which evidently aims at such a mean. But a reflection arises here, 
 that a like majority with that which enacted this law, may, at any moment 
 repeal it. , 
 
 The last inducement which shall be mentioned, is the want of precautions 
 to guard against a foreign influence insinuating itself into the direction of 
 the bank. It seems scarcely reconcilable with a due caution, to permit that 
 any but citizens should be eligible, as directors of a national bank, or that 
 non-resident foreigners should be able to influence the appointment of di- 
 rectors by the votes of their proxies. In the event, however, of an incor- 
 poration of the bank of North America, in the plan it may be necessary to 
 qualify this principle, so as to leave the right of foreigners, who now hold 
 shares of its stock, unimpaired; but without the power of transmitting the 
 privilege in question to foreign alienees. 
 
 It is to be considered that such a bank is not a mere matter of private pro* 
 perty, but a political machine of the greatest importance to the State. 
 
 There are other variations from the constitution of the bank of North 
 America, not of inconsiderable moment, which appear desirable, but which 
 are not of magnitude enough to claim a preliminary discussion. These will 
 be seen in the plan which will be submitted in the sequel. 
 
 If the objections which have been stated, to the constitution of the bank 
 of North America, are admitted to be well founded, they will, nevertheless, 
 not derogate from the merit of the main design, or of the services which 
 that bank has rendered, or of the benefits which it has produced. The cre- 
 ation of such an institution, at the time it took place, was a measure dictated 
 by wisdom. Its utility has been amply evinced by its fruits — American in- 
 dependence owes much to it. And it is very conceivable, that reasons of the 
 moment may have rendered those features in it inexpedient, which a revi- 
 sion, with a permanent view, suggests as desirable. 
 
 The order of the subject leads next to an inquiry into the principles upon 
 which a national bank ought to be organized. 
 
 The situation of the United States naturally inspires a wish that the form 
 of the institution could admit of a plurality of branches. But various con- 
 siderations discourage from pursuing this idea. The complexity of such a 
 plan would be apt to inspire doubts, which might deter from adventuring in 
 it. And the practicability of a safe and orderly administration, though not 
 to be abandoned as desperate, cannot be made so manifest in perspective, as 
 to promise the removal of those doubts, or to justify the government in 
 adopting the idea as an original experiment. The most that would seem 
 
70 REPORTS OF THE [1790, 
 
 adviseable, on this point, is to insert a provision which may lead to it here- 
 after, if experience shall more clearly demonstrate its utility, and satisfy 
 those who may have the direction, that it may be adopted with safety. It 
 is certain that it would have some advantages, both peculiar and important. 
 Besides more general accommodation, it would lessen the danger of a run 
 upon the bank. 
 
 The argument, against it is, that each branch must be under a distinct, 
 though subordinate direction, to which a considerable latitude of discre- 
 tion must of necessity be intrusted. And as the property of the whole 
 institution would be liable for the engagements of each part, that and its 
 credit would be at stake, upon the prudence of the directors of every part. 
 The mismanagement of either branch might hazard serious disorder in the 
 whole. 
 
 Another wish7 dictated by the particular situation of the country, is, that 
 the bank could be so constituted as to be made an immediate instrument of 
 loans to the proprietors of land; but this wish also yields to the difficulty of 
 accomplishing it. Land is alone an unfit fund for a bank circulation. If 
 the notes issued upon it were not to be payable in coin, on demand, or at a 
 short date; this would amount to nothing more than a repetition of the 
 paper emissions, which are now exploded by the general voice. If the 
 notes are to be payable in coin, the land must first be converted into it by 
 sale, or mortgage. The difficulty of effecting the latter, is the very thing 
 which begets the desire of finding another resource, and the former would 
 not be practicable on a sudden emergency, but with sacrifices which would 
 make the cure worse than the disease. Neither is the idea of constituting 
 the fund partly of coin and partly of land, free from impediments. These 
 two species of property do not, for the most part, unite in the same hands. 
 Will the monied man consent to enter into a partnership with the landholder, 
 by which the latter will share in the profits which will he made by the money 
 of the former? The money, it is evident, will be the agent or efficient cause 
 of the profits — the land can only be regarded as an additional security. It is 
 not difficult to foresee, that an union, on such terms, will not readily be formed. 
 If the landholders are to procure the money by sale or mortgage of a part 
 of their lands, this they can as well do when the stock consists wholly of 
 money, as if it were to be compounded of money and land. 
 
 To procure for the landholders the assistance of loans, is the great desi- 
 deratum. Supposing other difficulties surmounted, and a fund created, com- 
 posed partly of coin and partly of land, yet the benefit contemplated could 
 only then be obtained, by the bank's advancing them its notes for the whole, 
 or part, of the value of the lands they had subscribed to the stock. If this 
 advance was small, the relief aimed at would not be given; if it was large, 
 the quantity of notes issued would be a cause of distrust, and, if received 
 at all, they would be likely to return speedily upon the bank for payment; 
 which, after exhausting its coin, might be under the necessity of turning its 
 lands into money, at any price that could be obtained for them, to the irre- 
 parable prejudice of the proprietors. 
 
 Considerations of public advantage suggest a further wish, which is, 
 that the bank could be established upon principles that would cause the pro- 
 fits of it to redound to the immediate benefit of the State. This is contem- 
 plated by many who speak of a national bank, but the idea seems liable to 
 insuperable objections. To attach full confidence to an institution of this 
 nature, it appears to be an essential ingredient in its structure, that it shall be 
 
790.] 
 
 SECRETARY OF THE TREASURY. 74 
 
 under a private not a public direction — under the guidance of individual 
 interest, not of public policy; which would be supposed to be, and in cer- 
 tain emergencies, under a feeble or too sanguine administration, would real- 
 ly be, liable to being too mueh influenced by public necessity. The sus- 
 picion of this would most probably be a canker that would continually corrode 
 the vitals of the credit of the bank, and would be most likely to prove fatal 
 in those situations in which tbe public good would require that they should 
 be most sound and vigorous. It would, indeed, be little less than a mira- 
 cle, should the credit of the bank be at the disposal of the government, if, 
 in a long series of time, there was not experienced a calamitous abuse of it. 
 It is true, that it would be the real interest of the government not to abuse 
 it; its genuine policy to husband and cherish it with the most guarded circum- 
 spection, as an inestimable treasure. But what government ever uniformly 
 consulted its true interests in opposition to the temptations of momentary 
 exigencies? What nation was ever blessed with a constant succession of 
 upright and wise administrators? 
 
 The keen, steady, and, as it were, magnetic sense of their own interest as 
 proprietors, in the directors of a bank, pointing invariably to its true pole, 
 the prosperity of the institution is the only security that can always be re- 
 lied upon for a careful and prudent administration. It is, therefore, theonly 
 basis on which an enlightened, unqualified, and permanent confidence can 
 be expected to be erected and maintained. 
 
 The precedents of the banks established in several cities of Europe, Am- 
 sterdam, Hamburgh, and others, may seem to militate against this position. 
 Without a precise knowledge of all the peculiarities of their respective con- 
 stitutions, it is difficult to pronounce how far this may be the case. That of 
 Amsterdam, however, which we best know, is rather under a municipal than 
 a governmental direction. Particular magistrates of the city, not officers of 
 the republic, have the management of it. It is also a bank of deposite, not 
 of loan, or circulation ; consequently less liable to abuse, as well as less useful. 
 Its general business consists in receiving money for safe keeping, which, if 
 not called for within a certain time, becomes a part of its stock, and irre- 
 claimable. But a credit is given for it on the books of the bank, which, being 
 transferable, answers all the purposes of money. 
 
 The directors being magistrates of the city, and the stockholders in general 
 its most influential citizens, it is evident that the principle of private interest 
 must be prevalent in the management of the bank. And it is equally evi- 
 dent, that, from the nature of its operations, that principle is less essential to 
 it than to an institution constituted with a view to the accommodation of the 
 public and individuals, by direct loans and a paper circulation. 
 
 As far as may concern the aid of the bank, within the proper limits, a 
 good government has nothing more to wish for than it will always possess, 
 though the management be in the hands of private individuals As the in- 
 stitution, if rightly constituted, must depend for its renovation, from time to 
 time, on the pleasure of the government, it will not be likely to feel a dis- 
 position to render itself, by its conduct, unworthy of public patronage. The 
 government, too, in the administration of its finances, has it in its power to 
 reciprocate benefits to the bank, of not less importance than those which the 
 bank affords to the government, and which, besides, are never unattended 
 with an immediate and adequate compensation. Independent of these more 
 particular considerations, the natural weight and influence of a good govern- 
 ment will always go far towards procuring a compliance with its desires; 
 
REPORTS OF THE 
 
 [1790. 
 
 and, as the directors will usually be composed of some of the most discreet, 
 respectable, and well informed citizens, it can hardly ever be difficult to 
 make them sensible of the force of the inducements which ought to stimulate 
 their exertions. 
 
 It will not follow, from what has been said, that the State may not be the 
 holder of a part of the stock of a bank, and consequently a sharer in the 
 profits of it. It will only follow that it ought not to desire any participation 
 in the direction of it, and therefore ought not to own the whole or a princi- 
 pal part of the stock: for, if the mass of the property should belong to the 
 public, and if the direction of it should be in private hands, this would be to 
 commit the interests of the State to persons not interested, or not enough in- 
 terested in their proper management. 
 
 There is one thing, however, which the government owes to itself and to 
 the community^ — at least to all that part of it who are not stockholders — 
 which is, to reserve to itself a right of ascertaining, as often as may be neces- 
 sary, the state of the bank — excluding, however, all pretension to control. 
 This right forms an article in the primitive constitution of the bank of North 
 America; and its propriety stands upon the clearest reasons. If the paper 
 of a bank is to be permitted to insinuate itself into ail the revenues and re- 
 ceipts of a country; if it is even to be tolerated as the substitute for gold and 
 silver in ail the transactions of business, it becomes, in either view, a national 
 concern of the first magnitude. As such, the ordinary rules of prudence re- 
 quire that the government should possess the means of ascertaining, when- 
 ever it thinks fit, that so delicate a trust is executed with fidelity and care. 
 A right of this nature is not only desirable, as it respects the government, 
 but it ought to be equally so to all those concerned in the institution, as an 
 additional title to public and private confidence, and as a thing which can 
 only be formidable to practices that imply mismanagement. The presump- 
 tion must always be, that the characters who would be intrusted with the 
 exercise of this right on behalf of the government, will not be deficient in 
 the discretion which it may require; at least the admitting of this presump- 
 tion cannot be deemed too great a return of confidence for that very large 
 portion of it which the government is required to place in the bank. 
 
 Abandoning, therefore, ideas which, however agreeable, or desirable, are 
 neither practicable nor safe, the following plan, for the constitution of a na- 
 tional bank, is respectfully submitted to the consideration of the House. . 
 
 1. The capital stock of the bank shall not exceed ten millions of dollars, 
 divided into twenty five thousand shares, each share being four hundred dol- 
 lars; to raise which sum subscriptions shall be opened on the first Monday of 
 April next, and shall continue open until the whole shall be subscribed. 
 Bodies politic as well as individuals may subscribe. 
 
 2. The amount of each share shall be payable, one-fourth in gold and sil- 
 ver coin, and three-fourths in that part of the public debt which, according 
 to the loan proposed by the act making provision for the debt of the United 
 States, she. bear an accruing interest at the time of payment of six per centum 
 per annum. 
 
 3. The respective sums subscribed shall be payable in four equal parts, as 
 well specie as debt, in succession, and at the distance of six calendar months 
 from each other; the first payment to be made at the time of subscription. 
 If there shall be a failure in any subsequent payment, the party failing shall 
 lose the benefit of any dividend which may have accrued prior to the time 
 for making such payment, and during the delay of the same. 
 
if 90.1 SECRETARY OF THE TREASURY. 73 
 
 4. The subscribers to the bank, and their successors, shall be incorporated, 
 and shall so continue until the final redemption of that part of its stock which 
 shall consist of the public debt. 
 
 5. The capacity of the corporation to hold real and personal estate, shall 
 be limited to fifteen millions of dollars, including the amount of its capital or 
 original stock. The lands and tenements which it shall be permitted to 
 hold, shall be only such as shall be requisite for the immediate accommoda- 
 tion of the institution; and such as shall have been bona fide mortgaged to it 
 by way of security, or conveyed to it in satisfaction of debts previously con- 
 tracted, in the usual course of its dealings, or purchased at sales upon judg- 
 ments which shall have been obtained for such debts. 
 
 6. The totality of the debts of the company, whether by bond, bill, note, 
 or other contract, (credits for deposites excepted,) shall never exceed the 
 amount of its capital stock. In case of excess, the directors, under whose 
 administration it shall happen, shall be liable for it in their private or sepa- 
 rate capacities. Those who may have dissented may excuse themselves from 
 this responsibility by immediately giving notice of the fact, and their dis- 
 sent, to the President of the United States, and to the stockholders, at a ge- 
 neral meeting, to be called by the President of the bank, at their request. 
 
 7. The company may sell or demise its lands and tenements, or may sell 
 the whole or any part of the public debt, whereof its stock shall consist; but 
 shall trade in nothing, except bills of exchange, gold and silver bullion, or 
 in the sale of goods pledged for money lent; nor shall take more than at the 
 rate of six per centum per annum, upon its loans or discounts. 
 
 8. No loan shall be made by the bank for the use or on account of the go- 
 vernment of the United States, or of either of them, to an amount exceeding- 
 fifty thousand dollars, or of any foreign prince or state, unless previously au- 
 thorized by a law of the United States. 
 
 9. The stock of the bank shall be transferable, according to such rules as 
 shall be instituted by the company in that behalf. 
 
 10. The affairs of the bank shall be under the management of twenty-five 
 directors, one of whom shall be the President; and there shall be, on the 
 first Monday of January, in each year, a choice of directors, by a plurality of 
 suffrages of the stockholders, to serve for a year. The directors, at their 
 first meeting after each election, shall choose one of their number as President 
 
 11. The number of votes to which each stockholder shall be entitled shall 
 be according to the number of shares he shall hold, in the proportions fol- 
 lowing — that is to say: For one share, and not more than two shares, one 
 vote; for every two shares above two, and not exceeding ten, one vote; for 
 every four shares above ten, and not exceeding thirty, one vote; for every 
 six shares above thirty, and not exceeding sixty, one vote; for every eight 
 shares above sixty, and not exceeding one hundred, one vote; and for every 
 ten shares above one hundred, one vote: but no person, co-partnership, or 
 body politic, shall be entitled to a greater number than thirty votes. And, 
 after the first election, no share or shares shall confer a right of suffrage, 
 which shall not have been holden three calendar months previous to the day 
 of election. Stockholders actually resident within the United States, and 
 none other, may vote in the elections by proxy. 
 
 12. Not more than three-fourths of the directors in office, exclusive of the 
 President, shall be eligible for the next succeeding year. But the director 
 ^vho shall be President at the time of an election may always be re-elected . 
 
-^4 REPORTS OF THE [1790. 
 
 13. None but a stockholder, being a citizen of the United States, shall be 
 eligible as a director. 
 
 14. Any number of stockholders not less- than sixty, who together shall 
 foe proprietors of two hundred shares or upwards, shall have power at any 
 time to call a general meeting of the stockholders, for purposes relative to 
 the institution; giving at least six weeks notice in two public gazettes of the 
 place where the bank is kept, and specifying in such notice the object of the 
 meeting. 
 
 15. In case of the death, resignation, absence from the United States, or- 
 removal of a director by the stockholders, his place may be filled by a new 
 choice for the remainder of the year. 
 
 16. No director shall be entitled to any emolument, unless the same shall 
 have been allowed by the stockholders at a general meeting. The stock- 
 holders shall jmake such compensation to the President, for his extraordinary 
 attendance at the bank, as shall appear to them reasonable. 
 
 17. Not less than seven directors shall constitute a Board for the transac- 
 tion of business. 
 
 18. Every cashier or treasurer, before he enters on the duties of his office, 
 shall be required to give bond, with two or more sureties, to the satisfaction 
 of the directors, in a sum not less than twenty thousand dollars, with con- 
 dition for his good behaviour. 
 
 19. Half-yearly dividends shall be made of so much of- the profits of the 
 bank, as shall appear to the directors adviseable. And once in every three 
 years, the directors shall lay before the stockholders, at a general meeting, 
 for their information, an exact and particular statement of the debts which 
 shall have remained unpaid, after the expiration of the original credit, for 
 a period of treble the term of that credit, and of the surplus of profit, if any, 
 after deducting losses and dividends. 
 
 20. The bills and notes of the bank orginally made payable, or which 
 shall have become payable on demand in gold and silver coin, shall be re- 
 ceivable in all payments to the United States. 
 
 21. The officer at the head of the Treasury Department of the United 
 States, shall be furnished, from time to time, as often as he may require, not 
 exceeding once a week, with statements of the amount of the capital stock 
 of the bank, and of the debts due to the same, of the moneys deposited 
 therein, of the notes in circulation, and of the cash in hand; and shall have a 
 right to inspect such general accounts in the books of the bank, as shall re- 
 late to the said statements; provided that this shall not be construed to imply 
 a right of inspecting the account of any private individual or individuals, 
 with the bank. 
 
 22. No similar institution shall be established by any future act of the 
 United States, during the continuance of the one hereby proposed to be es- 
 tablished. 
 
 23. It shall be lawful for the directors of the bank, to establish offices 
 wheresoever they shall think fit, within the United States, for the purposes 
 of discount and deposite, only, and upon the same terms, and in the same 
 manner, as shall be practised at the bank, and to commit the management 
 of the said offices, and the making of the said discounts, either to agents 
 specially appointed by them, or to such persons as may be chosen by the 
 stockholders residing at the place where any such office shall be, under such 
 agreements, and subject to such regulations as they shall deem proper, not 
 being contrarv to law, or to the constitution of the bank. 
 
1790.] 
 
 SECRETARY OF THE TREASURY. 
 
 24. And lastly, the President of the United States shall be authorized to 
 cause a subscription to be made to the stock of the said company, on behalf 
 of the United States, to an amount not exceeding two millions of dollars, to 
 be paid out of the moneys which shall be borrowed by virtue of either of 
 the acts, the one entitled "An act making provision for the debt of the 
 United States," and the other, entitled "An act making provision for the 
 reduction of the public debt;" borrowing of the bank an equal sum, to 
 be applied to the purposes for which the said moneys shall have been pro- 
 cured, reiinburseable in ten years by equal annual instalments; or at any time 
 sooner, or in any greater proportions, that the government may think fit. 
 
 The reasons for the several provisions contained in the foregoing plan, 
 have been so far anticipated, and will for the most part be so readily suggest- 
 ed by the nature of those provisions, that any comments which need further 
 be made, will be both few and concise. 
 
 The combination of a portion of the public debt, in-the formation of the 
 capital,, is the principal thing of which an explanation is requisite. The 
 chief object of this is to enable the creation of a capital sufficiently large 
 to be the basis of an extensive circulation, and an adequate security for it. 
 As has been elsewhere remarked, the original plan of the bank of North 
 America contemplated a capital of ten millions of dollars, which is certainly 
 not too broad a foundation for the extensive operations to which a national 
 bank is destined. But to collect such a sum in this country in gold and 
 silver, into one depository, may, without hesitation, be pronounced imprac- 
 ticable. Hence the necessity of an auxiliary, which the public debt at 
 once presents. 
 
 This part of the fund will be always ready to come in aid of the specie; 
 it will more and more command a ready sale; and can therefore expedi- 
 tiously be turned into coin, if an exigency of the bank should at any time 
 require it. This quality of prompt convertibility into coin, renders it an equi- 
 valent for that necessary agent of bank circulation, and distinguishes it from 
 a fund in land, of which the sale would generally be far less compendious, 
 and at great disadvantage. The quarter yearly receipts of interest will also 
 be an actual addition to the specie fund, during the intervals between them 
 and the half yearly dividends of profits. The objection to combining land 
 with specie, resulting from their not being generally in possession of the 
 same person's, does not apply to the debt, which will always be found in 
 considerable quantity among the monied and trading people. 
 
 The debt composing part of the capital, besides its collateral effect in 
 enabling the bank to extend its operations, and consequently to enlarge its 
 profits, will produce a direct annual revenue of six per centum from the go- 
 vernment, which will enter into the half yearly dividends received by the 
 stockholders. 
 
 When the present price of the publie debt is considered, and the effect 
 which its conversion into bank stock, incorporated with a specie fund, would 
 in all probability have to accelerate its rise to the proper point, it will easily 
 be discovered that the operation presents, in its outset, a very considerable 
 advantage to .those who may become subscribers; and from the influence 
 which that rise would have on the general mass of the debt, a proportional 
 benefit to all the public creditors, and, in a sense which has been more than 
 once adverted to — to the community at large. 
 
 There is an important fact which exemplifies the fitness of the public 
 iebt for a bank fund, and which rnav serve to remove doubts in some minds 
 U 
 
^g REPORTS OF THE [1790. 
 
 on this point: it is this, that the bank of England, in its first erection, rested 
 wholly on that foundation. The subscribers to a loan to government of one 
 million two hundred thousand pounds sterling, were incorporated as a bank, 
 of which the debt created by the loan and the interest upon it, were the sole 
 fund. The subsequent augmentations of its capital, which now amounts to 
 "between eleven and twelve millions of pounds sterling, have been of the 
 Same nature. 
 
 The confining of the right of the bank to contract debts to the amount 
 <©f its capital, is an important precaution, which is not to be found in the con- 
 stitution of the bank of North America, and which, while the fund consists 
 wholly of coin, would be a restriction attended with inconveniences;but would 
 be free from any? if the composition of it should be such as is now proposed. 
 The restriction exists in the establishment of the bank of England, and as 
 a source of security is worthy of imitation. The consequence of exceed- 
 ing the limit there is, that each stockholder is liable for the excess, in pro- 
 portion to his interest in the bank. When it is considered that the direc- 
 tors owe their appointments to the choice of the stockholders, a response- 
 bility of this kind on the part of the latter does not appear unreasonable; 
 but, on the other hand, it may be deemed a hardship upon those who may 
 have dissented from the choice. And there are many among us, whom it 
 might perhaps discourage from becoming concerned in the institution. These 
 reasons have induced the placing of the responsibility upon the directors, 
 jby whom the limit prescribed should be transgressed. 
 
 The interdiction of loans on account of the United States, or of any par- 
 ticular State, beyond the moderate sum specified, or of any foreign power, 
 will serve as a barrier to executive encroachments, and to combinations in- 
 auspicious to the safety, or contrary to the policy of the Union. 
 
 The limitation of the rate of interest is dictated by the consideration, that 
 different rates prevail in different parts of the Union; and as the operations 
 of the bank may extend through the whole, some rule seems to be neces- 
 sary. There is room for a question, whether the limitation ought not 
 rather to be to five, than to six per cent, as proposed. It may with safety 
 be taken for granted, that the former rate would yield an ample dividend, 
 perhaps as much as the latter, by the extension which it would give to busi- 
 ness. The natural effect of low interest is to increase trade and industry; 
 because undertakings of every kind can be prosecuted with greater advan- 
 tage. This is a truth generally admitted; but it is requisite to have ana- 
 lyzed the subject in all its relations, to be able to form a just conception of 
 the extent of that effect. Such an analysis cannot but satisfy an intelligent 
 mind, that the difference of one per cent, in the rate at which money may 
 be had, is often capable of making an essential change for the better in the 
 situation of any country or place, 
 
 Every thing, therefore, which tends to lower the rate of interest, is pecu- 
 liarly worthy of the cares of legislators. And though laws which violently 
 sink the legal rate of interest greatly below the market level, are not to be 
 commended, because they are not calculated to answer their aim; yet what- 
 ever has a tendency to effect a reduction, without violence to the natural 
 course ot things, ought to be attended to and pursued. Banks are among 
 the means most proper to accomplish this end; and the moderation of the 
 rate at which their discounts are made, is a material ingredient towards it; 
 with which their own interest, viewed on an enlarged and permanent scale, 
 $pes not appear to clash. 
 
1790.] 
 
 SECRETARY OF THE TREASURY* 77 
 
 But, as the most obvious ideas are apt to have greater force than those 
 which depend on complex and remote combinations, there would be danger, 
 that the persons whose funds must constitute the stock of the bank, would 
 be diffident of the sufficiency- of the profits to be expected j if the rate of 
 loans and discounts were to be placed below the point to which they have 
 been accustomed; and might, on this account, be indisposed to embarking 
 in the plan. There is, it is true, one reflection, which in regard to men ac= 
 tually engaged in trade, ought to be a security against this danger; it is this — < 
 That the accommodations which they might derive in the way of their bu- 
 siness, at a low rate, would more than indemnify them for any difference 
 in the dividend; supposing even that some diminution of it were to be the 
 eonsequence. But, upon the whole, the hazard of contrary reasoning among 
 the mass of monied men, is a powerful argument against the experiment. 
 The institutions of the kind already existing, add to the difficulty of making 
 it. Mature reflection, and a large capital, may, of themselves, lead to the 
 desired end. 
 
 The last thing which requires any explanatory remark, is, the authority 
 proposed to be given to the President to subscribe to the amount of two mil- 
 lions of dollars on account of the public. The main design of this is to 
 enlarge the specie fund of the bank, and to enable it to give a more early 
 extension to its operations. Though it is proposed to borrow with one hand 
 what is lent with the other, yet the disbursement of what is borrowed will 
 be progressive, and bank notes may be thrown into circulation instead of 
 the gold and silver. Besides, there is to be an annual reimbursement of a 
 part of the sum borrowed, which will finally operate as an actual investment 
 of so much specie. In addition to the inducements to this measure, which 
 result from the general interest of the government to enlarge the sphere of 
 the utility of the bank, there is this more particular consideration; to wit: 
 that as far as the dividend on the stock shall exceed the interest paid on the 
 loan, there is a positive profit. 
 
 The Secretary begs leave to conclude with this general observation: That 
 if the bank of North America shall come forward with any propositions which 
 have for their object the ingrafting upon that institution the characteristics 
 which shall appear to the Legislature necessary to the due extent and safety 
 of a national bank, there are, in his judgment, weighty inducements to giving 
 every reasonable facility to the measure. Not only the pretensions of that 
 institution, from its original relation to the government of the United States ? 
 and from the services it has rendered, are such as to claim a disposition 
 favorable to it, if those who are interested in it are willing, on their part-, 
 to place it on a footing satisfactory to the government, and equal to the pur- 
 poses of a bank of the United States, but its co-operation would materially 
 accelerate the accomplishment of the great object; and the collision, which 
 might otherwise arise, might, in a variety of ways, prove equally disagree- 
 able and injurious. The incorporation or union here contemplated, may be 
 effected in different modes, under the auspices of an act of the United States, 
 if it shall be desired by the bank of North America, upon terms which shall 
 appear expedient to the government. 
 
 All which is humbly submitted. 
 
 ALEXANDER HAMILTON, 
 
 ^Secretary of the Treasury* 
 
7S REPORTS OF THE [I79f. 
 
 REPORT ON MANUFACTURES, 
 
 December 5th, 179I» 
 The Secretary of the Treasury, in obediencz to the order of the House 
 of Representatives, of the 1 5th day of January, 1790, has applied 
 his attention, at as early a period as his other duties would permit, 
 to the subject of Manufactures; and particularly to the means of 
 promoting— such as will tend to render the United States independent 
 on foreign nations, for military and other essential supplies: 
 
 And he thereupon respectfully submits the following 
 
 REPORT: 
 
 The expediency of encouraging manufactures in the United States, which 
 was not long since deemed very questionable, appears at this time to be pretty" 
 generally admitted.- The embarrassments which have obstructed the pro- 
 gress of our external trade, have led to serious reflections on the necessity 
 of enlarging the sphere of oar domestic commerce. The restrictive regu- 
 lations, which,- in foreign markets abridge the vent of the increasing surplus 
 of our agricultural produce,, serve to beget an earnest desire, that a more ex- 
 tensive demand for that surplus may be created at homeland the complete 
 success which has rewarded manufacturing enterprise, in some valuable 
 Branches, conspiring with the promising symptoms which attend some less 
 mature essays in others, justify a hope, that the obstacles to the growth of 
 this species of industry, are less formidable than they were apprehended to 
 be; and that it is not difficult to find, in its further extension, a full indemni- 
 fication for any external disadvantages, which are or may be experienced,, 
 as well as an accession of resources, favorable to national independence and; 
 (safety. 
 
 There- still are, nevertheless, respectable patrons of opinions unfriendly 
 to the encouragement of manufactures. The following are, substantially, 
 the arguments by which these opinions are defended. 
 
 " In every country, (say those who entertain them,) agriculture is the 
 most beneficial and productive object of human industry. This position, 
 generally, if not universally true, applies with peculiar emphasis to the ; 
 United States, on account of their immense tracts of fertile territory, unin- 
 habited and unimproved. Nothing can afford so advantageous an employ- 
 ment for capital and labor, as the conversion of this extensive wilderness 
 into cultivated farms. Nothing, equally with this, can contribute to the popu- 
 lation, strength, and real riches of the country. 
 
 "To endeavor, by the extraordinary patronage of government, to accele- 
 rate the growth of manufactures, is, in fact, to endeavor by force and art, to- 
 transfer the natural .current of industry, from a more to a less beneficial 
 channel. Whatever has such a tendency, must^ necessarily be unwise; in- 
 deed, it can hardly ever be wise in a government to attempt to give a di- 
 rection to the industry of its citizens. This, under the quicksighted guidance 
 of private interest, will, if left to itself, infallibly find its own way to the 
 most profitable employment; and it is by such employment that the public 
 
£791.] SECRETARY OF THE TREASURY. 79 
 
 prosperity will be most effectually promoted. To leave industry to itself,, 
 therefore, is, in almost every case, the soundest as well as the simplest policy. 
 
 "This policy is not only recommended to the United States, by conside- 
 rations which affect all nations; it is, hi a manner, dictated to them by the 
 imperious force of a very peculiar situation. The smallness of their popu- 
 lation compared with their territory, the constant allurements to emigration 
 from the settled to the unsettled parts of the country; the facility with which 
 the less independent condition of an artisan can be exchanged, for the more 
 independent condition of a farmer; these, and similar causes, conspire to 
 produce, and for a length of time must continue to occasion, a scarcity of 
 hands for manufacturing occupation, and dearness of labor generally. To 
 these disadvantages for the prosecution of manufactures, a deficiency of pe- 
 cuniary capital being added, the prospect of a successful competition with 
 the manufactures of Europe, must be regarded as little less than desperate. 
 Extensive manufactures can only be the offspring of a redundant, at least of 
 a full population. Till the latter shall characterize the situation of this 
 country, it is vain to hope for the former. 
 
 " If, contrary to the natural course of things, an unseasonable and prema- 
 ture spring can be given to certain fabrics, by heavy duties, prohibitions, 
 bounties, or by other forced expedients, this will only be to sacrifice the 
 interests of the community to those of particular classes. Besides the mis- 
 direction of labor, a virtual monopoly will be given to the persons employed 
 on such fabrics; and an enhancement of price, the inevitable consequence of 
 every monopoly, must be defrayed at the expense of the other parts of the 
 society. It is far preferable, that those persons should be engaged in the 
 cultivation of the earth; and that we should procure, in exchange for its 
 productions, the commodities, with which foreigners are able to supply us 
 in greater perfection, and upon better terms/' 
 
 This mode of reasoning is founded upon facts and principles, which have 
 certainly respectable pretensions. If it had governed the conduct of nations- 
 more generally than it has done, there is room to suppose that it might have 
 carried them faster to prosperity and greatness, than they have attained by 
 the pursuit of maxims too widely opposite. Most general theories, however.,,, 
 admit of numerous exceptions, and there are few, if any, of the political' 
 kind, which do not blend a considerable portion of error with the truths 
 they inculcate. 
 
 In order to an accurate judgment, how far that which has been just stated'^ 
 ought to be deemed liable to a similar imputation, it is necessary to advert 
 carefully to the considerations which plead in favor of manufactures, and 
 which appear to recommend the special and positive encouragement of 
 them in certain cases, and under certain reasonable limitations. 
 
 It ought readily to be conceded, that the cultivation of the earth, as the 
 primary and most certain source of national supply; as the immediate and 
 chief source of subsistence to man; as the principal source of those materials 
 which constitute the nutriment of other kinds of labor; as including a state 
 most favorable to the freedom and independence of the human mind; one ? 
 perhaps, most conducive to the multiplication of the human species, has in- 
 trinsically a strong claim to pre-eminence over every other kind of industry. 
 
 But that it has a title to any thing like an exclusive predilection, in any- 
 country, ought to be admitted with great caution; that it is even more 
 productive than every other branch of industry, requires more evidence than 
 lias yet been given in support of the position, That its real interests, pre- 
 
SO REPORTS OF THE [179L 
 
 cious and important as, without the help of exaggeration, they truly are, will 
 be advanced rather than injured, by the due encouragement of manufactures, 
 may, it is believed, be satisfactorily demonstrated. And it is also believed, 
 that the expediency of such encouragement, in a general view, may be shown 
 to be recommended by the most cogent and persuasive motives of national 
 policy. 
 
 It has been maintained, that agriculture is not only the most productive, 
 but the only productive species of industry. The reality of this suggestion, 
 in either respect, has, however, not been verified by any accurate uelaii of 
 facts and calculations, and the general arguments which are adduced to prove 
 it, are rather subtile and paradoxical, than solid or convincing. 
 
 Those which maintain its exclusive productiveness, are to this effect: — 
 
 Labor bestowed upon the cultivation of land, produces enough not only 
 to replace all the necessary expenses incurred in the business, and to main- 
 tain the persons who are employed in it, but to afford, together with the 
 ordinary profit on the stock or capital of the farmer, a nett surplus or rent 
 for the landlord or proprietor of the soil. But the labor of artificers does 
 nothing more than replace the stock which employs them, (or which fur- 
 nishes materials, tools, and wages,) and yield the ordinary profit upon that 
 stock. It yields nothing equivalent to the rent of land; neither does it add 
 any thing to the total value of the whole annual produce of the land and 
 labor of the country. The additional value given to those parts of the pro- 
 duce of land, which are wrought into manufactures, is counterbalanced 
 by the value of those other parts of that produce which are consumed by 
 the manufacturers. It can, therefore, only be by saving or parsimony, 
 not by the positive productiveness of their labor, that the classes of artificers 
 can, in any degree, augment the revenue of the society. 
 
 To this it has been answered, 
 
 1. " That inasmuch as it is acknowledged, that manufacturing labor re-pro- 
 duces a value equal to that which is expended or consumed in carrying it 
 on, and continues in existence the original stock or capital employed; it 
 ought, on that account, alone, to escape being considered as wholly unpro- 
 ductive. That though it should be admitted, as alleged, that the consump- 
 tion of the produce of the soil, by the classes of artificers or manufacturers, 
 is exactly equal to the value added by their labor to the materials upon 
 which it is exerted; yet, it would not thence follow, that it added nothing 
 to .the revenue of the society, or to the aggregate value of the annual pro- 
 duce of its land and labor. If the consumption for any given period 
 amounted to a given sum, and the increased value of the produce manu- 
 factured, in the same period, to a like sum; the total amount of the con- 
 sumption and production, during that period, would be equal to the two 
 sums, and consequently double the value of the agricultural produce con- 
 sumed: and though the increment of vaiue produced by the. classes of arti- 
 ficers should, at no time, exceed the value of the produce of the land con- 
 sumed by them, yet there would be at every moment, in consequence of 
 their labor, a greater value of goods in the market than would exist inde- 
 pendent of it." 
 
 2. " That the position that artificers can augment the revenue of a so- 
 ciety only by parsimony, is true in no other sense than in one which is 
 equally applicable to husbandmen or cultivators. It may be alike affirmed 
 of all these classes, that the fund acquired by their labor, and destined for 
 their support, is not, in an ordinary way, more than equal to it. And hence 
 
1791.] SECRETARY @F THE TREASURY. 81 
 
 it will follow, that augmentations of the wealth or capital of the community, 
 (except in the instances of some extraordinary dexterity or skill,) can only 
 proceed, with respect to any of them, from the savings of the more thrifty 
 and parsimonious. 
 
 3. " That the annual produce of the land and lahor of a country can 
 only be increased in two ways — by some improvement in the productive 
 powers of the useful labor which actually exists within it, or by some increase 
 in the quantity of such labor: That with regard to the first, the labor of ar- 
 tificers being capable of greater subdivision and simplicity of operation than 
 that of cultivators, it is susceptible, in a proportionally greater degree of 
 improvement in its productive powers, whether to be derived from an ac- 
 cession of skill or from the application of ingenious machinery: in which 
 particular, therefore, the labor employed in the culture of land can pretend 
 to no advantage over that engaged in manufactures: That with regard to an 
 augmentation of the quantity of useful labor, this, excluding adventitious 
 circumstances, must depend essentially upon an increase of capital, which 
 again must depend upon the savings made out of the revenues of those who 
 furnish or manage that which is at any time employed, whether in agricul- 
 ture or in manufactures, or in any other way." 
 
 But while the exclusive productiveness of agricultural labor has been 
 thus denied and refuted, the superiority of its productiveness has been con- 
 ceded without hesitation. As this concession involves a point of consider- 
 able magnitude, in relation to maxims of public administration, the grounds 
 on which it rests are worthy of a distinct and particular examination. 
 
 One of the arguments made use of in support of the idea, may be pro- 
 nounced both quaint and superficial: It amounts to this- — That in the prd- 
 ductions of the soil, nature co-operates with man; and that the effect of 
 their joint labor must be greater than that of the labor of man alone. 
 
 This, however, is' far from being a necessary inference. It is very con- 
 ceivable, that the labor of man alone laid out upon a work requiring great 
 skill and art to bring it to perfection, may be more productive, in value, than 
 the labor of nature and man combined, when directed towards more simple 
 operations and objects: and when it is recollected to what an extent the agency 
 of nature, in the application of the mechanical powers, is made auxiliary 
 to the prosecution of manufactures, the suggestion which haa been noticed 
 loses even the appearance of plausibility. 
 
 It might also be observed, with a contrary view, that the labor employed 
 in agriculture, is, in a great measure, periodical and occasional, depending on 
 seasons, and liable to various and long intermissions; while that occupied in 
 many manufactures is constant and regular, extending through the year, 
 embracing, in some instances, night as well as day. It is also proba- 
 ble that there are among the cultivators of land, more examples of remiss- 
 ness than among artificers. The farmer, from the peculiar fertility of his 
 land, or some other favorable circumstance, may frequently obtain a liveli- 
 hood, even with a considerable degree of carelessness in the mode of cul- 
 tivation; but the artisan can with difficulty effect the same object, without 
 exerting himself pretty equally with all those who are engaged in the same 
 pursuit. And if it may likewise be assumed as a fact, that manufactures 
 open a wider field to exertions of ingenuity than agriculture, it would not 
 be a strained conjecture, that the labor employed in the former, being at 
 once more constant, more uniform, and more ingenious, than that 'which is 
 employed in the latter, will be found, at the same time, more productive. 
 
REPORTS OF THE 
 
 [1791. 
 
 But it is not meant to lay stress on observations of this nature; they 
 ought only to serve as a counterbalance to those of a similar complexion. 
 Circumstances so vague and general, as well as so abstract, can afford little 
 instruction in a matter of this kind. 
 
 Another, and that which seems to be the principal argument offered for 
 the superior productiveness of agricultural labor, turns upon the allegation, 
 that labor employed on manufactures, yields nothing equivalent to the rent 
 of land; or to that nett surplus, as it is called, which accrues to the proprie- 
 tor of the soil. 
 
 But this distinction, important as it has been deemed, appears rather ver- 
 bal than substantial. 
 
 It is easily discernible, that what in the first instance is divided into two 
 parts, under the denominations of the ordinary profit of the stock of the 
 "farmer and rent to the landlord, is, in the second instance, united under the 
 general appellation of the ordinary profit on the stock of the undertaker; 
 and that this formal or verbal distribution constitutes the whole difference 
 In the two cases. It seems to have been overlooked, that the land is itself 
 a stock or capital, advanced or lent by its owner to the occupier or tenant, 
 and that the rent he receives is only the ordinary profit of a certain stock in 
 land, not managed by the proprietor himself, but by another, to whom he 
 lends or lets it, and who, on his part, advances a second capital to stock and 
 improve the land, upon which he also receives the usual .profit. The rent of 
 the landlord and the profit of the farmer are, therefore, nothing more than 
 the ordinary profits of two capitals belonging to two different persons, and 
 "united in the cultivation of a farm: as, in the other case, the surplus which 
 arises upon any manufactory, after replacing the expenses of carrying it on, 
 answers to the ordinary profits of one or more capitals engaged in the pro- 
 secution of such manufactory. It is said one or more capitals, because, in 
 fact, the same thing which is contemplated in the case of the farm, some- 
 times happens in that of a manufactory. There is one who furnishes a 
 part of the capital, or lends a part of the money by which it is carried on, 
 and another who carries it on with the addition of his own capital. Out of 
 the surplus which remains after defraying expenses, an interest is paid to 
 the money-lender, for the portion of the capital furnished by him, which 
 exactly agrees with the rent paid to the landlord; and the residue of that 
 surplus constitutes the profit of the undertaker or manufacturer, and agrees 
 with what is denominated the ordinary profits on the stock of the farmer. 
 Both together, make the ordinary profits of two capitals employed in a 
 manufactory; as, in the other case, the rent of the landlord and the revenue 
 oi the farmer compose the ordinary profits of two capitals employed in the 
 cultivation of a farm. 
 
 The rent, therefore, accruing to the proprietor of the land, far from being 
 a criterion of exclusive productiveness, as has been argued, is no criterion 
 even of superior productiveness. The question must still be, whether the 
 surplus, after defraying expenses of a given capital, employed in the pur- 
 chase and improvement of a piece of land, is greater or less than that of a 
 like capital, employed in the prosecution of a manufactory; or whether the 
 whole value produced from a given capital and a given quantity of labor em- 
 ployed in one way, be greater or less than the whole value produced from 
 an equal capital and an equal quantity of labor employed in the other way; 
 or rather, perhaps, whether the business of agriculture or that of manufac- 
 tures will yield the greatest product, according to a compound ratio of the 
 
I791.J SECRETARY OF THE TREASURY. ^ 
 
 quantity of the capital, and the quantity of labor, which are employed in the 
 one or in the other. 
 
 The solution of either of these questions is not easy; it involves numerous 
 and complicated details, depending on an accurate knowledge of the objects 
 to be compared. It is not known that the comparison has ever yet been 
 made upon sufficient data, properly ascertained and analyzed. To be able to 
 make it on the present occasion, with satisfactory precision, would demand 
 more previous inquiry and investigation, than there has been hitherto either 
 leisure or opportunity to accomplish. 
 
 Some essays, however, have been made towards acquiring the requisite 
 information; which have rather served to throw doubt upon, than to confirm 
 the hypothesis under examination. But it ought to be acknowledged, that 
 they have been too little diversified, and are too imperfect to authorize a de- 
 finitive conclusion either way; leading rather to probable conjecture than to 
 certain deduction. They render it probable, that there are various branches 
 of manufactures, in which a given capital will yield a greater total product, 
 and a considerably greater nett product, than an equal capital invested in the 
 purchase and improvement of lands; and that there are also some branches, 
 in which both the gross and the nett produce will exceed that of agricultural 
 industry, according to a compound ratio of capital and labor. But it is on 
 this last point that there appears to be the greatest room for doubt. It is far 
 less difficult to infer generally, that the nett produce of capital engaged in 
 manufacturing enterprises is greater than that of capital engaged in agricul- 
 ture. 
 
 The foregoing suggestions are not designed to inculcate an opinion that 
 manufacturing industry is more productive than that of agriculture. They 
 are intended rather to show that the reverse of this proposition is not ascertain- 
 ed; that the general arguments, which are brought to establish it, are not satis- 
 factory; and consequently, that a supposition of the, superior productiveness 
 of tillage ought to be no obstacle to listening to any substantial inducements to 
 the encouragement of manufactures, which may be otherwise perceived to 
 exist, through an apprehension that they may have a tendency to divert la- 
 bor from a more to a less profitable employment. 
 
 It is extremely probable, that on a full and accurate development of the 
 matter, on the ground of fact and calculation, it would be discovered that 
 there is no material difference between the aggregate productiveness of the 
 one, and of the other kind of industry; and that the propriety of the encour- 
 agements, which may, in any case, be proposed to be given to either, ought 
 to be determined upon considerations irrelative to any comparison of that 
 nature. 
 
 II. But without contending for the superior productiveness of manufaetur 
 ing industry, it may conduce to a better judgment of the policy which 
 ought to be pursued respecting its encouragement, to contemplate the sub- 
 ject under some additional aspects, tending not only to confirm the idea that 
 this kind of industry has been improperly represented as unproductive in 
 itself, but to evince, in addition, that the establishment and diffusion of man 
 ufactures have the effect of rendering the total mass of useful and productive 
 labor, in a community, greater than it would otherwise be. In prosecuting 
 this discussion, it may be necessary, briefly to resume and review some of 
 the topics which have been already touched. 
 
 To affirm that the labor of the manufacturer is unproductive, because he 
 c&nsumes-as much of the produce of land as he odds value to the. raw my- 
 
84 REPORTS OF THE [1792* 
 
 terial which he manufactures, is not better founded, than it would be to af- 
 firm that the labor of the farmer, which furnishes materials to the manufac- 
 turer, is unproductive, because he consumes an equal value of manufactured 
 articles. Each furnishes a certain portion of the produce of his labor to the 
 other, and each destroys a correspondent portion of the produce of the labor 
 of the other. In the mean time, the maintenance of two citizens, instead of 
 one, is going on; the State has two members instead of one; and they, together., 
 consume twice the value of what is produced from the land. 
 
 If, instead of a farmer and artificer, there were a farmer only, he would be 
 under the necessity of devoting a part of his labor to the fabrication of clothing, 
 and other articles, which he would procure of the artificer, in the case of 
 there being such a person ; and of course he would be able to devote less la- 
 bor to the cultivation of his farm, and would draw from it a proportionably 
 less product. The whole quantity of production in this state of things, in 
 provisions, raw materials and manufactures, would certainly not exceed in 
 value the amount of what would be produced in provisions and raw mate- 
 rials only, if there were an artificer as well as a farmer. 
 
 Again—If there were both an artificer and a farmer, the latter would be 
 left at liberty to pursue exclusively the cultivation of his farm. A greater 
 quantity of provisions and raw materials would, of course, be produced, 
 equal, at least, as has been already observed, to the whole amount of the pro- 
 visions, raw materials, and manufactures, which would exist on a contrary 
 supposition. The artificer, at the same time, would be going on in the 
 production of manufactured commodities, to an amount sufficient, not only 
 to repay the farmer, in those commodities, for the provisions and materials 
 which were procured from him, but to furnish the artificer himself with a 
 supply of similar commodities for his own use. Thus, then, there would be 
 two quantities or values in existence, instead of one; and the revenue and con- 
 sumption would be double in one case what it would be in the other. 
 
 If, in place of both these suppositions, there were supposed to be two 
 farmers and no artificer, each of whom applied a part of his labor to the cul- 
 ture of land, and another part to the fabrication of manufactures; in this 
 case, the portion of the labor of both bestowed upon land would produce the 
 same quantity of provisions and raw materials only, as would be produced 
 by the entire sum of the labor of one applied in the same manner; and the 
 portion of the labor of both bestowed upon manufactures, would produce 
 the same quantity of manufactures only, as would be produced by the en- 
 tire sum of the labor of one applied in the same manner. Hence, the pro- 
 duce of the labor of the two farmers would not be greater than the produce 
 of the labor of the farmer and artificer; and hence it results, that the labor 
 of the artificer is as positively productive as that of the farmer, and as posi- 
 tively augments the revenue of the society. 
 
 The labor of the artificer replaces to the farmer that portion of his labor 
 with which he provides the materials of exchange with the artificer, and 
 which he would otherwise have been compelled to apply to manufactures; 
 and while the artificer thus enables the farmer to enlarge his stock of agri- 
 cultural industry, a portion of which he purchases for his own use, he also 
 supplies himself with the manufactured articles of which he stands in need. 
 He does still more. Besides this equivalent, which he gives for the portion 
 of agricultural labor consumed by him, and this supply of manufactured 
 commodities for his own consumption, he furnishes still a surplus, which 
 compensates for the use of the capital advanced, either by himself or som^ 
 
■1791.] SECRETARY OF THE TREASURY. S5 
 
 •other person, for carrying on the business. This is the ordinary profit of 
 the stock employed in the manufactory, and is, in every sense, as effective 
 an addition to the income of the society as the rent of land. 
 
 The produce of the labor of the artificer, consequently, may be regarded 
 as composed of thi'ee parts; one, by which the provisions for his subsistence 
 and the materials for his work are purchased of the farmer; one, by which 
 he supplies himself with manufactured necessaries; and a third, which con- 
 stitutes the profit on the stock employed. The two last portions seem to 
 have been overlooked in the system which represents manufacturing indus- 
 try as barren and unproductive. 
 
 In the course of the preceding illustrations, the products of equal quanti- 
 ties of the labor of the farmer and artificer, have been treated as if equal to 
 each other. But this is not to be understood as intending to assert any such 
 precise equality. It is merely a manner of expression, adopted for the sake 
 of simplicity and perspicuity. Whether the value of the produce of the 
 labor of the farmer be somewhat more or less than that of the artificer, is not 
 material to the main scope of the argument, which hitherto has only aimed, 
 at showing, that the one, as well as the other, occasions a positive augmenta- 
 tion of the total produce and revenue of the society. 
 
 It is now proper to proceed a step further, and to enumerate the , principal 
 circumstances, from which it may be inferred, that manufacturing establish- 
 ments not only occasion a positive augmentation of the produce and revenue 
 of the society, but that they contribute essentially to rendering them greater 
 than they could possibly be without such establishments. These circum- 
 stances are, 
 
 1. The division of labor. 
 
 2. An extension of the use of machinery. 
 
 3. Additional employment to classes of the community not ordinarily en- 
 gaged in the business. 
 
 4. The promoting of emigration from foreign countries. 
 
 5. The furnishing greater scope for the diversity of talents and disposi- 
 tions, which discriminate men from each other. 
 
 6. The affording a more ample and various field for enterprise. 
 
 7. The creating, in some instances, a new, and securing, in all, a more 
 certain and steady demand for the surplus produce of the soil. 
 
 Each of these circumstances has a considerable influence upon the total 
 mass of industrious effort in a community; together, they add to it a degree 
 of energy and effect, which are not easily conceived. Some comments upon 
 each of them, in the order in which they have been stated, may serve to 
 explain their importance. 
 
 /. */2s to the division of labor. 
 
 It has justly been observed, that there is scarcely any thing of greater 
 moment in the economy of a nation, than the proper division of labor. The 
 separation of occupations causes each to be carried to a much greater per- 
 fection than it could possibly acquire if they were blended. This arises 
 principally from three circumstances: 
 
 1st. The greater skill and dexterity naturally resulting from a constant 
 and undivided application to a single object. It is evident that these pro- 
 perties must increase in proportion to the separation and simplification of 
 objects, and the steadiness of the attention devoted to each; and must be less 
 in proportion to the complication of objects, and the number among which 
 the attention is distracted. 
 
Sb REPORTS OF THE [1791. 
 
 2d. The economy of time, by avoiding the loss of it, incident to a fre- 
 quent transition from one operation to another of a different nature. This 
 depends on various circumstances; the transition itself, the orderly disposi- 
 tion of the implements, machines, and materials employed in the operation 
 to be relinquished, the preparatory steps to the commencement of a new 
 one, the interruption of the impulse, which the mind of the workman ac- 
 quires, from being engaged in a particular operation; the distractions, hesi- 
 tations, and reluctances, which attend the passage from one kind of business 
 to another. 
 
 3d. An extension of the use of machinery. A man occupied on a single 
 object will have it more in his power, and will be more naturally led to 
 exert his imagination in devising methods to facilitate and abridge labor, 
 than if he were perplexed by a variety of independent and dissimilar ope- 
 rations. Besides this, the fabrication of machines, in numerous instances, 
 becoming itself a distinct trade, the artist who follows it has all the advan- 
 tages which have been enumerated, for improvement in his particular art; 
 and, in both ways, the invention and application of machinery are extended. 
 
 And from these causes united, the mere separation of the occupation of 
 the cultivator from that of the artificer, has the effect of augmenting the 
 productive powers of labor, and with them, the total mass of the produce 
 or revenue of a country. In this single view of the subject, therefore, the 
 utility of artificers or manufacturers, towards promoting an increase of pro- 
 ductive industry, is apparent. 
 
 II. As to an extension of the use of machinery , a point which, though 
 -partly anticipated, requires to be placed in one or two additional lights. 
 
 The employment of machinery forms an item of great importance in the 
 general mass of national industry. It is an artificial force brought in aid of 
 the natural force of man; and, to all the purposes of labor, is an increase of 
 hands, an accession of strength, unencumbered too by the expense of main- 
 taining the laborer. May it not, therefore, be fairly inferred, that those oc- 
 cupations which give greatest scope to the use of this auxiliary, contri- 
 bute most to the general stock of industrious effort, and, in consequence, to 
 the general product of industry? 
 
 It shall be taken for granted, and the truth of the position referred to 
 observation, that manufacturing pursuits are susceptible, in a greater de- 
 gree, of the application of machinery, than those of agriculture. If so, all 
 the difference is lost to a community, which, instead of manufacturing for 
 itself, procures the fabrics requisite to it's supply from other countries. The 
 substitution of foreign for domestic manufactures, is a transfer to foreign na- 
 tions of the advantages accruing from the employment of machinery, in the 
 modes in which it is capable of being employed, with most utility and to 
 the greatest extent. 
 
 The cotton-mill, invented in England within the last twenty years, is a 
 signal illustration of the general proposition which has been just advanced.- 
 In consequence of it, all the different processes for spinning cotton are per- 
 formed by means of machines, which are put in motion by water, and at- 
 tended chiefly by women and children; and by a smaller number of persons, 
 in the whole, than are requisite in the ordinary mode of spinning. And it 
 is an advantage of great moment, that the operations of this mill continue 
 with convenience, during the night ' as well as through the day. The pro- 
 digious effect of such a machine is easily conceived. To this invention is 
 to be attributed, essentially, the immense progress which has been so suddenlv 
 made in Groat Britain in the various fabrics of cotton. 
 
1791.] SECRETARY OF THE TREASURY. $7 
 
 III. JLs to the additional employment of classes of the community 
 ■not originally engaged in the particular business. 
 
 This is not among the least valuable of the means by which manufactur- 
 x ng institutions contribute to augment the general stock of industry and 
 production. In places where those institutions prevail, besides the persons 
 regularly engaged in them, they afford occasional and extra employment to 
 industrious individuals and families, who are willing to devote the leisure 
 resulting from the intermissions of their ordinary pursuits to collateral labors, 
 as a resource for multiplying their acquisitions or their enjoyments. The hus- 
 bandman himself experiences a new source of prorit and support from the 
 increased industry of his wife and daughters, invited and stimulated by the 
 demands of .the neighboring manufactories. 
 
 Beside this advantage of occasional employment to classes having differ- 
 ent occupations, there is another, of a nature allied to it, and of a similar 
 tendency. This is the employment of persons who would otherwise be 
 idle, and in many cases a burthen on the community, either from the bias of 
 temper, habit, infirmity of body, or some other cause, indisposing or dis- 
 qualifying them for the toils of the country. It is worthy of particular re= 
 mark, that, in general, women and children are rendered more useful, 
 and the latter more early useful, by manufacturing establishments, than they 
 would otherwise be. Of the number of persons employed in the cotton 
 manufactories of Great Britain, it is computed that four-sevenths, nearly, 
 are women and children; of whom the greatest proportion are children,, 
 and many of them of a tender age. 
 
 And thus it appears to be one of the attributes of manufactures, and one 
 of no small consequence, to give occasion to the exertion of a greater quan- 
 tity of industry, even by the same number of persons, where they happen 
 to prevail, than would exist if there were no such establishments. 
 
 IV. Jis to the promoting of emigration from foreign countries. 
 Men reluctantly quit one course of occupation and livelihood for another^ 
 
 unless invited to it by very apparent and proximate advantages. Many who 
 would go from one country to another, if they had a prospect of continuing 
 with more benefit the callings to which they have been educated, will often 
 not be tempted to change their situation by the hope of doing better in some 
 other way. Manufacturers who, listening to the powerful invitations of a 
 better price for their fabrics, or their labor, of greater cheapness of provisions 
 and raw materials, of an exemption from the chief part of the taxes, bur- 
 thens and restraints, which they endure in the old world, of greater personal 
 independence and consequence, under the operation of a more equal govern- 
 ment, and of what is far more precious than mere religious toleration, a per- 
 fect equality of religious privileges; would probably flock from Europe to 
 the United States, to pursue their own trades or professions, if they were 
 once made sensible of the advantages they would enjoy, and were inspired 
 with an assurance of encouragement and employment, will, with difficulty, 
 be induced to transplant themselves, with a view to becoming cultivators 
 of land. 
 
 If it be true, then, that it is the interest of the United States to open every 
 possible avenue to emigration from abroad, it affords a weighty argument for 
 the encouragement of manufactures; which, for the reasons just assigned;, 
 will have the strongest tendency to multiply the inducements to it. 
 
 Here is perceived an important resource, not only for extending the 
 population, and with it the useful and productive labor of the. country, but 
 
$& REPORT* OF THE j 1791, 
 
 likewise for the prosecution of manufactures, without deducting from the 
 number of hands, which might otherwise be drawn to tillage; and even for 
 the indemnification of agriculture, for such as might happen to be diverted 
 from it. Many, whom manufacturing views would induce to emigrate, 
 would afterwards yield to the temptations which the 'particular situation of 
 this country holds out to agricultural pursuits. And while agriculture would, 
 in other respects, derive many signal and unmingled advantages from the 
 growth of manufactures, it is a problem whether it would gain or lose, as 
 to the article of the number of persons employed in carrying it on. 
 
 . V. As to the furnishing greater scope Jor the diversity of talents and 
 dispositions, which discriminate men from each other. 
 
 This is a much more powerful mean of augmenting the fund of national 
 industry than may at first sight appear.. Jt is a just observation, that minds of* 
 the strongest^md most active powers for their proper objects, fall below medio- 
 crity, and labor without effect, if confined to uncongenial pursuits. And it 
 is thence to be inferred, that the results of human exertion may be im- 
 mensely increased by diversifying its. objects. When all the different kinds 
 of industry obtain in a community, each individual can find his proper 
 element, and can call into activity the whole vigor of his nature. And the 
 community is benefited by the services of its respective members, in the 
 manner in which each can serve it with most effect. 
 
 If there be any thing in a remark often to be met with, namely, that 
 there is, in the genius of the people of this country, a peculiar aptitude for 
 mechanic improvements, it would operate as a forcible reason for giving 
 opportunities to the exercise of that species of talent, by the propagation of 
 manufactures. 
 
 VI. As to the affording a more ample and various field for enterprise. 
 
 This also is of greater consequence in the general scale of national exer- 
 tion, than might perhaps on a superficial view be supposed, and has .effects 
 not altogether dissimilar from those of the circumstance last noticed. To 
 cherish and stimulate the activity of the human mind, by multiplying the 
 objects of enterprise, is not among the least considerable of the expedients 
 by which the wealth of a nation may be promoted. Even things ill them- 
 selves not positively advantageous, sometimes become so, by their tendency 
 to provoke exertion. Every new scene which is opened to the busy nature 
 of man to rouse and exert itself, is the addition of a new energy to the gen- 
 eral stock of effort. 
 
 The spirit of enterprise, useful and prolific as it is, must necessarily be 
 contracted or expanded, in proportion to the simplicity or variety of the 
 occupations and productions which are to be found in a society. It must 
 be less in a nation of mere cultivators, than in a nation of cultivators and 
 merchants; less in a nation of cultivators and merchants, than in a nation 
 of cultivators, artificers and merchants. 
 
 VII. As to the creating, in some instances, a new, and securing in ally 
 a more certain and steady demand, for the surplus produce of the soil. 
 
 This is among the most important of the circumstances which have been 
 indicated. It is a principal mean by which the establishment of manufac- 
 tures contributes to an augmentation of the produce or revenue of a country, 
 and has an immediate and direct relation to the prosperity of agriculture. 
 
 It is evident that the exertions of the husbandman will be steady or fluc- 
 tuating, vigorous or feeble, in proportion to the steadiness or fluctuation, ad- 
 equateness or inadequateness of the markets on which he must depend, for 
 
1791.] SECRETARY OF THE TREASURY. 39 
 
 the vent of the surplus which may be produced by his labor; and that such 
 surplus, in the ordinary course of things, will be greater or less in the same 
 proportion. 
 
 For the purpose of this vent, a domestic market is greatly to be preferred 
 to a foreign one; because it is, in the nature of things, far more to be relied 
 upon. 
 
 It is a primary object of the policy of nations, to be able to supply them- 
 selves with subsistence from their own soils; and manufacturing nations, as 
 far as circumstances permit, endeavor to procure from the same source, 
 the raw materials necessary for their own fabrics. This disposition, urged 
 by the spirit of monopoly, is sometimes even carried to an injudicious ex- 
 treme. It seems not always to be recollected, that nations, who have neither 
 mines nor manufactures, can only obtain the manufactured articles of which 
 they stand in need, by an exchange of the products of their soils; and that, 
 if those who can best furnish them with such articles, are unwilling to give 
 a due course to this exchange, they must, of necessity, make every possible- 
 effort to manufacture for themselves; the effect of which is, that the manu- 
 facturing nations abridge the natural advantages of their situation, through 
 an unwillingness to permit the agricultural countries to enjoy the advantages 
 of theirs, and sacrifice the interests of a mutually beneficial intercourse to the 
 vain project of selling every thing and buying nothing. 
 
 But it is also a consequence of the policy which has been noted, that the 
 foreign demands for the products of agricultural countries, is, in a great degree., 
 rather casual and occasional, than certain or constant. To what extent inju- 
 rious interruptions of the demand for some of the staple commodities of the 
 United States, may have been experienced from that cause, must be referred 
 to the judgment of those who are engaged in carrying on the commerce of 
 the country; but it may be safely affirmed, that such interruptions are, at 
 times, very inconveniently felt, and that cases not unfrequently occur, 
 in which markets are so confined and restricted, as to render the demand 
 very unequal to the supply. 
 
 Independently, likewise, of the artificial impediments which are created 
 by the policy in question, there are natural causes tending to render the ex- 
 ternal demand for the surplus of agricultural nations a precarious reliance. 
 The differences of seasons in the countries which are the consumers, make, 
 immense differences in the produce of their own soils, in different years; and 
 consequently in the degrees of their necessity for foreign supply. Plentiful 
 harvests with them, especially if similar ones occur at the same time in the 
 countries which are the furnishers, occasion, of course, a glut in the markets 
 of the latter. 
 
 Considering how fast, and how much the progress of new settlements 
 in the United States, must increase the surplus produce of the soil, and weigh- 
 ing seriously the tendency of the system which prevails among most of the 
 commercial nations of Europe; whatever dependance may be placed on the 
 force of natural circumstances to counteract the effects of an artificial policy, 
 there appear strong reasons to regard the foreign demand for that surplus, as 
 too uncertain a reliance, and to desire a substitute for it, in an extensive do- 
 mestic market. 
 
 To secure such a market there is no other expedient than to promote 
 manufacturing establishments. Manufacturers, who constitute the most 
 numerous class, after the cultivators of land, arc for that reason the princi- 
 pal consumers of the surplus of their labor. 
 
 This idea of an extensive domestic market for the surplus produce of the 
 
90 REPORTS OF THE [1791. 
 
 soil, is of the first consequence. It is, of all things, that which most effectu- 
 ally conduces to a flourishing state of agriculture. If the effect of manufac- 
 tories should be to detach a portion of the hands which would otherwise be 
 engaged in tillage, it might possibly cause a smaller ^quantity of lands to be 
 under cultivation; but by their tendency to procure a more certain demand 
 for the surplus produce of the soil, they would, at the same time, cause the 
 lands which were in cultivation to be better improved and more productive. 
 And while, by their influence the condition of each individual farmer would 
 be meliorated, the total mass of agricultural production would probably be 
 increased. For this must evidently depend as much upon the degree of im- 
 provement, if not more, than upon the number of acres under culture. 
 
 It merits particular observation, that the multiplication of manufactories not 
 only furnishes a market for those articles which have been accustomed to be 
 produced in^abundance in a country; but it likewise creates a demand for 
 such as were either unknown, or produced in inconsiderable quantities. The 
 bowels, as well as the surface of the earth, are ransacked for articles which 
 were before neglected. Animals, plants, and minerals, acquire an utility and 
 value which were before unexplored. 
 
 The foregoing considerations seem sufficient to establish, as general pro- 
 positions, that it is the interest of nations to diversify the industrious pur- 
 suits of the individuals who compose them. That the establishment of man- 
 ufactures is calculated not only to increase the general stock of useful and 
 productive labor, but even to improve the state of agriculture in particular; 
 certainly to advance the interests of those who are engaged in it. There are 
 other views that will be hereafter taken of the subject, which it is conceived 
 will serve to confirm these inferences. 
 
 III. Previously to a further discussion of the objections to the encourage- 
 ment of manufactures, which have been stated, it will be of use to see what 
 can be said in reference to the particular situation of the United States, 
 against the conclusions appearing to result from what has been already offered. 
 
 It may be observed, and the idea is of no inconsiderable weight, that how- 
 ever true it might be, that a State which, possessing large tracts of vacant 
 and fertile territory, was, at the same time, secluded from foreign commerce, 
 would find its interest and the interest of agriculture, in diverting a part of 
 its population from tillage to manufactures; yet it will not follow, that the 
 same is true of a State which, having such vacant and fertile territory, has, 
 at the same time, ample opportunity of procuring from abroad, on good terms, 
 all the fabrics of .which it stands in need, for the supply of its inhabitants. 
 The power of doing this, at least, secures the great advantage of a division of 
 labor, leaving the farmer free to pursue, exclusively, the culture of his land, 
 and enabling him to procure with its products the manufactured supplies re- 
 quisite either to his wants or to his enjoyments. And though it should be 
 true, that in settled countries, the diversification of industry is conducive to 
 an increase in the productive powers of labor, and to an augmentation of re- 
 venue and capital; yet it is scarcely conceivable that there can be any thing 
 of so solid and permanent advantage to an uncultivated and unpeopled coun- 
 try, as to convert its wastes into cultivated and inhabited districts. If the 
 revenue, in the mean time, -should be less, the capital, in the event, must be 
 greater. 
 
 To these observations, the following appears to be- a satisfactory answer — 
 
 1st. If the system of perfect liberty to industry and commerce, were the 
 prevailing system of nations, the arguments which dissuade a country in the 
 
1791.] SECRETARY GF THE TREASURY. 91 
 
 jpredicament of the United States, from the zealous pursuit of manufactures* 
 would doubtless have great force. It will not be affirmed that they might 
 not be permitted, with few exceptions to serve as a rule of national conducti 
 In such a state of things, each country would have the full benefit of its pe- 
 euliar advantages to compensate for its deficiencies or disadvantages. If one 
 nation were in a condition to supply manufactured articled, on better terms 
 than another, that other might find an abundant indemnification in a supe- 
 rior capacity to furnish the produce of the soil. And a free exchange, mutu- 
 ally beneficial, of the commodities which each was able to supply, on the 
 best terms, might be carried on between them, supporting, in full vigor, the 
 industry of each. And though the circumstances, which have been men- 
 tioned, and others which will be unfolded hereafter, render it probable, that 
 nations, merely agricultural, would not enjoy the same degree of opulence* 
 in proportion to their numbers, as those which united manufactures with ag- 
 riculture; yet the progressive improvement of the lands of the former might, 
 in the end, atone for an inferior degree of opulence in the mean time; and in 
 a case in which opposite considerations are pretty equally balanced, the op- 
 tion ought, perhaps, always to be in favor of leaving industry to its own di- 
 rection. 
 
 But the system which has been mentioned, is far from characterizing the 
 general policy of nations. The prevalent one has been regulated by an op- 
 posite spirit. The consequence of it is, that the United States are, to a cer- 
 tain extent, in the situation of a country, precluded from foreign commerce. 
 They can, indeed, without difficulty, obtain from abroad the manufactured 
 supplies of which they are in want; but they experience numerous and very 
 injurious impediments to the emission and vent of their own commodities. 
 Nor is this the case in reference to a single foreign nation only. The regula- 
 tions of several countries, with which we have the most extensive intercourse, 
 throw serious obstructions in the way of the principal staples of the United 
 States. 
 
 In such a position of things, the United States cannot exchange with Eu- 
 rope on equal terms; and the want of reciprocity would render them the vic- 
 tim of a system which should induce them to confine their views to agricul- 
 ture, and refrain from manufactures. A constant and increasing necessity, on 
 their part, for the commodities of Europe, and only a partial and occasional 
 demand for their own, in return, could not but expose them to a state of im- 
 poverishment, compared with the opulence to which their political and na- 
 tural advantages authorize them to aspire. 
 
 Remarks of this kind are not made in the spirit of complaint. It is for 
 the nations whose regulations are alluded to, to judge for themselves, 
 whether, by aiming at too much, they do not lose more than they gain. It is 
 for the United States to consider, by what means they can render themselves 
 least dependant on the combinations, right or wrong, of foreign policy. 
 
 It is no small consolation, that already the measures which have embarrass- 
 ed our trade, have accelerated internal improvements, which, upon the 
 whole> have bettered our affairs. To diversify and extend these improve- 
 ments, is the surest and safest method of indemnifying ourselves for any in 
 conveniences which those or similar measures have a tendency to beget. If 
 Europe will not take from us the products of our soil, upon terms consistent 
 with our interest, the natural remedy is to contract, as fast as possible, our 
 wants of her. 
 
 2d. The conversion of their waste into cultivated lands, is certainly a point 
 13 
 
3^ REPORTS OF THE [1791 . 
 
 of great moment, in the political calculations of the United States. But the 
 degree in which this may possibly be retarded, by the encouragement of 
 manufactories, does not appear to countervail the powerful inducements t© 
 affording that encouragement. 
 
 An observation made in another place, is of a nature to have great influ- 
 ence upon this question. If it cannot be denied, that the interests, even of 
 agriculture, may be advanced more by having such of the lands of a State as 
 are occupied, under good cultivation, than by having a greater quantity oc- 
 cupied under a much inferior cultivation; and, if manufactories, for the rea- 
 sons assigned, must be admitted to have a tendency to promote a more stea- 
 dy and vigorous cultivation of the lands occupied,. than would happen with- 
 out them, it will follow, that they are capable of indemnifying a country for 
 a diminution of the progress of new settlements; and may serve to increase 
 both the capital value and the income of its lands, even though they 
 should abridge the number of acres under tillage. 
 
 But it does, by no means, follow, that the progress of new settlements 
 would be retarded by the extension of manufactures. The desire of being an 
 independent proprietor of land, is founded on such strong principles in the hu- 
 man breast, that where the opportunity of becoming so is as great as it is in 
 the United States, the proportion will be small of those whose situations 
 would otherwise lead to it, who would be diverted from it towards manufac- 
 tures. And it is highly probable, as already intimated, that the accessions 
 of foreigners who, originally drawn over by manufacturing views, would af- 
 terwards abandon them for agricultural, would be more than an equivalent for 
 those of our own citizens who might happen to be detached from them. 
 
 The remaining objections to a particular encouragement of manufactures 
 in the United States, now require to be examined. 
 
 One of these turns on the proposition, that industry, if left to itself, will 
 naturally find its way to the most useful and profitable employment. Whence 
 it is inferred, that manufactures, without, the aid of government, will grow up 
 as soon and as fast as the natural state of things and the interest of the com- 
 munity may require. 
 
 Against the solidity of this hypothesis, in the full latitude of the terms, 
 very cogent reasons may be offered. These have relation to the strong influ- 
 ence of habit and the spirit of imitation, the fear of want of success in untried 
 enterprises, the intrinsic difficulties incident to first essays towards a com- 
 petition with those who have previously attained to perfection in the business 
 to be attempted, the bounties, premiums and other artificial encouragements, 
 with which foreign nations second the exertions of their own citizens, in the 
 branches in which they, are to be rivalled. 
 
 Experience teaches, that men are often so much governed by what they are 
 accustomed to see and practise, that the simplest and most obvious improve-^ 
 ments, in the most ordinary occupations, are adopted with hesitation, reluc- 
 tance, and by slow gradations. The spontaneous transition to new pursuits, 
 in a community long habituated to different ones, may be expected to be attend- 
 ed with proportionally greater difficulty. When former occupations ceased 
 to yield a profit adequate to the subsistence of their followers, or when there 
 was an absolute deficiency of employment in them, owing to the superabun- 
 dance of hands, changes would ensue; but these changes would be likely t© 
 be more tardy than might consist with the interest either of individuals or 
 i of the society. In many cases they would not happen, while a bare support 
 could be ensured by an adherence to ancient courses, though a resort to a 
 
1791.] SECRETARY OF THE TREASURY. 93 
 
 more profitable employment might be practicable. To produce the desira- 
 ble changes as early as may be expedient, may therefore require the incite- 
 ment and patronage of government. 
 
 The apprehension of failing in new attempts, is, perhaps, a mdre serious 
 impediment. There are dispositions apt to be attracted by the mere novel- 
 ty of an undertaking; but these are not always those best calculated to give 
 it success. To this, it is of importance, that the confidence of cautious, sa- 
 gacious capitalists, both citizens and foreigners, should be excited. And to 
 inspire this description of persons with confidence, it is essential that they 
 should be made to see in any project which is new, and for that reason alone, 
 if for no other, precarious, the prospect of such a degree of countenance and 
 support from government, as may be capable of overcoming the obstacles 
 inseparable from the first experiments. 
 
 The superiority antecedently enjoyed by nations who have pre-occupied 
 and perfected a branch of industry, constitutes a more formidable obstacle 
 than either of those which have been mentioned, to the introduction of the 
 same branch into a country in which it did not before exist. To maintain, 
 between the recent establishments of one country, and the long matured es- 
 tablishments of another country, a competition upon equal terms, both as to 
 quality and price, is, in most cases, impracticable. The disparity, in the 
 one, or in the other, or in both, must necessarily be so considerable, as to 
 forbid a successful rivalship, without the extraordinary aid and protection of 
 government. 
 
 But the greatest obstacle of all to the successful prosecution of a new 
 branch of industry in a country in which it was before unknown, consists, 
 as far as the instances apply, in the bounties, premiums, and other aids, which 
 are granted in a variety of cases, by the nations in which the establishments 
 to be imitated are previously introduced. It is well known (and particular 
 examples, in the course of this report will be cited) that certain nations 
 grant bounties on the exportation of particular commodities, to enable their 
 own workmen to undersell and supplant all competitors, in the countries to 
 which those commodities are sent. Hence the undertakers of a new manufac- 
 ture have to contend, not only with the natural disadvantages of a new un- 
 dertaking, but with the gratuities and remunerations which other govern- 
 ments bestow. To be enabled to contend with success, it is evident, that 
 the interference and aid of their own governments are indispensable. 
 
 Combinations by those engaged in a particular branch of business, in one 
 country, to frustrate the first efforts to introduce it into another, by tempo- 
 rary sacrifices, recompensed, perhaps, by extraordinary indemnifications of 
 the government of such country, are believed to have existed, and are not to 
 be regarded as destitute of probability. The existence or assurance of aid 
 from the government of the country in which the business is to be introduced, 
 may be essential to fortify adventurers against the dread of such combi- 
 nations — to defeat their effects, if formed, and to prevent their being formed 
 by demonstrating that they must in the end prove fruitless. 
 
 Whatever room there may be for an expectation, that the industry of a 
 people, under the direction of private interest, will, upon equal terms, find 
 out the most beneficial employment for itself, there is none for a reliance, 
 that it will struggle against the force of unequal terms, or will, of itself, sur- 
 mount all the adventitious barriers to a successful competition, which may 
 have been erected, either by the advantages naturally acquired from practice, 
 ^and previous possession of the ground, or by those which may have sprun^ 
 
9 4 REPORTS OF THE [1791, 
 
 from positive regulations and an artificial policy. This general reflection 
 might alone suffice as an answer to the objection under examination; exclu- 
 sively of the weighty considerations which have been particularly urged. 
 
 The objections to the pursuit of manufactures in the United States, which 
 next present themselves to discussion, represent an impracticability of suc- 
 cess, arising from three causes — scarcity of hands, dearness of labor, want of 
 capital. 
 
 The two first circumstances are, to a certain extent, real; and, within due 
 limits, ought to be admitted as obstacles to the success of manufacturing en- 
 terprise in the United States. But there are various considerations which 
 lessen their force, and tend t© afford an assurance, that they are not sufficient 
 to prevent the advantageous prosecution of many very useful and extensive 
 manufactories. 
 
 With regard to scarcity of hands, the fact itself must be applied with no 
 small qualification to certain parts of the United States. There are large 
 districts which may be considered as pretty fully peopled; and which, not- 
 withstanding a continual drain for distant settlement, are thickly interspersed 
 with flourishing and increasing towns. If these districts have not already 
 reached the point at which the complaint of scarcity of hands ceases, they 
 are not remote from it, and are approaching fast towards it: And havings 
 perhaps, fewer attractions to agriculture than some other parts of the 
 Union, they exhibit a proportionally stronger tendenc) 7 towards other kinds 
 of industry. In these districts may be discerned no inconsiderable maturity 
 for manufacturing establishments. 
 
 But there are circumstances, which have been already noticed, with another 
 view, that materially diminish, every where, the effect of a scarcity of 
 hands. These circumstances are — the great use which can he made of wo- 
 men and children; on which point a very pregnant and instructive fact has 
 been mentioned; the vast extension given by late improvements to the em- 
 ployment, of machines, which, substituting the agency of fire and water, has 
 prodigiously lessened the necessity for manual labor; the employment of 
 persons ordinarily engaged in other occupations, during the seasons or hours 
 of leisure; which, besides giving occasion to the exertion of a greater quan- 
 tity of labor, by the same number of persons, and thereby increasing the ge- 
 neral stock of labor, as has been elsewhere remarked, may also be taken 
 into the calculation, as a resource for obviating the scarcity of hands : lastly, 
 the attraction of foreign emigrants. Whoever inspects, with a careful eye, 
 the composition of our towns, will be made sensible to what an extent this 
 resource may be relied upon. This exhibits a large proportion of ingenious 
 and valuable workmen in different arts and trades, who, by expatriating 
 from Europe, have improved their own condition, and added to the indus- 
 try and wealth of the United States. It is a natural inference from the ex- 
 perience we have already had, that, as soon as the United States shall present 
 the countenance of a serious prosecution of manufactures, as soon as foreign 
 artists shall be made sensible that the state of things here affords a moral 
 certainty of employment and encouragement, competent numbers of Euro- 
 pean workmen will transplant themselves, effectually to ensure the success 
 of the design. How, indeed, can it otherwise happen, considering the various 
 and powerful inducements which the situation of this country offers; ad- 
 dressing themselves to so many strong passions and feelings, to so many ge- 
 neral and particular interests. 
 
 It may be affirmed, therefore, in respect to hands for carrying on manu- 
 
1791.] SECRETARY OF THE TREASURY. 95 
 
 iactures, that we shall, in a great measure, trade upon a foreign stock, reserv- 
 ing our own for the cultivation of our lands and the manning of our ships, 
 as far as character and circumstances shall incline. It is not unworthy of re- 
 mark, that the objection to the success of manufactures, deduced from the 
 scarcity of hands, is alike applicable to trade and navigation, and yet these 
 are perceived to flourish, without any sensible impediment from that cause. 
 
 As to the dearness of labor, (another of the obstacles alleged,) this has re- 
 lation principally to two circumstances: one, that which has just been dis- 
 cussed, or the scarcity of hands; the other, the greatness of profits. 
 
 As far as it is a consequence of the scarcity of hands, it is mitigated by all 
 the considerations which have been adduced as lessening that deficiency. 
 It is certain, too, that the disparity in this respect, between some of the 
 most manufacturing parts of Europe, and a large proportion of the United 
 States, is not nearly so great as is commonly imagined. It is also much less 
 in regard to artificers and manufacturers, than in regard to country laborers; 
 and while a careful comparison shows that there is, in this particular, much 
 exaggeration; it is also evident, that the effect of the degree of disparity, 
 which does truly exist, is diminished in proportion to the use which can be 
 made of machinery. 
 
 To illustrate this last idea, let it be supposed that the difference of price, 
 in two countries, of a given quantity of manual labor requisite to the fabri- 
 cation of a given article, is as ten ; and that some mechanic power is intro- 
 duced into both countries, which, performing half the necessary labor, leaves 
 only half to be done by hand; it is evident that the difference in the cost of 
 the fabrication of the article in question, in the two countries, as far as it is 
 connected with the price of labor, will be reduced from ten to five, in con- 
 sequence of the introduction of that power. 
 
 This circumstance is worthy of the most particular attention. It dimin- 
 ishes immensely one of the objections most strenuously urged against the 
 success of manufactures in the United States. 
 
 To procure all such machines as are known in any part of Europe, can 
 only require a proper provision and due pains. The knowledge of several 
 of the most important of them is already possessed. The preparation of 
 them here is, in most cases, practicable on nearly equal terms. As far as 
 they depend on water, some superiority of advantages may be claimed, from 
 the uncommon variety and greater cheapness of situations adapted to mill- 
 seats, with which different parts of the United States abound, 
 
 So far as the dearness of labor may be a consequence of the greatness 
 of profits in any branch of business, it is no obstacle to its success. The 
 undertaker can afford to pay the price. 
 
 There are grounds to conclude, that undertakers of manufactures in this 
 country, can, at this time, afford to pay higher wages to the workmen they 
 may employ, than are paid to similar workmen in Europe. The prices of 
 foreign fabrics, in the markets of the United States, which will, for a long 
 time, regulate the prices of the domestic ones, may be considered as com- 
 pounded of the following ingredients. The first cost of materials, including 
 the taxes, if any, which are paid upon them where they are made; the ex- 
 pense of grounds, buildings, machinery and tools; the wages of the persons 
 employed in the manufactory; the profits on the capital or stock employed; 
 the commissions of agents to purchase them where they are made; the ex- 
 pense of transportation to the United States, including insurance and other- 
 incidental charges; the taxes or duties, if any, and fees of office, which are 
 
9 6 REPORTS OF THE [1791. 
 
 paid on their exportation; the taxes or duties, and fees of office, which are 
 paid on their importation. 
 
 As to the first of these items, the cost of materials, the advantage, upon 
 the whole, is at present on the side of the United States; and the difference 
 in their favor must increase, in proportion as a certain and extensive do- 
 mestic demand shall induce the proprietors of land to devote more of their 
 attention to the production of those materials. It ought not to escape ob- 
 servation, in a comparison on this point, that some of the principal manu- 
 facturing countries of Europe are much more dependant on foreign supply 
 for the materials of their manufactures, than would be the United States, 
 who are capable of supplying themselves with a greater abundance, as well 
 as a greater variety of the requisite materials. 
 
 As to the second item, the expense of grounds, buildings, machinery, and 
 tools, an equality, at least, may be assumed; since advantages, in some par- 
 ticulars, will counterbalance temporary disadvantages in others. 
 
 As to the third item, or the article of wages, the comparison certainly 
 turns against the United States; though, as before observed, not in so great 
 a degree as is commonly supposed. 
 
 The fourth item is alike applicable to the foreign and to the domestic ma- 
 nufacture. It is, indeed, more properly a result, than a particular to be 
 compared. 
 
 But with respect to all the remaining items, they are alone applicable to 
 the foreign manufacture, and, in the strictest sense, extraordinaries; consti- 
 tuting a sum of extra charge on the foreign fabric, which cannot be esti- 
 mated at less than from fifteen to thirty per cent, on the cost of it at the 
 manufactory. 
 
 This sum of extra charge may confidently be regarded as more than a 
 counterpoise for the real difference in the price of labor; and is a satisfactory 
 proof that manufactures may prosper, in defiance of it, in the United States. 
 
 To the general allegation, connected with the circumstances of scarcity 
 of hands and dearness of labor, that extensive manufactures can only grow 
 out of a redundant or full population, it will be sufficient to answer general- 
 ly, that the fact has been otherwise. That the situation alleged to be an 
 essential condition of success, has not been that of several nations, at pe- 
 riods when they had already attained to maturity in a variety of manufac- 
 tures. 
 
 The supposed want of capital for the prosecution of manufactures in the 
 United States, is the most indefinite of the objections which are usually 
 opposed to it. 
 
 It is very difficult to pronounce any thing precise concerning the real ex- 
 tent of the monied capital of a country, and still more concerning the pro- 
 portion w%iich it bears to the objects that invite the employment of capital. 
 It is not less difficult to pronounce, how far the effect of any given quantity 
 of money, as capita], or in other words, as a medium for circulating the 
 industry and property of a nation, may be increased by the very circum- 
 stance of the additional motion which is given to it, by new objects of em- 
 ployment. That effect, like the momentum of descending bodies, may not 
 improperly be represented as in a compound ratio to mass and velocity. 
 It seems pretty certain, that a given sum of money, in a situation in which 
 the quick impulses of commercial activity were little felt, would appear in- 
 adequate to the circulation of as great a quantity of industry and property, 
 as in one in which their full influence was experienced. 
 
1791.1 SECRETARY OF THE TREASURY. 97 
 
 It is not obvious why the same objection might not as well be made to 
 external commerce, as to manufactures; since it is manifest, that our im- 
 mense tracts of land, occupied and unoccupied, are capable of giving em- 
 ployment to more capital than is actually bestowed on them. It is cer- 
 tain that the United States offer a vast field for the advantageous employ- 
 ment of capital; but it does not follow that there will not be found, in one 
 way or another, a sufficient fund for the successful prosecution of any spe- 
 cies of industry which is likely to prove truly beneficial. 
 
 The following considerations are of a nature to remove all inquietude on 
 the score of want of capital. 
 
 The introduction of banks, as has been shown on another occasion, has a 
 powerful tendency to extend the active capital of a country. Experience 
 of the utility of these institutions, is multiplying them in the United States. 
 It is probable that they will be established wherever they can exist with ad- 
 vantage; and wherever they can be supported, if administered with pru- 
 dence, they will add new energies to all pecuniary operations. 
 
 The aid of foreign capital may safely, and with considerable latitude, be 
 taken into calculation. Its instrumentality has been long experienced in 
 our external commerce; and it has begun to be felt in various other modes. 
 Not only our funds, but our agriculture, and other internal improvements, 
 have been animated by it. It has already, in a few instances, extended even 
 to our manufactures. 
 
 It is a well known fact, that there are parts of Europe which have more 
 capital than profitable domestic objects of employment. Hence, among 
 other proofs, the large loans continually furnished to foreign States. And 
 it is equally certain, that the capital of other parts may find more profitable 
 employment in the United States than at home. And, notwithstanding 
 there are weighty inducements to prefer the employment of capital at 
 home, even at less profit, to an investment of it abroad, though with greater 
 gain, yet these inducements are overruled, either by a deficiency of em- 
 ployment, or by a very material difference in profit. Both these causes 
 operate to produce a transfer of foreign capital to the United States. It is 
 certain that various objects in this country hold out advantages, which are 
 with difficulty to be equalled elsewhere; and under the increasingly favorable 
 impressions which are entertained of our government, the attractions will 
 become more and more strong. These impressions will prove a rich mine 
 of prosperity to the country, if they are confirmed and strengthened by the 
 progress of our affairs. And, to secure this advantage, little more is neces- 
 sary, than to foster industry, and cultivate order and tranquillity, at home 
 and abroad. 
 
 It is not impossible, that there may be persons disposed to look, with a 
 jealous eye, on the introduction of foreign capital, as if it were an instrument 
 to deprive our own citizens of the profits of our own industry : But, perhaps, 
 there never could be a more unreasonable jealousy. Instead of being viewed 
 as a rival, it ought to be considered as a most valuable auxiliary; conducing 
 to put in motion a greater quantity of productive labor, and a greater portion 
 of useful enterprise, than could exist without it. It is at least evident, 
 that in a country situated like the United States, with an infinite fund of re- 
 sources yet to be unfolded, every farthing of foreign capital which is laid 
 out in internal meliorations, and in industrious establishments of a perma- 
 nent nature, is a precious acquisition. 
 
 And, whatever be the objects which originally attract foreign capital, 
 
98 REPORTS OF THE [1791, 
 
 when once introduced, it may be directed towards any purpose of beneficial 
 exertion, which is desired. And to detain it among us, there can be no ex- 
 pedient so effectual, as to enlarge the sphere within which it may be use- 
 fully employed: though introduced merely with views to speculations in 
 the funds, it may afterwards be rendered subservient to the interests of agri- 
 culture, commerce, and manufactures. 
 
 But the attraction of foreign capital for the direct purpose of manufactures* 
 ought not to be deemed a chimerical expectation. There are already ex- 
 amples of it, as remarked in another place. And the examples, if the 
 disposition be cultivated, can hardly fail to multiply. There are also instances 
 of another kind, which serve to strengthen the expectation; enterprises for 
 improving the public communications, by cutting canals, opening the obstruc- 
 tions in rivers, and erecting bridges, have received very material aid from 
 the same source. 
 
 When the Thanu factoring capitalist of Europe shall advert to the many 
 important advantages which have been intimated in the course of this re- 
 port, he cannot but perceive very powerful inducements to a transfer of 
 himself and his capital to the United States. Among the reflections which 
 a most interesting peculiarity of situation is calculated to suggest, it can- 
 not escape his observation, as a circumstance of moment in the calculation? 
 that the progressive population and improvement of the United States, en- 
 sure a continually increasing domestic demand for the fabrics which he shall 
 produce, not to be affected by any external casualties or vicissitudes. 
 
 But, while there are circumstances sufficiently strong to authorize a con- 
 siderable degree of reliance on the aid of foreign capital, towards the attain- 
 ment of the object in view, it is satisfactory to have good grounds of assur- 
 ance, that there are domestic resources of themselves adequate to it. It 
 happens that there is a species of capital, actually existing with the United 
 States, which relieves from all inquietude, on the score of want of capital. 
 This is the funded debt. 
 
 The effect of a funded debt, as a species of capital, has been noticed upon 
 a former occasion; but a more particular elucidation of the point seems to be 
 required by the stress which is here laid upon it. This shall, accordingly, 
 be attempted. 
 
 Public funds answer the purpose of capital, from the estimation in which 
 they are usually held by monied men; and consequently from the ease and 
 despatch with which they can be turned into money. This capacity of 
 prompt convertibility into money, causes a transfer of stock to be, in a great 
 number of cases, equivalent to a payment in coin. And where it does not 
 happen to suit the party who is to receive, to accept a transfer of stock, the 
 party who is to pay, is never at a loss to find, elsewhere, a purchaser of his 
 stock, who will furnish him, in lieu of it, with the coin of which he stands 
 in need. 
 
 Hence, in a sound and settled state of the public funds, a man possessed of 
 a sum in them, can embrace any scheme of business which offers, with as 
 much confidence as if he were possessed of an equal sum in coin. 
 
 This operation of public funds as capital, is too obvious to be denied; but 
 it is objected to the idea of their operating as an augmentation of the capital 
 of the community, that they serve to occasion the destruction of some other 
 capital, to an equal amount. 
 
 The capital, which alone they can be supposed to destroy, must consist of— 
 
 The annual revenue, which is applied to the payment of interest on the 
 
1791.1 SECRETARY OF THE TREASURY. 99 
 
 debt, and to the gradual redemption of the principal — the amount of the 
 coin, which is employed in circulating the funds, or, in other words, in effect* 
 ing the different alienations which they undergo. 
 
 But the following appears to be the true and accurate view of this matter; 
 
 1st. As to the point of the annual revenue requisite for payment of inter- 
 est and redemption of principal. 
 
 As a determinate proportion will tend to perspicuity in the reasoning, let 
 it be supposed that the annual revenue to be applied, corresponding with 
 the modification of the six per cent, stock of the United States, is in the ratio 
 of eight upon the hundred; that is, in the first instance, six on account of in- 
 terest, and two on account of principal. 
 
 Thus far, it is evident, that the capital destroyed, to the capital created, 
 would bear no greater proportion than eight to one hundred. There would 
 be withdrawn, from the total mass of other capitals, a sum of eight dollars to 
 be paid to the public creditor; while he would be possessed of a sum of one 
 hundred dollars, ready to be applied to any purpose, to be embarked in any 
 enterprise which might appear to him eligible — Here, then, the augmenta- 
 tion of capital, or the excess of that which is produced beyond that which is 
 destroyed, is equal to ninety-two dollars 
 
 To this conclusion it may be objected, that the sum of eight dollars is to 
 be withdrawn annually, until the whole hundred is extinguished; and it may 
 be inferred, that, in process of time, a capital will be destroyed equal to that 
 which is at first created. 
 
 But it is nevertheless true, that during the whole of the interval, between 
 the creation of the capital of one hundred dollars, and its reduction to a sum 
 not greater than that of the annual revenue appropriated to its redemption,, 
 there will be a greater active capital in existence, than if no debt had been 
 contracted. The sum drawn from other capitals in any one year will not ex- 
 ceed eight dollars; but there will be, at every instant of time during the 
 whole period in question, a sum corresponding with so much of the princi- 
 pal as remains unredeemed, in the hands of some person or other, employ- 
 ed, or ready to be employed in some profitable undertaking. There will, 
 therefore, constantly be more capital in capacity to be employed, than capi- 
 tal taken from employment. The excess, for the first year, has been stated 
 to be ninety-two dollars; it will diminish yearly; but there always will be an 
 excess, until the principal of the debt is brought to a level with the redeem- 
 ing annuity; that is, in the case which has been assumed, by way of exam- 
 ple, to eight dollars. The reality of this excess becomes palpable, if it be 
 supposed, as often happens, that the citizen of a foreign country imports in- 
 to the United one hundred dollars for the purchase of an equal sum of pub- 
 lic debt — here is an absolute augmentation of the mass of circulating coin to 
 the extent of one hundred dollars. At the end of a year, the foreigner is 
 presumed to draw back eight dollars on account of his principal and interest, 
 but he still leaves ninety-two of his original deposite in circulation, as 
 he, in like manner, leaves eighty -four at the end of the second year, draw- 
 ing back then also the annuity of eight dollars. And thus the matter pro- 
 ceeds: the capital left in circulation diminishing, each year, and com- 
 ing nearer to the level of the annuity drawn back. There are, how- 
 ever, some differences in the ultimate operation of the part of the debt 
 which is purchased by foreigners, and that which remains in the hands of 
 citizens. But the general effect in each case, though in different degrees, 
 is to add to the active capital of the country, 
 14 
 
100 Reports of the [1791, 
 
 Hitherto the reasoning has proceeded on a concession of the position, that 
 there is a destruction of some other capital, to the extent of the annuity ap- 
 propriated to the payment of the interest, and the redemption of the princi- 
 pal of the debt; but in this too much has been conceded. There is, at most, 
 a temporary transfer of some other capital, to the amount of the annuity, 
 from those who pay to the creditor, who receives; whichhe again restores to 
 the circulation, to resume the offices of a capital. This he does either imme- 
 diately, by employing the money in some branch of industry, or mediate- 
 ly, by lending it to some other person, who does so employ it, or by spend- 
 ing it on his own maintenance. In either supposition, there is no destruc- 
 tion of capital; there is nothing more than a suspension of its motion for a 
 time: that is, while it is passing from the hands of those who pay into the 
 public coffers, and thence through the public creditor into some other channel 
 of circulation. — When the payments of interest are periodical and quick, and 
 made by the instrumentality of banks, the diversion or suspension of capital 
 may almost be denominated momentary. Hence the deduction, on this ac- 
 count, is far less than it at first sight appears to be. 
 
 There is evidently, as far as regards the annuity, no destruction nor trans- 
 fer of any other capital than that portion of the income of each individual, 
 which goes to make up the annuity. The land which furnishes the farmer 
 with the sum which he is to contribute, remains the same; and the like may 
 be observed of other capitals. Indeed, as far as the tax, which is the object 
 of contribution (as frequently happens, when it does not oppress by its weight) 
 may have been a motive to greater exertion in any occupation, it may even 
 serve to increase the contributory capital. This idea is not without import- 
 ance in the general view of the subject. 
 
 It remains to see, what farther deduction ought to be made from the capi- 
 tal which is created, by the existence of the debt, on account of the coin which 
 is employed in its circulation. This is susceptible of much less precise cal- 
 culation, than the article which has been just discussed. It is impossible to 
 say what proportion of coin is necessary to carry on the alienations which 
 any species of property usually undergoes. The quantity, indeed, varies ac- 
 cording to circumstances. But it may still, without hesitation, be pronounced, 
 from the quickness of the rotation, or rather of the transitions, that the me- 
 dium of circulation always bears but a small proportion to the amount of the 
 property circulated. And it is thence satisfactorily deducible, that the coin 
 employed in the negotiations of the funds, and which serves to give them ac- 
 tivity, as capital, is incomparably less than the sum of the debt negotiated 
 for the purpose of business. 
 
 It ought not, however, to be omitted, thatthe negotiation of the funds'becomes 
 itself a distinct business; which employs, and by employing, diverts a por- 
 tion of the circulating coin from other pursuits. But making due allowance 
 for this circumstance, there is no reason to conclude, that the effect of the 
 diversion of coin, in the whole operation, bears any considerable proportion 
 to the amount of the capital, to which it gives activity. The sum of the 
 debt in circulation is continually at the command of any useful enterprise: the 
 coin itself which circulates it, is never more than momentarily suspended 
 from its ordinary functions. It experiences an incessant and rapid flux and re- 
 flux, toand from the channels of industry to those of speculations in the funds. 
 
 There are strong circumstances in confirmation of this theory. The force 
 of monied capital, which has been displayed in Great Britain, and the height to 
 which every species of industry has grown up under it, defy a solution from 
 
1791.1 SECRETARY OF THE TREASURY. 101 
 
 the quantity of coin which that kingdom has ever possessed. Accordingly, 
 it has been coeval with its funding system, the prevailing opinion of the men 
 of business, and of the generality of the most sagacious theorists of that coun- 
 try, that the operation of the public funds, as capital, has contributed to the 
 effect in question. Among ourselves, appearances thus far favor the same 
 conclusion. Industry, in general, seems to have been re-animated. 
 There are symptoms indicating an extension of our commerce. Our 
 navigation has certainly, of late, had a considerable spring, and there 
 appears to be, in many parts of the Union, a command of capital, which, till 
 lately, since the revolution at least, was unknown. But it is at the same time 
 to be acknowledged, that other circumstances have concurred, (and in a great 
 degree,) in producing the present state of things, and that the appearances 
 are not yet sufficiently decisive to be entirely relied upon. 
 
 In the question under discussion, it is important to distinguish between an 
 absolute increase of capital, or an accession of real wealth, and an artificial in-^ 
 crease of capital, as an engine of business, or as an instrument of industry and 
 commerce. In the first sense, a funded debt has no pretensions to being 
 deemed an increase of capital; in the last, it has pretensions which are not 
 easy to be controverted. Of a similar nature is bank credit; and, in an in- 
 ferior degree, every species of private credit. 
 
 But though a funded debt is not, in the first instance, an absolute increase 
 of capital, or an augmentation of real wealth; yet by serving as a new power 
 in the operations of industry, it has, within certain bounds, a tendency to in- 
 crease the real wealth of a community; in like manner, as money borrowed 
 by a thrifty farmer, to be laid out in the improvement of his farm, may, in 
 the end, add to his stock of real riches. 
 
 There are respectable individuals, who, from a just aversion to an accu- 
 mulation of public debt, are unwilling to concede to it any kind of utility, 
 who can discern no good to alleviate the ill with which they suppose it 
 pregnant; who cannot be persuaded that it ought, in any sense, to be view- 
 ed as an increase of capital, lest it should be inferred, that the more debt the 
 more capital, the greater the burthens the greater the blessings of the com- 
 munity. 
 
 But it interests the public councils to estimate every object as it truly is, 
 to appreciate how far the good, in any measure, is compensated by the ill, 
 or the ill by the good: either of them is seldom unmixed. 
 
 Neither will it follow that an accumulation of debt is desirable, because a 
 certain degree of it operates as capital. There may be a plethora in the po- 
 litical as in the natural body; there may be a state of things in which any 
 such artificial capital is unnecessary. The debt, too, may be swelled to such 
 a size as that the greatest part of it may cease to be useful as a capital, serving 
 only to pamper the dissipation of idle and dissolute individuals; as that 
 the sums required to pay the interest upon it may become oppressive, and 
 beyond the means which a government can employ, consistently with its 
 tranquillity, to raise them; as that the resources of taxation to face the debt 
 may have been strained too far to admit of extensions adequate to exigencies, 
 which regard the public safety. 
 
 Where this critical point is cannot be pronounced; but it is impossible to 
 believe that there is not such a point. 
 
 And as the vicissitudes of nations beget a perpetual tendency to the- accu- 
 mulation of debt, there ought to be, in every government, a perpetual, anxi- 
 ous, and unceasing effort to reduce that which at any time exists, as fast as 
 phall be practicable, consistently with integrity and good faith- 
 
j 02 ] REPORTS OF THE fl79i; 
 
 Reasonings on a subject comprehending ideas so abstract and complex, so 
 little reducible to a precise calculation, as those which enter into the question 
 just discussed, are always attended with a danger of running into fallacies. 
 Due allowance ought, therefore, to be made for this possibility. But, as far 
 as the nature of the subject admits of it, there appears to be satisfactory 
 ground for a belief that the public funds operate as a resource of capital to 
 the citizens of the United States; and, if they are a resource at all, it is an 
 extensive one. 
 
 To all the arguments which are brought* to evince the impracticability of 
 success in manufacturing establishments in the United States, it might have 
 been a sufficient answer to have referred to the experience of what has been 
 already done. It is certain that several important branches have grown up 
 and flourished with a rapidity which surprises, affording an encouraging as- 
 surance of success in future attempts: of these it may not be improper to enu- 
 merate the most considerable. 
 
 I. Of Skins. — Tanned and tawed leather, dressed skins, shoes, boots, 
 and slippers, harness, and saddlery of all kinds, portmanteaus and trunks, 
 leather breeches, gloves, muffs and tippets, parchment and glue. 
 
 II. Of' Iron.— Bar and sheet iron, steel nail rods and nails, implements 
 of husbandry, stoves, pots, and other household utensils, the steel and iron 
 work of carriages, and for ship building, anchors, scale beams and weights, 
 and various tools of artificers, arms of different kinds; though the manufac- 
 ture of these last has of late diminished for want of demand. 
 
 III. Of Wood. — Ships, cabinet wares, and turnery, wool and cotton 
 cards, and other machinery for manufactures and husbandry, mathematical 
 instruments, coopers' wares of everjr kind. 
 
 IV. Of Flax and Hemp. — Cables, sail cloth, cordage, twine, and pack 
 thread. 
 
 V. Bricks and coarse tiles, and potters' wares. 
 
 VI. Ardent spirits and malt liquors. 
 
 VII. Writing and printing paper, sheathing and wrapping paper, paste 
 boards, fullers or press papers, paper hangings. 
 
 VIII. Hats of fur and wool, and of mixtures of both; women's stuff and 
 fsilk shoes. 
 
 IX. Refined sugars. 
 
 X. Oils of animals and seeds, soap, spermaceti and tallow candles. 
 
 XI. Copper and brass wires, particularly utensils for distillers, sugar re- 
 finers, and brewers; andirons and other articles for household use, philo- 
 sophical apparatus. 
 
 XII. Tin wares for most purposes of ordinary use, 
 XTI. Carriages of all kinds. 
 
 XIV. Snuff, chewing, and smoking tobacco. 
 
 XV. Starch and hair-powder. 
 
 XVI. Lampblack and other painters' colors. 
 
 XVII. Gunpowder. 
 
 Besides manufactories of these articles, which are carried on as regular 
 trades, and have attained to a considerable degree of maturity, there is a 
 vast scene of household manufacturing, which contributes more largely to 
 the supply of the community than could be imagined, without having made 
 it an object of particular inquiry. This observation is the pleasing result of 
 the investigation to which the subject of this report has led, and is applica- 
 ble as well to the southern as to the middle and northern States. Great, 
 
1701.] SECRETARY OF THE TREASURY. 103 
 
 quantities of coarse cloths, coatings, serges, and flannels, linsey woolseys, 
 hosiery of wool, cotton and thread, coarse fustians, jeans and muslins, checked 
 and striped cotton and linen goods, bed ticks, coverlets and counterpanes* 
 tow linens, coarse shirtings, sheetings, towelling and table linen, and vari- 
 ous mixtures of wool and cotton, and of cotton and flax, are made in the 
 household way, and, in many instances, to an extent not only sufficient for 
 the supply of the families in which they are made, but for sale, and even, in 
 some cases, for exportation. It is computed in a number of districts that 
 two-thirds, three-fourths, and even four-fifths, of all the clothing of the in- 
 habitants are made by themselves. The importance of so great a progress as 
 appears to have been made in family manufactures within a few years, both 
 in a moral and political view, renders the fact highly interesting. 
 
 Neither does the above enumeration comprehend all the articles that are 
 manufactured as regular trades. Many others occur which are equally well 
 established, but which, not being of equal importance, have been omitted. 
 And there are many attempts still in their infancy, which, though attended 
 with very favorable appearances, could not have been properly comprised in 
 an enumeration of manufactories already established. There are other ar- 
 ticles, also, of great importance, which, though strictly speaking, manufac- 
 tures, are omitted* as being immediately connected with husbandry: such are 
 flour, pot and pearl ash, pitch, tar, turpentine, and the like. 
 
 There remains to be noticed an objection to the encouragement of manu- 
 factures, of a nature different from those which question the probability of 
 success. This is derived from its supposed tendency to give a monopoly of 
 advantages to particular classes, at the expense of the rest of the community, 
 who, it is affirmed, would be able to procure the requisite supplies of manu- 
 factured articles on better terms from foreigners than from our own citizens; 
 and who, it is alleged, are reduced to the necessity of paying an enhanced 
 price for whatever they want, by every measure which obstructs the free 
 competition of foreign commodities. 
 
 It is not an unreasonable supposition, that measures which serve to abridge 
 the free competition of foreign articles have a tendency to occasion an en- 
 hancement of prices; and it is not to be denied that such is the effect in a 
 number of cases; but the fact does not uniformly correspond with the theory. 
 A reduction of prices has, in several instances, immediately succeeded the 
 establishment of a domestic manufacture. Whether it be that foreign manu- 
 facturers endeavor to supplant, by underselling our own, or whatever else 
 be the cause, the effect has been such as is stated, and the reverse of what 
 might have been expected. 
 
 But, though it were true that the immediate and certain effect of regula- 
 tions controlling the competition of foreign with domestic fabrics, was an in- 
 crease of price, it is universally true that the contrary is the ultimate effect 
 with every successful manufacture. When a domestic manufacture has atr 
 tained to perfection, and has engaged in the prosecution of it a competent 
 number of persons, it invariably becomes cheaper. Being free from the 
 heavy charges which attend the importation of foreign commodities, it can 
 be afforded, and accordingly seldom or never fails to be sold cheaper, in 
 process of time, than was the foreign article for which it is a substitute. The 
 internal competition which takes place, soon does away every thing like 
 monopoly, and by degrees reduces the price of the article to the minimum 
 of a reasonable profit on the capital employed. This accords with the rea- 
 son of the thing, and with experience. 
 
104 REPORTS OF THE [1791. 
 
 Whence it follows, that it is the interest of a community, with a view to 
 eventual and permanent economy, to encourage the growth of manufactures. 
 In a national view, a temporary enhancement of price must always be well 
 compensated by- a permanent reduction of it. 
 
 It is a reflection which may with propriety be indulged here, that this 
 eventual diminution of the prices of manufactured articles which is the 
 result of internal manufacturing establishments, has a direct and very im- 
 portant tendency to benefit agriculture. It enables the farmer to procure, 
 with a smaller quantity of his labor, the manufactured produce of which 
 he stands in need, and consequently increases the value of his income and 
 property. 
 
 The objections which are commonly made to the expediency of encou- 
 raging, and to the probability of succeeding in manufacturing pursuits in 
 the United States, having now been discussed, the considerations which 
 have appeared in the course of the discussion, recommending that species of 
 industry to the patronage of the government, will be materially strengthened 
 by a few general, and some particular topics, which have been naturally re- 
 served for subsequent notice. 
 
 1. There seems to be a moral certainty, that the trade of a country which 
 is both manufacturing and agricultural, will be more lucrative and prosper- 
 ous than that of a country which is merely agricultural. 
 
 One reason for this is found in that general effort of nations, (which has 
 been already mentioned,) to procure from their own soils, the articles of prime 
 necessity requisite to their own consumption and use, and which serves to 
 render their demand for a foreign supply of such articles, in a great degree, 
 occasional and contingent. Hence, while the necessities of nations exclu- 
 sively devoted to agriculture, for the fabrics of manufacturing States, are 
 constant and regular, the wants of the latter for the products of the former, 
 are liable to very considerable fluctuations and interruptions. The great 
 inequalities resulting from difference of seasons, have been elsewhere re- 
 marked. This uniformity of demand on one side, and unsteadiness of it on the 
 other, must necessarily have a tendency to cause the general course of the 
 exchange of commodities between the parties, to turn to the disadvantage of 
 the merely agricultural States. Peculiarity of situation, a climate and soil 
 adapted to the production of peculiar commodities, may sometimes contra- 
 dict the rule; but there is every reason to believe that it will be found, in 
 the main, a just one. 
 
 Another circumstance which gives a superiority of commercial advantages 
 to States that manufacture as well as cultivate, consists in the more numer- 
 ous attractions which a more diversified market offers to foreign customers, 
 and in the greater scope which it affords to mercantile enterprise. It is a 
 position of indisputable truth, in commerce, depending too on very obvious 
 reasons, that the greatest resort will ever be to those marts where commo- 
 dities, while equally abundant, are most various. Each difference of kind 
 holds out an additional inducement: and it is a position not less clear, that 
 the field of enterprise must be enlarged to the merchants of a country, in 
 proportion to the variety, as well as the abundance of commodities which 
 they find at home, for exportation to foreign markets. 
 
 A third circumstance, perhaps not inferior to either of the other two, 
 conferring the superiority which has been stated, has relation to the stagna- 
 tions of demand for certain commodities, which, at some time or other, in- 
 terfere more or less with the sale of all. The nation which can bring to 
 market but few articles, is likely to be more quickly and sensibly affected 
 
1791.] SECRETARY OF THE TREASURY. 10^ 
 
 hy such stagnations, than one which is always possessed of a great variety of 
 commodities; the former frequently finds too great a portion of its stock of 
 materials for sale or exchange, lying on hand, or is obliged to make injurious 
 sacrifices to supply its wants of foreign articles, which are numerous and 
 urgent, in proportion to the smallness of the number of its own. The lat- 
 ter commonly finds itself indemnified by the high prices of some articles? 
 for the low prices of others; and the prompt and advantageous sale of those 
 articles which are in demand, enables its merchants the better to wait for a 
 favorable change in respect to those which are not. There is ground to be- 
 lieve that a difference of situation in this particular, has immensely different 
 effects upon the wealth and prosperity of nations. 
 
 From these circumstances, collectively, two important inferences are to be 
 drawn: one, that there is always a higher probability of a favorable balance 
 of trade, in regard to countries in which manufactures founded on the basis 
 of a thriving agriculture flourish, than in regard to those which are confined 
 wholly, or almost wholly to agriculture; the other, (which is also a conse- 
 quence of the first,) that countries of the former description are likely to pos- 
 sess more pecuniary wealth, or money, than those of the latter. 
 
 Facts appear to correspond with this conclusion. The importations of 
 manufactured supplies, seem invariably to drain the merely agricultural 
 people of their wealth. Let the situation of the manufacturing countries of 
 Europe be compared, in this particular, with that of countries which only 
 cultivate, and the disparity will be striking. Other causes, it is true, help 
 to account for this disparity between some of them; and among these causes, 
 the relative state of agriculture; but between others of them, the most prominent 
 circumstance of dissimilitude arises from the comparative state of manufac- 
 tures. In corroboration of the same idea, it ought not to escape remark, 
 that the West India Islands, the soils of which are the most fertile, and the 
 nation which, in the greatest degree supplies the rest of the world with the 
 precious metals, exchange to a loss with almost every other country. 
 
 As far as experience at home may guide, it will lead to the same conclu- 
 sion. Previous to the revolution, the quantity of coin possessed by the 
 colonies which now compose the United States, appeared to be inadequate 
 to their circulation; and their debt to Great Britain was progressive. Since 
 the revolution, the States in which manufactures have most increased, have 
 recovered fastest from the injuries of the late war, and abound most in pe- 
 cuniary resources. 
 
 It ought to be admitted, however, in this, as in the preceding case, that 
 causes irrelative to the state of manufactures, account, in a degree, for 
 the phenomena remarked. The continual progress of new settlements has 
 a natural tendency to occasion an unfavorable balance of trade; though it. 
 indemnifies for the inconvenience, by that increase of the national capital, 
 which flows from the conversion of waste into improved lands: and the dif- 
 ferent degrees of external commerce which are carried on by the different 
 States, may make material differences in the comparative state of their 
 wealth. The first circumstance has reference to the deficiency of coin, and 
 the increase of debt previous to the revolution; the last, to the advantages 
 which the most manufacturing States appear to have enjoyed over the others, 
 since the termination of the late war. 
 
 But the uniform appearance of an abundance of specie, as the concomitant 
 of a flourishing state of manufactures, and of the reverse, where they do 
 not prevail, afford a strong presumption of their favorable operation upon 
 the wealth of a country. 
 
106 REPORTS OF THE [I79L 
 
 Not only the wealth, but the independence and security of a country ap- 
 pear to be materially connected with the prosperity of manufactures. Every 
 nation, with a view to those great objects, ought to endeavor to possess 
 within itself all the essentials of national supply. These comprise the 
 means of subsistence, habitation, clothing, and defence. 
 
 The possession of these is necessary to the perfection of the body poli- 
 tic; to the safety as well as to the welfare of the society; the want of either 
 is the want of an important organ of political life and motion; and in the 
 various crises which await a State, it must severely feel the effects of any 
 such deficiency. The extreme embarrassments of the United States, during 
 the late war, from an. incapacity of supplying themselves, are still matter of 
 keen recollection; a future war might be expected again to exemplify the 
 mischiefs and dangers of a situation, to Which that incapacity is still, in too 
 great a degreey-appiicable, unless changed by timely and vigorous exertions. 
 To effect this change, as fast as shall be prudent, merits all the attention and 
 all the zeal of our public councils: it is the next great work to be accom- 
 plished. 
 
 The want of a navy to protect our external commerce, as long as it shall, 
 continue, must render it a peculiarly precarious reliance for the supply of 
 essential articles, and must serve to strengthen prodigiously the arguments 
 in favor of manufactures. 
 
 To these general considerations are added some of a more particular na- 
 ture. 
 
 Our distance from Europe, the great fountain of manufactured supply^ 
 subjects us, in the existing state of things, to inconvenience and loss, in two 
 ways. 
 
 The bulkiness of those commodities, which are the chief productions of 
 the soil, necessarily imposes very heavy charges on their transportation to 
 distant markets. These charges, in the cases in which the nations to whom 
 our products are sent, maintain a competition in the supply of their own 
 markets, principally fall upon us, and form material deductions from the 
 primitive value of the articles furnished. The charges on manufactured 
 supplies, brought from Europe, are greatly enhanced by the same circum- 
 stance of distance. These charges, again, in the cases in which our own indus- 
 try maintains no competition in our own markets, also principally fall upon usj 
 and are an additional cause of extraordinary deduction from the primitive 
 value of our own products; these being the materials of exchange for the 
 foreign fabrics which we consume. 
 
 The equality and moderation of individual property, and the growing 
 settlements of new districts, occasion in this country an unusual demand for 
 coarse manufactures; the charges of which being greater in proportion to 
 their greater bulk, augment the disadvantage which has been just described. 
 
 As in most countries, domestic supplies maintain a very considerable 
 competition with such foreign productions of the soil as are imported for 
 sale; if the extensive establishment of manufactories in the United States 
 does not create a similar competition in respect to manufactured articles, it 
 appears to be clearly deducible from the considerations which have been 
 mentioned, that they must sustain a double loss in their exchanges with fo- 
 reign nations, strongly conducive to an unfavorable balance of trade, and 
 very prejudicial to their interests. 
 
 These disadvantages press, with no small weight, on the landed interest 
 x)f the country. In seasons of peace, they cause a serious deduction from 
 
791.] 
 
 SECRETARY OF THE TREASURY. JQ7 
 
 the intrinsic value of the products of the soil. In the time of a war, which 
 should either involve ourselves, or another nation possessing a considerable 
 share of our carrying trade, the charges on the transportation of our com- 
 modities, bulky as most of them are, could hardly fail to prove a grievous 
 burthen to the farmer, while obliged to depend, in so great a degree as he 
 now does, upon foreign markets, for the vent of the surplus of his labor. 
 
 As far as the prosperity of the fisheries of the United States is impeded 
 by the want of an adequate market, there arises another special reason for 
 desiring the extension of manufactures. Besides the fish, which in many 
 places would be likely to make a part of the subsistence of the persons em- 
 ployed; it is knoAvn that the oils, bones, and skins of marine animals, are 
 of extensive use in various manufactures. Hence the prospect of an addi- 
 tional demand for the produce of the fisheries. 
 
 One more point of view only remains, in which to consider the expediency 
 of encouraging manufactures in the United States. 
 
 It is not uncommon to meet with an opinion, that, though the promoting 
 of manufactures may be the interest of a part of the Union, it is contrary 
 to that of another part. The northern and southern regions are sometimes 
 represented as having adverse interests in this respect. Those are called 
 manufacturing, these agricultural States; and a species of opposition is ima- 
 gined to subsist between the manufacturing and agricultural interests. 
 
 This idea of an opposition between those two interests, is the common 
 error of the early periods of every country; but experience gradually dis- 
 sipates it. Indeed, they are perceived so often to succor and to befriend 
 each other, that they come at length to be considered as one; a supposition 
 which has been frequently abused, and is not universally true. Particular 
 encouragements of particular manufactures may be of a nature to sacrifice 
 the interests of landholders to those of manufacturers ; but it is neverthe- 
 less a maxim, well established by experience, and generally acknowledged, 
 where there has been sufficient experience, that the aggregate prosperity of 
 manufactures, and the aggregate prosperity of agriculture, are intimately 
 connected. In the course of the discussion which has had place, various 
 weighty considerations have been adduced, operating in support of that 
 maxim. Perhaps the superior steadiness of the demand of a domestic mar- 
 ket, for the surplus produce of the soil, is, alone, a convincing argument of 
 its truth. 
 
 Ideas of a contrariety of interests between the Northern and Southern re- 
 gions of the Union, are, in the main, as unfounded as they are mischievous. 
 The diversity of circumstances on which such contrariety is usually predi- 
 cated, authorizes a directly contrary conclusion. Mutual wants constitute 
 one of the strongest links of political connexion; and the extent of these 
 bears a natural proportion to the diversity in the means of mutual supply. 
 
 Suggestions of an opposite complexion are ever to be deplored, as un- 
 friendly to the steady pursuit of one great common cause, and to the per- 
 fect harmony of all the parts. 
 
 In proportion as the mind is accustomed to trace the intimate connexion 
 of interest which subsists between all the parts of a society united un- 
 der the same government; the infinite variety of channels will serve to 
 circulate the prosperity of each, to and through the rest, in that proportion 
 will it be little apt to be disturbed by solicitudes and apprehensions, which 
 originate in local discriminations. 
 
 It: is a truth, as important as it is agreeable, and one to which it is not 
 15 
 
108 REPORTS OF THE [1791. 
 
 easy to imagine exceptions, that every thing tending to establish substantial 
 and permanent order in the affairs of a country, to increase the total mass 
 of industry and opulence, is ultimately beneficial to every part of it. On 
 the credit of this great truth, an acquiescence may safely be accorded, from 
 every quarter, to all institutions and arrangements which promise a confir- 
 mation of public order and an augmentation of national resource. 
 
 But there are more particular considerations, which serve to fortify the 
 idea, that the encouragement of manufactures is the interest of all parts of 
 the Union. If the northern and middle States should be the principal 
 scenes of such establishments, they would immediately benefit the more 
 southern, by creating a demand for productions, some of which they have 
 in common with the other States, and others of which are either peculiar to 
 them, or more abundant, or of better quality, than elsewhere. These pro- 
 ductions, principally, are timber, flax, hemp, cotton, wool, raw silk, indigo, 
 iron, lead, furs, hides, skins and coals: of these articles cotton and indigo 
 are peculiar to the Southern States; as are, hitherto, lead and coal: flax and 
 hemp are, or may be raised in greater abundance there, than in the more 
 Northern States, and the wool of Virginia is said to be of better quality 
 than that of any other State; a circumstance rendered the more probable, by 
 the reflection, that Virginia embraces the same latitudes with the finest wool 
 countries of Europe. The climate of the south is also better adapted to the 
 production of silk. 
 
 The extensive cultivation of cotton can, perhaps, hardly be expected, but 
 from the previous establishment of domestic manufactories of the article; 
 and the surest encouragement and vent for the others, would result from 
 similar establishments in respect to them. 
 
 If, then, it satisfactorily appears, that it is the interest of the United 
 States, generally, to encourage manufactures, it merits particular attention, 
 that there are circumstances which render the present a critical moment for 
 entering, with zeal, upon the important business. The effort cannot fail to 
 be materially seconded by a considerable and increasing influx of money, 
 in consequence of foreign speculations in the funds, and by the disorders 
 which exist in different parts of Europe. 
 
 The first circumstance not only facilitates the execution of manufacturing 
 enterprises, hut it indicates them as a necessary mean to turn the thing itself 
 to advantage, and to prevent its being eventually an evil. If useful employ- 
 ment be not found for the money of foreigners, brought to the country to 
 be invested in purchases of the public debt, it will quickly be re-export- 
 ed to defray the expense of an extraordinary consumption of foreign luxu- 
 ries; and distressing drains of our specie may hereafter be experienced, to 
 pay the interest and redeem the principal of the purchased debt. 
 
 This useful employment, too, ought to be of a nature to produce solid 
 and permanent improvements. If the money merely serves to give a 
 temporary spring to foreign commerce; as it cannot procure new and lasting 
 outlets for the products of the country, there will be no real or durable ad- 
 vantage gained. As far as it shall find its way in agricultural meliorations, 
 in opening canals, and in similar improvements, it will be productive of sub- 
 stantial utility. But there is reason to doubt, whether, in such channels, it 
 is likely to find sufficient employment; and still more, whether many of 
 those who possess it, would be as readily attracted to objects of this nature, 
 as to manufacturing pursuits, which bear greater analogy to those to which 
 they are accustomed, and to the spirit generated by them. 
 
1791.] SECRETARY OF THE TREASURY. 10 f) 
 
 To open the one field, as well as the other, will at least secure a better 
 prospect of useful employment, for whatever accession of money there has 
 been or may be. 
 
 There is, at the present juncture, a certain fermentation of mind, a cer- 
 tain activity of speculation and enterprise, which, if properly directed, may 
 be made subservient to useful purposes; but which, if" left entirely to itself, 
 may be attended with pernicious effects. 
 
 The disturbed state of Europe, inclining its citizens to emigration, the 
 requisite workmen will be more easily acquired than at another time, and 
 the effect of multiplying the opportunities of employment to those who 
 emigrate, may be an increase of the number and extent of valuable acquisi- 
 tions to the population, arts, and industry of the country. 
 
 To find pleasure in the calamities of other nations would be criminal; but 
 to benefit ourselves, by opening an asylum to those who suffer in conse- 
 quence of them, is as justifiable as it is politic. 
 
 A full view having now been taken of the inducements to the promotion of 
 manufactures in the United States, accompanied with an examination of the 
 principal objections which are commonly urged in opposition, it is proper, 
 in the next place, to consider the means by which it may be effected, as in- 
 troductory to a specification of the objects which, in the present state of 
 things, appear the most fit to be encouraged, and of the particular measures, 
 which it may be adviseable to adopt, in respect to each. 
 
 In order to a better judgment of the means proper to be resorted toby the 
 United States, it will be of use to advert to those which have been employed 
 with success in other countries — The principal of these are: 
 
 /. Protecting duties — or duties on those foreign articles which are 
 the rivals of the domestic ones intended to be encouraged. 
 
 Duties of this nature evidently amount to a virtual bounty on the domes- 
 tic fabrics; since, by enhancing the charges on foreign articles, they enable 
 the national manufacturers to undersell all their foreign competitors. The 
 propriety of this species of encouragement need not be dwelt upon; as it is 
 not only a clear result from the numerous topics which have been suggested, 
 but is sanctioned by the laws of the United States, in a variety of instances; 
 it has the additional recommendation of being a resource of revenue. In- 
 deed all the duties imposed on imported articles, though with an exclusive 
 view to revenue, have the effect in contemplation, and, except where they 
 fall on raw materials, wear a beneficent aspect towards the manufacturers of 
 the country. 
 
 II. Prohibitions of rival articles, or duties equivalent to prohibitio?is. 
 
 This is another and an efficacious mean of encouraging national manufac- 
 tures; but, in general, it is only fit to be employed when a manufacture has 
 made such a progress, and is in so many hands, as to ensure a due competi- 
 tion, and an adequate supply on reasonable terms. Of duties equivalent to 
 prohibitions, there are examples in the laws of the United States; and there 
 are other cases, to which the principle may be advantageously extended, 
 but they are not numerous. 
 
 Considering a monopoly of the domestic market to its own manufacturers 
 as the reigning policy of manufacturing nations, a similar policy on the part, 
 of the United States, in every proper instance, is dictated, it might almost be 
 said, by the principles of distributive justice; certainly by the duty of 
 endeavoring to secure to their own citizens a reciprocity of advantages. 
 
IjQ REPORTS OF THE [1791. 
 
 III. Prohibitions of the exportation of the materials of manufac- 
 tures. . 
 
 The desire of securing a cheap and plentiful supply for the national 
 workmen, ~nd where the article is either peculiar to the country, or of pecu- 
 liar quality there, the jealousy of enabling foreign workmen to rival those 
 of the nation with its own materials, are the leading motives to this species 
 of regulation. It ought not to be affirmed, that it is in no instance proper: 
 but it is certainly one which ought to be adopted with great circumspection, 
 and only in very plain cases. It is seen at once, that its immediate operation 
 is to abridge the demand, and keep down the price of the produce of some 
 other branch of industry, generally speaking, of agriculture, to the preju- 
 dice of those who carry it on; and though, if it be really essential to the 
 prosperity of any very important national manufacture, it may happen, that 
 those who are -injured in the first instance, may be eventually indemnified 
 by the superior steadiness of an extensive domestic market, depending on 
 that prosperity; yet, in a matter in which there is so much room for nice 
 and difficult combinations, in which such opposite considerations combat 
 each other, prudence seems to dictate that the expedient in question ought 
 to be indulged with a sparing hand. 
 
 IV. Pecuniary bounties. 
 
 This has been found one of the most efficacious means of encouraging ma- 
 nufactures, and it is, in some views, the best. Though it has not yet been 
 practised upon by the government of the United States, (unless the allow- 
 ance on the exportation of dried and pickled fish and salted meat could be 
 considered as a bounty,) and though it is less favored by public opinion than 
 some other modes, its advantages are these: 
 
 1. It is a species of encouragement more positive and direct than any 
 other, and, for that very reason, has a more immediate tendency to stimu- 
 late and uphold new enterprises, increasing the chances of profit, and di- 
 minishing the risks of loss in the first attempts. 
 
 2. It avoids the inconvenience of a temporary augmentation of price, 
 which is incident to some other modes; or it produces it to a less degree; 
 either by making no addition to the charges on the rival foreign article, as in 
 the case of protecting duties, or by making a smaller addition. The first 
 happens when the fund for the bounty is derived from a- different object, 
 (which may or may not increase the price of some other article, according 
 to the nature of that object); the second, when the fund is derived from the 
 same, or a similar object of foreign manufacture. One per cent, duty on 
 the foreign, article, converted into a bounty on the domestic, will have an 
 equal effect with a duty of two per cent, exclusive of such bounty; and the 
 price of the foreign commodity is liable to be raised, in the one case, in the 
 proportion of one per cent., in the other in that of two per cent. Indeed 
 the bounty, when drawn from another source, is calculated to promote a re- 
 duction of price; because, without laying any new charge on the foreign ar- 
 ticle, it serves to introduce a competition with it, and to increase the total 
 quantity of the article in the market. 
 
 3. Bounties have not, like high protecting duties, a tendency to produce 
 scarcity. An increase of price is not always the immediate, though, where 
 the progress of a domestic manufacture does not counteract a rise, it is com- 
 monly the ultimate effect of an additional duty. In the interval between the 
 laying of the duty and the proportional increase of price, it may discourage 
 
1 79 1 .] SECRETARY OF THE TREASURY. m 
 
 importation, by interfering with the profits to be expected from the sale of 
 the article. 
 
 4. Bounties are sometimes not onty the best, but the only proper expedi- 
 ent for uniting the encouragement of a new object of agriculture with that 
 of a new object of manufacture. It is the interest of the farmer to have the 
 production of the raw material promoted by counteracting the interference of 
 the foreign material of the same kind. It is the interest of the manufacturer 
 to have the material abundant and cheap. If, prior to the domestic pro- 
 duction of the material in sufficient quantity to supply the manufac- 
 turer on good terms, a duty be laid upon the importation of it from abroad, 
 with a view to promote the raising of it at home, the interest both of the 
 farmer and manufacturer will be disserved. By either destroying the requi- 
 site supply, or raising the price of the article beyond what can be afforded 
 to be given for it by the conductor of an infant manufacture, it is abandoned 
 or fails, and there being no domestic manufactories to create a demand for 
 the raw material which is raised by the farmer, it is in vain that the compe- 
 tition of the like foreign article may have been destroyed. 
 
 It cannot escape notice that a duty upon the importation of an article 
 can no otherwise aid the domestic production of it, than by giving the latter 
 greater advantages in the home market. It can have no influence upon the 
 advantageous sale of the article produced in foreign markets; no tendency, 
 therefore, to promote its exportation. 
 
 The true way to conciliate these two interests is to lay a duty on for- 
 eign manufactures of the material, the growth of which is desired to be 
 encouraged, and to apply the produce of that duty, by way of bounty, 
 either upon the production of the material itself, or upon its manufacture at 
 home; or upon both. In this disposition of the thing, the manufacturer 
 commences his enterprise, under every advantage which is attainable, as to 
 quantity or price of the raw material; and the farmer, if the bounty be im- 
 mediately to him, is enabled by it to enter into a successful competition with 
 the foreign material. If the bounty be to the manufacturer on so much of the 
 domestic material as he consumes, the operation is nearly the same: he has 
 a motive of interest to prefer the domestic commodity, if of equal quality, 
 even at a higher price than the foreign, so long as the difference of price is 
 any thing short of the bounty which is allowed upon the article. 
 
 Except the simple and ordinary kinds of household manufacture, or those 
 for which there are very commanding local advantages, pecuniary bounties 
 are, in most cases, indispensable to the introduction of a new branch. A 
 stimulus and a support not less powerful and direct, is, generally speaking, 
 essential to the overcoming of the obstacles which arise from the competitions 
 of superior skill and maturity elsewhere. Bounties are especially essential 
 in regard to articles upon which those foreigners who have been accustomed 
 to supply a country, are in the practice of granting them. 
 
 The continuance of bounties on manufactures long established, must al- 
 most always be of questionable policy: because a presumption would arise in 
 every such case, that there were natural and inherent impediments to success. 
 But, in new undertakings, they are as justifiable as they are oftentimes ne- 
 cessary. 
 
 There is a degree of prejudice against bounties, from an appearance of giv- 
 ing away the public money without an immediate consideration, and from 
 a supposition that they serve to enrich particular classes at the expense of 
 t-he community. 
 
112 REPORTS OF THE [1791. 
 
 But neither of these sources of dislike will bear a serious examination. 
 There is no purpose to which public money can be more beneficially applied 
 than to the acquisition of a new and useful branch of industry; no considera- 
 tion more valuable than a permanent addition to the general stock of pro- 
 ductive labor. 
 
 As to the second source of objection, it equally lies against other modes 
 of encouragement which are admitted to be eligible. As often as a duty 
 upon a foreign article makes an addition to its price, it causes an extra ex- 
 pense to the community for the benefit of the domestic manufacturer. A 
 bounty does no more. But it is the interest of the society, in each case, to 
 submit to a temporary expense, which is more than compensated by an in- 
 crease of industry and wealth, by an augmentation of resources and indepen- 
 dence, and by the circumstance of eventual cheapness, which has been no- 
 ticed in another- place. 
 
 It would deserve attention, however, in the employment of this species of 
 encouragement in the United States, as a reason for moderating the degree of 
 it in the instances in which it might be deemed eligible, that the great dis- 
 tance of this country from Europe, imposes very heavy charges on all the 
 fabrics which are brought from thence, amounting from fifteen to thirty per 
 cent, on their value, according to their bulk. 
 
 A question has been made concerning the Constitutional right of the go- 
 vernment of the United States to apply this species of encouragement, but 
 there is certainly no good foundation for such a question. The national 
 legislature has express authority "to lay and collect taxes, duties, imposts 
 and excises, to pay the debts, and provide for the common defence and gen- 
 eral welfare," with no other qualifications than that *' all duties, imposts, 
 and excises, shall be uniform throughout the United States, that no capitation 
 or other direct tax shall be laid, unless in proportion to numbers ascertained by 
 a census or enumeration taken on the principles prescribed in the constitu- 
 tion," and that "no tax or duty shall be laid on articles exported from any 
 State." 
 
 These three qualifications excepted, the power to raise money is plenary 
 and indefinite; and the objects to which it may be appropriated, are no less 
 comprehensive than the payment of the public debts, and the providing for 
 the common defence and general welfare. The terms "general welfare," 
 were doubtless intended to signify more than was expressed or imported in 
 those which preceded; otherwise numerous exigencies incident to the affairs 
 of a nation would have been left without a provision. The phrase is as com- 
 prehensive as any that could have been used; because it was not fit that the 
 constitutional authority of the Union to appropriate its revenues,, should have 
 been restricted within narrower limits than the " general welfare;" and be- 
 cause this necessarily embraces a vast variety of particulars, which are sus- 
 ceptible neither of specification nor of definition. 
 
 It is, therefore, of necessity, left to the discretion of the national legislature, 
 to pronounce upon the objects which concern the general welfare, and for 
 which, under that description, an appropriation of money is requisite and 
 proper. And there seems to be no room for a doubt, that whatever concerns 
 the general interests of learning, of agriculture, of manufactures, and of com- 
 merce, are within the sphere of the national councils, as far as regards an ap- 
 plication of money. 
 
 The only qualification of the generality of the phrase in question, which 
 seems to be admissible, is this: That the object, to which an appropriation 
 of money is to be made, be general and not local; its operation extending, iq 
 
1791.1 SECRETARY OF THE TREASURY. H3 
 
 fact, or by possibility, throughout the Union, and not being confined to a 
 particular spot. 
 
 No objection ought to arise to this construction, from a supposition that 
 it would imply a power to do whatever else should appear to Congress con- 
 ducive to the general welfare. A power to appropriate money with this lati- 
 tude, which is granted too in express terms, would not carry a power to do 
 any other thing not authorized in the constitution, either expressly or by fair 
 implication. 
 
 V. Premiums. 
 
 These are of a nature allied to bounties, though distinguishable from 
 them in some important features. 
 
 Bounties are applicable to the whole quantity of an article produced, or 
 manufactured, or exported, and involve a correspondent expense. Premi- 
 ums serve to reward some particular excellence or superiority, some extraor- 
 dinary exertion or skill, and are dispensed only in a small number of cases. 
 But their effect is to stimulate general effort — contrived so as to be both hon- 
 orary and lucrative, they address themselves to different passions; touching 
 the chords, as well of emulation as of interest. They are, accordingly, a very 
 economical mean of exciting the enterprise of a whole community. 
 
 There are various societies in different countries, whose object is the dis- 
 pensation of premiums for the encouragement of agriculture, arts, manufac- 
 tures, and commerce; and though they are, for the most part, voluntary as- 
 sociations, with comparatively slender funds, their utility has been immense, 
 Much has been done by this mean in Great Britain. Scotland, in particular, 
 owes materially to it, a prodigious melioration of condition. From a sim- 
 ilar establishment in the United States, supplied and supported by the govern- 
 ment of the. Union, vast benefits might reasonably be expected. Some fur- 
 ther ideas on this head shall accordingly be submitted, in the conclusion of 
 this report. 
 
 VI. The exemption of the materials of manufactures from duty. 
 The policy of that exemption, as a general rule, particularly in reference 
 
 to new establishments, is obvious. It can hardly ever be adviseable to add 
 the obstructions of fiscal burthens to the difficulties which naturally embar- 
 rass a new manufacture; and where it is matured, and in condition to become 
 an object of revenue, it is, generally speaking, better that the fabric than the 
 material should be the subject of taxation. Ideas of proportion between the 
 quantum of the tax and the value of the article, can be more easily adjusted 
 in the former than in the latter case. An argument for exemptions of this 
 kind, in the United States, is to be derived from the practice, as far as their 
 necessities have permitted, of those nations whom we are to meet as competi- 
 tors in our own and in foreign markets. 
 
 There are, however, exceptions to it, of which some examples will be given 
 under the next head. 
 
 The laws of the Union afford instances of the observance of the policy here 
 recommended, but it will probably be found adviseable to extend it to some 
 other cases. Of a nature, bearing some affinity to that policy, is the regula- 
 tion which exempts from duty the tools and implements, as well as the 
 books, clothes, and household furniture of foreign artists, who come to reside 
 in the United States: an advantage already secured to them by the laws of the 
 Union, and which it is in every view proper to continue. 
 
1 1 4 REPORTS OF THE [1791, 
 
 VII. Drawbacks of the duties which are imposed on the materials of 
 manufactures. 
 
 It has already been observed, as a general rule, that duties on those mate- 
 rials ought, with certain exceptions, to be forborne. Of these exceptions? 
 three cases occur, which may serve as examples. One, where the material 
 is itself an object of general or extensive consumption, and a fit and produe-* 
 tive source of revenue. Another, where a manufacture of a simpler kind, 
 the competition of which with a like domestic article is desired to be restrain- 
 ed, partakes of the nature of a raw material, from being capable, by a far- 
 ther process, to be converted into a manufacture of a different kind, the in- 
 troduction or growth of which is desired to be encouraged. A third, where 
 the material itself is a production of the country, and in sufficient abundance 
 to furnish a cheap and plentiful supply to the national manufacturers. 
 
 Under the first description comes the article of molasses. It is not only a 
 fair object of revenue, but beinga sweet, it is just that the consumers of it 
 should pay a duty as well as the consumers of sugar. 
 
 Cottons and linen in their white state, fall under the second description. 
 A duty upon such as are imported is proper to promote the domestic manu- 
 facture of similar articles in the same state. A drawback of that duty is 
 proper to encourage the printing and staining at home, of those which are 
 brought from abroad. When the first of these manufactures has attained 
 sufficient maturity in a country, to furnish a full supply for the second, the 
 utility of the drawback ceases. 
 
 The article of hemp either now does, or may be expected soon, to exem- 
 plify the third case in the United States. 
 
 Where duties on the materials of manufactures are not laid for the pur- 
 pose of preventing a competition with some domestic production, the same 
 reasons which recommend, as a general rule, the exemption of those mate- 
 rials from duties, would recommend, as a like general rule, the allowance of 
 drawbacks in favor of the manufacturer. Accordingly, such drawbacks are 
 familiar in countries which systematically pursue the business of manufac- 
 tures, which furnishes an argument for the observance of a similar policy 
 in the United States; and the idea has been adopted by the laws of the 
 Union, in the instances of salt and molasses. It is believed that it will be 
 found advantageous to extend it to some other articles. 
 
 VIII. The encouragement of new inventions and discoveries at home, 
 and of the introduction into the United States of such as may have 
 been made in other countries; particularly those ivhich relate to ma- 
 chinery. 
 
 This is among the most useful and unexceptionable of the aids which can 
 be given to manufactures. The usual means of that encouragement are pe- 
 cuniary rewards, and, for a time, exclusive privileges. The first must be 
 employed, according to the occasion, and the utility of the invention or 
 discovery. For the last, so far as respects ."authors and inventors," pro- 
 vision has been made by law. But it is desirable, in regard to improve- 
 ments, and secrets of extraordinary value, to be able to extend the same be- 
 nefit to introducers, as well as authors and inventors; a policy which has 
 been practised with advantage in other countries. Here, however, as in 
 some other cases, there is cause to regret, that the competency of the author- 
 ity of the national government to the good which might be done, is not 
 without a question. Many aids might be given to industry, many internal 
 improvements of primary magnitude might be promoted, by an authority 
 
1791.] SECRETARY OF THE TREASURY. ] 1 5 
 
 operating throughout the Union, which cannot he effected as well, if at all, 
 by an authority confined within the limits of a single State. 
 
 But if the legislature of the Union cannot do all the good that might be 
 wished, it is at least desirable that all may be done which is practicable. 
 Means for promoting the introduction of foreign improvements, though less 
 efficaciously than might be accomplished with more adequate authority, will 
 form a part of the plan intended to be submitted in the close of this report. 
 • It is customary with manufacturing nations to prohibit, under severe pe- 
 nalties, the exportation of implements and machines, which they have either 
 invented or improved. There are already objects for a similar regulation 
 in the United States; and others may be expected to occur, from time to time. 
 The adoption of it seems to be dictated by the principle of reciprocity. 
 Greater liberality, in such respects, might better comport with the general 
 spirit of the country; but a selfish and exclusive policy, in other quarters, 
 will not always permit the free indulgence of a spirit which would place us 
 upon an unequal footing. As far as prohibitions tend to prevent foreign 
 competitors from deriving the benefit of the improvements made at home., 
 they tend to increase the advantages of those by whom they may have been 
 introduced, and operate as an encouragement to exertion. 
 
 IX. Judicious regulations for the inspection of manufactured com>~ 
 •modities. 
 
 This is not among the least important of the means by which the pros 
 perity of manufactures may be promoted. It is, indeed, in many cases, one 
 of the most essential. Contributing to prevent frauds upon consumers at 
 home, and exporters to foreign countries — to improve the quality and pre- 
 serve the character of the national manufactures, it cannot fail to aid the 
 expeditious and advantageous sale of them, and to serve as a guard against 
 successful competition from other quarters. The reputation of the flour 
 and lumber of some States, and of the potash of others, has been establish- 
 ed by an attention to this point. And the like good name might be pro- 
 cured for those articles, wheresoever produced, by a judicious and uniform 
 system of inspection, throughout the ports of the United States. A like 
 system might also be extended with advantage to other commodities. 
 
 X. The facilitating of pecuniary remittances from place to place — 
 Is a point of considerable moment to trade in general, and to manufac- 
 tures in particular, by rendering more easy the purchase of raw materials 
 and provisions, and the payment for manufactured supplies. A general cir- 
 culation of bank paper, which is to be expected from the institution lately 
 established, will be a most valuable mean to this end. But much good 
 would also accrue from some additional provisions respecting inland bills of 
 exchange. If those drawn in one State payable in another, were made ne- 
 gotiable every where, and interest and damages allowed in case of protest, 
 it would greatly promote negotiations between the citizens of different 
 States, by rendering them more secure; and with it the convenience and ad- 
 vantage of the merchants and manufacturers of each. 
 
 XL The facilitating of the transportation of commodities. 
 
 Improvements favoring this object intimately concern all the domestic in- 
 terests of a community; but they may, without impropriety, be mentioned 
 as having an important relation to manufactures. There is, perhaps, scarcely 
 any thing, which has been better calculated to assist the manufacture oil 
 16 . 
 
H6 REPORTS OF THE rj 7 9 j t 
 
 Great Britain, than the meliorations of the public roads of that kingdom^ 
 and the great progress which has been of late made in opening canals. Of the 
 former the United States stand much in need* for the latter they present 
 uncommon facilities. 
 
 The symptoms of attention to the improvement of inland navigation, 
 which have lately appeared in some quarters, must fill with pleasure every 
 breast warmed with a true zeal for the prosperity of the country. These ex- 
 amples, it is to be hoped, will stimulate the exertions of the government and 
 citizens of every State. There can certainly be no object more worthy of 
 the cares of the local administrations; and it were to be wished that there 
 was no doubt of the power of the national government to lend its direct 
 aid on a comprehensive plan. This is one of those improvements which 
 could be prosecuted with more efficacy by the whole, than by any part or 
 parts of the JtJnion. There are cases in which the general interest will be 
 in danger to be sacrificed to the collision of some supposed local interests. 
 Jealousies, in matters of this kind, are as apt to exist, as they are apt to be 
 erroneous. 
 
 The following remarks are sufficiently judicious and pertinent to deserve 
 a literal quotation: " Good roads, canals, and navigable rivers, by diminish- 
 ing the expense of carriage, put the remote parts of a country more nearly 
 upon a level with those in the neighborhood of the town. They are, upon 
 that account, the greatest of all improvements. They encourage the culti- 
 vation of the remote, which must always be the most extensive circle of 
 the country. They are advantageous to the town, by breaking, down the 
 monopoly of the country in its neighborhood. They are advantageous, 
 even to that part of the country. Though they introduce some rival com- 
 modities into the old market, they open many new markets to its produce. 
 Monopoly, besides, is a great enemy to good management, which can never 
 be universally established, but in consequence of that free and universal 
 competition, which forces every body to have recourse to it for the sake of 
 self-defence. It is not more than fifty years ago, that some^f the counties 
 in the neighborhood of London petitioned the parliament against the exten- 
 sion of the turnpike roads into the remoter counties. Those remoter coun- 
 ties, they pretended, from the cheapness of labor, would be able to sell 
 their grass and corn cheaper in the London market, than themselves, and 
 they would thereby reduce their rents, and ruin their cultivation. Their 
 rents, however, have risen, and their cultivation has been improved since 
 that time." 
 
 Specimens of a spirit similar to that which governed the counties here 
 spoken of, present themselves too frequently to the eye of an impartial ob- 
 server, and render it a wish of patriotism, that the body in this country in 
 whose councils a local or partial spirit is least likely to predominate, were at 
 liberty to pursue and promote the general interest in those instances, in 
 which there might be danger of the interference of such a spirit. 
 
 The foregoing are the principal of the means by which the growth of 
 manufactures is ordinarily promoted. It is, however, not merely necessary 
 that the measures of government which have a direct view to manufactures, 
 should be calculated to assist and protect them, but that those which only 
 collaterally affect them in the general course of the administration, should be 
 guarded from any peculiar tendency to injure them. 
 
 There are certain species of taxes, which are apt to be oppressive to dif- 
 ferent parts of the community, and among other ill effects, have a very un~ 
 
1791..] SECRETARY OF THE TREASURY. un- 
 
 friendly aspect towards manufactures. All poll or capitation taxes, are of 
 this nature. They either proceed according to a fixed rate, which operates 
 unequally and injuriously to the industrious poor, or they vest a discretion 
 in certain officers, to make estimates and assessments which are necessarily 
 vague, conjectural, and liable to abuse. They ought, therefore, to be ab- 
 stained from in all but cases of distressing emergency. 
 
 All such taxes (including all taxes on occupations,) which proceed according 
 to the amount of capital supposed to be employed in a business, or of profits 
 supposed to be made in it, are unavoidably hurtful to industry. It is in vain 
 that the evil may be endeavored to be mitigated, by leaving it, in the first 
 instance, in the option of the party to be taxed, to declare the amount of 
 Iris capital or profits. 
 
 Men engaged in any trade or business, have commonly weighty reasons 
 to avoid disclosures, which would expose, with any thing like accuracy, the 
 real state of their affairs. They most frequently find it better to risk oppres- 
 sion, than to avail themselves of so inconvenient a refuge — and the conse- 
 quence is, that they often suffer oppression. 
 
 When the disclosure, too, if made, is not definitive, but controllable by 
 the discretion, or, in other words, by the passions and prejudices of the reve- 
 nue officers, it is not only an ineffectual protection, but the possibility of its 
 being so, is an additional reason for not resorting to it. 
 
 Allowing to the public officers the most equitable dispositions, yet, where 
 they are to exercise a discretion without certain data, they cannot fail to be 
 often misled by appearances. The quantity of business which seems to be 
 going on, is, in a vast number of cases, a very deceitful criterion of the pro- 
 fits which are made; yet it is, perhaps, the best they can have, and it is the 
 one on which they will most naturally rely. A business, therefore, which 
 Tnay rather require aid from the government, than be in a capacity to be 
 contributory to it, may find itself crushed by the mistaken conjectures of 
 the assessors of taxes. . 
 
 Arbitrary taxes, under which denomination are comprised all those that 
 leave the quantum of the tax to be raised on each person to the discretion of 
 certain officers, are as contrary to the genius of liberty, as to the maxims of 
 industry." In this light, they have been viewed by the most judicious ob- 
 servers on government, who have bestowed upon them the severest epithets 
 of reprobation, as constituting one of the worst features usually to be met 
 with in the practice of despotic governments. 
 
 It is certain, at least, that such taxes are particularly inimical to the succees 
 of manufacturing industry, and ought carefully to be avoided by a govern- 
 ment which desires to promote it. 
 
 The great copiousness of the subject of this report, has insensibly led to 
 a more "lengthy preliminary discussion, than was originally contemplated or 
 intended. It appeared proper to investigate principles, to consider objec- 
 tions, and to endeavor to establish the utility of the thing proposed to be 
 encouraged, previous to a specification of the objects which might occur, as 
 meriting or requiring encouragement, and of the measures which might be 
 proper in respect to each. The first purpose having been fulfilled, it re- 
 mains to pursue the second. 
 
 In the selection of objects, five circumstances seem entitled to particular 
 attention: The capacity of the country to furnish the raw material; the 
 degree in which the nature of the manufacture admits of a substitute for 
 v manual labor in machinery; the facility of execution; the extensiveriess of 
 
18 REPORTS OF THE 
 
 [1791, 
 
 the uses to which the article can be applied; its subserviency to other inter- 
 ests, particularly the great one of national defence. There are, however, 
 objects to which these circumstances are little applicable, which, for some 
 special reasons, may have a claim to encouragement. 
 
 A designation of the principal raw material of which each manufacture is 
 composed, will serve to introduce the remarks upon it, as in the first place, 
 
 IRON. 
 
 The manufactures of this article are entitled to pre-eminent rank. None 
 are more essential in their kinds, nor so extensive in their uses. They con- 
 stitute, in whole, or in part, the implements or the materials, or both, of al- 
 most every useful occupation. Their instrumentality is every where con- 
 spicuous. 
 
 It is fortunate for the United States that they have peculiar advantages 
 for deriving The full benefit of this most valuable material, and they have 
 every motive to improve it with systematic care. It is to be found in va- 
 rious parts of the United States, in great abundance, and of almost every 
 quality; and fuel, the chief instrument in manufacturing it, is both cheap 
 and plenty. This particularly applies to charcoal; but there are productive 
 coal mines already in operation, and strong indications that the material is to 
 be found in abundance, in a variety of other places. 
 
 The inquiries to which the subject of this report has led, have been an- 
 swered with proofs, that manufactories of iron, though generally understood 
 to be extensive, are far more so than is commonly supposed. The kinds in 
 which the greatest progress has been made, have been mentioned in another 
 place, and need not be repeated ; but there is little doubt that every other kind, 
 with due cultivation, will rapidly succeed. It is worthy of remark, that 
 several of the particular trades of which it is the basis, are capable of being 
 carried on without the aid of large capitals. 
 
 Iron-works have greatly increased in the United States, and are pro- 
 secuted with much more advantage than formerly. The average price, 
 before the revolution, was about sixty-four dollars per ton; at present, it is 
 about eighty; a rise which is chiefly to be attributed to the increase of 
 manufactures of the material. 
 
 The still further extension and multiplication of such manufactures, will 
 have the double effect of promoting the extraction of the metal itself, and 
 of converting it to a greater number of profitable purposes. 
 
 Those manufactures, too, unite, in a greater degree than almost any 
 others, the several requisites which have been mentioned as proper to be 
 consulted in the selection of objects. 
 
 The only further encouragement of manufactories of this article, the 
 propriety of which may be considered as unquestionable, seems to be an 
 increase of the duties on foreign rival commodities. 
 
 Steel is a branch which lias already made a considerable progress, and it 
 is ascertained that some new enterprises, on a more extensive sale, have 
 been lately set on foot. The facility of carrying it to an extent which will 
 supply all internal demands, and furnish a considerable surplus for exporta- 
 tion, cannot be doubted. The duty upon the importation of this article, 
 which is at present seventy-five cents per cwt, may, it is conceived, be 
 safely and advantageously extended to one hundred cents. It is desirable, 
 by decisive arrangements, to second the efforts which are making in so very 
 valuable a branch. 
 
1791.1 SECRETARY OF THE TREASURY. 119 
 
 The United States already, in a great measure, supply themselves with nails 
 and spikes. They are able, and ought certainly to do it entirely. The first 
 and most laborious operation, in this manufacture, is performed by water- 
 mills; and of the persons afterwards employed, a great proportion are boys, 
 whose early habits of industry are of importance to the community, to the 
 present support of their families, and to their own future comfort. It is not 
 less curious than true, that in certain parts of the country, the making of 
 nails is an occasional family manufacture. 
 
 The expediency of an additional duty on these articles is indicated by an 
 important fact. About 1,800,000 pounds of them were imported into the 
 United States, in the course of a year, ending the 30th of September, 1790. 
 A duty of two cents per pound would, it is presumable, speedily put an end 
 to so considerable an importation. And it is, in every view, proper that an 
 end should be put to it. 
 
 The manufacture of these articles, like that of some others, suffers from 
 the carelessness and dishonesty of a part of those who carry it on. An 
 inspection in certain cases might tend to correct the evil. It will deserve 
 consideration, whether a regulation of this sort cannot be applied, without 
 inconvenience, to the exportation of the articles, either to foreign countries,- 
 or from one State to another. 
 
 The implements of husbandry are made in several States in great abund- 
 ance. In many places, it is done by the common blacksmiths. And there 
 is no doubt that an ample supply for the whole country can, with great ease, 
 be procured among ourselves. 
 
 Various kinds of edged tools for the use of mechanics are also made; and 
 a considerable quantity of hollow wares; though the business of castings 
 has not yet attained the perfection which might be wished. It is, however, 
 improving, and as there are respectable capitals in good hands, embarked in 
 the prosecution of those branches of iron manufactories which are yet in 
 their infancy, they may all be contemplated as objects not difficult to be ac- 
 quired. 
 
 To ensure the end, it seems equally safe and prudent to extend the duty, 
 ad valorem, upon all manufactures of iron, or of which iron is the article of 
 chief value, to ten per cent. 
 
 Fire-arms and other military weapons, may, it is conceived, be placed, 
 without inconvenience, in the class of articles rated at fifteen per cent. 
 There exist already manufactories of these articles, which only require the 
 stimulus of a certain demand to render them adequate to the supply of the 
 United States. 
 
 It would also be a material aid to manufactures of this nature, as well as 
 a mean of public security, if provision should be made for an annual pur- 
 chase of military weapons of home manufacture, to a certain determinate 
 extent, in order to the formation of arsenals; and to replace, from time to 
 time, such as should be withdrawn for use, so as always to have in store the 
 quantity of each kind which should be deemed a competent supply. 
 
 But it may hereafter de»erve legislative consideration, whether manufac- 
 tories of all the necessary weapons of war ought not to be established on 
 account of the government itself. Such establishments are agreeable to the 
 usual practice of nations, and that practice seems founded on sufficient 
 reason. 
 
 There appears to be an improvidence in leaving these essential instru- 
 ments of national defence to the casual speculations of individual adventure; 
 
120 REPORTS OF THE [17$L 
 
 a resource which can less be relied upon, in this case, than in most others; 
 the articles in question not being objects of ordinary and indispensable pri- 
 vate consumption or use. As a general rule, manufactories on the imme- 
 diate account of government are to be avoided; but this seems to be one of 
 the few exceptions which that rule admits, dependingon very special reasons. 
 
 Manufactures of steel, generally, -or of which steel is the article of chief 
 value, may with advantage be placed in the class of goods -rated at seven 
 and an half per cent. As manufactures of this kind have not yet made any 
 considerable progress, it is a reason for not rating them as high as -those of 
 iron; but as this material is the basis of them, and as their extension is not 
 less practicable than important, it is desirable to promote it by a somewhat 
 higher duty than the present. 
 
 . A question arises, how far it might be expedient to permit the importation 
 of iron in pigs^and bars free from duty. It would certainly be favorable to 
 manufacturers of the article; but the doubt is, whether it might not interfere 
 with its production. 
 
 Two circumstances, however, abate, if they do not remove apprehension, 
 on this score; one is, the considerable increase of price, which has already 
 been remarked, and which renders it probable, that the free admission of 
 foreign iron would not be inconsistent with an adequate profit to the pro- 
 prietors of iron-works; the other is the augmentation of demand which 
 would be likely to attend the increase of manufactures of the article, in con- 
 sequence of the additional encouragements proposed to be given. But 
 caution, nevertheless, in a matter of this kind, is most adviseable. The 
 measure suggested ought, perhaps, rather to be contemplated, subject to the 
 lights of further experience, than immediately adopted. 
 
 COPPER. 
 
 The manufactures of which this article is susceptible, are also of great 
 extent and utility. Under this description, those of brass, of which it is 
 the principal ingredient, are intended to be included. 
 
 The material is a natural production of the country. Mines of copper 
 have actually been wrought, and with profit to the undertakers, though 
 it is not known that any are now in this condition. And nothing is easier 
 than the introduction of it from other countries, on moderate terms and in 
 great plenty. 
 
 Coppersmiths and brass founders, particularly the former, are numerous 
 in the United States; some of whom carry on business to a respectable 
 extent. 
 
 To multiply and extend manufactories of the materials in question, is 
 worthy of attention and effort. In order to this, it is desirable to facilitate 
 a plentiful supply of the materials. And a proper mean to this end is, to 
 place them in the class of free articles. Copper in plates and brass, are al- 
 ready in this predicament; but copper in pigs and bars is not; neither is 
 lapis calaminaris, which, together with copper and charcoal, constitute the 
 component ingredients of brass. The exemption from duty, by parity of 
 reason, ought to embrace all such of these articles as are objects of im- 
 portation. 
 
 An additional duty on brass wares, will tend to the general end in view. 
 These now stand at five per cent, while those of tin, pewter, and copper, 
 are rated at seven and an half. There appears to be a propriety in every 
 view, in placing brass wares upon the same level with them; and it merits 
 
1791.] SECRETARY OF THE TREASURY- I2 j 
 
 consideration, whether the duty upon all of them ought not to be raised to 
 ten per cent. 
 
 LEAD. 
 
 There are numerous proofs that this material abounds in the United States, 
 and requires little to unfold it to an extent more than equal to every domes- 
 tie occasion. A prolific mine of it has long been open in the south-western 
 parts of Virginia, and under a public administration, during the late war, 
 yielded a considerable supply for military use. This is now in the hands of 
 individuals, who not only carry it on with spirit, but have established manu- 
 factories of it at Richmond in the same State. 
 
 The duties already laid upon the importation of this article, either in its- 
 unmanufactured or manufactured state, ensure it a decisive advantage in the 
 home market, which amounts to considerable encouragement. If the duty 
 on pewter wares should be raised, it would afford a further encouragement 
 Nothing else occurs as proper to be added. 
 
 FOSSIL COAL. . 
 
 This, as an important instrument of manufactures, may, without impro* 
 priety, be mentioned among the subjects of this report. 
 
 A copious supply of it would be of great consequence to the iron branch. 
 As an article of household fuel, also, it is an interesting production; the utility 
 of which must increase in proportion to the decrease of wood, by the pro- 
 gress of settlement and cultivation. And its importance to navigation, as 
 an immense article of transportation coastwise, is signally exemplified in 
 Great Britain. 
 
 It is known that there are several coal mines in Virginia, now worked,, 
 and appearances of their existence are familiar in a number of places. 
 
 The expediency of a bounty on all this species of coal, of home production, 
 and of premiums on the opening of new mines, under certain qualifications, 
 appears to be worthy of particular examination. The great importance of 
 the article will amply justify a reasonable expense in this way, if it shall 
 appear to be necessary to, and shall be thought likely to answer the end. 
 
 WOOD. 
 
 Several manufactures of this article flourish in the United States. Ships 
 are no where built in greater perfection, and cabinet wares generally, are 
 made little if at all inferior to those of Europe. Their extent is such as 
 to have admitted of considerable exportation. 
 
 An exemption from duty, of the several kinds of wood ordinarily used 
 in these manufactures, seems to be all that is requisite, by way of encour- 
 agement. It is recommended by the consideration of a similar policy being 
 pursued in other countries, and by the expediency of giving equal advantages 
 to our own workmen in wood. The abundance of timber, proper for ship 
 building in the United States, does not appear to be any objection to it. The 
 increasing scarcity, and growing importance of that article, in the Euro- 
 pean countries, admonish the United States to commence, and systematically 
 to pursue, measures for the preservation of their stock. Whatever may pro- 
 mote the regular establishment of magazines of ship timber, is in various 
 views desirable. 
 
 SKINS. 
 
 There are scarcely any manufactories of greater importance than of this 
 article. Their direct and very happy influence upon agriculture, by pro- 
 
log REPORTS OF THE [1791. 
 
 moting the raising of cattle of different kinds, is a very material recom- 
 mendation. 
 
 It is pleasing, too, to observe the extensive progress they have made in 
 their principal branches, which are so far matured as almost to defy foreign 
 competition. Tanneries, in reticular, are not only carried on as a regular 
 business, in numerous instances, and in various parts of the country; but 
 thev constitute, in some places, a valuable item of incidental family manu- 
 factures. - 
 
 Representations, however, have been made, importing the expediency of 
 further encouragement to the leather branch, in two ways: one by increasing 
 the dutv on the manufactures of it, which are imported: the other, by pro- 
 hibiting the exportation of bark. In support of the latter, it is alleged, that 
 the price of bark, chiefly in consequence of large expcrtations, has risen, 
 within a few_years, from about three dollars to four and an half per cord. 
 
 These suggestions are submitted, rather as intimations which merit con- 
 sideration, than as matters the propriety of which is manifest. It is not 
 clear that an increase of duty is necessary: and in regard to the prohibition 
 desired, there is no evidence of any considerable exportation hitherto; and 
 it is most probable that, whatever augmentation of price may have taken 
 place, is to be attributed to an extension of the home demand, from the 
 increase cf manufacturer, and to a decrease of the supply, in consequence 
 of the progress of settlement, rather than to the quantities which have been 
 exported. 
 
 It is mentioned, however, as an additional reason for the prohibition, that 
 one species of the bark usually exported, is in some sort peculiar to the 
 country and the material of a very valuable die, of great use in some other 
 manufactures, in which the United States have begun a competition. 
 
 There may also be this argument in favor of an increase of duty. The 
 object is of importance enough to claim decisive encouragement, and the 
 progress which has been made, leaves no room to apprehend any incon- 
 venience on the score of supply, from such an increase. 
 
 It would be of benefit to this branch, if glue, which is now rated at five 
 per cent, were made the object of an excluding duty. It is already made 
 in large quantities at various tanneries, and, like paper, is an entire economy 
 of materials, which, if not manufactured, would be left to perish. It may 
 be placed, with advantage, in the class of articles paying fifteen per cent 
 
 GRAIN. 
 
 Manufactures of the several species of this article have a title to peculiar- 
 favor: not only because they are, most of them, immediately connected 
 with the subsistence of the citizens, but because they enlarge the demand 
 for the most precious products of the soil. 
 
 Though flour may, with propriety, be noticed as a manufacture of grain, 
 it were useless to do it, but for the purpose of submitting the expediency of 
 a general system of inspection, throughout the ports of the United States; 
 which, if established upon proper principles, would be likely to improve 
 the quality of our flour every where, and to raise its reputation in foreign 
 markets. There are, however, considerations which stand in the way of 
 an arrangement 
 
 Ardent spirits and malt liquors are, next to flour, the two principal manu- 
 factures of grain. The first has made a very extensive, the last a consider- 
 able progress in the United States. In respect to both, an exclusive posses 
 
1791.] SECRETARY OF THE TREASURY. 123 
 
 sion of the home market ought to be secured to the domestic manufacturers 
 as fast as circumstances will admit. Nothing is more practicable, and no- 
 thing more desirable. 
 
 The existing laws of the United States have done much towards attaining 
 this valuable object; but some additions to the present duties on foreign dis- 
 tilled spirits and foreign malt liquors, and perhaps an abatement of those on 
 home made spirits, would more effectually secure it; and there does not oc- 
 cur any very weighty objection to either. 
 
 An augmention of the duties on imported spirits would favor, as well the 
 distillation of spirits from molasses, as that from grain. And to secure to 
 the nation the benefit of a manufacture, even of foreign materials, is always 
 of great, though perhaps of secondary importance. 
 
 A strong impression prevails in the minds of those concerned in distille- 
 ries, (including, too, the most candid and enlightened,) that greater differ- 
 ences in the rates of duty on foreign and domestic spirits are necessary, 
 completely to secure the successful manufacture of the latter; and there are 
 facts which entitle this impression to attention. 
 
 It is known that the price of molasses, for some years past, has been suc- 
 cessively rising in the West India markets, owing partly to a competition 
 which did not formerly exist, and partly to an extension of demand in this 
 country; and it is evident, that the late disturbances in those islands 
 from which we draw our principal supply, must so far interfere with the 
 production of the article, as to occasion a material enhancement of price. 
 The destruction and devastation attendant on the insurrection in Hispaniola, 
 in particular, must not only contribute very much to that effect, but may be 
 expected to give it some duration. These circumstances, and the duty of 
 three cents per gallon on molasses, may render it difficult for the distillers 
 of that material to maintain, with adequate profit, a competition with the rum 
 brought from the West Indies, the quality of which is so considerably su- 
 perior. 
 
 The consumption of geneva, or gin, in this country, is extensive. It is 
 not long since distilleries of it have grown up among us, to any importance. 
 They are now becoming of consequence, but being still in their infancy, 
 they require protection. 
 
 It is represented that the price of some of the materials is greater here 
 than in Holland, from which place large quantities are brought; the price of 
 labor considerably greater; the capitals engaged in the business there, much 
 larger than those which are employed here; the rate of profits at which the 
 undertakers can afford to carry it on, much less; the prejudices in favor of 
 imported gin, strong. These circumstances are alleged to outweigh the 
 charges which attend the bringing of the article from Europe to the United 
 States, and the present difference of duty, so as to obstruct the prosecution 
 of the manufacture with due advantage. 
 
 Experiment could, perhaps, alone decide, with certainty, the justness of 
 the suggestions which are made; but, in relation to branches of manufacture 
 so important, it would seem inexpedient to hazard an unfavorable issue, 
 and better to err on the side of too great, than of too small a difference in 
 the particular in question. 
 
 It is therefore submitted, that an addition of two cents per gallon be 
 made to the duty on imported spirits of the first class of proof, with a pro- 
 portionable increase on those of higher proof; and that a deduction of one 
 cent per gallon be made from the duty on spirits distilled within the United 
 17 
 
124 REPORTS OF THE ["1791. 
 
 States, beginning with the first class of proof, and a proportionable deduc- 
 tion from the duty on those of higher proof. 
 
 It is ascertained, that by far the greatest part of the malt liquors consumed 
 in the United States, are the produce of domestic* breweries. It is de- 
 sirable, and in all likelihood attainable, that the whole consumption should 
 be supplied by ourselves. 
 
 The malt liquors made at home, though inferior to the best, are equal to 
 a great part of those which have been usually imported. The progress al- 
 ready made, is an earnest of what may be accomplished. The growing 
 competition is an assurance of improvement. This will be accelerated by 
 measures tending to invite a greater capital into this channel of employment. 
 
 To render the encouragement of domestic breweries decisive, it may be 
 adviseable to substitute to the present rates of duty, eight cents per gallon, 
 generally; aridTit will deserve to be considered as a guard against invasions, 
 whether there ought not to be a prohibition of their importation, except in 
 casks of considerable capacity. It is to be hoped, that such a duty would 
 banish from the market foreign malt liquors of inferior quality, and that 
 the best kind only would continue to be imported, till it should be supplant- 
 ed by the efforts of equal skill or care at home. 
 
 Until that period, the importation, so qualified, would be an useful stimu- 
 lus to improvement, and, in the mean time, the payment of the increased 
 price for the enjoyment of a luxury, in order to the encouragement of a 
 most useful branch of domestic industry, could not reasonably be deemed si 
 hardship. 
 
 As a further aid to manufacturers of grain, though upon a smaller scale, 
 the articles of starch, hair-powder, and wafers, may with great propriety be 
 placed among those which are rated at fifteen per cent. No manufactures are 
 more simple, nor more completely within the reach of a full supply from 
 domestic sources; and it is a policy as common as it is obvious, to make 
 them the objects, either of prohibitionary duties or of express prohibition. 
 
 FLAX AND HEMP. 
 
 Manufactures of these articles have so much affinity to each other, and 
 they are so often blended, that they may, with advantage, be considered in 
 conjunction. The importance of the linen branch to agriculture — -its pre- 
 cious effects upon household industry — the ease with which the materials 
 can be produced at home, to any requisite extent — the great advances which 
 have been already made in the coarser fabrics of them, especially in the fa- 
 mily way, constitute claims of peculiar force to the patronage of govern- 
 ment. 
 
 This patronage may be afforded in various ways; by promoting the growth 
 of the materials, by increasing the impediments to an advantageous compe- 
 tition of rival foreign articles, by direct bounties or premiums upon the 
 home manufactures. 
 
 1st. As to promoting the growth of the materials. 
 
 In respect to hemp, something has been already done by the high duty 
 upon foreign hemp. If the facilities for domestic production were not un- 
 usually great, the policy of the duty on the foreign raw material would be 
 highly questionable, as interfering with the growth of manufactures of 
 it. But making the proper allowances for those facilities, and with an eye 
 to the future and natural progress of the country, the measure does not ap- 
 pear, upon the whole, exceptionable. 
 
1791.] SECRETARY OF THE TREASURY. 125 
 
 A strong wish naturally suggests itself, that some method could be de- 
 vised, of affording a more direct encouragement to the growth both of flax and 
 hemp; such as would be effectual, and, at the same time, not attended with 
 too great inconveniences. To this end, bounties and premiums offer them- 
 selves to consideration; but no modification of them has yet occurred, which 
 would not either hazard too much expense, or operate unequally, in refer- 
 ence to the circumstances of different parts of the Union; and which would 
 not be attended with very great difficulties in the execution. 
 
 Secondly. As to increasing the impediments to an advantageous compe- 
 tition of rival foreign articles. 
 
 To this purpose, an augmentation of the duties on importation is the ob- 
 vious expedient, which, in regard to certain articles, appears to be recom- 
 mended by sufficient reasons. 
 
 The principal of these articles is sail-cloth; one intimately connected with 
 navigation and defence; and of which a flourishing manufactory is esta- 
 blished at Boston, and very promising ones at several other places. 
 
 It is presumed to be both safe and adviseable, to place this in the class of 
 articles rated at ten per cent. A strong reason for it results from the con- 
 sideration that a bounty of two-pence sterling per ell is -allowed in Great 
 Britain, upon the exportation of the sail -cloth manufactured in that kingdom. 
 
 It would likewise appear to be good policy to raise the duty to 7% per 
 cent, on the following articles: Drillings, osnaburg, ticklenburgs, dowlas, 
 canvass, brown rolls, bagging, and upon all other linens, the first cost of 
 which, at the place of exportation, does not exceed thirty-five cents per 
 yard. A bounty of twelve and a half per cent, upon an average, on the 
 exportation of such or similar linens from Great Britain, encourages the ma- 
 nufacture of them in that country, and increases the obstacles to a success- 
 ful competition in the countries to which they are sent. 
 
 The quantities of tow and other household linens manufactured in differ- 
 ent parts of the United States, and the expectations which are derived 
 from some late experiments, of being able to extend the use of labor-saving 
 machines, in the coarser fabrics of linen, obviate the danger of inconveni- 
 ence from an increase of the duty upon such articles, and authorize a hope 
 of speedy and complete success to the endeavors which may be used for 
 procuring an internal supply. 
 
 Thirdly. As to direct bounties or premiums upon the manufactured arti- 
 eles. 
 
 To afford more effectual encouragement to the manufacture, and at the 
 same time to promote the cheapness of the article, for the benefit of naviga- 
 tion, it will be of great use to allow a bounty of two cents per yard, on all 
 sail-cloth which is made in the United States, from materials of their own 
 growth. This would also assist the culture of those materials. An encour- 
 agement of this kind, if adopted, ought to be established for a moderate 
 term of years, to invite to new undertakings, and to an extension of the old. 
 This is an article of importance enough to warrant the employment of ex- 
 traordinary means in its favor. 
 
 COTTON. 
 
 There is something in the texture of this material, which adapts it, in a 
 peculiar degree, to the application of machines. The signal utility of the 
 mill for spinning of cotton, not long since invented in England, has been 
 noticed in another place; but there are other machines scarcely inferior ill 
 utility, which, in the different manufactories of this article, are employed, 
 either exclusively, or with more than ordinary effect. This very important 
 
120 REPORTS OF THE [1791. 
 
 circumstance recommends the fabrics of cotton, in a more particular man- 
 ner, to a country in which a defect of hands constitutes the greatest obsta- 
 cle to success. 
 
 The variety and extent of the uses to which the manufactures of this ar- 
 ticle are applicable, is another powerful argument in their favor. 
 
 And the faculty of the United States to produce the raw material in abun- 
 dance, and of a quality which, though alleged to be inferior to some that 
 is produced in other quarters, is nevertheless capable of being used with 
 advantage in many fabrics, and is probably susceptible of being carried by a 
 more experienced culture, to much greater perfection, suggests an additional 
 and a very cogent inducement to the vigorous pursuit of the cotton branch, 
 in its several subdivisions. 
 
 How much has been already done, has been stated in a preceding part of 
 this report. 
 
 In addition to this, it may be announced, that a society is forming, with 
 a capital which is expected to be extended to at least half a million of dol- 
 lars; on behalf of which, measures are already in train for prosecuting, on 
 a large scale, the making and printing of cotton goods. 
 
 These circumstances conspire to indicate the expediency of removing any 
 obstructions which may happen to exist, to the advantageous prosecution of 
 the manufactories in question, and of adding such encouragements as may 
 appear necessary and proper. 
 
 The present duty of three cents per pound, on the foreign raw material, 
 is undoubtedly a very serious impediment to the progress of those manu- 
 factories. 
 
 The injurious tendency of similar duties, either prior to the establish- 
 ment, or in the infancy of the domestic manufacture of the article, as it re- 
 gards the manufacture, and their worse than inutility, in relation to the 
 home production of the material itself, have been anticipated, particularly 
 in discussing the subject of pecuniary bounties. 
 
 Cotton has not the same pretensions with hemp, to form an exception to 
 the general rule. 
 
 Not being, like hemp, an universal production of the country, it affords 
 less assurance of an adequate internal supply; but the chief objection arises 
 from the doubts which are entertained, concerning the quality of the na- 
 tional cotton. It is alleged that the fibre of it is considerably shorter and 
 weaker, than that of some other places; and it has been observed, as a ge- 
 neral rule, that the nearer the place of growth to the equator, the better the 
 quality of the cotton. That which comes from Cayenne, Surinam, and 
 Demarara, is said to be preferable, even at a material difference of price, to 
 the cotton of the islands. 
 
 While a hope may reasonably be indulged, that, with due care and atten- 
 tion, the national cotton may be made to approach nearer than it now does 
 to that of regions somewhat more favored by climate; and while facts author- 
 ize an opinion that very great use may be made of it, and that it is a resource 
 which gives greater security to the cotton fabrics of this country, than can 
 be enjoyed by any which depends wholly on external supply, it will cer- 
 tainly be wise, in every view, to let our infant manufactures have the full be- 
 nefit of the best materials, on the cheapest terms. It is obvious that the ne- 
 cessity of having such materials is proportioned to the unskilfulness and in- 
 experience of the workmen employed, who, if inexpert, will not fail to com- 
 mit great waste, where the materials they are to work with are of an indif- 
 ferent kind. 
 
1791.] SECRETARY OF THE TREASURY. 127 
 
 To secure to the national manufacturers so essential an advantage, a repeal 
 of the present duty on imported cotton is indispensable. 
 
 A substitute for this, far more encouraging to domestic production, will be 
 to grant a bounty on the national cotton, when-wrought at a home manufac- 
 tory; to which a bounty on the exportation bf it maybe added. Either, or 
 both, would do much more towards promoting the growth of the article, than 
 the merely nominal encouragement, which it is proposed to abolish. The first 
 would also have a direct influence in encouraging the manufacture. 
 
 The bounty which has been mentioned, as existing in Great Britain, upon 
 the exportation of coarse linens not exceeding a certain value, applies also to 
 certain descriptions of cotton goods of similar value. 
 
 This furnishes an additional argument for allowing to the national manufac- 
 turers, the species of encouragement just suggested, and, indeed, for adding 
 some other aid. 
 
 One cent per yard, not less than of a given width, on all goods of cotton, 
 or of cotton and linen mixed, which are manufactured in the United States, 
 with the addition of one cent per pound weight of the material, if made of 
 national cotton, would amount to an aid of considerable importance, both to 
 the production and to the manufacture of that valuable article. And it is con- 
 ceived that the expense would be well justified by the magnitude of the ob- 
 
 J ect * 
 
 The printing and staining of cotton goods is known to be a distinct busi- 
 ness from the fabrication of them. It is one easily accomplished, and which, 
 as it adds materially to the value of the article in its white state, and prepares 
 it for a variety of new uses, is of importance to be promoted. 
 
 As imported cottons, equally with those which are made at home, may be 
 the objects of this manufacture, it will merit consideration, whether the 
 whole, or a part of the duty, on the white goods, ought not to be allowed to 
 be drawn back in favor of those who print or stain them. This measure 
 would certainly operate as a powerful encouragement to the business; and 
 though it may, in a degree, counteract the original fabrication of the arti- 
 cles, it would probably more than compensate for this disadvantage, in the 
 rapid growth of a collateral branch, which is of a nature sooner to attain to 
 maturity. When a sufficient progress shall have been made, the drawback 
 may be abrogated, and by that time the domestic supply of the articles to be 
 printed or stained will have been extended. 
 
 If the duty of seven and a half per cent., on certain kinds of cotton goods, 
 were extended to all goods of cotton, or of which it is the principal material, 
 it would probably more than counterbalance the effect of the drawback pro- 
 posed, in relation to the fabrication of the article. And no material objec- 
 tion occurs to such an extension. The duty, then, considering all the cir- 
 cumstances which attend goods of this description, could not be deemed in- 
 conveniently high; and it may be inferred, from various causes, that the 
 prices of them would still continue moderate. 
 
 Manufactories of cotton goods, not long since established at Beverly, in 
 Massachusetts, and at Providence, in the State of Rhode Island, and conduct- 
 ed with a perseverance corresponding with the patriotic motives which be- 
 gan them, seem to have overcome the first obstacles to success; producing cor- 
 deroys, velverets, fustians, jeans, and other similar articles, of a quality which 
 will bear a comparison with the like articles brought from Manchester. The 
 one at Providence has the merit of being the first in introducing into the 
 United States the celebrated cotton mill, which not only furnishes mate- 
 
128 REPORTS OF THE [1791. 
 
 rials for that manufactory itself, but for the supply of private families for 
 household manufactures. 
 
 Other manufactories of the same material, as regular businesses, have also 
 been begun at different places in the State of Connecticut, but all upon a 
 smaller scale than those above-mentioned. Some essays are also making in 
 the printing and staining of cotton goods. There are several small establish- 
 ments of this kind already on foot. 
 
 WOOL. 
 
 In a country, the climate of which partakes of so considerable a proportion 
 of winter, as that of a great part of the United States, the woollen branch can- 
 not be regarded as inferior to any which relates to the clothing of the inhab- 
 itants. 
 
 Household manufactures of this material are carried on in different parts of 
 the United States, to a very interesting extent; but there is only one branch, 
 which, as a regular business, can be said to have acquired maturity. This 
 is the making of hats. 
 
 Hats of wool, and of wool mixed with fur, are made in large quantities, 
 in different States; and nothing seems wanting, but an adequate supply of 
 materials, to render the manufacture commensurate with the demand. 
 
 A promising essay, towards the fabrication of cloths', cassimeres and other 
 woollen goods, is likewise going on at Hartford, in Connecticut. Specimens 
 of the different kinds which are made, in the possession of the Secretary, 
 evince that these fabrics have attained a very considerable degree of perfec- 
 tion. Their quality certainly surpasses any thing that could have been look- 
 ed for in so short a time, and under so great disadvantages; and conspires, 
 with the scantiness of the means, which have been at the command of the di- 
 rectors, to form the eulogium of that public spirit, perseverance, and judg- 
 ment, which have been able to accomplish so much. 
 
 To cherish and bring to maturity this precious embryo, must engage the 
 most ardent wishes, and proportionable regret, as far as the means of doing it 
 may appear difficult or uncertain. 
 
 Measures which should tend to promote an abundant supply of wool, of 
 good quality, would probably afford the most efficacious aid that present 
 circumstances permit. 
 
 To encourage the raising and improving the breed of sheep, at home, 
 would certainly be the most desirable expedient for that purpose; but it may 
 not be alone sufficient, especially as it is yet a problem, whether our wool be 
 capable of such a degree of improvement as to render it fit for the finer fabrics. 
 
 Premiums would probably be found the best means of promoting the do 
 mestic, and bounties the foreign supply. The first may be within the com- 
 pass of the institution hereafter to be submitted. The last would require a 
 specific legislative provision. If any bounties are granted, they ought, of 
 course, to be adjusted with an eye to quality as well as quantity. 
 
 A fund for this purpose may be derived from the addition of two and a 
 half per cent, to the present rate of duty on carpets and carpeting; an in- 
 crease to which the nature of the articles suggest no objection, and Which 
 may, at the same time, furnish a motive the more to the fabrication of them 
 at home, towards which some beginnings have been made. 
 
 SILK. 
 
 The production of this article is attended with great facility in most parts 
 of the United States. Some pleasing essays are making in Connecticut, as 
 
1791.] SECRETARY OF THE TREASURY. 129 
 
 well towards that, as towards the manufacture of what is produced. Stock- 
 ings, handkerchiefs, ribbons and buttons are made, though as yet but in 
 small quantities. 
 
 A manufactory of lace, upon a scale not very extensive, has been long 
 memorable at Ipswich, in the State of Massachusetts. 
 
 An exemption of the material from the duty which it now pays on im- 
 portation, and premiums upon the production to be dispensed under the di- 
 rection of the institution before alluded to, seem to be the only species of 
 encouragement, adviseable at so early a stage of the thing. 
 
 GLASS. 
 
 The materials for making glass are found every where. In the United 
 States there is no deficiency of them. The sands and stones called tarso, 
 which include flinty and crystalline substances generally, and the salts of 
 various plants, particularly of the sea-weed kali, or kelp, constitute the es- 
 sential ingredients. An extraordinary abundance of fuel is a particular ad- 
 vantage enjoyed by this country for such manufactures. They, however, 
 require large capitals, and involve much manual labor. 
 
 Different manufactories of glass are now on foot in the United States. 
 The present duty of twelve and an half per cent, on all imported articles 
 of glass, amount to a considerable encouragement to those manufactories. 
 If any thing in addition is judged eligible, the most proper would appear to 
 be a direct bounty on window-glass and black bottles. 
 
 The first recommends itself as an object of general convenience; the last 
 adds to that character the circumstance of being an important item in 
 breweries. A complaint is made of great deficiency in this respect. 
 
 GUNPOWDER. 
 
 No small progress has been of late made in the manufacture of this very 
 important article. It may, indeed, be considered as already established^ 
 but its high importance renders its further extension very desirable. 
 
 The encouragements which it already enjoys, are a duty of ten per cent, 
 on the foreign rival article, and an exemption of saltpetre, one of the 
 principal ingredients of which it is composed, from duty. A like exemp- 
 tion of sulphur, another chief ingredient, would appear to be equally pro- 
 per. No quantity of this article has yet been, produced from internal 
 sources. The use made of it in finishing the bottoms of ships, is an addi- 
 tional inducement to placing it in the class of free goods. Regulations for 
 the careful inspection of the article, would have a favorable tendency. 
 
 PAPER. 
 
 Manufactories of paper are among those which are arrived at the greatest 
 maturity in the United States, and are most adequate to national supply. 
 That of paper-hangings, is a branch in which respectable progress has been 
 made. 
 
 Nothing material seems wanting to the further success of this valuable 
 branch, which is already protected by a competent duty on similar imported 
 articles. 
 
 In the enumeration of the several kinds made subject to that duty, sheath- 
 ing and cartridge paper have been omitted. These being the most simple 
 manufactures of the sort, and necessary to military supply, as well as ship- 
 building, recommend themselves equally with those of other descriptions, 
 
130 REPORTS OF THE [1791 . 
 
 to encouragement, and appear to be as fully within the compass of domestic 
 exertions. 
 
 PRINTED BOOKS. 
 
 The great number of presses disseminated throughout the Union, seem to 
 afford an assurance, that there is no need of being indebted to foreign coun- 
 tries for the printing of the books which are used in the United States. A 
 duty of ten per cent, instead of five, which is now charged upon the article, 
 would have a tendency to aid the business internally. 
 
 It occurs as an objection to this, that it may have an unfavorable aspect to- 
 wards literature, by raising the prices of books in universal use in private fami- 
 lies, schools, and other seminaries of learning. But the difference, it is con- 
 ceived, would be without effect. 
 
 As to booksTvvhich usually fill the libraries of the wealthier classes, and of 
 professional men, such an augmentation of prices as might be occasioned by 
 an additional duty of five per cent., would be too little felt to be an impedi- 
 ment to the acquisition. 
 
 And with regard to books which may be specially imported for the use of 
 particular seminaries of learning, and of public libraries, a total exemption 
 from duty would be adviseable, which would go towards obviating the 
 objection just mentioned. They are now subject to a duty of five per cent. 
 
 As to the books in most general family use, the constancy and universali- 
 ty of the demand, would ensure exertions to furnish them at home, and the 
 means are completely adequate. It may also be expected ultimately, in this, 
 as in other cases, that the extension of the domestic manufacture would con- 
 duce to the cheapness of the article. 
 
 It ought not to pass unremarked, that, to encourage the printing of books, 
 is to encourage the manufacture of paper. 
 
 REFINED SUGARS AND CHOCOLATE 
 
 Are among the number of extensive and prosperous domestic manufactures. 
 
 Drawbacks of the duties upon the materials of which they are respective- 
 ly made, in cases of exportation, would have a beneficial influence upon the 
 manufacture, and would conform to a precedent which has been already fur- 
 nished in the instance of molasses, on the exportation of distilled spirits. 
 
 Cocoa, the raw material, now pays a duty of one cent per pound, while 
 chocolate, which is a prevailing and very simple manufacture, is comprised 
 in the mass of articles rated at no more than five per cent. 
 
 There would appear to be a propriety in encouraging the manufacture by 
 a somewhat higher duty on its foreign rival than is paid on the raw material. 
 Two cents per pound on imported chocolate, would, it is presumed, be with- 
 out inconvenience. 
 
 The foregoing heads comprise the most important of the several kinds of 
 manufactures which have occurred as requiring, and, at the same time, as 
 most proper for public encouragement; and such measures for affording it as 
 have appeared best calculated to answer the end, have been suggested. 
 
 The observations which have accompanied this delineation of objects, su- 
 persede the necessity of many supplementary remarks. One or two, how- 
 ever, may not be altogether superfluous. 
 
 Bounties are, in various instances proposed, as one species of encourage- 
 ment. 
 
1791.1 SECRETARY OF THE TREASURY. 1 3 j 
 
 It is a familiar objection to them, that they are difficult to be managed and 
 liable to frauds. But neither that difficulty nor this danger seems sufficient- 
 ly great to countervail the advantages of which they are productive, when 
 rightly applied. And it is presumed to have been shown, that they are, in 
 some cases, particularly in the infancy of new enterprises, indispensable. 
 
 It will, however, be necessary to guard, with extraordinary circumspec- 
 tion, the manner of dispensing them. The requisite precautions have been 
 thought of; but to enter into the detail, would swell this report, already vo- 
 luminous, to a size too inconvenient. 
 
 If the principle shall not be deemed inadmissible, the means of avoiding 
 an abuse of it will not be likely to present insurmountable obstacles. There 
 are useful guides from practice in other quarters. 
 
 It shall, therefore, only be remarked here, in relation to this point, that 
 any bounty which may be applied to the manufacture of an article, cannot, 
 with safety, extend beyond those manufactories at which the making of the 
 article is a regular trade. It would be impossible to annex adequate pre- 
 cautions to a benefit of that nature, if extended to every private family in 
 which the manufacture was incidentally carried on; and its being a merely 
 incidental occupation which engages a portion of time that would otherwise 
 be lost, it can be advantageously carried on without so special an aid. 
 
 The possibility of a diminution of the revenue may also present itself as 
 an objection to the arrangements which have been submitted. 
 
 But there is no truth which may be more firmly relied upon, than that the 
 interests of the revenue are promoted by whatever promotes an increase of 
 national industry and wealth. 
 
 In proportion to the degree of these, is the capacity of every country to 
 contribute to the public treasury; and where the capacity to pay is increased, 
 or even is not decreased, the only consequence of measures which diminish 
 any particular resource, is a change of the object. If, by encouraging the 
 manufacture of an article at home, the revenue which has been wont to ac- 
 crue from its importation should be lessened, an indemnification can easily 
 be found, either out of the manufacture itself, or from some other object 
 which may be deemed more convenient. 
 
 The measures, however, which have been submitted, taken aggregately, 
 will, for a long time to come, rather augment than decrease the public 
 revenue. 
 
 There is little room to hope, that the progress of manufactures will so 
 equally keep pace with the progress of population, as to prevent even a 
 gradual augmentation of the product of the duties on imported articles. 
 
 As, nevertheless, an abolition in some instances, and a reduction in 
 others, of duties which have been pledged for the public debt, is proposed, 
 it is essential that it should be accompanied with a competent substitute. 
 In order to this, it is requisite that all the additional duties which shall be 
 laid, be appropriated, in the first instance, to replace all defalcations which 
 may proceed from any such abolition or diminution. It is evident, at first 
 glance, that they will not only be adequate to this, but will yield a consider- 
 able surplus. This surplus will serve, 
 
 First. To constitute a fund for paying the bounties which have been de- 
 creed. 
 
 Secondly. To constitute a fund for the operations of a board to be esta- 
 blished, for promoting arts, agriculture, manufactures, and commerce* Of 
 18 
 
12Q, REPORTS OF THE ["1791. 
 
 this institution, different intimations have been given in the course of this 
 report. An outline of a plan for it shall now be submitted. 
 
 Let a certain annual sum be set apart, and placed under the management 
 of commissioners, not less than three, to consist of certain officers of the 
 government and their successors in office. 
 
 Let these commissioners be empowered to apply the fund confided to 
 them, to defray the expenses of the emigration of artists, and manufacturers 
 in particular branches of extraordinary importance — to induce the prosecu- 
 tion and introduction of useful discoveries, inventions, and improvements, 
 by proportionate rewards, judiciously held out and applied — to encourage 
 by premiums, both honorable and lucrative, the exertions of individuals and of 
 classes, in relation to the several objects they are charged with promoting — 
 and to afford such other aids to those objects as may be generally designated 
 by law. 
 
 The commissioners to render to the Legislature an annual account of 
 their transactions and disbursements; and all such sums as shall not have 
 been applied to the purposes of their trust, at the end of every three years, 
 to revert to the treasury. It may also be enjoined upon them not to draw 
 out the money, but for the purpose of some specific disbursement. 
 
 It may, moreover, be of use to authorize them to receive voluntary con- 
 tributions, making it their duty to apply them to the particular objects for 
 which they may have been made, if any shall have been designated by the 
 donors. 
 
 There is reason to believe that the progress of particular manufactures 
 has been much retarded by the want of skilful workmen. And it often 
 happens, that the capitals employed are not equal to the purposes of bring- 
 ing from abroad workmen of a superior kind. Here, in cases worthy of it, 
 the auxiliary agency of government would, in all probability, be useful. 
 There are also valuable workmen in every branch who are prevented from 
 emigrating solely by the want of means. Occasional aids to such persons, 
 properly administered, might be a source of valuable acquisitions to the 
 country. 
 
 The propriety of stimulating by rewards the invention and introduction of 
 useful improvements, is admitted without difficulty. But the success of at- 
 tempts in this way, must evidently depend much on the manner of conducting 
 them. It is probable that the placing of the dispensation of those rewards 
 under some proper discretionary direction, where they may be accompanied 
 by collateral expedients, will serve to give them the surest efficacy. It 
 seems impracticable to apportion, by general rules, specific compensations 
 for discoveries of unknown and disproportionate utility. 
 
 The great use which may be made of a fund of this nature, to procure 
 and import foreign improvements, is particularly obvious. Among these, 
 the article of machines would form a most important item. 
 
 The operation and utility of premiums have been adverted to, together 
 with the advantages which have resulted from their dispensation, under the 
 direction of certain public and private societies. Of this, some experience 
 has been had, in the instance of the Pennsylvania Society for the Promotion 
 of Manufactures and Useful Arts; but the funds of that association have been 
 too contracted to produce more than a very small portion of the good to 
 which the principles of it would have led. It may confidently be affirmed, 
 that there is scarcely any thing which has been devised, better calculated to 
 excite a general spirit of improvement, than the institutions of this nature. 
 They are truly invaluable. 
 
1791.] SECRETARY OF THE TREASURY. I33 
 
 In countries where there is great private wealth, much may be effected 
 by the voluntary contributions of patriotic individuals; but in a community 
 situated like that of the United States, the public purse must supply the 
 deficiency of private resource. In what can it be so useful, as in prompt- 
 ing and improving the efforts of industry? 
 
 All which is humbly submitted. 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury. 
 
 ON THE ESTABLISHMENT OF A MINT. 
 
 In the House of Representatives of the United States. 
 
 SATURDAY, May 5, 1791. 
 
 On motion, 
 Ordered, That the report of the Secretary of the Treasury, relatively to 
 the establishment of a Mint, which was made to this House on Friday, the 
 38th ultimo, be sent to the Senate for their information. 
 
 Extract from the Journal. 
 
 John Beckley, Clerk. 
 
 The Secretary of the Treasury having attentively considered the subject 
 referred to him by the order of the House of Representatives, of the 
 fifteenth day of April last, relative to the establishment of a Mint, 
 most respectfully submits the result of his inquiries and reflections. 
 
 A plan for an establishment of this nature, involves a great variety of 
 considerations, intricate, nice, and important. The general state of debtor 
 and creditor; all the relations and consequences of price; the essential inter- 
 ests of trade and industry; the value of all property; the whole income, both 
 of the State and of individuals, are liable to be sensibly influenced, benefi- 
 cially or otherwise, by the judicious or injudicious regulation of this inter- 
 esting object. 
 
 It is one, likewise, not more necessary than difficult to be rightly adjust- 
 ed; one which has frequently occupied the reflections and researches of politi- 
 cians, without having harmonized their opinions on some of the most im- 
 portant of the principles which enter into its discussion. Accordingly, dif- 
 ferent systems continue to be advocated, and the systems of different nations, 
 .after much investigation, continue to differ from each other. 
 
 But if a right adjustment of the matter be truly of such nicety and diffi- 
 culty, a question naturally arises, whether it may not be most adviseable to 
 leave things in this respect, in the state in which they are? Why, might it 
 be asked, since they have so long proceeded in a train which has caused no 
 general sensation of inconvenience, should alterations be attempted, the pre- 
 cise effect of which cannot with certainty be calculated? 
 
X34 REPORTS OF THE [1791. 
 
 The answer to this question is not perplexing. The immense disorder which 
 actually reigns in so delicate and important a concern, and the still greater 
 disorder which is every moment possible, call loudly for a reform. The 
 dollar originally contemplated in the money transactions of this country, 
 by successive diminutions of its weight and fineness, has sustained a depre- 
 ciation of five per cent, and yet the new dollar has a currency, in all pay- 
 ments in place of the old, with scarcely any attention to the difference be- 
 tween them. The operation of this in depreciating the value of property, 
 depending upon past contracts; and, (as far as inattention to the alteration in 
 the coin may be supposed to leave prices stationary,) of all other property, 
 is apparent. Nor can it require argument to prove, that a nation ought not 
 to suffer the value of the property of its citizens to fluctuate with the fluctua- 
 tions of a foreign mint, and to change with the changes in the regulations of 
 a foreign sovereign. This, nevertheless, is the condition of one which, 
 having no coins of its own, adopts with implicit confidence those of other 
 countries. 
 
 The unequal values allowed in different parts of the Union to coins of the 
 same intrinsic worth; the defective species of them which embarrass the 
 circulation of some of the States; and the dissimilarity in their several moneys 
 of account, are inconveniences, which, if not to be ascribed to the want of 
 a national coinage, will at least be most effectually remedied by the establish- 
 ment of one; a measure that will, at the same time, give additional security 
 against impositions by counterfeit as well as by base currencies. 
 
 It was with great reason, therefore, that the attention of Congress, under 
 the late confederation, was repeatedly drawn to the establishment of a mint; 
 and it is with equal reason that the subject has been resumed, now that the 
 favorable change which has taken place in the situation of public affairs, ad- 
 mits of its being carried into execution. 
 
 But, though the difficulty of devising a proper establishment ought not to 
 deter from undertaking so necessary a work, yet it cannot but inspire diffi- 
 dence in one, whose duty it is made to propose a plan for the purpose, and 
 may perhaps be permitted to be relied upon as some excuse for any errors 
 which may be chargeable upon it, or for any deviations from sounder princi- 
 ples, which may have been suggested by others, or even in part acted upon 
 by the former government of the United States. 
 
 In order to a right judgment of what ought to be done, the following par- 
 ticulars require to be discussed: 
 
 1st. What ought to be the nature of the money unit of the United States? 
 2d. What the proportion between gold and silver, if coins of both metals 
 are to be established?. 
 
 3d. What the proportion and composition of alloy in each kind? 
 4th. Whether the expense of coinage shall be defrayed by the govern- 
 ment, or out of the material itself? 
 
 5th. What shall be the number, denominations, sizes, and devices of the 
 coins? 
 
 6th. Whether foreign coins shall be permitted to be current or not; if the 
 former, at what rate, and for what period? 
 
 A pre-requisite to determining with propriety, what ought to be the mo- 
 ney unit of the United States, is to endeavor to form as accurate an idea as 
 the nature of the case will admit, of what it actualty is. The pound, though, 
 of yarious value, is the unit in the money of account of all the States. But 
 it is not equally easy to. pronounce what is to be considered as the unit in the 
 
1791.1 SECRETARY OF THE TREASURY. 135 
 
 coins. There being no formal regulation on the point, (the resolutions of 
 Congress of the 6th of July, 1785, and 8th of August, 1786, having never 
 yet been carried into operation,) it can only be inferred from usage or prac- 
 tice. The manner of adjusting foreign exchanges, would seem to indicate 
 the dollar as best entitled to that character. In these, the old piaster of 
 Spain, or old Seville piece of eight rials, of the value of four shillings and 
 six-pence sterling, is evidently contemplated. The computed par between 
 Great Britain and Pennsylvania, will serve as an example. According to 
 that, one hundred pounds sterling is equal to one hundred and sixty-six 
 pounds and two-thirds of a pound, Pennsylvania currency; which corres- 
 ponds with the proportion between 4*. 6d. sterling, and 7s. 6d. the current 
 value of the dollar in that State, by invariable usage. And, as far as the in- 
 formation of the Secretary goes, the same comparison holds in the other States, 
 
 But this circumstance in favor of the dollar, loses much of its weight from 
 two considerations. That species of coin has never had any settled or stand- 
 ard value, according to weight or fineness, but has been permitted to circu- 
 late by tale, without regard to either, very much as a mere money of conve- 
 nience, while gold has had a fixed price by weight, and with an eye to its, 
 fineness. This greater stability of value of the gold coins, is an argument 
 of force for regarding the money unit as having been hitherto virtually at- 
 tached to gold, rather than to silver. 
 
 Twenty-four grains and six-eighths of a grain of fine gold, have corres- 
 ponded with the nominal value of the dollar in the several States, without 
 regard to the successive diminutions of its intrinsic worth. 
 
 But, if the dollar should, notwithstanding, be supposed to have the best 
 title to being considered as the present unit in the coins, it would remain to 
 determine what kind of dollar ought to be understood; or, in other words, 
 what precise quantity of fine silver. 
 
 The old piaster of Spain, which appears to have regulated our foreign ex- 
 changes, weighed 17 dwt. 12 grains, and contained 386 grains and 15 mites 
 of fine silver. But this piece has been long since out of circulation. The 
 dollars now in common currency, are of recent date, and much inferior to 
 that, both in weight and fineness. The average weight of them, upon dif- 
 ferent trials, in large masses, has been found to be 17 dwt. 8 grains. Their 
 fineness is less precisely ascertained; the results of various assays made by 
 different persons, under the direction of the late Superintendent of the Fi- 
 nances, and of the Secretary, being as various as the assays themselves. 
 The difference between their extremes is not less than 24 grains in a dollar 
 of the same weight and age; which is too much for any probable differences 
 in the pieces. It is rather to be presumed, that a degree of inaccuracy has 
 been occasioned by the want of proper apparatus, and, in general, of prac- 
 tice. The experiment which appears to have the best pretensions to exactness, 
 would make the new dollar to contain 370 grains and 933 thousandth parts 
 of a grain of pure silver. 
 
 According to an authority on which the Secretary places reliance, the 
 standard of Spain for its silver coin in the year 1761, was 261 parts fine, 
 and 27 parts alloy; at which proportion, a dollar of 17 dwt. 8 grains, would 
 consist of 377 grains of fine silver, and 39 grains of alloy. But there is no 
 question that this standard has been since altered considerably for the worse: 
 to what precise point, is not as well ascertained as could be wished; but, 
 from a computation of the value of dollars in the markets both of Amster- 
 dam and London, (a criterion which cannot materially mislead,) the new 
 
136 REPORTS OF THE [1791. 
 
 dollar appears to contain about 368 grains of fine silver, and that which im- 
 mediately preceded it, about 374 grains. 
 
 In this state of things there is some difficulty in defining the dollar, which 
 is to be understood as constituting the present money unit, on the supposi- 
 tion of its being most applicable to that species of coin. The old Seville 
 piece of 386 grains and 15 mites fine, comports best with the computations 
 of foreign exchanges, and with the more ancient contracts respecting land- 
 ed property; but far the greater number of contracts still in operation con- 
 cerning that kind of property, and all those of a merely personal nature, 
 now in force, must be referred to a dollar of a different kind. The actual 
 dollar at the time of contracting, is the only one which can be supposed to 
 have been intended; and it has been seen, that as long ago as the year 1761, 
 there had been a material degradation of the standard. And even in regard 
 to the more ancient contracts, no person has ever had any idea of a scruple 
 about receiving the dollar of the day as a full equivalent for the nominal 
 sum which the dollar originally imported. 
 
 A recurrence, therefore, to the ancient dollar, would be in the greatest 
 number of cases an innovation in fact, and in all, an innovation in respect 
 to opinion. The actual dollar in common circulation, has evidently a much 
 better claim to be regarded as the actual money unit. 
 
 The mean intrinsic value of the different kinds of known dollars, hag 
 been intimated as affording the proper criterion. But, when it is recollect- 
 ed that the more ancient and more valuable ones are not now to be met with 
 at all in circulation, and that the mass of those generally current, is compos- 
 ed of the newest and most inferior kinds, it will be perceived, that even an 
 equation of that nature, would be a considerable innovation upon the real 
 present state of things; which it will certainly be prudent to approach, as 
 far as may be consistent with the permanent order designed to be introduced. 
 
 An additional reason for considering the prevailing dollar as the standard 
 of the present money unit, rather than the ancient one, is, that it will not 
 only be conformable to the true existing proportion between the two metals 
 in this country, but will be more conformable to that which obtains in the 
 commercial world generally. 
 
 The difference established by custom in the United States between coined 
 gold and coined silver, has been stated upon another occasion, to be nearly 
 as 1 to 15.6. This, if truly the case, would imply that gold was extreme- 
 ly overvalued in the United States: for the highest actual proportion in 
 any part of Europe, very little, if at all, exceeds 1 to 15; and the average 
 proportion throughout Europe, is probably not more than about one to 
 14.8. But that statement has proceeded upon the idea of the ancient dol- 
 lar. One pennyweight of gold of twenty-two carats fine, at 6s. 8d., and 
 the old Seville piece of 386 grains and 15 mites of pure silver, at 7s. 6d. } 
 furnish the exact ratio of 1 to 15.6262. But this does not coincide with 
 the real difference between the metals in our market, or, which is with us 
 the same thing, in our currency. To determine this, the quantity of fine 
 silver in the general mass of the dollars now in circulation, must afford 
 the rule. Taking the rate of the late dollar of 374 grains, the proportion 
 would be as 1 to 15.11. Taking the rate of the newest dollar, the propor- 
 tion would then be as 1 to 14.87. The mean of the two would give the 
 proportion of 1 to 15 very nearly; less than the legal proportion in the 
 coins of Great Britain, which is as 1 to 15.2; but somewhat more than the 
 actual or market proportion, which is not quite 1 to 15. 
 
1791.] SECRETARY OF THE TREASURY. 137 
 
 The preceding view of the subject does not indeed afford a precise or 
 certain definition of the present unit in the coins, but it furnishes data 
 which will serve as guides in the progress of fhe investigation. It ascer- 
 tains, at least, that the sum in the money of account of each State corres- 
 ponding with the nominal value of the dollar in such State, corresponds also 
 with 24 grains and f of a grain, of fine gold; and with something between 
 368 and 374 grains of fine silver. 
 
 The next inquiry towards a right determination of what ought to be the 
 future money unit of the United States, turns upon these questions: Whether 
 it ought to be peculiarly attached to either of the metals, in preference to 
 the other, or not; and, if to either, to which of them? 
 
 The suggestions and proceedings hitherto have had for their object, the an- 
 nexing of it emphatically to the silver dollar. A resolution of Congress of 
 the 6th of -July, 1785, declares that the money unit of the United States 
 shall be a dollar; and another resolution of the 8th of August 1786, fixes 
 that dollar at 375 grains and 64 hundredths of a grain of fine silver. The 
 same resolution, however, determines, that there shall also be two gold coins, 
 one of 246 grains and 268 parts of a grain of pure gold, equal to ten dollars, 
 and the other of half that quantity of pure gold, equal to five dollars: And 
 it is not explained, whether either of the two species of coins, of gold or 
 silver, shall have any greater legality in payments, than the other. Yet it 
 would seem that a preference in this particular is necessary to execute the 
 idea of attaching the unit exclusively to one kind. . If each of them be as 
 valid as the other, in payments to any amount, it is not obvious in what 
 effectual sense either of them can be deemed the money unit, rather than 
 the other. 
 
 If the general declaration, that the dollar shall be the money unit of the 
 United States, could be understood to give it a superior legality inpayments, 
 the institution of coins of gold, and the declaration that each of them shall 
 be equal to a certain number of dollars, would appear to destroy that in- 
 terference.: And the circumstance of making the dollar the unit in the mo- 
 ney of account, seems to be rather matter of form than of substance. 
 
 Contrary to the ideas which have heretofore prevailed, in the suggestions 
 concerning a coinage for the United States, though not without much hesi- 
 tation, arising from a deference for those ideas, the Secretary is, upon the 
 whole, strongly inclined to the opinion, that a preference ought to be given 
 to neither of the metals for the money unit. Perhaps if either were to be 
 preferred, it ought to be gold rather than silver. 
 
 The reasons are these — 
 
 The inducement to such a preference is to render the unit as little variable 
 as possible; because on this depends the steady value of all contracts, and, in 
 a certain sense, of all other property. And it is truly observed, that if the 
 unit belong indiscriminately to both the metals, it is subject to all the fluctu- 
 ations that happen in the relative value which they bear to each other. 
 But the same reason would lead to annexing it to that particular one, which 
 is itself the least liable to variation; if there be, in this respect, any discern- 
 able difference between the two. 
 
 Gold may, perhaps, in certain senses, be said to have greater stability than 
 silver: as, being of superior value, less liberties have been taken with it, in 
 the regulations of different countries. Its standard has remained more uni- 
 form, and it has in other respects undergone fewer changes: a?, being not so 
 much an article of merchandise, owing to the use made of silver in the trade 
 
138 REPORTS OF THE [1791, 
 
 with the East Indies and China, it is less liable to be influenced by circum- 
 stances of commercial demand. And if, reasoning by analogy, it could be 
 affirmed, that there is a physical probability of greater proportional increase 
 in the quantity of silver than in that of gold, it would afford an additional rea- 
 son for calculating on greater steadiness in the value of the latter. 
 
 As long as gold, either from its intrinsic superiority as a metal, from 
 its greater rarity, or from the prejudices of mankind, retains so considera- 
 ble a pre-eminence in value over silver, as it has hitherto had, a natural con- 
 sequence of this seems to be that its condition will be more stationary. The 
 revolutions, therefore, which may take place in the comparative value of 
 gold and silver, will be changes in the state of the latter, rather than in that 
 of the former. 
 
 If there should be an appearance of too much abstraction in any of these 
 ideas, it may be remarked, that the first and most simple impressions do not 
 naturally incline to giving a preference to the inferior or least valuable of the 
 two metals. 
 
 It is sometimes observed, that silver ought to be encouraged rather than 
 gold, as being more conducive to the extension of bank circulation, from the 
 greater difficulty and inconvenience which its greater bulk, compared with 
 its value, occasions in the transportation of it. But bank circulation is de- 
 sirable, rather as an auxiliary to, than as a substitute for that of the pre- 
 cious metals, and ought to be left to its natural course. Artificial expedients 
 to extend it, by opposing obstacles to the other, are at least not recommend- 
 ed by any very obvious advantages. And, in general, it is the safest rule to 
 regulate every particular institution or object, according to the principles 
 which, in relation to itself, appear the most sound. In addition to this, it 
 may be observed, that the inconvenience of transporting either of the metals, 
 is sufficiently great to induce a preference of bank paper, whenever it can be 
 made to answer the purpose equally well. 
 
 But, upon the whole, it seems to be most adviseable, as has been observ- 
 ed, not to attach the unit exclusively to either of the metals; because this 
 cannot be done effectually, without destroying the office and character of one 
 of them as money, and reducing it to the situation of a mere merchandise; 
 which, accordingly, at different times, has been proposed from different and 
 very respectable quarters; but which would probably be a greater evil than 
 occasional variations in the unit, from the fluctuations in the relative value 
 of the metals; especially if care be taken to regulate the proportion between 
 them, with an eye to their average commercial value. 
 
 To annul the use of either of the metals, as money, is to abridge the quan- 
 tity of circulating medium; and is liable to all the objections which arise from 
 a comparison of the benefits of a full, with the evils of a scanty circulation. 
 
 It is not a satisfactory answer to say, that none but the favored metal 
 would in this case find its way into the country, as in that all balances must 
 be paid. The practicability of this would, in some measure, depend on the 
 abundance or scarcity of it in the country paying. Where there was but 
 little, it either would not be procurable at all, or it would cost a premium to 
 obtain it; which, in every case of a competition with others, in a branch of 
 trade, would constitute a deduction from the profits of the party receiving. 
 Perhaps, too, the embarrassments which such a circumstance might some- 
 times create, in the pecuniary liquidation of balances, might lead to addition- 
 al efforts to find a substitute in commodities, and might so fir impede the in- 
 troduction of the metals. Neither could the exclusion of either of them be 
 
1791.] SECRETARY OF THE TREASURY. I39 
 
 deemed, in other respects, favorable to commerce. It is often in the course 
 of trade as desirable to possess the kind of money, as the kind of commod- 
 ities best adapted to a foreign market. 
 
 It seems, however, most probable, that the chief, if not the sole effect of 
 such a regulation, would be to diminish the utility of one of the metals. It 
 could hardly prove an obstacle to the introduction of that which was excluded 
 in the natural course of trade; because it would always command a ready 
 sale for the purpose of exportation to foreign markets. But such an effect, 
 if the only one, is not to be regarded as a trival inconvenience. 
 
 If then the unit ought not to be attached exclusively to either of the metals, 
 the proportion which ought to subsist between them, in the coins, becomes 
 a preliminary inquiry, in order to its proper adjustment. This proportion ap- 
 pears to be, in several views, of no inconsiderable moment. 
 
 One consequence of overvaluing either metal, in respect to the other, is 
 the banishment of that which is undervalued. If two countries are supposed, 
 in one of which the proportion of gold to silver is as 1 to 16, in the other 
 as 1 to 15, gold being worth more,, silver less, in one than in the other, it is 
 manifest, that in their reciprocal payments, each will select that species which 
 it values least, to pay to the other, where it is valued most. Besides this, 
 the dealers in money will, from the same cause, often find a profitable traffic 
 in an exchange of the metals between the two countries. And hence it 
 would come to pass, if other things were equal, that the greatest part of the 
 gold would be collected in one, and the greatest part of the silver in the other. 
 The course ©f trade might in some degree counteract the tendency of the 
 difference in the legal proportions, by the market value; but this is so far and 
 so often influenced by the legal rates, that it does not prevent their producing 
 the effect which is inferred. Facts, too, verify the inference. In Spain and 
 ■England where gold is rated higher than in other parts of Europe, there is a 
 scarcity of silver; while it is found to abound in France and Holland, where 
 -it is rated higher in proportion to gold, than in the neighboring nations. 
 And it is continually flowing from Europe to China and the East Indies, 
 owing to the comparative cheapness of it in the former, and dearness of it 
 in the latter. 
 
 This consequence is deemed by some not very material; and there are 
 even persons, who, from a fanciful predilection to gold, are willing to invite 
 it, even by a higher price. But general utility will best be promoted by a 
 due proportion of both metals. If gold be most convenient in large pay- 
 ments, silver is best adapted to the more minute and ordinary circulation. 
 
 But it is to be suspected, that there is another consequence more serious 
 than the one which has been mentioned. This is the diminution of the to- 
 tal quantity of specie which a country would naturally possess. 
 
 It is evident, that as often as a country, which overrates either of the 
 metals, receives a payment in that metal, it gets a less .actual quantity than 
 it ought to do, or than it would do if the rate were a just one. 
 
 It is also equally evident, that there will be a continual effort to make pay- 
 ment to it in that species, to which it has annexed an exaggerated estimation, 
 wherever it is current at a less proportional value. And it would seem to 
 be a very natural effect of these two causes, not only that the mass of the pre- 
 cious metals in the country in question, would consist chiefly of that kind, to 
 which it had given an extraordinary value, but that it would be absolutely 
 less than if they had been duly proportioned to each other. 
 
 A conclusion of this sort, however, is to be drawn with great caution. In 
 19 
 
140 REPORTS OF THE [1791. 
 
 such matters, there are always some local and many other particular circum- 
 stances, which qualify and vary the operation of general principles, even 
 where they are just; and there are endless combinations, very difficult to be 
 analyzed, which often render principles, that have the most plausible pre- 
 tensions, unsound and delusive. 
 
 There ought, for instance, according to those which have been stated, to 
 have been formerly a greater quantity of gold in proportion to silver in the 
 United States, than there has been; because the actual value of gold in this 
 country, compared with silver, was perhaps higher than in any other. But 
 our situation in regard to the West India islands, into some of which there 
 is a large influx of silver directly from the mines of South America, occa- 
 sions an extraordinary supply of that metal, and consequently a greater pro- 
 portion of it in our circulation than might have been expected from its rela- 
 tive value. 
 
 What influence the proportion under consideration may have upon the 
 state of prices, and how far this may counteract its tendency to increase or 
 lessen the quantity of the metals, are points not easy to be developed; and 
 yet they are very necessary to an accurate judgment of the true operation of 
 the thing. 
 
 But however impossible it may be to pronounce with certainty, that the 
 possession of a less quantity of specie is a consequence of overvaluing either 
 of the metals, there is enough of probability in the considerations which 
 seem to indicate it, to form an argument of weight against such overvaluation. 
 
 A third ill consequence resulting from it is, a greater and more frequent 
 disturbance of the state of the money unit, by a greater and more frequent 
 diversity between the legal and market proportions of the metals. This has 
 not hitherto been experienced in the United States, but it has been experi- 
 enced elsewhere; and from its not having been felt by us hitherto, it does not 
 follow that this will not be the case hereafter, when our commerce shall 
 have attained a maturity, which will place it under the influence of more 
 fixed principles. 
 
 In establishing a proportion between the metals, there seems to be an 
 option of one of two things — 
 
 To approach, as nearly as it can be ascertained, the mean or average pro- 
 portion, in what may be called the commercial world; or, 
 
 To retain that which now exists in the United States. As far as these 
 happen to coincide, they will render the course to be pursued more plain 
 and more certain. 
 
 To ascertain the first, with precision, would require better materials than 
 are possessed, or than could be obtained, without an inconvenient delay. 
 
 Sir Isaac Newton, in a representation to the Treasury of Great Britain, in 
 the year 1717, after stating the particular proportions in the different coun- 
 tries of Europe, concludes thus: — " By the course of trade and exchange 
 between nation and nation, in all Europe, fine gold is to fine silver as 14|, 
 or 15 to 1." 
 
 But however accurate and decisive this authority may be deemed, in 
 relation to the period to which it applies, it cannot be taken, at the distance 
 of more than seventy years, as a rule for determining the existing proportion. 
 Alterations have been since made in the regulations of their coins by 
 several nations; which, as well as the course of trade, have an influence up- 
 on the market values. Nevertheless, there is reason to believe, that the 
 state of the matter, as represented by Sir Isaac Newton, is not very remote 
 from its actual state. 
 
1791.] SECRETARY OF THE TREASURY. 14 1 
 
 In Holland, the greatest money market of Europe, gold was to silver in 
 December, 1789, as 1 to 14.88; and in that of London it has been, for some 
 time past, but little different, approaching perhaps something nearer 1 to 15. 
 
 It has been seen that the existing proportion between the two metals in 
 this country, is about as 1 to 15. 
 
 It is fortunate, in this respect, that the innovations of the Spanish mint 
 have imperceptibly introduced a proportion so analogous as (his is, to that 
 which prevails among the principal commercial nations; as it greatly facili- 
 tates a proper regulation of the matter. 
 
 This proportion of 1 to 15 is recommended by the particular situation of 
 our trade, as being very nearly that which obtains in the market of Great 
 Britain, to which nation our specie is principally exported. A lower rate 
 for either of the metals, in our market, than in hers, might not only afford 
 a motive the more in certain cases to remit in specie rather than in commodi- 
 ties; but it might, in some others, cause us to pay a greater, quantity of it for 
 a given sum, than we should otherwise do. If the effect should rather be to 
 occasion a premium to be given for the metal which was under-rated, this 
 would obviate those disadvantages; but it would involve another, a customa- 
 ry difference between the market and legal proportions, which would amount 
 to a species of disorder in the national coinage. 
 
 Looking forward to the payments of interest hereafter to be made to Hol- 
 land, the same proportion does not appear ineligible. The present legal 
 proportion in the coins of Holland is stated at 1 to 14-^. That of the mar- 
 ket varies somewhat at different times, but seldom very widely from this 
 point. 
 
 There can hardly be a better rule in any country, for the legal, than the 
 market proportion; if this can be supposed to have been produced by the iree 
 and steady course of commercial principles. The presumption, in such 
 case, is, that each metal finds its true level, according to its intrinsic utility, 
 in the general system of money operations. 
 
 But it must be admitted, that this argument in favor of continuing the ex- 
 isting proportion, is not applicable to the state of the coins with us. There 
 have been too many artificial and heterogeneous ingredients, too much want 
 of order in the pecuniary transactions of this country, to authorize the attri- 
 buting the effects which have appeared to the regular operations of com- 
 merce. A proof of this is to be drawn from the alterations which have hap- 
 pened in the proportion between the metals merely by the successive de- 
 gradations of the dollar, in consequence of the mutability of a foreign mint. 
 The value of gold to silver appears to have declined wholly from this cause, 
 from 15^ to about 15 to 1. Yet as this last proportion, however pro- 
 duced, coincides so nearly with what may be deemed the commercial ave- 
 rage, it may be supposed to furnish as good a rule as can be pursued. 
 
 The only question seems to be, whether the value of gold ought not to be 
 a little lowered to bring it to a more exact level with the two markets which 
 have been mentioned. But as the ratio of 1 to 15 is so nearly conformable 
 to the state of those markets, and best agrees with that of our own, it will 
 probably be found the most eligible. If the market of Spain continues to 
 give a higher value to gold (as it has done in time past,) than that which is 
 recommended, there may be some advantage in a middle station. 
 
 A further preliminary to the adjustment of the future money unit, is, to 
 determine what shall be tiie proportion and composition of alloy in each spe- 
 eies of the coins. 
 
J42 REPORTS OF THE [1791. 
 
 The first, by the resolution of the Sth of August, 1786, before referred to, 
 is regulated at one-twelfth, or in other words, at 1 part alloy to 11 parts fine;, 
 whether gold or silver; which appears to be a convenient rule; unless there 
 should be some collateral consideration which may dictate a departure from 
 it. Its correspondency, in regard to both metal's, is a recommendation of it, 
 because a difference could answer no purpose of pecuniary or commercial 
 utility, and uniformity is favorable to order. 
 
 This ratio-, as it regards gold, coincides with the proportion, real or pro- 
 fessed, in the coins of Portugal, England, France and Spain. In those of 
 the two' former,- it is real; in those of the two latter, there is a deduction for 
 what is called remedy of weight and alloy, which is in the nature of an 
 allowance to the master of the mint for errors and imperfections in the pro- 
 cess; rendering, the coin either lighter or baser than it ought to be. The 
 same thing is known in the theory of the English mint, where i of a carat 
 is allowed. But the difference seems to be, that there, it is merely an occa- 
 sional indemnity within a certain limit, for real and unavoidable errors and 
 imperfections; whereas, in the practice of the mints of France and Spain, it 
 appears to amount to a stated and regular deviation from the nominal stand- 
 ard. Accordingly, the real standards of France and Spain are something 
 worse than 22 carats, or 1 1 parts in 12 fine. 
 
 The principal gold coins in Germany, Holland, Sweden, Denmark, Po- 
 land, and Italy, are finer than those of England and Portugal, in different 
 degrees, from 1 carat and 1 to 1 carat and |, which last is within -| of a carat 
 of pure gold. 
 
 There are similar diversities in the standards of the silver coins of the 
 different countries of Europe. That of Great Britain is 222 parts fine, to 
 18 alio}'; those of the other European nations vary from that of Great Bri- 
 tain as widely as from about 17 of the same parts better, to 75 worse. 
 
 The principal reasons assigned for the use of alloy, are the saving of ex- 
 pense in the refining of the metals, (which in their natural state are usually 
 mixed with a portion of the coarser kinds,) and the rendering of them har- 
 der as a security against too great waste by friction or wearing. The first 
 reason, drawn from the original composition of the metals, is strengthened 
 at present by the practice of alloying their coins, which has obtained among 
 so' many nations. The reality of the effect to which the last reason is ap- 
 plicable, has been denied, and experience has been appealed to as proving 
 that the more alloyed coins wear faster than the purer. The true state of this 
 matter may be worthy of future investigation, though first appearances are in 
 favor of alloy. In the mean time, the saving of trouble and expense are 
 sufficient inducements to following those examples which suppose its expedi- 
 ency. And the same considerations lead to taking as our models those na- 
 tions with whom we have most intercourse, and whose coins are most pre- 
 valent in our circulation. These are Spain, Portugal, England, and France. 
 The relation which the proposed proportion bears to their gold coins, has 
 been explained. In respect to their silver coins, it will not be very remote 
 from the mean of their, several standards. 
 
 The component ingredients of the alloy in each metal, will also require to 
 be regulated. In silver, copper is the only kind in use, and it is doubtless 
 the only proper one. In gold, there is a mixture of silver and copper; in 
 the English coins consisting of equal parts, in the coins of some other coun- 
 tries varying from \ to -| silver. 
 
 The reason of this union of silver with copper is this — The silver coun- 
 
1791.] SECRETARY OF THE TREASURY. 14$ 
 
 teracts the tendency of the copper to injure the color or beauty of the coin, 
 by giving it 100 much redness, or rather a coppery hue, which a small quan- 
 tity vvili produce ; and the copper prevents the too great whiteness which 
 silver alone would confer It is apprehended, that there are considerations 
 which may render it prudent to establish, by law, that the proportion of sil- 
 ver to copper in the gold coins of the United States shall not be more than 
 i, nor less than $; .vesting a discretion in some proper place to regulate the 
 matter within those limits, as experience in the execution may recommend. 
 
 A third point remains to be discussed, as a pre-requisite to the determina- 
 tion of the money unit, which is, whether the expense of coining shall be 
 defrayed by the public, or out of the material itself; or, as it is sometimes 
 stated, whether coinage shall be free, or shall be subject to a duty or imposi- 
 tion? This forms, perhaps, one of the nicest questions in the doctrine of 
 money. 
 
 The practice of different nations is dissimilar in this particular. In Eng- 
 land, coinage is said to be entirely free: the mint price of the metals in bul- 
 lion, being the same with the value of them in coin. In France, there is a 
 duty, which has been, if it is not now, eight percent. In Holland, there is 
 a difference between the mint price and the value in the coins, which has 
 been computed at .96, or something less than one per cent, upon gold; at 
 1.48, or something less than one and a half per cent, upon silver. The re- 
 solution of the 8th of August, 1786, proceeds upon the idea of a deduction 
 of half per cent, from gold, and of two per cent, from silver, as an indem- 
 nification for the expense of coining. This is inferred from a report of the 
 late Board of Treasury, upon which that resolution appears to have been 
 founded. 
 
 Upon the supposition that the expense of coinage ought to be defrayed 
 out of the metals, there are two ways in which it may be effected; one by a 
 reduction of the quantity of fine gold and silver in the coins, the other by 
 establishing a diiference between the value of those metals in the coins, and 
 the mint price of them in bullion. 
 
 The first method appears to the Secretary inadmissible. He is unable to 
 distinguish an operation of this sort, from that of raisingthe denomination of 
 the coin; a measure which has been disapproved by the wisest men of the 
 nations in which it has been practised, and condemned by the rest of the 
 world. To declare that a less weight of gold or silver shall pass for the same 
 sum, which before represented a greater weight; or to ordain that the same 
 weight shall pass for a greater sum, are things substantially of one nature. 
 The consequence of either of them, if the change can be realized, is to de- 
 grade the money unit; obliging creditors to receive less than their just dues, 
 and depreciating property of every kind. For it is manifest, that every 
 thing would, in this case, be represented by a less quantity of gold and silver 
 than before. 
 
 It is sometimes observed on this head, that though any article of property 
 might, in fact, be represented by a less actual quantity of pure metal, it would 
 nevertheless be represented by something of the same infrinsic value. EI very 
 fabric, it is remarked, is worth intrinsically the price of the raw material and 
 the expense of fabrication; a truth not less applicable to a piece of coin than 
 to a yard of cloth. 
 
 This position, well founded in itself, is here misapplied. It supposes, 
 that the coins now in circulation are to be considered as bullion, or, in other 
 words, as a raw material. But the fact is, that the adoption of them a& 
 
144 REPORTS OF THE [1791. 
 
 money, has caused them to become the fabric; it has invested them with the 
 character and office of coins, and has given them a sanction and efficacy, 
 equivalent to that of the stamp of the sovereign. The prices of all our 
 commodities, at home and abroad, and of all foreign commodities in our 
 ^narkets, have found their level in conformity to this principle. The foreign 
 coins may be divested of the privilege they have hitherto been permitted to 
 enjoy, and may of course be left to find their value in the market as a raw 
 material. But the quantity of gold and silver in the national coins, corres- 
 ponding with a given sum, cannot be made less than heretofore, without 
 disturbing the balance of intrinsic value, and making every acre of land, 
 as well as every bushel of wheat, of less actual worth than in time past. If 
 the United States were isolated, and cut off from all intercourse with the 
 rest of mankind, this reasoning would not be equally conclusive. But it 
 appears decisive, when considered with a view to the relations which com- 
 merce has created between us and other countries. 
 
 It is, however, not improbable, that the effect meditated would be defeated 
 by a rise of prices proportioned to the diminution of the intrinsic value of 
 the coins. This might be looked for in every enlightened commercial coun- 
 try; but perhaps in none with greater certainty than in this; because in none 
 are men less liable to be the dupes of sounds; in none has authority so little 
 resource for substituting names for things. 
 
 A general revolution in prices, though only nominally, and in appearance, 
 could not fail to distract the ideas of the community; and would be apt to 
 breed discontents as well among all those who live on the income of their 
 money, as among the poorer classes of the people, to whom the necessaries 
 of life would seem to have become dearer. In the confusion of such a state 
 of things, ideas of value would not improbably adhere to the old coins, 
 which, from that circumstance, instead of feeling the effect of the loss of 
 their privilege as money, would perhaps bear a price in the market relatively 
 to the new ones, in exact proportion to weight. The frequency of the de- 
 mand for the metals to pay foreign balances, would contribute to this effect. 
 Among the evils attendant on such an operation, are these: creditors, both 
 of the public and of individuals, would lose apart of their property; public 
 and private credit would receive a wound; the effective revenues of the 
 government would be diminished. There is scarcely any point in the 
 economy of national affairs, of greater moment than the uniform preserva- 
 tion of the intrinsic value of the money unit. On this the security and 
 steady value of property essentially depend. 
 
 The second method, therefore, of defraying the expense of the coinage 
 out of the metals, is greatly to be preferred to the other. This is to let the 
 same sum of money continue to represent in the new coins exactly the same 
 quantity of gold and silver as it does in those now current; to allow at the 
 mint such a price only for those metals as will admit of profit just sufficient 
 to satisfy the expense of coinage; to abolish the legal currency of the foreign 
 coins, both in public and private payments; and of course to leave the su- 
 perior utility of the national coins for domestic purposes, to operate the 
 difference of market value, which is necessary to induce the bringing of 
 bullion to the mint. In this case, all property and labor will still be repre- 
 sented by the same quantity of gold and silver as formerly; and the only 
 change which will be wrought, will consist in annexing the office of money 
 exclusively to the national coins; consequently, withdrawing it from those of 
 foreign countries, and suffering them to become, as they ought to be, mere ' 
 articles of merchandise. 
 
1791.] SECRETARY OF THE TREASURY. 145 
 
 The arguments in favor of a regulation of this kind are, first: That the 
 want of it is a cause of extra expense: there being then no motive of individual 
 interest to distinguish between the national coins and bullion, they are, it is 
 alleged, indiscriminately melted down for domestic manufactures, and ex- 
 ported for the purposes of foreign trade; and it is added, that when the coins 
 become light by wearing, the same quantity of fine gold or silver bears a 
 higher price in bullion than in the coins; in which state of things, the melt- 
 ing down of the coins to be sold as bullion is attended with profit; and from 
 both causes, the expense of the mint, or, in other words, the expense of 
 maintaining the specie capital of the nation, is materially augmented. 
 
 Secondly. That the existence of such a regulation promotes a favorable 
 course of exchange, and benefits trade; not only by that circumstance, but 
 by obliging foreigners, in certain cases, to pay dearer for domestic commodi- 
 ties, and to sell their own cheaper. 
 
 As far as relates to the tendency of a free coinage to produce an increase 
 of expense in the different ways that have been stated, the argument must 
 be allowed to have foundation, both in reason and in experience. It de- 
 scribes what has been exemplified in Great Britain. 
 
 The effect of giving an artificial value to bullion, is not at first sight ob- 
 vious; but it actually happened at the period immediately preceding the late 
 reformation in the gold coin of the country just named. A pound troy in 
 gold bullion, of standard fineness, was then from 19s. 6d. to 25*. sterling dear- 
 er than an equal weight of guineas, as delivered at the mint. The phenome- 
 non is thus accounted for: The old guineas were more than two per cent, 
 lighter than their standard weight. This weight, therefore, in bullion, was 
 truly worth two per cent, more than those guineas. It consequently had, 
 in respect to them, a correspondent rise in the market. 
 
 And as guineas were then current by tale, the new ones, as they issued 
 from the mint, were confounded in circulation with the old ones; and by 
 the association, were depreciated below the intrinsic value, in comparison 
 with bullion. It became of course a profitable traffic to sell bullion for coin, 
 to select the light pieces, and re-issue them in currency, and to melt down 
 the heavy ones, and sell them again as bullion. This practice, besides other 
 inconveniences, cost the government large sums in the. renewal of the coins. 
 
 But the remainder of the argument stands upon ground far more ques- 
 tionable. It depends upon very numerous and very complex combinations, 
 in which there is infinite latitude for fallacy and error. 
 
 The most plausible part of it, is that which relates to the course of ex- 
 change. Experience in France has shown that the market price of bullion 
 has been influenced by the mint difference between that and coin; sometimes 
 to the full extent of the difference; and it would seem to be a clear inference, 
 that whenever that difference materially exceeded the charges of remitting 
 bullion from the country where it existed, to another in which coinage was 
 free, exchange would be in favor of the former. 
 
 If, for instance, the balance of trade between France and England, were 
 at any time equal, their merchants would naturally have reciprocal payments 
 to make to an equal amount, which, as usual, would be liquidated by means 
 of bills of exchange. If in this situation the difference between coin 
 and bullion should be in the market, as at the mint of France, eight per cent. ; 
 if, also, the charges of transporting money from France to England, should 
 not be above two per cent.; and if exchange should be at par, it is evident 
 that a profit of six per cent, might be made, by sending bullion from France 
 
146 "REPORTS OF THE T1791. 
 
 to England, and drawing bills for the amount. One hundred louis d'ors in 
 coin, would purchase the weight of one hundred and eight in bullion; one 
 hundred of which, remitted to England, would suffice to pay a debt of an 
 equal amount; and two being paid for the charges of insurance and trans- 
 portation there would remain six for the benefit of the person who should 
 manage the negotiation. But as so large a profit could not fail to produce com- 
 petition, the bills, in consequence of this, would decrease in price, till 
 the profit was reduced to the minimum of an adequate recompense for the 
 trouble and risk. And, as the amount of one hundred louis d'ors in Eng- 
 land, might be afforded for ninety-sis in France, with a profit of more 
 than one and a half per cent., bills upon England, might fall in France to 
 four per cent, below par; one per cent, being a sufficient profit to the ex- 
 changer or broker for the management of the business. 
 
 But it is admitted that this advantage is lost, when' the balance of trade 
 is against the nation which imposes the duty in question; because, by in- 
 creasing the demand for bullion, it brings this to a par with the coins; and it 
 is to be suspected, that where commercial principles have their free scope, 
 and are well understood, the market difference between the metals in coin 
 and bullion, will seldom approximate to that of the mint, if the latter be 
 considerable. It must be not a little difficult to keep the money of the 
 world, which can be employed to an equal purpose in the commerce of the 
 world, in a state of degradation, in comparison with the money of a parti- 
 cular country. 
 
 This alone would seem .sufficient to prevent it: whenever the price of 
 coin to bullion, in the market, materially exceeded the par of the metals, it 
 would become an object to send the bullion abroad, if not to pay a foreign 
 balance, to be invested in some other way in foreign countries, where it 
 bore a superior value; an operation by which immense fortunes might be 
 amassed, if it were not that the exportation of the bullion would of itself 
 restore the intrinsic par. But, as it would naturally have this effect, the 
 advantage supposed would contain in itself the principle of its own destruc- 
 tion. As long, however, as the exportation of bullion could be made with 
 profit, which is as long as exchange could remain below par, there would be 
 a drain of the gold and silver of the country. 
 
 If any thing can maintain, for a length of time, a material difference be- 
 tween the value of the metals in coin and in bullion, it must be a constant 
 and considerable balance of trade in favor of the country in which it is main- 
 tained. In one situated like the United States, it would in all probability 
 be a hopeless attempt. The frequent demand for gold and silver, to pay 
 balances to foreigners, would tend powerfully to preserve the equilibrium of 
 intrinsic value. 
 
 The prospect is, that it would occasion foreign coins to circulate by com- 
 mon consent, nearly at par with the national. 
 
 To say, that as far as the effect of lowering exchange is produced, though 
 it be only occasional and momentary, there is a benefit the more thrown in- 
 to the scale of public prosperity, is not satisfactory. It has been seen, that 
 it may be productive of one evil, the investment of a part of the national 
 capital in foreign countries; which can hardly be beneficial but in a situation 
 like that of the United Netherlands, where an immense capital, and a de^ 
 crease of internal demand, render it necessary to find employment for mo- 
 ney in the wants of other nations; and, perhaps on a close examination, 
 .other evils may be descried. 
 
1791.1 SECRETARY OF THE TREASURY. 147 
 
 One allied to that which has been mentioned is this — taking France, for 
 the sake of more concise illustration, as the scene. Whenever it happens 
 that French louis d'ors are sent abroad, from whatever cause, if there be a 
 considerable difference between coin and bullion, in the market of France, 
 it will constitute an advantageous traffic to send back these louis d'ors, and 
 bring away bullion in lieu of them; upon all which exchanges, France must 
 sustain an actual loss of a part of its gold and silver. 
 
 Again, such a difference between coin and bullion may tend to counteract 
 a favorable balance of trade. Whenever a foreign merchant is the carrier 
 of his own commodities to France for sale, he has a strong inducement to 
 bring back specie, instead of French commodities; because a return in the 
 latter may afford no profit, may even be attended with loss; in the former, 
 it will afford a certain profit. The same principle must be supposed to ope- 
 rate in the general course of remittances from France to other countries. 
 The principal question with a merchant, naturally is, In what manner can I 
 realize a given sum, with most advantage, where I wish to place it? And, 
 in cases in which other commodities are not likely to produce equal profit 
 with bullion, it may be expected that this will be preferred; to which the 
 greater certainty attending the operation must be an additional incitement- 
 There can hardly be imagined a circumstance less friendly to trade, than the 
 existence of an extra inducement arising from the possibility of a profitable 
 speculation upon the articles themselves, to export from a country its gold 
 and silver, rather than the products of its land and labor. 
 
 The other advantages supposed, of obliging foreigners to pay dearer for 
 ^domestic commodities, and to sell their own cheaper, are applied to a situa- 
 tion which includes a favorable. balance of trade. It is understood in this 
 sense — the prices of domestic commodities, (such, at least, as are peculiar to 
 the country,) remain attached to the denominations of the coins. When a 
 favorable balance of trade realizes in the market the mint difference between 
 coin and bullion, foreigners, who must pay in the latter, are obliged to give 
 more of it for such commodities than they otherwise would do. Again, 
 the bullion, which is now obtained at a cheaper rate in the home market, 
 will procure the same quantity of goods in the foreign market as before; 
 which is said to render foreign commodities cheaper. In this reasoning, 
 much fallacy is to be suspected. If it be true, that foreigners pay more for 
 domestic commodities, it must be equally true that they get more for their 
 own when they bring them themselves to market. If peculiar, or other do^ 
 mestic commodities adhere to the denominations of the coins, no reason occurs 
 why foreign commodities of alike character should not do the same thing; and 
 in this case theforeigner, though he receive only the same value in coin for his 
 merchandise as formerly, can convert it into a greater quantity of bullion. 
 Whence the nation is liable to lose more of its gold and silver than if their 
 intrinsic value in relation to the coins were preserved. And whether the 
 gain or the loss will, on the whole, preponderate, would appear to depend 
 on the comparative proportion of active commerce of the one country with 
 the other. 
 
 It is evident, also, that the nation must pay as much gold and silver at 
 before, for the commodities which it procures abroad; and whether it obtains 
 this gold and silver cheaper or not, turns upon the solution of the question 
 just intimated, respecting the relative proportion of active commerce between 
 the two countries. 
 
 Besides these considerations, it is admitted in the reasoning, that the ad- 
 20 
 
148 REPORTS OF THE ("1791. 
 
 vantages supposed, which depend on a favorable balance of trade, have a 
 tendency to affect that balance disadvantageously. Foreigners, it is allowed, 
 will in this case seek some other vent for their commodities, and some other 
 market where they can supply their wants at an easier rate. A tendency 
 of this kind, if real, would be a sufficient objection to the regulation. No- 
 thing which contributes to change a beneficial current of trade, can well 
 compensate, by particular advantages, for so injurious an effect. It is far 
 more easy to transfer trade from a less to a more favorable channel, than, 
 when once transferred, to bring it back to its old one. Every source of ar- 
 tificial interruption to an advantageous current, is, therefore, cautiously to 
 be avoided. 
 
 It merits attention, that the able minister, who lately and so long presided 
 over the finances_of France, does not attribute to the duty of coinage in that 
 country, any particular advantages in relation to exchange and trade. Though 
 he rather appears an advocate for it, it is on the sole ground of the revenue 
 it affords, which he represents as in the nature of a very moderate duty on 
 the general mass of exportation. 
 
 Audit's not improbable that, to the singular felicity of situation of that 
 kingdom, is to be attributed its not having been sensible of the evils which 
 seem incident to the regulation. There is, perhaps, no part of Europe 
 which has so little need of other countries as France. Comprehending a 
 variety of soils and climates, an immense population, its agriculture in a 
 state of mature improvement, it possesses within its own bosom, most, if not 
 all, the productions of the earth, which any of its most favored neighbors 
 can boast. The variety, abundance, and excellence of its wines, constitute 
 a peculiar advantage in its favor. Arts and manufactures are there also in a 
 very advanced state; some of them, of considerable importance, in higher 
 perfection than elsewhere. Its contiguity to Spain; the intimate nature of its 
 connexion with that country; a country with few fabrics of its own, conse- 
 quently numerous wants, and the principal receptacle of the treasures of the 
 new world: These circumstances concur, in securing to France so uniform 
 and so' considerable a balance of trade, as in a great measure to counteract the 
 natural tendency of any errors which may exist in the system of her mint; 
 and to render inferences from the operation of that system there, in reference 
 to this country, more liable to mislead than to instruct. Nor ought it to 
 pass unnoticed, that, with all these advantages, the government of France 
 has found it necessary, on some occasions, to employ very violent methods 
 to compel the bringing of bullion to the mint; a circumstance which affords 
 a strong presumption of the inexpediency of the regulation, and of the im- 
 practicability of executing it in the United States. 
 
 This point has been the longer dwelt upon, not only because there is a 
 diversity of opinion among speculative men concerning it, and a diversity 
 in the practice of the moat considerable commercial nations, but because the 
 acts of our own government, under the confederation, have not only admit- 
 ted the expediency of defraying the expense of coinage out of the metals 
 themselves, but upon this idea have both made a deduction from the weight 
 of the coins, and established a difference between their regulated value and 
 the mint price of bullion, greater than would result from that deduction. 
 This double operation in favor of a principle so questionable in itself, has 
 made a more particular investigation of it a duty. 
 
 The intention, however, of the preceding remarks, is rather to show that 
 the expectation of commercial advantages ought not to decide in favor of a 
 
1791.] SECRETARY OF THE TREASURY. 149 
 
 duty of coinage, and that, if it should be adopted, it ought not to be in the 
 form of a deduction from the intrinsic value of the coins — than absolutely to 
 exclude the idea of any difference whatever between the value of the 
 metals in coin and in bullion. It is not clearly discerned, that a small dif- 
 ference between the mint price of bullion and the regulated value of the 
 coins would be pernicious, or that it might not even be adviseable, in the 
 first instance, by way of experiment, merely as a preventive to the melting 
 down and exportation of the coins., This will now be somewhat more 
 particularly considered. 
 
 The arguments for a coinage entirely free, are, that it preserves the intrin- 
 sic value of the metals; that it makes the expense of fabrication a general in- 
 stead of a partial tax, and that it tends to promote the abundance of gold and 
 silver, which, it is alleged, will flow to that place where they find the best 
 price, and from that place where they are in any degree undervalued. 
 
 The first consideration has not much weight, as an objection to a plan 
 which, without diminishing the quantity of metals in the coins, merely 
 allows a less price for them in bullion at the national factory or mint. No 
 rule of intrinsic value is violated, by considering the raw material as worth 
 less than the fabric in proportion to the expense of fabrication. And, by 
 divesting foreign coins of the privilege of circulating as money, they be- 
 come the raw material. 
 
 The second consideration has perhaps greater weight. But it may not 
 amount to an objection, if it be the best method of preventing disorders in 
 the coins, which it is in a particular manner the interest of those, on whom 
 th'e tax would fall, to prevent. The practice of taking gold by weight, 
 which has of late years obtained in Great Britain, has been found, in some 
 degree, a.Vemedy; but this is inconvenient, and may on that account fall 
 into disuse. Another circumstance has had a remedial operation. This is 
 the delays of the mint. It appears to be the practice there, not to make 
 payment for the bullion which is brought to be exchanged for coin, till it 
 either has in fact, or is pretended to have undergone the process of recoining. 
 
 The necessity of fulfilling prior engagements, is a cause or pretext for 
 postponing the delivery of the coin in lieu of the bullion. And this delay 
 creates a difference in the market price of the two things. Accordingly, 
 for some years past, an ounce of standard gold, which is worth in coin 
 £3 17 10§ sterling, has been in the market of London, in bullion, only 
 £ 3 17 6, which is within a small fraction of one hajf per cent. less. 
 Whether this be management in the mint to accommodate the bank in the 
 purchase of bullion, or to effect indirectly something equivalent to a formal 
 difference of price, or whether it be the natural course of the business, is 
 open to conjecture. 
 
 It at the same time indicates, that if the mint were to make prompt pay- 
 ment, at about half per cent, less than it does at present, the state of bullion 
 in respect to coin, would be precisely the same as it now is. And it would 
 be then certain, that the government would save expense in the coinage of 
 gold; sinee it is not probable that the time actually lost in the course of the 
 year, in converting bullion intq coin, can be an equivalent to half per cent, 
 on the advance, and there will generally be at the command of the Treasu- 
 ry a considerable sum of money waiting for some periodical disbursement, 
 which, without hazard, might be applied to that advance. 
 
 In what sense a free coinage can be said to promote the abundance of gold 
 and silver, may be inferred from the instances which have been given of 
 
150 REPORTS OF THE [1791. 
 
 the tendency of a contrary system to promote their exportation. It is, how- 
 ever, not probable, that a very small difference of value between coin and 
 bullion can have any effect which ougbt to enter into calculation. There 
 can be no inducement of positive profit, to export the bullion, as long as the 
 difference of price is exceeded by the expense of transportation. And the 
 prospect of smaller loss upon the metals than upon commodities, when the 
 difference is very minute, will be frequently overbalanced by the possibility 
 of doing better with the latter, from a rise of markets. It is, at any rate, 
 certain, that it can be of no consequence in this view, whether the superiority 
 of coin to bullion in the market, be produced, as in England, by the delay 
 of the mint, or by a formal discrimination in the regulated values. 
 
 Under an impression that a small difference between the value of the 
 coin and the mist price of bullion, is the least exceptionable expedient for 
 restraining the melting down, or exportation of the former, and not perceiv- 
 ing that, if it be a very moderate one, it can be hurtful in other respects — 
 the Secretary is inclined to an experiment of one half per cent, on each of the 
 metals. The fact which has been mentioned, with regard to the price of 
 gold bullion in the English market, seems to demonstrate that such a differ- 
 ence may safely be made. In this case, there must be immediate payment 
 for the gold and silver offered to the mint. How far one half per cent, will go 
 towards defraying the expense of the coinage, cannot be determined before-? 
 hand with accuracy. It is presumed that, on an economical plan, it will 
 suffice in relation to gold. But it is not expected that the same rate on silver 
 will be sufficient to defray the expense attending that metal. Some addi- 
 tional provision may therefore be found necessary, if this limit be adopted. 
 
 It ddes not seem to be adviseable to make any greater difference in regard 
 to silver than to gold; because it is desirable that the proportion between the 
 two metals in the market, should correspond with that in the coins, which 
 would not be the case if the mint price of one was comparatively lower 
 than that of the other; and because, also, silver being proposed to be rated 
 in respect to gold, somewhat below its general commercial value, if there 
 should be a disparity to its disadvantage in the mint prices of the two metals, 
 it would obstruct too much the bringing of it to be coined, and would add an 
 inducement to export it. Nor does it appear .to the Secretary safe to make. 
 a greater difference between the value of coin and bullion, than has been 
 mentioned. It will be better to have to increase it hereafter, if this shall 
 be found expedient, than to have to recede from too considerable a differ- 
 ence, in consequence of evils which shall have been experienced. 
 
 It is sometimes mentioned, as an expedient, which, consistently with a 
 free coinage, may serve to prevent the evils desired to be avoided, to incor- 
 porate in the coins a greater proportion of alloy than is usual; regulating 
 their value, nevertheless, according to the quantity of pure metal they con- 
 tain. This, it is supposed, by adding to the difficulty of refining them, 
 wotild cause bullion to be preferred both for manufacture and exportation. 
 
 Btit strong objections lie against this scheme: — an augmentation of ex- 
 pense; an actual depreciation of the coin; a danger of still greater depre- 
 ciation in the public opinion; the facilitating of counterfeits; while it is 
 questionable whether it would have the effect expected from it. 
 
 The alloy being esteemed of no value, an increase of it is evidently an 
 increase of expense. This, in relation to the gold coins, particularly, is a 
 matter of moment. It has been noted, that the alloy in them consists partly 
 of .niter. If, to avoid expense, the addition should be of copper only, this 
 
1791.] SECRETARY OF THE TREASURY. 151 
 
 would spoil the appearance of the coin, and give it a base countenance. Its 
 beauty would indeed be injured, though in a less degree, even if the usual 
 proportions of silver and copper should be maintained in the increased quan- 
 tity of alloy. 
 
 And, however inconsiderable an additional expenditure of copper in the 
 coinage of a year may be deemed, in a series of years it would become of 
 consequence. In regulations which contemplate the lapse and operation of 
 ages, a very small item of expense acquires importance. 
 
 The actual depreciation of the coin by an increase of alloy, results from 
 the very circumstance which is the motive to it — the greater difficulty of 
 refining. In England, it is customary for those concerned in manufactures 
 of gold, to make a deduction in the price of four-pence sterling per ounce, 
 of fine gold, for every carat which the mass containing it is below the legal 
 standard. Taking this as a rule, an inferiority of a single carat, or one 
 twenty-fourth part in the gold coins of the United States, compared with 
 the English standard, would cause the same quantity of pure gold in them 
 to be worth nearly four-tenths per cent, less than in the coins of Great Bri- 
 tain. This circumstance would be likely, in process of time, to be felt in 
 the market of the United States. 
 
 A still greater depreciation, in the public opinion, would be to be appre- 
 hended from the apparent debasement of the coin. The effects of imagi- 
 nation and prejudice cannot safely be disregarded, in any thing that relates 
 to money. If the beauty of the coin be impaired, it may be found difficult 
 to satisfy the generality of the community, that what appears worst is not 
 really less valuable; and it is not altogether certain, that an impression of its 
 being so, may not occasion an unnatural augmentation of prices. 
 
 Greater danger of imposition, by counterfeits, is also to be apprehended 
 from the injury which will be done to the appearance of the coin. It is a 
 just observation, that " The perfection of the coins is a great safeguard 
 against counterfeits." And it is evident that the color, as well as the excel- 
 lence of the workmanship, is an ingredient in that perfection. The inter- 
 mixture of too much alloy, particularly of copper, in the gold coins at least, 
 must materially lessen the facility of distinguishing, by the eye, the purer 
 from the baser kind — the genuine from the counterfeit. 
 
 The inefficacy of the arrangement to the purpose intended to be answered 
 by it, is rendered probable by different considerations. If the standard of 
 plate in the United States should be regulated according to that of the na- 
 tional coins it is to be expected that the goldsmith would prefer these to 
 the foreign coins, because he would find them prepared to his hand, in the 
 state which he desires; whereas he would have to expend an additional 
 quantity of alloy to bring the foreign coins to that state. If the standard of 
 plate, by law or usage, should be superior to that of the national coins, there 
 would be a possibility of the foreign coins bearing a higher price in the mar- 
 ket; and this would not only obstruct their being brought to the mint, but 
 might occasion the exportation of the national coin in preference. It is not 
 understood, that the practice of making an abatement of price for the inferi- 
 ority of standard, is applicable to the English mint; and if it be not, this 
 would also contribute to frustrating the expected effect from the increase of 
 alloy. For, in this case, a given quantity of pure metal, in our standard, 
 would be worth as much there as in bullion of the English or any other 
 standard. 
 
 Considering, therefore, the uncertainty of the success of the expedient, 
 
152 REPORTS OF THE [1791. 
 
 and the inconveniences which seem incident to it, it would appear preferable 
 ,±o submit to those of a free coinage. It is observable, that additional ex- 
 pense, which is one of the principal of these, is also applicable to the pro- 
 posed remedy. 
 
 It is now proper to resume and finish the answer to the first question, in 
 order to which the three succeeding ones have necessarily been anticipated. 
 The conclusion to be drawn from the observations which have been made 
 on the subject, is this: That the unit, in the coins of the United States, ought 
 to correspond with 24 grains and I of a grain of pure gold, and with 371 
 grains and i of a grain of pure silver, each answering to a dollar in the 
 money of account. The former is exactly agreeable to the present value of 
 gold, and the latter is within a small fraction of the mean of the two last 
 emissions of dollars — the only ones which are now found in common circu- 
 lation, and of which the newest is in the greatest abundance. The alloy in 
 each case to be one-twelfth of the total weight, which will make the unit 
 27 grains of standard gold, and 405 grains of standard silver. 
 
 Kach of these, it has been remarked, will answer to a dollar in the money 
 of account. It is conceived that nothing better can be done in relation to 
 this, than to pursue the track marked out by the resolution of the 8th of 
 August, 1786. This has been approved abroad, as well as at home, and 
 it is certain that nothing can be more simple or convenient, than the decimal 
 subdivisions. There is every reason to expect that the method will speedily 
 grow into general use, when it shall be seconded by corresponding coins. 
 On this plan, the unit in the money of account will continue to be, as esta- 
 blished by that resolution, a dollar; and its multiples, dimes, cents, and mills, 
 or tenths, hundredths, and thousandths. 
 
 With regard to the number of different pieces which shall compose the 
 coins of the United States, two things are to be consulted — convenience of 
 circulation, and cheapness of the coinage. The first ought not to be sacri-s 
 ficed to the last; but as far as they can be reconciled to each other, it is desi- 
 rable to do it Numerous and small (if not too minute) subdivisions assist 
 circulation; but the multiplication of the smaller kinds increases expense? 
 the same process being necessary to a small as to a large piece. 
 
 As it is easy to add, it will be most adviseable to begin with a small num- 
 ber, till experience shall decide whether any other kinds are necessary. 
 The following, it is conceived, will be sufficient in the commencement: 
 
 One gold piece, equal in weight and value to ten units or dollars. 
 
 One gold piece, equal to a tenth part of the former, and which shall be a 
 unit or dollar. 
 
 One silver piece, which shall also be a unit or dollar. 
 
 One silver piece, which shall be, in weight and value, a tenth part of the 
 silver unit or dollar. 
 
 One copper piece, which shall be of the value of a hundredth part of a 
 dollar. 
 
 One other copper piece, which shall be half the value of the former. 
 
 It is not proposed that the lightest of the two gold coins should be nume- 
 rous, as, in large payments, the larger the pieces the shorter the process of 
 counting, the less risk of mistake, and, consequently, the greater the safety 
 and the convenience; and, in small payments, it is not perceived that any 
 inconvenience can accrue from an entire dependance on the silver and cop- 
 per coins. The chief inducement to the establishment of the small gold 
 piece, is to have a sensible object in that metal, as well as in silver, to ex- 
 
1791/1 SECRETARY OF THE TREASURY. I53 
 
 press the unit. Fifty thousand at a time in circulation, may suffice for this 
 purpose. 
 
 The tenth part of a dollar is but a small piece, and, with the aid of the 
 copper coins, will probably suffice for all the more minute uses of circulation. 
 It is less than the least of the silver coins now in general currency in Eng- 
 land. 
 
 The largest copper piece will nearly answer to the halfpenny sterling, and 
 the smallest, of course, to the farthing. Pieces of very small value are a 
 great accommodation, and the means of a beneficial economy to the poor, by 
 enabling them to purchase, in small portions, and at a more reasonable rate, 
 the necessaries of which they stand in need. If there are only cents, the 
 lowest price for any portion of a vendible commodity, however inconsider- 
 able in quantity, will be a cent; if there are half cents, it will be a half cent, 
 and in a great number of cases exactly the same things will be sold for a half 
 cent, which, if there were none, would cost a cent. But a half cent is low 
 enough for the minimum of price. Excessive minuteness would defeat its 
 object. To enable the poorer classes to procure necessaries cheap, is to en- 
 able them with more comfort to themselves to labor for less: the advantages 
 of which need no comment. 
 
 The denominations of the silver coins contained in the resolution of the 
 8th of August, 1786, are conceived to be significant and proper. The dol- 
 lar is recommended by its correspondency with tha present coin of that . 
 name for which it is designed to be a substitute, which will facilitate its 
 ready adoption as such in the minds of the citizens. The disme, or tenth, 
 the cent, or hundredth, the mille, or thousandth, are proper, because they 
 express the proportions which they are intended to designate. It is only to 
 be regretted, that the meaning of these terms will not be familiar to those 
 who are not acquainted with the language from which they are borrowed. 
 It were to be wished that the length, and in some degree the clumsiness of 
 some of the corresponding terms in English, did not discourage from pre- 
 ferring them. It is useful to have names which signify the things to which 
 they belong; and, in respect to objects of general use, in a manner intelligi- 
 ble to all. Perhaps it might be an improvement to let the dollar have the 
 appellation either of dollar or unit, (which last will be the most significant,) 
 and to substitute "tenth" for disme. In time, the unit may succeed to the 
 dollar. The word cent, being in use in various transactions and instruments, 
 will, without much difficulty, be understood as the hundredth; and the half 
 cent, of course, as the two-hundredth part. 
 
 The eagle is not a very expressive or apt appellation for the largest gold 
 piece, but nothing better occurs. The smallest of the two gold coins may 
 be called the dollar or unit, in common with the silver piece with which it 
 coincides. 
 
 The volume or size of each piece is a matter of more consequence than 
 its denomination. It is evident, that the more superficies or surface, the 
 more the piece will be liable to be injured by friction; or, in other words, 
 the faster it will wear. For this reason, it is desirable to render the thick- 
 ness as great, in proportion to the breadth, as may consist with neatness and 
 good appearance. Hence the form of the double guinea, or double louis- 
 d'or, is preferable to that of the half Johannes, for the large gold piece. The 
 small one cannot well be of any other size than the Portuguese piece of eight, 
 of the same metal. 
 
154 REPORTS OF THE [1791. 
 
 As it is of consequence to fortify the idea of the identity of the dollar ^ it 
 may be best to let the form and size of the new one, as far as the quantity 
 of matter (the alloy being less) permits, agree with the form and size of the 
 present. The diameter may be the same. 
 
 The tenths may be in a mean between the Spanish | and -^ of a dollar. 
 
 The copper coins may be formed merely with a view to good appearance, 
 as any difference in the wearing that can result from difference of form, can 
 be of little consequence in reference to that metal. 
 
 It is conceived that the weight of the cent may be eleven pennyweight; 
 which will about correspond with the value of the copper and the expense 
 of coinage. This will be to conform to the rule of intrinsic value, as far as 
 regard to the convenient size of the coins will permit; and the deduction of 
 the expense of-coinage in this case will, be the more proper, as the copper 
 coins, which have been current hitherto, have passed till lately for much 
 more than their intrinsic value. Taking the weight, as has been suggested, 
 the size of the cent may be nearly that of the piece herewith transmitted, 
 which weighs lOdwt. llgrs. 10m. Two-thirds of the diameter of the cent 
 will suffice for the diameter of the half cent. 
 
 It may, perhaps, be thought expedient, according to general practice, to 
 make the copper coinage an object of profit; but where this is done to any 
 considerable extent, it is hardly possible to have effectual security against 
 counterfeits. This consideration, concurring with the soundness of the 
 principle of preserving the intrinsic value of the money of a country, seems 
 to outweigh the consideration of profit. 
 
 The foregoing suggestions, respecting the sizes of the several coins, are 
 made on the supposition that the legislature may think fit to regulate this 
 matter. Perhaps, however, it may be judged not unadviseable to leave it to 
 executive discretion, 
 
 With regard to the proposed size of the cent, it is to be confessed, that it 
 is rather greater than might be wished, if it could with propriety and safety 
 be made less: and should the value of copper continue to decline, as it has 
 done for some time past, it is very questionable whether it will long remain 
 alone a fit metal for money. This has led to a consideration of the expedi- 
 ency of uniting a small proportion of silver with the copper, in order to be 
 able to lessen the bulk of the inferior coins. For this, there are precedents 
 in several parts of Europe. In France, the composition which is called bil- 
 lion, has consisted of one part silver and four parts copper; according to 
 which proportion, a cent might contain seventeen grains, defraying out of 
 the material the expense of coinage. The conveniency of size is a recommend- 
 ation of such a species of coin; but the Secretary is deterred from propos- 
 ing it, by the apprehension of counterfeits. The effect of so small a quantity 
 of silver, in comparatively so large a quantity of copper, could easily be 
 imitated by a mixture of other metals of little value, and the temptation to 
 doing it would not be inconsiderable. 
 
 The devices of the coins are far from being matters of indifference, as they 
 may be made the vehicles of useful impressions. They ought, therefore, 
 to be emblematical, but without losing sight of simplicity. The fewer 
 sjharp points and angles there are, the less will be the loss by wearing. 
 The Secretary thinks it best, on this head, to confine himself to these coneise 
 and general remarks. 
 
 The last point to be discussed, respects the currency of foreign coinsv 
 
1791,] SECRETARY OF THE TREASURY. 155 
 
 The abolition of this, in proper season, is a necessary part of the system 
 contemplated for the national coinage. But this it will be expedient to de- 
 fer, till some considerable progress has been made in preparing substitutes 
 for them. A gradation may, therefore, be found most convenient. 
 
 The foreign coins may be suffered to circulate, precisely upon their pre- 
 sent footing, for one year after the Mint shall have commenced its operations. 
 The privilege may then be continued for another year, to the gold coins of 
 Portugal, England, and France, and to the silver coins of Spain. And these 
 may still be permitted to be current, for one year more, at the rates allowed 
 to be given for them at the Mint; after the expiration of which, the circula- 
 tion of all foreign coins to cease. 
 
 The moneys which will be paid into the Treasury during the first year, 
 being re-coined, before they are issued anew, will afford a partial substitute, 
 before any interruption is given to the pre-existing supplies of circulation. 
 The revenues of the succeeding year, and the coins which will be brought 
 to the Mint, in consequence of the discontinuance of their currency, will 
 materially extend the substitute, in the course of that year, and its extension 
 will be so far increased, during the third year, by the facility of procurino- 
 the remaining species to be re-coined, which will arise from the diminution 
 of their current values, as probably to enable the dispensing wholly with the 
 circulation of the foreign coins, after that period. . The progress which the 
 currency of bank bills will be likely to have made, during the same time, 
 will also afford a substitute of another kind. 
 
 This arrangement, besides avoiding a sudden stagnation of circulation, will 
 cause a considerable proportion of whatever loss may be incident to the es- 
 tablishment, in the first instance, to fall, as it ought to do, upon the govern- 
 ment, and will probably tend to distribute the remainder of it, more equally 
 among the community. 
 
 It may, nevertheless, be adviseable, in addition to the precautions here sug- 
 gested, to repose a discretionary authority in the President of the United 
 States, to continue the currency of the Spanish dollar, at a value correspond- 
 ing with the quantity of fine silver contained in it, beyond the period above- 
 mentioned, for the cessation of the circulation of the foreign coins. It is 
 possible, that an exception in favor of this particular species of coin, may- 
 be found expedient; and it may tend to obviate inconveniences, if there be a 
 power to make the exception, in a capacity to be exerted when the period 
 shall arrive. 
 
 The Secretary for the Department of State*, in his report to the House of 
 Representatives, on the subject of establishing a uniformity in the weights, 
 measures, and coins of the United States, has proposed, that the weight of 
 the dollar should correspond with the unit of weight. This was done on 
 the supposition that it would require but a very small addition to the quantity 
 of metal, which the dollar, independently of the object he had in view, ought 
 to contain; in which he was guided by the resolution of the 8th of August, 
 1786, fixing the dollar at 375 grains and 64 hundredths of a grain. 
 
 Taking this as the proper standard of the dollar, a small alteration, for 
 the sake of incorporating so systematic an idea, would appear desirable. 
 But, if the principles which have been reasoned from, in this report, are 
 just, the execution of that idea becomes more difficult. It would certainly 
 not be adviseable to make, on that account, so considerable a change in the 
 money unit, as would be produced by the addition of five grains of silver 
 to the proper weight of the dollar, without a proportional augmentation of its 
 21 
 
156 REPORTS OF THE [1791. 
 
 relative value; and to make such an augmentation would be to abandon the 
 advantage of preserving the identity of the dollar, or to speak more accu- 
 rately, of having the proposed one received and considered as a mere sub- 
 stitute for the present. 
 
 The end ma}', however, be obtained, without either of these inconveniences, 
 by increasing the proportion of alloy in the silver coins. But this would 
 destroy the uniformity, in that respect, between the gold and silver coins. 
 It remains, therefore, to elect which of the two systematic ideas shall be 
 pursued or relinquished; and it may be remarked, that it will be more easy 
 to convert the present silver coins into the proposed ones, if these last have 
 the same, or nearly the same proportion of alloy, than if they have less. 
 The organization of the Mint, yet remains to be considered. 
 This relates to-4he persons to be employed, and to the services which they 
 are respectively to perform. It is conceived that there ought to be — 
 
 A Director of the Mint; to have the general superintendence of the busi- 
 ness. 
 
 An Assay Master, or Assayer; to receive the metals brought to the Mint, 
 ascertain their fineness, and deliver them to be coined. 
 A Master Coiner; to conduct the making of the coins. 
 A Cashier; to receive and pay them out. 
 An Auditor; to keep and adjust the accounts of the Mint. 
 Clerks; as many as the Directors of the Mint shall deem necessary, to as- 
 sist the different officers. 
 
 Workmen; as many as may be found requisite. 
 A Porter. 
 
 In several of the European Mints, there are various other officers, but the 
 foregoing are those only who appear to be indispensable. Persons in the 
 capacity of clerks, will suffice instead of the others, with the advantage of 
 greater economy. 
 
 The number of workmen is left indefinite, because, at certain times, it is 
 requisite to have more than at others. They will, however, never be numer- 
 ous. The expense of the establishment, in an ordinary year, will probably 
 be from fifteen to twenty thousand dollars. 
 
 The remedy for errors in the weight and alloy of the coins, must necessa- 
 rily form a part, in the system of a Mint; and the manner of applying it 
 will require to be regulated. The following account is given of the practice 
 in England, in this particular: 
 
 A certain number of pieces are taken promiscuously out of every fifteen 
 pounds of gold, coined at the Mint, which are deposited, for safe keeping, in 
 a strong box, called the pix. This box, from time to time, is opened in 
 the presence of the Lord Chancellor, the officers of the Treasur}^, and others, 
 and portions are selected from the pieces of each coinage, which are melted 
 together, and the mass assayed by a jury of the Company of Goldsmiths. 
 If the imperfection and deficiency, both in fineness and weight, fall short of 
 a sixth of a carat, or 40 grains of pure gold, upon a pound of standard, the 
 master of the Mint is held excusable; because, it is supposed, that no work- 
 man can reasonably be answerable for greater exactness. The expediency 
 of some similar regulation seems to be manifest. 
 All which is humbly submitted. 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury. 
 
17 95. J SECRETARY OF THE TREASURY. 157 
 
 PUBLIC CREDIT, No. 2. 
 
 [Communicated to the Senate, 2\st January, 1795.] 
 
 The Secretary of the Treasury respectfully makes the following report to 
 the Senate: 
 
 The President of the United States, with that provident concern for the 
 public welfare which characterizes all his conduct, was pleased, in his speech 
 to the two Houses of Congress at the opening of the present session, to in- 
 vite their attention to the adoption of a definitive plan for the redemption 
 of the public debt, and to the consummation of whatsoever may remain un- 
 finished of our system of public credit, in order to place that credit, as far 
 as may be practicable, on grounds which cannot be disturbed, and to pre- 
 vent that progressive accumulation of debt, which must ultimately en- 
 danger all government. 
 
 It was, at the same time, very justly intimated, that the period which has 
 elapsed since the commencement of our fiscal measures, (now more than 
 four years,) has so far developed our resources as to open the way to the im- 
 portant work. And it is matter of solid consolation, that the result, pre- 
 senting a state of our finances prosperous beyond expectation, solicits the 
 public councils to enter with zeal and decision upon measures commensurate 
 with the greatness of the interests to be promoted. 
 
 Under the influence of this conviction, in conformity with the suggestions 
 of the President, and pursuant to the duty which the constitution of the de- 
 partment, as by law established, enjoins upon the Secretary of the Treasu- 
 ry, he has employed himself in digesting and preparing the materials of a 
 plan for the attainment of the invaluable ends which are recommended. 
 And he now respectfully submits them to the consideration of Congress. 
 
 Towards a clear and distinct conception of the means necessary to the ac^ 
 complishment of those ends, it will be useful, in the first place, to review 
 what has been heretofore done. This will be presented under three heads. 
 
 1st. The revenues which have been established. 
 
 2dly. The provisions for funding the debt, and for the payment of interest 
 upon it. 
 
 3dly. The provisions for reimbursing and extinguishing the debt. 
 
 The revenues which have been established appear in the following acts: 
 
 1st. " An act for laying a duty on goods, wares, and merchandises, imported 
 into the United States," passed June the 1st, 1789. This act, as its title 
 imports, lays various specific and ad valorem rates on all articles (with ex- 
 ception of a few useful to agriculture and manufactures,) imported from 
 foreign countries. The lowest ad valorem rate is five per cent, with a dis- 
 count of 10 per cent, in favor of our own bottoms. The duration assigned 
 these duties was the end of the session of Congress next succeeding the first 
 day of June, 1796. 
 
 ad. " An act imposing duties on tonnage," passed July 20, 1789. 
 
 This act lays various rates of duty ori the tonnage of ships and vessels en- 
 tered in the United States from foreign countries, and, in certain cases, in 
 one part of the United States from another. 
 
158 REPORTS OF THE [1795. 
 
 Its duration was indefinite, no limit having been assigned. 
 3d. " An act imposing duties on the tonnage of ships and vessels," passed 
 July 20, 1790. 
 
 This act is a substitute for the one last mentioned, preserving the same 
 rates of duty, but applying them, in some instances, differently. It is, like 
 the former, of indefinite duration. 
 
 4th. " An act making further provision for the payment of the debts of 
 the United States/' passed August 10, 1790. 
 
 This act repeals, after the last of December, 1790, the duties on imported 
 articles, laid by the act above cited, and substitutes new and generally in- 
 creased rates, specific and ad valorem. 
 
 The lowest ad valorem rate in this, as in the former act, is five per cent. ; 
 but the number of articles to which it applies is much narrowed, and instead 
 of a discount in^favor of our own bottoms, an addition of ten per cent, is 
 made to the disadvantage of foreign bottoms. 
 
 The number of free articles is somewhat extended, in further encourage- 
 ment of agriculture and manufactures. 
 
 It is declared, that the duties laid by this act shall continue till the debts 
 and purposes for which they are appropriated shall be satisfied; reserv- 
 ing, however, a right to Congress to substitute other duties or taxes of 
 equal value. 
 
 5th. " An act to incorporate the subscribers to the Bank of the United 
 States," passed the 25th of February, 1791. 
 
 The second section of this act authorizes the President to cause a subscrip- 
 tion to be made to the stock of the bank, on account of the United States, to 
 the amount of g2, 000, 000; and with a view to the accomplishment of that 
 object, to borrow of the bank $2,000,000, to be reimbursed in ten equal 
 yearly instalments. 
 
 The difference between the interest payable on the loan, and the dividends 
 on the stock, constitutes an item of annual income to the United States. It 
 is unappropriated. 
 
 6th. " An act repealing, after the last day of June next, the duties here- 
 tofore laid upon distilled spirits imported from abroad, and laying others 
 in their stead; and, also, upon spirits distilled within the United States, and 
 for appropriating the same," passed the 3d of March, 1791. 
 
 This act, in conformity with its title, repeals, after June, 1791, the duties 
 on imported spirits, laid by the act of the 10th of August, 1790, and estab- 
 lishes, in lieu of them, higher rates, namely, from 20 to 40 cents per gallon, 
 according to proof. It also lays duties, to commence at the same time, upon 
 spirits distilled within the United States, namely, on those from foreign 
 materials, from 11 to 30 cents, according to proof; on those from do- 
 mestic materials, if distilled in cities, towns, or villages, from 9 to 25 cents 
 per gallon, according to proof; if distilled in other places, it imposes a yearly 
 rate of 60 cents per gallon of the capacity of each still, with an option to 
 the distiller to keep and render an account of the produce of his still, and to 
 pay nine cents per gallon of the quantity of spirits distilled therein. 
 
 These duties are appropriated, primarily, in the same manner, and to 
 the same purposes, as those laid on imported articles by the act of the 
 10th of August, 1790, and are to continue for the same time, with the 
 like reservation of a right to substitute other duties or taxes of equal value* 
 There is a further appropriation, which will be noticed hereafter. 
 
1795.] SECRETARY OF THE TREASURY. 159 
 
 7th. " An act for raising a further sum of money for the protection of the 
 frontiers, and for other purposes therein mentioned," passed May 2, 1792. 
 
 This act repeals, after June, 1792, the former duties on a number of im- 
 ported articles, and establishes higher duties in their stead. 
 
 It extends, among other things, the duties on foreign distilled spirits, lay- 
 ing on those made fro?n grain 28 to 50 cents per gallon; on others, 25 to 
 46 cents per gallon. The appropriation and duration of these new duties 
 are conformable and co-extensive with those repealed. There is, likewise, 
 an addition of 25 per cent, to that class of duties ad valorem, which, before, 
 was rated at 5 per cent. ; but this additional duty is limited to the term of 
 two years. 
 
 Out of the surplus of these duties, after satisfying the permanent appro- 
 priations, certain gross sums are appropriated for the service of the War 
 Department. 
 
 8th. " An act concerning the duties on spirits distilled within the United 
 States," passed May 8, 1792. 
 
 This act repeals, after the last day of June, 1792, the former duties on 
 spirits distilled within the United States, and on stills, and, instead of them, 
 establishes lower duties, namely, on those made of foreign materials, from 
 10 to 25 cents per gallon, according to proof; on those made of domestic 
 materials, if in cities, towns, or villages, or at distilleries where the stills, 
 singly or together, are of the capacity of 400 .gallons, or upwards, from 7 
 to 18 cents per gallon, of the spirits distilled, according to proof; if made in 
 other places, or at distilleries where the stills are of inferior capacity, the 
 yearly rate of 54 cents per gallon, of the capacity of each still. A new op- 
 tion is given to the distiller, which is, instead of paying the yearly rate, to 
 take out licenses for the monthly employment of his stills, paying, each 
 time, 10 cents per gallon of the capacity of each still. 
 
 These new duties are appropriated in the same manner, and for the 
 same purposes, and are to continue for the same time, as those for 
 which they are substitutes; and to make good any deficiency which may 
 accrue from lowering the rates, the surplus of the duties imposed by the 
 act of the second of the same month is appropriated. 
 
 " An act to promote the progress of useful arts, and to repeal the act here- 
 tofore made for that purpose," passed February 21, 1793. 
 
 This act ordains certain fees to be paid, by persons to whom patents are 
 granted, for inventions, discoveries, or improvements, and appropriates 
 them to the purpose of defraying Clerk hire in the Department of State. 
 Its duration is indefinite. 
 
 9th. '<An act to establish the Post Office and Post Roads, within the 
 United States," passed May 8, 1794. 
 
 This act establishes, to commence on the first of June following, various 
 rates of postage on letters, and directs, that the Postmaster shall render to 
 the Treasury Department, a quarterly account of Receipts and Expenditures, 
 and shall pay, quarterly, into the Treasury, the balance in his hands. 
 
 The duration of this act is, also, indefinite. It contains no appropriation 
 of the sums paid into the Treasury. 
 
 10th. " An act laying duties upon carriages for the conveyance of per- 
 sons," passed June 5, 1794. 
 
 This act lays different rates of duty, from ten dollars down to one dollar, 
 upon carriages for the conveyance of persons, kept by or for any person, 
 for his or her own use, or to be let to hire, or for the conveying of passen- 
 gers; and to guard against misapprehension, declares, that the duties shall, 
 
16q REPORTS GF THE [1795. 
 
 not be construed to extend to any carriage usually and chiefly employed 
 in husbandry, or for the transporting or carrying of goods, wares, mer- ■ 
 chandise, produce, or commodities. 
 
 The duration of the duties is limited to the end of the session of Congress 
 which shall be next after the term of two years from the time of passing the 
 act. It contains no appropriation. 
 
 11th. " An act laying duties on licenses for selling wines and foreign dis- 
 tilled spirituous liquors, by retail," passed June 5, 1794. 
 
 This act requires, that every retail dealer in wines, shall take out a yearly 
 license, and shall pay for it a duty of five dollars; and that every retail dealer 
 in foreign distilled spirituous liquors, shall also take out a yearly license, 
 and pay for it a duty of five dollars. It defines a retail dealer in wines, to be 
 a person who deals in the selling^f wines, to be carried or sent out of the 
 house, building, or place of his or her dwelling, in less quantities at one 
 time than thirty gallons, except in the original cask, case, box, or package, 
 in which it is imported. A retail dealer of spirituous liquors to be a per- 
 son who shall deal in the selling of foreign distilled spirituous liquors, to be 
 carried or sent out of the house, building, or place of his or her dwelling, 
 in less quantities than twenty gallons, at one time. No difference is made 
 ■between the dealer in several kinds of wines, or several kinds of foreign 
 distilled liquors, and the dealer in one kind. 
 
 The same duration is assigned to this act, as to the one last cited. It is 
 -equally without an appropriation. 
 
 12th. An act laying certain duties upon snuff, and refined sugar," passed 
 June 5, 1794. 
 
 This act lays a duty of S cents per pound, on all snuflf, which, after the 
 30th of September, 1794, should be manufactured within the United States, 
 and of 2 cents per pound, on all sugar, which, after that day, should be re- 
 fined within the United States. The remark made upon the two last recited 
 acts, is applicable to this, as to the duration of the duties, and the appropria- 
 tion of their proceeds. 
 
 13th. ; ' An act laying additional duties on goods, wares, and merchandises, 
 imported into the United States," passed June 7, 1794. 
 
 This act la}^s upon sundry enumerated articles, on their importation from 
 foreign countries, certain specific and ad valorem rates of duty, in addition 
 to those before charged upon them, and adds generally, a duty of two and a 
 half per centum, on all that class of articles which were before chargeable 
 with seven and a half per centum ad valorem. It also prolongs the tempo- 
 rary two and a half per centum, laid by the act of May 2, 1792, till the 
 first of January, 1797, to which period the other duties laid by it are to con- 
 tinue. It contains no appropriation. 
 
 14th. "An act laying duties on property sold at auction," passed June 9, 
 1794. 
 
 This act lays a duty on sales at auction, by persons licensed according to 
 the laws of a State, or this act prohibiting others from selling at auction, of 
 5 per cent, of the purchase money, arising from the sale of any right, inter- 
 est, or estate, in lands, tenements, or hereditaments, utensils in husbandry, 
 farming stock, or ships and vessels, of § per cent, of the purchase money, 
 arising from the sales of any other goods, chattels, rights, or credits. 
 
 The term of these duties is limited to the end of the session next after 
 the expiration of two years from the time of passing the act, which also is 
 without an appropriation. 
 
1795.1 SECRETARY OF THE TREASURY. jgj 
 
 But, by an act, entitled An act making appropriations for certain purposes 
 therein expressed," passed the same 9th of June, 1794, certain specific 
 sums, amounting together to 1,292, 1 37 dollars 38 cents, are charged upon- the 
 proceeds of the revenues, which are created by the five last mentioned acts, 
 and there is a reservation made out of them of a sum sufficient to pay the 
 interest of whatever moneys may be borrowed pursuant to the act entitled 
 " An act making further provision for the expenses attending the inter- 
 course of the United States with foreign nations," &c. passed the 20th of 
 March, 1794, which sum is pledged for the payment of that interest. 
 
 These acts comprehend all the current revenues of the United States. 
 Their product will appear hereafter. 
 
 In addition to them a fund will be derived from the sale of the public lands 
 in the Western Territory. And there likewise occur, from time to time, 
 payments into the Treasury on account of old debts; but these are too ca- 
 sual, and of too little magnitude, to be more than cursorily mentioned. 
 
 The lands in the Western Territory, Of which the government of the 
 United States has acquired the right of soil, are estimated in a report of the 
 late Secretary of State, to amount to 21,000,000 of acres. This quantity, 
 at twenty cents per acre, the price upon former occasions contemplated, 
 would yield a sum of $ 4,200,000. But it is believed that it would be un- 
 safe to count upon so large a sum. Besides the uncertainty as to the pro- 
 portion which may be of a saleable quality, and as to the price which may 
 be obtained for it, the boundary line between the United States and the In- 
 dians is understood to be unsettled with regard to a large part of the tract 
 on which the computation is made. If it ultimately yields three millions 
 of dollars, it will probably equal every reasonable expectation. 
 
 The provisions for funding the debt, and for payment of interest upon it, 
 are comprised in the following acts: 
 
 1. "An act making provision for the debt of the United States," passed 
 August 4, 1790. 
 
 This act, commonly called the funding act, contains these several pro- 
 visions, viz. 
 
 1st. It reserves out of the proceeds of the duties on imports and tonnage, 
 for the support of the government of the United States, and their common 
 defence, the yearly sum of 600,000 dollars. 
 
 2d. It appropriates so much of the same proceeds as should be necessary , 
 to the payment of interest on foreign loans, before that time contracted, or 
 which should afterwards be contracted, for discharging the arrears of inte- 
 rest, and the principal of antecedent foreign loans, to continue so appropri- 
 ated till the debt created by those loans should be fully discharged. 
 
 3d. It authorizes the President to borrow any sum or sums not exceeding 
 $12,000,000, to discharge the arrears of interest upon, and the instalments 
 of the principal of, the foreign debt, due and to grow clue; and if to be ef- 
 fected on advantageous terms, to pay off the whole of that debt; and fur- 
 ther authorizes him to make such other contracts respecting it as should be 
 found for the interest of the United States, so that no engagement or con- 
 tract should preclude from reimbursing the sums borrowed within fifteen 
 years after they should be borrowed. 
 
 4th. In order to adapt the form of the domestic debt to the then circum- 
 stances of the United States, as far as should be found practicable, " con~ 
 sistently with good faith and the rights of the creditors, which it truly 
 declares " could only be done by a voluntary loan on their part;" it 
 proposes a loan to the United States, (directing for that purpose books for 
 
162 REPORTS OF THE [1795. 
 
 subscriptions to be opened at the Treasury, and by Commissioners of Loans 
 in the several States, on the 1st of October, 1790, and to continue for a 
 year,) the sums subscribed to the loan to be paid in certain enumerated evi- 1 
 dences of the debt of the United States, upon these terms, viz. 
 
 1st. That the interest unpaid on the principal of those evidences, should 
 be computed up to the last of December, 1790. 
 
 2d. That for any sum subscribed and paid in the principal of the debt, 
 the subscriber should be entitled to one certificate for a sum equal to two- 
 thirds of the sum subscribed, bearing an interest of 6 per cent, per annum, 
 commencing the 1st day of January, 1791, payable quarter yearly, and 
 subject to redemption by payments not exceeding in one year, on account 
 both of principal and interest, eight dollars upon a hundred of the origin- 
 al sum so subscribed and paid; and to another certificate for a sum equal 
 to the remaining third of that sum, which, after the year 1S00, should bear 
 a like interest, payable in like manner, and subject to a like rate of redemp- 
 tion. But that the United States, though having a right to redeem in the 
 above-mentioned proportion, should not be obliged to do it. 
 
 3d. That for any sum subscribed and paid in the interest of the debt, the 
 subscriber should be entitled to a certificate for a sum equal to the sum sub- 
 scribed, bearing an interest of 3 per cent, per annum, from the said last day 
 of December, 1790, payable quarter yearly, and redeemable at pleasure, by 
 payment of the principal. - 
 
 4th. That the new stock created by the said loan should be transferable on 
 the books upon which the credit for it should stand by the proprietor or 
 his attorney; these books to be either those kept for the purpose at the 
 Treasury, or by Commissioners of Loans in the respective States; a mode 
 being provided for the transfer from the books at one place to those at 
 another. 
 
 5th. That the interest should be payable wheresoever the creditfor the stock 
 should exist, when the payment of interest should become due; except that 
 the dividend of interest for any quarter of a year which should not be de- 
 manded before the expiration of a third quarter, should afterwards be de- 
 mandable only at the Treasury. 
 
 6th. That for the regular payment of the interest on the several kinds of 
 stock, to arise from the loan, as it should accrue, including that which is 
 deferred, the proceeds of the public revenues, which before that time had 
 been, or during the then session should be provided, after reserving yearly 
 600,000 dollars for the support of the government of the United States 
 and their common defence, and such sum as should be necessary for pay- 
 ment of interest on the foreign loansbef ore-mentioned, should be. and there- 
 by were, pledged and appropriated till the final redemption of the capital 
 stock. 
 
 V. Premising that some of the creditors of the United States might not 
 think fit to become subscribers to the loan, this act declares that " nothing 
 contained in it should be construed in any wise to alter, abridge, or 
 impair, the rights of those creditors of the United States who should 
 not subscribe to the loan, or the contracts, upon which their respective 
 claims are founded, but that the said contracts and rights should remain 
 in full force and virtue." And to obviate all idea of compulsion on the cre- 
 ditors to subscribe, it allows to non-subscribers, during the pendency of the 
 loan, and until the end of the year 1791, a rate per centum on their respective 
 demands, equal to that which is paid to subscribing creditors; on the sole con- 
 dition, that, the evidences of debt holden by them, except those which had 
 
1795.] SECRETARY OF THE TREASURY. 163 
 
 been issued by the Register of the Treasury for the registered debt, should 
 be exchanged for other certificates specifying the specie amount of those 
 in exchange for which they were given, and otherwise of the like tenor 
 with those which had theretofore been issued by the Register of |:he Trea- 
 sury for the registered, debt; stating, as the grounds of this condition, that 
 some of the certificates then in circulation, had not been liquidated to specie 
 value; that most of them were greatly subject to counterfeit; that counter- 
 feits had actually taken place in numerous instances; and that embarrass- 
 ment and imposition might attend the payment of interest on these certifi- 
 cates in their then form. 
 
 VI. This act likewise proposes another loan to the amount of $21,500,000, 
 payable in the principal and interest, indiscriminately of the evidences of 
 debt of the respective States, according to certain quotas, to be conducted in 
 the same manner, and to be open for the same time, as that in the domestic 
 debt of the United States. The terms of this loan to be — 
 
 1st. That for any sum subscribed, the subscriber should be entitled to one 
 certificate for a sum equal to four-ninths of the subscribed sum, bearing an 
 interest of six per centum per annum, commencing the 1st day of January, 
 1791. To another certificate for a sum equal to two-ninths of the said sub- 
 scribed sum, bearing an interest after the year 1800, of six per centui" per 
 annum; and to a third certificate, for a sum equal to three-ninths of the said 
 subscribed sum, bearing an interest of three per centum per annum, com- 
 mencing on the same first day of January, 1791: the interest in each case 
 to be payable in like manner, and to be subject to the like redemption as 
 that on the correspondent kinds of stock to be created by this the said 
 first mentioned loan. And the stock to be created by this second loan, to 
 be transferable on the same principles, and in the same modes, as that pro- 
 duced by the former. 
 
 2d. That for the regular payment of interest on the several kinds of stock 
 to arise from this loan, as it should accrue, including that which is deferred, 
 the proceeds of the public revenues, which, before that time, had been, or 
 during the then session should be provided, after reserving the aforesaid 
 yearly sum of $600,000, the sum necessary for payment of interest on 
 the foreign loans, made and to be made, and the sum necessary for pay- 
 ment of interest on the loan in the domestic debt, should be, and thereby 
 were pledged and appropriated; to continue so pledged and appropriated, 
 until the final redemption of the capital stock. 
 
 VII. ' To secure the due application of these revenues, according to the 
 appropriations, an account of them is directed to be kept, distinct from that 
 of the proceeds of any other revenues, except such as should be raised to 
 make good a deficiency in those; and the faith of the United States is pledged 
 to appropriate additional and permanent funds for satisfying such deficiency. 
 VIII. The proceeds of the sales of lands in the Western Territory, then 
 belonging, or which thereafter should belong to the United States, are 
 pledged and appropriated for the discharge of the debts which the United 
 States then owed, or by virtue of that act should owe. 
 
 There are several collateral and supplementary provisions, which are 
 omitted as immaterial to the intended view of the subject. 
 
 II. An act repealing, after the last day of June next, the duties hereto- 
 fore laid upon distilled spirits, &c, passed the 3d of March, 1791. 
 
 The proceeds of the duties laid by this act, are made subject to the same 
 appropriations, and in the same order of priority as those contained in the 
 22 
 
jg4 REPORTS OF THE [1795. 
 
 funding act; and to secure their due application, an account is directed to be 
 kept of them, distinct from that of any other revenues, except those ap- 
 propriated by the funding act. 
 
 III. An act for raising a further/sum of money for the protection of fron- 
 tiers, &c, passed May 2d, 1792. 
 
 This act, which, ashas been before noticed, increased permanently the duties 
 on certain imported articles, and laid a temporary additional duty on some 
 others, appropriates primarily the proceeds of the permanent augmentations 
 in the same manner, and to the same purposes, as the antecedent duties were 
 appropriated; that is, in conformity with the funding act. 
 
 IV. An act concerning the duties on spirits distilled within the United 
 States, passed May 8th, 1792. 
 
 This act, which lowers the duties on spirits distilled within the United. 
 States, and on stills, appropriates the proceeds of the reduced duties in the 
 same manner as were the former duties; and to make good whatever defi- 
 ciency might be occasioned by the reduction of the rates, pledges as a sub- 
 stitute the surplus of the augmented duties laid by the last cited act. 
 
 V. An act providing for the payment of the second instalment, due on a 
 loan made of the Bank of the United States, passed June 4th, 1794. 
 
 This act, in addition to a provision for paying that second instalment, ap- 
 propriates so much of the dividends on the stock which the United States 
 hold in the bank, as should be necessary to the payment of interest on the 
 capital of a loan of $2,000,000, had of the bank, pursuant to the 11th sec- 
 tion of the act by which it is incorporated. It also fixes the last day of 
 December, in each year, as the annual period for the payment of the succes- 
 sive instalments of that loan. 
 
 VI. An act making provision for the payment of the interest on the 
 balances due to certain States, upon a final settlement of accounts between 
 the United States and the individual States; passed May 30th, 1794. 
 
 This act directs, that interest shall be allowed and computed on the bal- 
 ances to creditor States, from the last of December, 1789, to the last of 
 December, 1794; which, being placed to their credit respectively, shall bear 
 an interest of three per centum per annum, from the period last mentioned. 
 
 It further directs, that the interest on the principal balances, to be funded 
 agreeably to the terms of the act for the settlement of accounts, together 
 with the interest upon the arrears of interest, computed on those balances, 
 and forming a new capital, shall be payable at the offices of the Commis- 
 sioners of Loans, within the States to which the balances are respectively 
 due, and shall be paid quarter -yearly, after the last day of December, 1794, 
 at the same epochs in each year, at which interest is payable on the other 
 parts of the funded debt; to which end, so much of the proceeds of the du- 
 ties on imports and tonnage as may be necessary, and as were not other- 
 wise previously appropriated, are appropriated; and the faith of the United 
 States is pledged, to provide for any deficiency which may happen by ad- 
 ditional and permanent funds. 
 
 There are several acts which prolong, from time to time, the subscriptions 
 in the domestic and State debts, on the same terms as by the funding actj 
 those in the domestic debt being continued down to the last day of Decem- 
 ber, 1794; which acts, together with the acts particularly cited, comprise 
 all those that relate to the funding of the public debt, and the payment of 
 interest thereupon. The result of these acts is exhibited in the tables A, 
 B, C, and D, which show the amount of the foreign debt; that of the funded 
 debt, the probable amount of that which remains unfunded, of what com- 
 
1795.] SECRETARY OF THE TREASURY. 165 
 
 posed, and the annual amount of interest upon the different portions of debt, 
 according to contract, and according to the plan of this report. 
 
 The provisions for reimbursing and redeeming the public debt, are con- 
 tained in the following acts, and are as follow, viz: 
 
 I. tl An act making provision for the debt of the United States," passed 
 the 4th of August, 1790. 
 
 This act, which is the one that regulates the funding of the debt, by the 
 last section appropriates the proceeds of the sales of lands in the Western 
 Territory, then belonging, or thereafter to belong to the United States, to 
 the sinking or discharging of the debts for which the United States then 
 were, or by virtue of that act should be holden, to be applied solely to that 
 use, until they should be fully satisfied. 
 
 II. "An act making provision for the reduction of the public debt," 
 passed August 12th, 1790. 
 
 This act, premising that it is desirable, by all just and proper means, to 
 effect a reduction of the public debt, and that the application of the surplus 
 revenue to that object, will not only contr bute to this desirable end, but 
 will be beneficial to the creditors of the United States, by raising the price 
 of their stock, and be productive of considerable saving to the United 
 States, enacts — 
 
 1st. That the surplus of the duties on imports and tonnage to the end of 
 the year 1790, shall be applied to the purchase of the debt of the United 
 States, at its market price, if not exceeding the par or true value thereof. 
 
 2d. That the purchases to be made, shall be conducted under the direction 
 of the President of the Senate, the Chief Justice, the Secretary of State, 
 the Secretary of the Treasury, and the Attorney General; who, or any three 
 of whom, with the approbation of the President, are authorized to cause 
 them to be made, in such manner, and under such regulations, as shall ap- 
 pear to them best calculated to fulfil the intent of this act: Provided, that 
 the same should be made openly, and with due regard to the equal benefit 
 of the several States. 
 
 3d. That the accounts of the application of the fund should be settled as 
 other public accounts, accompanied with returns of the amount of debt pur- 
 chased at the end of each quarter of a year; and that a full and exact report 
 of the proceedings of the Commissioners should be laid before Congress, 
 within the first fourteen days of each session, including a statement of the 
 disbursements and purchases ; specifying the times when, prices at which, 
 and persons of whom, the purchases were made. 
 
 4th. That in addition to this fund, the President should be authorized to 
 borrow any sum or sums, not exceeding 2,000,000 of dollars, at an interest 
 not exceeding five per centum, to be applied to purchases of public debt, in, 
 like manner, and under the same direction and regulations as the first men- 
 tioned fund: Provided, that out of the interest f the debt'io be purchased, 
 there should be appropriated annually a sum not exceeding eight per 
 centum of the sums borrowed, towards paying the interest and reim- 
 bursing the principal of these sums. 
 
 But to guard against the possibility of a deficiency of means to pay the in- 
 terest on the debt which was to accrue in the year 1791, authority is given 
 to reserve and apply to that purpose, out of the first mentioned fund, as 
 much as might be necessary to supply the defect of receipts during that year, 
 on account of the duties which should accrue after the year 1790. 
 
 III. An act repealing, after the last day of June next, the duties heretofore 
 laid upon distilled spirits, &c. passed the 3d of March, 1791. 
 
166 REPORTS OF THE [1795. 
 
 This act appropriates whatever surplus may remain from year to year of 
 the proceeds of the duties which it imposes, after satisfying prior appropria- 
 tions, to the reduction of the public debt, unless such surplus shall be re- 
 quired for the current public exigencies, and by special acts of Congress 
 shall be appropriated thereto. 
 
 IV. An act supplementary to the act making provision for the reduction 
 of the public debt; passed the 3d day of March, 1791. 
 
 This act declares that the terms of a loan of three millions of florins, ob- 
 tained in Holland, bearing five per cent, interest, and four and a half per cent, 
 for charges, and future loans on the same terms, should be deemed to be 
 within the meaning of the act of the 12th of August, 1790. 
 
 V. An act supplementary to the act making provision for the debt of the 
 United States, passed May S, 1792. 
 
 This act makes provision for the payment of a debt due to certain foreign 
 officers who had served the United States, (the interest of which was by 
 stipulation payable at Paris,) out of the moneys authorized to be borrowed 
 by the funding act. It also establishes a permanent Sinking Fund, to be 
 composed, 
 
 1st, Of the interest of the public debt purchased, redeemed, or paid into 
 the Treasury, in satisfaction of any debt or demand. 
 
 2d, Of the surplus, if any, which should remain of moneys appropriated 
 for paying the interest of the public debt, after paying that interest. 
 
 This fund is to be applied, under the direction of the Commissioners nomi- 
 nated in the act of the 12th of August, with the like approbation of the Pre- 
 sident, 
 
 1st. To the purchase of the several species of stock constituting the debt 
 of the United States, at their respective market prices, not exceeding the 
 par or true value thereof, and as nearly as may be in equal proportions, 
 until the annual amount of the fund shall be equal to two per centum 
 of the whole amount of the outstanding funded stock, bearing a present 
 interest of six per centum : — Thenceforth, 
 
 2d. To the redemption of that stock, according to the right reserved to 
 the United States, until the whole should be redeemed: and lastly, after 
 such redemption, to the purchase, at its market price, of any unredeemed 
 debt of the United States; which purchases are directed to be made at the 
 lowest prices at which they can be effected by open purchase, or by receiv- 
 ing sealed proposals, to be opened in the presence of the Commissioners, or 
 persons authorized by them to make purchases, and of the persons making 
 the proposals; and are to be accounted for at the Treasury, and reported to 
 Congress in the same manner as the purchases before authorized to be made. 
 
 VI. An act making appropriations for the support of government for the 
 year 1793. 
 
 This act provides that the President of the United States shall cause so 
 much of the loan made of the Bank of the United States, pursuant to the 
 11th section of the act of incorporation, to be paid off In sums not less than 
 50,000 dollars, as, in his opinion, the state of the Treasury may from time to 
 time admit, out of any moneys which may be in the Treasury, having due 
 regard to the exigencies of the government, and the appropriations made 
 and to be made by law. 
 
 VII. An act making provision for the payment of the first instalment due 
 On a loan made of the Bank of the United States, passed March 2d, 1793. 
 
 This act authorizes the payment of the first instalment of a loan of two 
 millions of dollars had of the Bank of the United States, pursuant to the 1 1th 
 
1795.] SECRETARY OF THE TREASURY. J6 7 
 
 section of the act by which it is incorporated, out of the moneys borrowed 
 upon the authority of the act making provision for the reduction of the pub- 
 lic debt. 
 
 VIII. An act providing for the payment of the second instalment due on 
 a loan made of the Bank of the United States, passed June 4th, 1794. 
 
 This act authorizes the payment of that second instalment, out of the pro- 
 ceeds of any foreign loans before that time transferred to the United States. 
 It makes other provisions, which have been noticed under a preceding head. 
 
 These acts comprise all the provisions, which have been made for reim- 
 bursing and redeeming the debt of the United States. The result to the 
 last of December, 1794, is presented in the statement E. 
 
 There are two other acts, which, though not falling properly under either 
 of the foregoing heads, require, from their relation to the subject, to be 
 brought into view. 
 
 1st. An act relative to claims against the United States, not barred by 
 any act of limitation, and which have not been already adjusted, passed 
 February 12th, 1793. 
 
 This act directs that all claims of the description given jn the title shall 
 be presented at the Treasury for adjustment, by the 1st of May, 1794, or 
 shall be for ever after barred ; except those for Loan Office Certificates, 
 Final Settlements, Indents of Interest, Registers' Certificates, Balances 
 on the books of the Treasury, Loans of money in foreign countries, Cer- 
 tificates issued under the act entitled u Jln act making provision for the 
 debt of the United States." 
 
 Such of the claims presented as cannot be admitted in the course of the 
 Treasury, are to be reported to Congress by the accounting officers. 
 
 Among the claims inadmissible in the ordinary course of the Treasury, is 
 a sum of 90,574 dollars, of the bills of credit commonly called new emission 
 money. 
 
 2d. An act making further provision for the expenses attending the in- 
 tercourse of the United States with foreign nations, &c. passed March 20th, 
 1794. 
 
 This act appropriates, in addition to former provisions, one million of dol- 
 lars for the purposes mentioned in the title, to be paid out of any moneys 
 which may be in the Treasury not otherwise appropriated, and to be applied 
 under the direction of the President of the United States, who is also au- 
 thorized, if necessary, to borrow the whole, or any part of the sum; but 
 there is no special appropriation either for paying the interest or reim- 
 bursing the principal of the loan. 
 
 The act already quoted, of the 9th of June, 1794, entitled "An act mak- 
 ing appropriations for certain purposes therein expressed," with a view u> 
 remedy this defect, appropriates out of the proceeds of the taxes laid dur- 
 ing the last session, such sum as shall be sufficient to pay the interest ore 
 whatever moneys may be borrowed pursuant to the act of March 20th, 1794. 
 
 The foregoing review of # the laws which constitute the fiscal system of 
 the United States, displays these prominent points as the leading features of 
 that system. 
 
 1st. That all the current revenues of the United States are derived from 
 these sources, to wit: Imported articles; the tonnage of ships and 
 vessels; spirits distilled within the United States, and stills; the postage 
 of letters; fees on patents; dividends of bank stock; snuff manufactured 
 within the United States; sugar refined within the United States; sales at 
 
16§ REPORTS OF THE [1795, 
 
 auction; licenses to retail wines and distilled spirits; carriages for the 
 conveyance of persons. 
 
 2d. That of these revenues, the principal part of the duties on imported 
 articles, those on the tonnage of ships or vessels, those on distilled spirits 
 and stills, those on the postage of letters, patent fees, the dividends on bank 
 stock, are permanent, (the three first being commensurate with the exist- 
 ence of the debt, for the payment of the interest of which they are pledged., 
 the fourth and fifth having no limit assigned in the laws, and the last being 
 commensurate with the duration of the property in the stock,) all the others 
 temporary; being limited to continue no longer than till the end of the ses- 
 sion of Congress next after the expiration of two years from the respective 
 times of passing the laws which established them, except the temporary du- 
 ties on imports-and tonnage, which are to continue till the 1st of January, 
 1797. 
 
 3d. That the permanent duties on imported articles, the tonnage duties, 
 the duties on spirits distilled within the United States, and on stills, are sub- 
 ject to these permanent dispositions: 
 
 1. To an annual reservation of 600,000 dollars, for the support of 
 the government of the United States and their common defence. 
 
 2d. To an appropriation of so much as may be necessary to pay 
 the interest on the foreign loans provided for by the funding act. 
 
 3d. To an appropriation of so much as may be necessary to pay 
 the interest on the stock created by the loan in domestic debt, or 
 more properly in the original debt of the United States. 
 
 4th. To an appropriation of so much as may be necessary to dis- 
 charge the interest on the stock created by the loan in the debts of 
 the respective States. 
 
 5th. To an appropriation of so much as may be necessary to pay 
 the interest on the balances due to creditor States, which disposi- 
 tions establish priorities, according to the order in which they are 
 here enumerated. 
 4th. That the surplus, if any, of the duties on spirits distilled within the 
 United States, and on stills, has an ultimate appropriation, that is, to the re- 
 duction of the public debt; but that the surplusses of the other duties have 
 no such ultimate appropriation. 
 
 5th. That the duties on the postage of letters, and the nett dividend on 
 bank stock, have no permanent or particular appropriation. 
 
 6th. That the temporary duties are charged with a specific sum of 
 1,292,137 dollars and 38 cents; and with the payment of interest on a sum 
 of 1,000,000 of dollars authorized to be borrowed for the expenses of 
 foreign intercourse. 
 
 7th. That the whole of the foreign debt, and all that part of the domestic 
 debt, being now nearly the whole, which consists of the stock created by 
 the loans in the original debt of the United States, and in the particular 
 debts of the several States, and by the balances due to creditor States, are 
 bottomed on certain specified revenues., pledged or hypothecated for the 
 payment of the interest upon them; and thus constitute the funded debt 
 of the United States. 
 
 8th. That the funded domestic debt of the United States consists of three 
 species of stock, one bearing a present interest, of six per cent per annum; 
 another bearing a like interest after the year 1S00; a third bearing a present 
 interest of three per centum per annum: the interest in each case payable 
 quarter yearly. 
 
1795.] SECRETARY OF THE TREASURY. \Q§ 
 
 9th. That the six per cent, stock, present and deferred, can he redeemed 
 in no greater proportion than at the rate of eight per centum per annum of 
 the original sum, on account both of principal and interest; but the three 
 per cent, stock is redeemable at pleasure. 
 
 10th. That the provision for subscribing to the loan in domestic debt, ex- 
 pired on the last of December, 1794, and that no further provision has 
 been made for the unsubscribed residue. 
 
 11th. That the funding act expressly confirms the contracts and rights 
 of the creditors of the United States, who shall not think fit to subscribe 
 to the loan, and gives an expectation to them of further and other ar- 
 rangements, upon the event of the propositions made to them. 
 
 12th. That the proceeds of all the lands of the United States in the 
 Western Territory, are appropriated to the redemption of all that part of the 
 public debt, for which, prior to the funding act, or by virtue thereof, the 
 United States were or are liable. 
 
 13th. That in addition to this, a regular sinking fund has been succes- 
 sively constituted, to be applied under the direction of five principal officers 
 of the United States, with the approbation of the President, hitherto com- 
 posed of three parts: 1st. The surplus of the duties on imports and ton- 
 nage to the end of 1790. 2dly. The proceeds of loans not exceeding 
 2,000,000 of dollars, authorized to be borrowed for the purpose; (these two 
 funds to be invested in purchases;) and 3dly, (in which the two former re- 
 solve themselves,) the interest on the public debt, purchased, redeemed, or 
 paid into the Treasury, together with the surplusses, if any, of moneys 
 appropriated for interest, to be applied first to purchases of the debt, till 
 the fund is equal to two per centum of the outstanding stock, bearing a 
 present interest of six per cent. ; second, to the redeynption of that stock; 
 and lastly, to purchases of any unredeemed residue of the public debt. But 
 there is reserved, out of this fund, a sum not exceeding eight per centum 
 per annum, towards the payment of interest, and reimbursing of the prin- 
 cipal of the loans made for purchases of the debt. 
 
 To this recapitulation of the leading features of our fiscal system, it may 
 be useful to add a summary exhibition of certain results, which appear more 
 in detail, or are deducible from the tables or statements annexed to this report. 
 
 The particulars and amount of the debt of the United States, are as follow: 
 
 Foreign debt, as per statements B and C, $14,599,129 35 
 
 Deduct instalment of foreign debt in the 
 year 1795, to be paid out of proceeds of 
 foreign loans - - - 853,750 00 
 
 Funded domestic debt, viz. 
 
 1. Arising from original domestic debt, 
 subscribed to loan proposed by funding act: 
 Stock bearing a present interest of six per 
 
 cent. - - - - $17,912,138 01 
 
 Stock bearing a future interest of ditto 8,5S8,228 97 
 
 Stock bearing an interest of 3 per cent. 12,275,347 55 
 
 2. Arising from State debts assumed: 
 
 Stock bearing a present interest of 6 per cent. 7,908,374 19 
 Stock bearing a future interest of ditto 3,940,608 96 
 
 Stock bearing an interest of 3 per cent. 5,994,115 79 
 
 13,745,379 Sfr 
 
170 REPORTS OF THE [1795. 
 
 $2, 345,056 00 
 
 1,172,528 00 
 
 703,516 80 
 
 „ fS fin 7°,n nil 
 
 IS 
 
 
 1,072,583 40 
 ' 452,826 74 
 
 
 27,935 00 
 7,830 00 
 
 14 
 
 
 $76,096,468 
 
 67 
 
 3. Arising from balances to creditor States: 
 Stock bearing a present interest of 6 per 
 
 cent. - 
 
 Stock bearing a future interest of do. - 
 Stock bearing an interest of 3 per cent. 
 
 Unsubscribed debt, viz. 
 
 Principal, exclusive of Loan Office certifi- 
 cates, bearing interest on nominal value 
 
 Interest thereupon, including indents 
 
 Principal of Loan Office certificates, bear- 
 ing interest on nominal sum 
 
 Interest thereupon - 
 
 Total unredeemed debt 
 
 This is exclusive of a sum of $1,400,000 due to the Bank of the United 
 States, on account of the loan of $2,000,000 had of that institution, pursuant 
 to the eleventh section of the act by which it is incorporated, and which is 
 not included in the mass of the debt, because it is more than counterbalanced 
 by a greater value in stock. It is also exclusive of those loans which are 
 temporary anticipations of the revenue. 
 
 The particulars and amount of the annual current revenues of the United 
 States, are as follow: 
 
 APPROPRIATED. 
 
 Duties on imports and tonnage, domestic 
 
 Duties on distilled spirits and stills 
 
 Fees on patents - - - 
 
 UNAPPROPRIATED. 
 
 Postage of letters - - - 
 
 Surplus dividends on bank stock 
 
 Temporary duties'on imports 
 
 INTERNAL. 
 
 Duties on snuff, refined sugar, sales at auction, 
 licenses to retail spirits and wines, car- 
 riages for conveyance of persons 
 
 Total annual current revenue 
 
 The particulars and amount of the annual stated expenditure of the United 
 States, computing the Army and Navy establishments, on the scale of an 
 Indian and Algerine war, are as follow: 
 
 Interest on the foreign debt - - - $ 638,480 58 
 
 Interest on domestic funded debt ^ 2,339,241 50 
 
 Interest on unfunded debt - 66,031 10 
 
 Interest on temporary loans - 100,000 00 
 
 PERMANENT. 
 
 $4,199,791 67 
 
 400,000 00 
 
 660 00 
 
 
 29,722 
 62,500 
 
 16 
 00 
 
 $ 4 6Q2 67S ^3 
 
 
 
 
 TEMPORARY. 
 
 
 1,479,626 
 
 91 
 
 
 380,000 
 
 00 
 
 $> 1 fi^Q 626 
 
 91 
 
 
 
 
 ;nue 
 
 $6,552,300 
 
 74 
 
1795.] SECRETARY OF THE TREASURY. 171 
 
 Expenses of the civil government, including foreign inter- 
 course _ . . _ _ _ $ 475,249 53 
 Expenses of military land service - 1,511,975 29 
 Expenses of military naval service - - - 441,508 80. 
 Miscellany -_.-_. 109,357 04 
 
 Total annual expenditure $5,681,843 84 
 
 This sum is liable to be increased by the interest which will begin to ac- 
 crue on the deferred stock the first of January, 1801, being, on the present 
 amount of that stock, 871,401 dollars, and 92 cents. 
 
 The annual force of the sinking fund, as depending on ascertained funds, 
 may be stated as follows: 
 
 Interest for a year on sums already carried to its credit $ 68,225 55 
 
 Interest for a year on debts of foreign officers, in a course 
 of payment, including arrears of interest to be carried to 
 the credit of this fund - 13,439 49 
 
 Interest for a year, on the unexpended surplus of the reve- 
 nues at the end of the year 1.790, being 411,659' dol- 
 lars 49 cents, supposing this to be invested by purchase 
 in an equal sum of present six percent, stock - 24,699 56 
 
 $106,364 60 
 
 It is further liable to be increased by an investment In purchases of 
 865,098 dollars 11 cents, which, together with the sums from that source 
 already invested in purchases and payments, will amount to 2,000,000 of 
 dollars, the sum authorized to be borrowed for purchases of the debt. 
 
 But, as this auxiliary depends on an operation, not only future, but in 
 some degree casual, it cannot be taken into an estimate of the actual strength 
 of the fund. 
 
 The proceeds of the sales of western lands must also be considered as an 
 eventual resource. 
 
 There are other contingent sources of augmentation, not computed, because 
 they are contingent. But, on the other hand, the fund is liable to be reduced 
 by a sum reserved out of it for the payment of principal and interest of the 
 two millions authorized to be borrowed for purchases not exceeding eight 
 per centum per annum. 
 
 The sum applicable, in the first instance, to the redemption of that portion 
 of the funded debt which bears a present interest of 6 per centum, excluding 
 that standing to the credit of the Commissioners of the Sinking Fund, is as 
 follows: 
 
 Of transferable stock, - - . - . g 516,410 24 
 
 Of untransferable stock, arising from balances to 
 
 creditor States, - 46,901 12 
 
 $563,311 36 
 
 The sum applicable in the first instance, that is, on the 1st day of January, 
 1802, to the redemption of that portion of the funded debt, now called de- 
 ferred stock, excluding that standing to the credit of the Commissioners of 
 the Sinking Fund, will be as follows: 
 23 
 
172 REPORTS OF THE [1795. 
 
 Of transferable stock, - s - - -. $249,576 75 
 
 Of untransferable stock, arising from balances to 
 
 creditor States, - - - ... 23,450 56 
 
 $273,027 31 
 
 These sums would complete the redemption of the whole amount of the- 
 stock to which they are applicable, within twenty-three years after the re- 
 demption in each case was begun; within which terms they would discharge 
 the whole of the public debt, except the foreign debt, the unsubscribed debt, 
 and the three per cent, stock. 
 
 If the redemption of the present 6 per cent, stock, commence the first of 
 January, 1796pmd the redeeming fund be commensurate with the whole of 
 the unredeemed stock bearing a present interest of six per cent., and trans- 
 ferable, the revenue set free in the year 1818, for operations upon the residue 
 of the debt, will be 2,039,394 dollars 36 cents. 
 
 If the redemption of the deferred debt commence the first of January, 
 1S02, when it may rightfully commence, and the redeeming fund be com- 
 mensurate with the whole of that stock, unredeemed and transferable, the 
 revenue set free in the year 1824, for operations upon the residue of the pub- 
 lic debt, if any remain, will be $998,307 02. 
 
 The revenue set free by these successive redemptions, would be sufficient 
 to redeem the whole of the present foreign debt in six years; that is, within 
 a term of twenty-eight years from the proposed time for commencing the 
 redemption, or the 1st January, 1796; and, after extinguishing the foreign 
 debt, would more than discharge the whole of the balances to creditor 
 States, and the whole of the unfunded debt in two years more. 
 
 If the proceeds of the lands in the Western Territory, should be equal to 
 three millions of dollars, and the three per cent, stock can be purchased at an 
 average of twelve shillings in the pound, that fund would suffice to pay off 
 the principal of the three per cent, stock, in something more than 25 years. 
 
 It follows, that if the force of the sinking fund be rendered equal, ex- 
 clusive of the proceeds of the sales of western lands, to the redemption of 
 the present unredeemed transferable stock, commencing the 1 st of January, 
 1796, as to that bearing a present interest of 6 per centum, and the 1st of 
 January 1802, as to that bearing a future interest of 6 per centum; and if 
 the proceeds of the sales of western lands, should prove equal to 3,000,000 
 of dollars, and can be brought into action for purchases of 3 per cent, stock, 
 at the rate above-mentioned, at any time before the year 1801, the whole of 
 the present debt of the United States, foreign and domestic, (the funds ap- 
 propriated, being, during the whole period, adequate in productiveness, and 
 inviolably applied,) would be extinguished in thirty years. And there 
 would then revert to the United States, an annual income of 4,435,320 dol- 
 lars and 89 cents. Some auxiliary provisions, which will be proposed, may 
 oreatly accelerate that result. * 
 
 On the basis of the foregoing data, the Secretary of the Treasury proceeds 
 to submit to the consideration of Congress certain propositions, which appear 
 to him necessary to be adopted to complete our system of public credit. 
 These will be followed by some explanatory remarks. 
 
 * j\j fc. These results are not stated with fractional correctness, because it is not neces- 
 sary to a satisfactory conclusion, and the minuteness of the calculation would have demanded 
 more time than can conveniently be spared. 
 
1795.1 SECRETARY OF THE TREASURY. 173 
 
 I. PROPOSITION, 
 
 That further provision be made, with regard to the yet unsubscribed debt 
 of the United States, as follows: 
 
 1st. Further time to be given, until the end of the year 1795, to subscribe 
 the same to the loan proposed by the funding act — with liberty to the hold- 
 ers to subscribe the arrears of interest up to that period, separately from the 
 principal, reserving that principal on its original footing. 
 
 2d. An appropriation to be made for payment of interest on so much of 
 the principal (excepting Loan Office certificates bearing interest on the. nomi- 
 nal value,) as at the end of the year 1795 shall remain unsubscribed, for the 
 term of one year, according to the rate or rates stipulated by the original 
 contracts, and for the payment of ten per centum of the arrears of interest 
 thereupon to the same end of the year 1795. This payment to be made on 
 the 1st of January, 1796, at the Treasury, where no particular place of 
 payment is stipulated, and at such place, where there is one. 
 
 3d. The specie principal of the Loan Office certificates which bear interest 
 on the nominal value, together with the arrears of interest, to be immediately 
 paid off. 
 
 II. PROPOSITION. 
 
 That provision be made for taking upon loan to the United States, by sub- 
 scription at the Treasury, the outstanding and unbarred new emission 
 bills of credit, the sums subscribed to be paid in the principal only of those 
 bills, and the stock of the new loan to bear an interest of 5 per "cent, per an- 
 num, pa) r able quarter yearly at the Treasury, and redeemable at the pleasure 
 of the United States, by payment of the principal; with a stipulation to pay 
 the same at the expiration of thirty years. The loan to be deemed to com- 
 mence on the first of January, 1796, and to rest on funds permanently 
 pledged, namely, the permanent revenues. 
 
 III. PROPOSITION, 
 
 That provision be made for converting, by a new loan, the whole of our 
 present foreign into domestic debt, upon these terms, to wit: that for any 
 sum subscribed to the new loan, and paid in the principal of the present fo- 
 reign debt of the United States, there be allowed, in addition to the interest 
 now payable upon such principal, the further yearly interest of h per centum, 
 or in lieu thereof, at the option of each subscriber, an equivalent, sum in ca- 
 pital stock, bearing an interest of 5 per centum per annum. That the whole 
 interest upon the new loan, including that upon the capital stock, to be given, 
 as an equivalent for the additional \ per cent., shall remain fixed until the 
 first day of January, 1818, at which time, and not sooner, the principal of 
 the said new loan, including the said capital stock given as an equivalent, 
 may and shall be reimbursed, except as to such subscribers as may prefer a 
 shorter term of reimbursement, who may elect any term not less than fifteen 
 years. That the permanent revenues shall be and remain firmly pledged for 
 the payment of the said interest, until the reimbursement of the said princi- 
 pal, to be paid quarter yearly, as that of the present funded domestic debt. 
 And lastly, that the Commissioners of the Sinking Fund he empowered, 
 with the approbation of the President, to provide, by new loans, for the re- 
 imbursement of any instalment or part of principal of the present foreign 
 
274 REPORTS OF THE [1795. 
 
 debt, or of the loan to be made thereupon as aforesaid, either by direct bor- 
 rowing, or by sale in the market, of certificates of stock, so as the said loan 
 or the said certificates of stock shall bear an interest not exceeding 6 per 
 centum per annum, and shall be liable to reimbursement within & term not 
 exceeding twenty -four years. The interest upon the capital reimbursed, 
 and in aid thereof the permanent revenues, to be pledged for the interest 
 upon the loans or stock to be made or created by virtue of the said power. 
 
 IV. PROPOSITION. 
 
 That the temporary duties on imports be made co-extensive in duration with 
 those now permanent, and be appropriated in like manner; and that the re- 
 servation of 600,000 dollars, annually, out of the duties on imports and ton- 
 nage, for the support of the government of the United States and their com- 
 mon defence, be postponed till after the appropriations for the interest of 
 the funded debt, foreign and domestic, and for the sinking fund. 
 
 V. PROPOSITION. 
 
 That the following provisions be added to those heretofore made for re- 
 imbursing and redeeming the debt of the United States: 
 
 1st. To direct, by law, that so much of the surplus of the duties on imports 
 and tonnage, to the end of the year 1790, as shall remain uninvested in pur- 
 chases on the 1st day of January, 1796, shall be so invested, one-fourth part 
 within the month of April, another fourth part within the month of July, an- 
 other fourth part within the month or October, in that year, and the remain- 
 der within the month of January, 1797. 
 
 2d. To exonerate the fund established by the act, entitled " An act sup- 
 plementary to the act making provision for the debt of the United States," 
 passed the 8th of May, 1792, from the payment of the rate per annum, 
 which, by the 4th section of the act of the 12th of August, 1790, entitled 
 "An act making provision for the reduction of the public debt," is reser- 
 ved, on account of the principal and interest of the moneys authorized by 
 that act to be borrowed for purchases of the debt; charging the interest of 
 the moneys so borrowed upon the revenue from imports and tonnage. 
 
 3d. To appropriate to the same fund, so much of the revenue from im- 
 ports and tonnage, as, together with the other moneys now constituting the 
 fund, and which shall accrue to it by virtue of the foregoing provisions, 
 shall be sufficient, from year to year, with the interest redeemed, to pay the 
 sums which may of right be annually paid on account of the principal of 
 such funded stock, as on the 1st day of January, 1796, shall bear a present 
 interest of 6 per centum per annum, excluding that which shall stand to the 
 credit of the Commissioners of the Sinking Fund, and that which shall stand 
 to the credit of particular States, on account of the balances reported in their 
 favor by the Commissioners for settling accounts between the United States 
 and individual States; to continue so appropriated until the whole of the said 
 funded stock shall be redeemed, and thenceforth until the whole residue of 
 the present debt of the United States, foreign and domestic, funded and un- 
 funded, shall be redeemed or discharged. 
 
 4th. To appropriate to the same fund, the dividends on the stock of the 
 Bank of the United States, belonging to the United States, reserving, from 
 time to time, so much thereof as may be necessary to pay interest on what 
 
1795.] SECRETARY OF THE TREASURY. 175 
 
 shall remain unpaid of the loan had of the said Bank, pursuant to the 2d, 
 section of the act of incorporation, and also so much of the duties on imports 
 and tonnage, as, together with those dividends, (deducting what may be 
 necessary to pay interest,) shall be sufficient, from year to year, to pay off 
 the instalments of the said loan hereafter to grow due, and as, (the said in- 
 stalments being paid,) together with any other moneys which, on the 1st 
 day of January, 1802, may belong to the said fund, not otherwise ap- 
 propriated, shall be sufficient, from year to year, with the interest redeem- 
 ed, to pay the sums which may of right be annually paid on account of the 
 principal of such funded stock, as at the expiration of the year 1800, shall 
 begin to bear an interest of six per cent, per annum — excluding that which 
 shall stand to the' credit of the Commissioners of the Sinking Fund, and 
 that which shall stand to the credit of particular States on account of the 
 balances reported in their favor by the Commissioners for settling accounts 
 between the United States and individual States; to continue so appropriat- 
 ed, until as well the last mentioned stock as the instalments of the loan afore- 
 said, shall be fully redeemed and discharged; and thenceforth until the whole 
 residue of the present debt of the United States, foreign and domestic, fund- 
 ed and unfunded, shall be redeemed and discharged. 
 
 5th. To continue the appropriation to the same fund, of the interest of 
 the stock which shall be redeemed by virtue of the foregoing provisions, 
 (when the full redemption in each case is completed,) until the whole of the 
 present debt of the United States, foreign and domestic, funded and un- 
 funded, shall be redeemed, by reimbursement, purchase, or otherwise. 
 
 6th. To provide for carrying to the same fund, agreeably to the appro- 
 priation in the funding act, the proceeds of the sales of the lands of the Uni- 
 ted States in the Western Territory, to be applied according to the said ap 
 propriation. 
 
 7th. To appropriate to the same fund, to be employed for the purposes 
 thereof, all moneys which shall be received for debts due to the United 
 States antecedent to the present Constitution. 
 
 8th. To provide that the surplusses of all the current revenues of the 
 United States, which shall remain at the end of any calendar year, beyond 
 the amount of the appropriations charged upon them, and which, during the 
 session of Congress commencing next thereafter, shall not be otherwise spe 
 cially appropriated or reserved, shall be carried to the fund aforesaid, to 
 be applied to the purposes thereof. 
 
 9th. To provide for paying annually, out of the said fund, the sum 
 which may be rightfully paid in each year, towards the redemption of the 
 funded stock, which does or shall bear an interest of 6 per centum per an- 
 num, excluding that which shall stand to the credit of the Commissioners of 
 the Sinking Fund, and that which shall stand to the credit of particular 
 States, on account of the balances reported in their favor by the Commissioners 
 for settling accounts between the United States and individual States, com- 
 mencing the redemption of that bearing a present interest, on the first of 
 January, 1796, and of that to bear interest after the year 1800, on the first 
 of January, 1802, and pledging in the firmest manner the faith of the United 
 States, to the creditors thereof, that the said fund shall be inviolably appli- 
 ed to the purpose of redeeming the stock aforesaid, and afterwards to the 
 redemption of the whole of the present debt of the United States, foreign 
 and domestic, funded and unfunded, until the whole shall be fully redeemed 
 
j76 REPORTS OF THE [1795. 
 
 and discharged, and to be vested in the Commissioners of the Sinking Fund, 
 as property in trust for the creditors, until the redemption of the whole of the 
 present debt of the United States shall be completed. 
 
 Provided, always, that whenever the fund shall be more than sufficient 
 for paying off, as they accrue, the remaining instalments of the said loan had 
 of the bank of the United States, and for the complete and final redemption 
 of the whole of the aforesaid stock, bearing and to bear an interest of 6 per 
 cent, according to the right reserved for that purpose, and also for the pay- 
 ment of the instalments of the present foreign debt, or of such new loans as 
 may be made thereupon, pursuant to the third Proposition, and for the reim- 
 bursement, purchase, or redemption of the residue of the present debt of the 
 United States, within the term of thirty years, it shall be lawful for Con- 
 gress, if at war with any foreign European power, to apply so much of the 
 excess as they ^nay think fit, the said excess being certified by the Commis- 
 sioners op the Sinking Fund, towards the expenses of such war; except- 
 ing always so much of the said excess as may be requisite to fulfil any con- 
 tracts which shall have been entered into by the Commissioners of the Sink- 
 ing Fund, pursuant to the powers vested in them; and provided that no 
 second appropriation of any such excess shall derogate from the fund once 
 reserved for the redemption or purchase of the said residue of the debt, with- 
 in the said term of thirty years. 
 
 10th. To provide that all reimbursements of the capital of the public debt, 
 foreign and domestic, and of the remaining instalments of the aforesaid loan 
 of the bank of the United States, be made under the superintendence of the 
 Commissioners of the Sinking Fund, empowering them, with the approba- 
 tion of the President of the United States, as the instalments of principal be- 
 come due, to borrow, if necessary, the sums requisite to pay those instal- 
 ments. Provided that the ultimate term for the reimbursement of any loan 
 they may make, shall not exceed twenty -four years; the interest thereof to 
 be charged — first, upon the interest of the instalments which shall be reim- 
 bursed by means thereof, except the instalments of funded 6 per cent, stock; 
 secondly, upon the revenue from imports and tonnage, to make good any de- 
 ficiency. 
 
 VI. PROPOSITION. 
 
 That power be given to the Commissioners of the Sinking Fund, with the 
 approbation of the President, to borrow, from time to time, such sums as may 
 be necessary in anticipation of the revenues appropriated for the purpose, 
 not exceeding in one year one million of dollars, to be reimbursed within a 
 year from the time of each loan, for the payment of the interest which shall 
 annually accrue on the public debt. 
 
 The interest upon each loan to be defrayed out of the permanent revenues. 
 
 VII. PROPOSITION. 
 
 That the internal revenues from snuff and refined sugar, sales at auction, 
 licenses to sell by retail foreign distilled spirits and wines, carriages for the 
 conveyance of persons, be continued to the first day of January, 1800, and that 
 the reimbursement of the principal of the loan of 1,000,000 of dollars author- 
 ized to be borrowed for defraying the expenses of foreign intercourse, be 
 charged upon this fund. 
 
1795.] SECRETARY OF THE TREASURY. I77 
 
 VIII. PROPOSITION. 
 
 That in regard to any sum which shall have remained unexpended upon 
 any appropriations other than for the payment of the interest of the funded 
 debt and for the purposes of the sinking fund, for more than two years after 
 the end of the calendar year in which the act of appropriation shall have 
 been passed, such appropriation shall be deemed to cease and determine — 
 and the sum unexpended upon it shall be carried to an account to be denomi- 
 nated "the surplus fund." But no appropriation shall be so deemed to 
 have ceased or determined, till after the year 1795, unless it shall appear to 
 the Secretary of the Treasury that the object of such appropriation has been 
 fully satisfied; in which case it shall be lawful for him to cause to be carried 
 the unexpended residue thereof to the account aforesaid. 
 
 IX. PROPOSITION. 
 
 That provision be made that all priorities heretofore established in the ap- 
 propriations for the funded debt, as between the different parts of the said 
 debt, shall, after the year 1796, cease, with respect to all creditors of the 
 United States who do not, before the expiration of the period, signify their 
 dissent therefrom; and that, thenceforth, with the exception only of the 
 debts of those creditors who shall so signify their dissent, the revenues 
 charged with these appropriations shall constitute a common or consolidated 
 fund, chargeable indiscriminately and without priority. 
 
 X. PROPOSITION. 
 
 That provision be made for calling in all outstanding Loan Office certifi- 
 cates, certificates called final settlements, and indents of interest, and for issu- 
 ing, in lieu of them, other certificates of equivalent tenor — establishing that 
 all which shall not be presented for exchange within the term of two years 
 shall be barred. 
 
 Remarks upon the First Proposition. 
 
 The experiment has now been fully tried, and with nearly complete suc- 
 cess, of the disposition of the public creditors to accept the terms offered by 
 the funding act. Those who still decline have probably made a final election 
 to abide by their original contracts. 
 
 It remains to fulfil them. This, the moral obligation of the contracts, the 
 new and peremptory sanction given to them by the present government, and 
 the essential maxims of public credit, unite to demand: — and, while these 
 cogent motives, affecting intimately the permanent character and general in- 
 terest of the United States, recommend the measure, there is now no longer 
 any momentary inducement from situation to procrastinate. 
 
 The present advanced state of the national finances, and the inconsiderable 
 magnitude of the still unsubscribed debt, render it of little if any consequence 
 to obtain upon it the temporary accommodation of deferring the payment 
 of a part of the interest accruing according to contract. This motive apart, 
 and considering the approximation of the period when the payment of inter- 
 est on the deferred debt is to commence, the chance of benefiting by a fall of 
 the market rate of interest, incident to a provision for the debt on the terms of 
 the contract, which make it redeemable at pleasure, may be found more ad- 
 
j7g REPORTS OF THE [1795. 
 
 vantageous to the government, than the partial postponement of interest en- 
 cumbered with an abridgment of the right of redemption. 
 
 To those who should not rightly appreciate this circumstance, it might 
 seem an objection, that the provision proposed would place those creditors 
 who had not consented to accommodate the government upon a better foot- 
 ing than those who had so consented. 
 
 But a scruple of this kind is overruled by several considerations. 1st. It 
 is not improbable that a considerable proportion of those who may not have 
 accepted the terms offered by the funding act, are executors and other trus- 
 tees, who may have doubted their power to accept. 
 
 2d. Giving the fullest force to the faet which is the ground of the objec- 
 tion, it is one of those cases in which the general principles that constitute 
 the permanent happiness of society, give the less meritorious advantages 
 over the morelneritorious. All the creditors had a right to conform, or not. 
 Those who have not done it have only used their right, and it cannot be 
 matter of objection or prejudice to them. To delay indefinitely a provision 
 for their claims, according to contract, is to annihilate the contract. 
 
 The complying creditors cannot with propriety complain. They were 
 informed unequivocally that the proposal of a new loan was referred to their 
 free choice; that the rights of those who did not assent would remain unim- 
 paired; and compensations were offered in the new contracts for the surren- 
 der of the old. A plea that an ultimate provision was not relied upon could 
 not be admitted — because it would be to convert a distrust of the faith of the 
 government into an argument against its being observed towards those who 
 had depended upon it. 
 
 But the complying creditors actually received valuable considerations for 
 the modification of their claims, instead of annual provision for their inter- 
 est, which alone their contracts as they stood previous to the funding act re- 
 quired, they have had it secured by adequate funds permanently mort- 
 gaged for its payment. 
 
 Instead of the stipulated annuity being redeemable at pleasure, whenever 
 a fall in the market rate of interest should render it advantageous to pay off 
 the principal — it has acquired a more fixed character by the relinquishment 
 of the right of the government to redeem, except in certain proportions, and 
 a capacity to increase in capital value, by a declension of the market rate of 
 interest. 
 
 Instead of receiving their interest in one payment at the end of a year, they 
 receive it in quarter yearly portions, which makes it, in fact, 6.15 percent, 
 in lieu of the stipulated rate of six per centum. 
 
 On the first point, it has been argued, that supposing a steady preserva- 
 tion of its faith by the government, it is indifferent to the creditor whether 
 his demand stands upon the basis of an annual provision or upon that of mort- 
 gaged funds. 
 
 This is to substitute theory to fact. As well with regard to a govern- 
 ment as to an individual, there is, in the nature of things, an intrinsic differ- 
 ence between the value of a debt bottomed on mortgaged funds, and that of 
 a debt resting on what is called, in the one case, and may be called in the 
 olher, personal security. The degree of this difference, and some of the 
 circumstances on which it depends, may be different in the two cases, but 
 the reality of its existence can be denied in neither. 
 
 Government, being administered by men, is naturally, like individuals, 
 subject to particular impulses, passions, prejudices, vices; of course to incon- 
 stancy of views and mutability of conduct. 
 
1795.1 SECRETARY OF THE TREASURY. 179 
 
 A kind of property, of which the essence is contract, must necessarily, 
 therefore, be more or less valuable, because more or less secure, in propor- 
 tion as it is little or much exposed to the influence of that inconstancy or 
 that mutability. 
 
 If a provision is to be made by a new resolution every year, that resolu- 
 tion, being always liable to be affected by momentary circumstances, h 
 always casual 
 
 If made once for all, it continues, of course, unless revoked by some posi- 
 tive act, and has for that reason a moral certainty of stability. 
 
 But why, it might be asked, if a disposition unfaithful to the public en- 
 gagements, or unfriendly to public credit, should exist, would it not 
 operate to produce a violation of a provision made, as well as 1o prevent the 
 making of one? 
 
 The two things are widely different. To undo, which is to act, and in 
 such a case to act with violence, requires more enterprise and vigor, and 
 presupposes greater energy, or a stronger impulse, than not to do, or to for- 
 bear to act. This is particularly true where a number of wills is to concur. 
 Many men who will not rouse to the effort, or encounter the responsibility 
 of doing mischief by positive acts, will readily enough slide into it by a 
 negative conduct, that is, by omitting to act. Many men, merely from 
 easiness of temper or want of active fortitude, will suffer evil to take place 
 which they neither desire nor would themselves commit. In collective 
 bodies voles are necessary to action: absences may produce inaction. It 
 often happens, that a majority of voices could not be had to a resolution to 
 undo or reverse a thing once done, which there would not be a majority of 
 voices to do. 
 
 This reasoning acquires tenfold force when applied to a complex govern- 
 ment like ours; that is, to a government distributed into departments, acting 
 through different organs, which must concur to give it motion; as, in our 
 constitution, the House of Representatives, the Senate, and the Presi- 
 dent. 
 
 In delicate and difficult cases, whether to issue in good or ill, a suspen- 
 sion of action is far more natural to such a government than action. 
 
 It can hardly happen, that all the branches or parts of it can be infected 
 at one time with a common passion, or disposition, manifestly inimical to 
 justice and the public good; as to prostrate the public credit, by revoking a 
 pledge given to the creditors. It is far more probable that such a disposition 
 should at one time possess one part, at another time another part. Pos- 
 sessing either part, it might be sufficient to obstruct a provision which was 
 to be made. Without possessing all the parts, it could not subvert one which 
 had been made. The last can scarcely be supposed, except in one of those 
 extraordinary crises of nations which confound all ordinary calculations. 
 
 Hence the value of property in public debt, which rests on specified and 
 competent funds, firmly pledged for the satisfaction of the creditor, is intrin- 
 sically greater, and to a considerable extent, than that of property in public 
 debt, which depends on annual provision. Hence, too, a creditor to whom 
 such a pledge was not stipulated, may be justly said to have received a com- 
 pensation for the relinquishment of a portion of his interest. 
 
 On the second point, it has been observed, with less plausibility, that in 
 this country, where it would be to the advantage of the creditor to receive 
 his principal, rather than a rate of six per cent, interest, the abridgment of 
 the right of redemption is of no value. 
 24 
 
180 REPORTS OF THE [1795. 
 
 1st. The proposition is not universally true. 
 
 It depends on the particular situation of a creditor whether it be his in- 
 terest to be reimbursed his principal or not. It is believed, owing to the 
 impunctuaiity of collections, that in no part of the United States does fair 
 lending at private interest, upon real security, nett six per cent. 
 
 2d. As far as it is true, it does not authorize the inference which is drawn: 
 because the creditor cannot demand his principal when it suits him, but 
 must wait till it is convenient to the government to pay. This convenience 
 might not exist till there was a fall in the market rate of interest, and then 
 it would not be the interest of the creditor to receive. 
 
 Unable to exact the principal when he pleases, it is a material point gained 
 to be able to arrest the hand of the government from paying him, when it 
 is his interest not to receive. It is evident, that, whenever the rate of in- 
 terest to which he is entitled, shall exceed the market rate, if he cannot be 
 obliged to receive back his principal, or take the market rate, his stock 
 must rise in value in proportion to the difference and the degree of its 
 duration. 
 
 Nor is an idea which has been entertained just, that this advantage is 
 remote and contingent; to accrue only to those who may be holders at the 
 time of the fall of interest, at the expense of those who were holders when 
 the funding act passed; many of whom, as it is alleged, being obliged to 
 alienate, then or shortly after, suffered loss in the sale from the postpone- 
 ment of a part of their interest, without benefiting by the supposed equiva- 
 lents. 
 
 The fairness of an equivalent ought never to be tested by the necessities 
 of particular individuals. It ought to be estimated by the general princi- 
 ples of value; by the natural and real operation of things. Admitting, there- 
 fore, the suggestion as to such individuals to be true, it would decide nothing. 
 
 But it is not true. The permanency of a high rate of interest, and the 
 possibility of a future rise of the capital above par, by a fall of the market 
 rate below the stipulated rate, were, to the first holders of stock, circum- 
 stances of present value. 
 
 Foreigners, especially, whose purchases would necessarily influence the 
 market, would give higher prices for it on these accounts. 
 
 And when to this are added, the funding of the new stock and the 
 payment of the interest quarter yearly — there is solid ground for enter- 
 taining an opinion that the stock has, from the earliest period, borne a better 
 price in the market than upon the principle of an annual payment of six 
 per cent, on the whole capital depending upon an annual provision. 
 
 This opinion would be confirmed, if we should take as a guide what ac- 
 tually happened in one or more of the States, which made annual provision 
 for the payment of interest upon their debts, at the stipulated rate of six 
 per cent. With this provision the market price of their stock rarely ex- 
 ceeded 33§ per centum. 
 
 It is probable that greater confidence in the ability and constancy of views 
 of the government of the United States, might have given a greater value 
 to their stock in a like situation. But it is not to be doubted that it would 
 have felt, in a great degree, a similar effect of that situation. 
 
 This may not appear with respect to the small amount of unsubscribed 
 debt, now to be provided for, and with the advantage of a confirmation of 
 confidence by experience; but it could not haA r e failed to have been very 
 apparent, if the whole debt had been provided for on this plan. 
 
1795.] SECRETARY OF THE TREASURY. jgl 
 
 These observations serve to render it probable that the creditors who 
 have accepted the terms offered by the government, have not been injured 
 by the acceptance — that if they had now an option to change their ground 
 for that which is proposed for non-subscribers, it would be an ill judged 
 choice in them to do it; and that, upon these, as well as other accounts, they 
 will have no cause to be dissatisfied with the proposal under consideration. 
 
 Let it be added, that, whether the non-subscribers shall fare better or not 
 by that proposal than the subscribers, it is the interest of all the public cre- 
 ditors, upon principle and precedent, that the public faith should be preserv- 
 ed towards those non-subscribers. 
 
 But, at the same time, every consideration connected with the question 
 urges that nothing more should be done for non-subscribers than is positive- 
 ly due to good faith. Accordingly, the proposition contemplates that their 
 debt shall not he funded, but that provision shall be annually made. 
 
 With regard to arrears of interest, a tenth part only is proposed to be 
 paid on the first of January, 1796. At this rate, they would be paid off in 
 ten years. 
 
 In strictness, they ought to be immediately discharged. But to have 
 done this on the whole debt, would have been impracticable: to do it on 
 what now remains unsubscribed, would not only be unequal, but would, 
 at the present moment, obstruct arrangements which are conducive to the 
 general interests of the creditors. The state of the Treasury in succeeding 
 years will enable Congress to decide how far the payment can be accelerated. 
 In the mean time, the creditors have an option to separate these arrears from 
 the principal, and to fund them at three per cent, as has been done generally 
 with regard to interest. The case of a large arrear of interest, arising from 
 the inability of a former government, which is the present case, is liable to 
 some peculiar considerations. 
 
 A difference is made in the special case of the Loan Office certificates, 
 which by contract are entitled to interest of 6 per cent, on the nominal 
 principal, redeemable only by payment of the specie principal. 
 
 This is too disadvantageous a footing for the government. 
 
 The alternative most convenient at this time, is to pay off the debt, which 
 is proposed. To elude this contract, would be to sacrifice a very great prin- 
 ciple to a very little interest. 
 
 The amount will be seen in the statement A. 
 
 Remarks on the Second Proposition. 
 
 The certificates, or bills of credit, called new emission money, were emit-* 
 ted pursuant to a resolution of Congress, of the 18th March, 1780, which 
 directs them to be emitted upon the funds of individual States, to bear an 
 interest of five per centum per annum, payable in specie at the redemption of 
 the bills; or, at the election of the holder, annually, at the Continental 
 Loan Offices in sterling bills drawn by the United States upon their 
 Commissioners in Europe, and pledges the faith of the United States for 
 the payment of the said bills, in case any State on ivhose funds they 
 should be emitted, should by the events of war be rendered incapable to 
 redeem them; directing, also, an endorsement to be made upon each bill in 
 these words: "The United States insure the payment of the within bill, 
 and will draw bills of exchange for the interest annually, if demanded, ac- 
 cording to a resolution of Congress, of the 18th of March, 17S0." 
 
18 2 REPORTS OF THE [1795, 
 
 These resolutions^, and the endorsement, upon the bills, engage the absolute 
 promise of the United States for the payment of the interest indefinitely, 
 and their eventual guarantee of the principal, in case any State on whose 
 funds the bills should be emitted, should by the events of war be rendered 
 incapable to redeem them; which is, in effect, though not in form, an abso- 
 lute guarantee of the principal; for the United States are bound to pay the 
 interest perpetually till that is discharged. 
 
 Good faith demands that the United States should supply the omissions of 
 the States which issued the bills, by providing themselves at least for the in- 
 terest upon them. 
 
 But it is not as easy to pronounce on what terms they ought to be provided 
 for. 
 
 On their face, and according to the unrevoked resolutions of Congress, 
 they are of specie value equal to their nominal amount, and bearing 5 per 
 cent, interest. 
 
 But it is known that they were issued by different States, at different va- 
 lues, fixed by previous laws. The true nature of the contract, therefore, in 
 fact, and the true equity of the case, are, from these circumstances, involved 
 in some question. 
 
 A compromise by a new agreement, seems the best road out of the dif- 
 ficulty. 
 
 This is the aim of the proposition, which, it is hoped, will, in the main, 
 reasonabty consult all interests. 
 
 There have been special references of this subject to the Secretary, but 
 he purposely declined a report till the expiration of the term limited by the 
 act, entitled " An act relative to claims against the United States not barred 
 by any act of limitation, and which have not been already adjusted, " passed 
 the 12th of February, 1793, had obviated a danger to which the business 
 was exposed. It is now ascertained that the amount for which the United 
 States shall be in future liable, is ninety thousand five hundred and seventy- 
 four dollars. The sum's subscribed to the loan, will, of course, be a charge 
 against the States which respectively issued the bills. 
 
 Remarks on the Third Proposition. 
 
 The payment of interest and instalments of principal of our foreign debt, 
 in the countries where it was contracted, is found by experience to be at- 
 tended with difficulty, embarrassment, some loss, and a degree of casualty 
 which occasionally puts in jeopardy the national credit. Loans for reim- 
 bursement must be made before-hand, as the market sui Is, and necessarily 
 involve double interest for a greater or less time. The procuring of bills to 
 be remitted for payment of interest, cannot be depended upon in coincidence 
 with the periods of payment, which, co-operating with distance, renders in- 
 convenient anticipations necessary. 
 
 The remitting in commodities would be liable to other casualties, and to 
 some peculiar objections; and whatever mode be adopted, it maybe fre- 
 quently not practicable to deposite in season the necessary funds on the spot, 
 without great sacrifices. If, therefore, the place of these payments could, 
 with consent of the creditors, upon an equitable indemnification to them for 
 the transfer, be changed to the United States, the operation would be in va- 
 rious lights beneficial. It has occurred that the present posture of the affairs- 
 of Europe, might favor apian of this kind, and perhaps produce some colla- 
 
1795.] SECRETARY OF THE TREASURY. 183 
 
 teral advantages. Under this idea an experiment is proposed. The pro- 
 posed augmentation of interest is intended as an indemnification for the ex- 
 pense and hazard of agencies in this country, delays in remittance, inconve- 
 nience of distant negotiation, renunciation of the facilities which attend the 
 receipt of interest at home, risks of loss by exchange, &c, and is calculated 
 on a liberal scale, in order to induce an acceptance of the proposition. 
 
 If, instead of an increase of interest, the option of an equivalent be given 
 byway of premium, in stock bearing an interest of 5 per cent, it would 
 have attractions for certain creditors, and would facilitate the success of the 
 measure. On strict calculation, the equivalent would be 6 dollars and 58 
 eents per 100 dollars of the principal subscribed. It is not perceived that 
 the interests of the United States could suffer by allowing the alternative. 
 The fixing of the rate of interest, by postponing the reimbursement to the 
 year 1818, would also be a powerful inducement. And till the period of 
 reimbursement arrives, any surplus of the Sinking Fund which may exist, 
 ean be invested in purchases, so as to prevent the progress of the fund being 
 arrested. 
 
 It could not be necessary to observe, except for the sake of dispelling 
 jealousy or apprehension on the part of the creditors, that ivhile the plan is 
 in experiment, and afterwards, with regard to all who do not embrace 
 it, every thing is to proceed as heretofore, and as the contracts respecting 
 the debt require. 
 
 The auxiliary proposition of giving power to the Commissioners of the 
 Sinking Fund to remit certificates for sale, is founded upon a belief that this 
 operation will sometimes be practicable, where direct loans cannot be ef- 
 fected,' and will be occasionally a more beneficial mode of remittance than by 
 bills of exchange. 
 
 Remark on the Fourth Proposition. 
 
 The object of this proposition is to give moral certainty to the adequate* 
 ness of the fund for paying the interest upon the debt, and for its ultimate 
 redemption, making a reasonable allowance for the casualties to which it is 
 exposed. 
 
 Remarks on the Fifth Proposition. 
 
 There is no sentiment which can better deserve the serious attention of 
 the legislators of a country, than the one expressed in the speech of the Pre- 
 sident, which indicates the danger to every government from the progress- 
 ive accumulation of debt. A tendency to it is, perhaps, the natural disease 
 of all governments; and it is not easy to conceive any thing more likely than 
 this, to lead to great and convulsive revolutions of empire. 
 
 On the one hand, the exigencies of a nation, creating new causes of expen- 
 diture, as well from its own, as from the ambition, rapacity, injustice, intern-^ 
 perance, and folly of other nations, proceed in unceasing and rapid succes- 
 sion. On the other, there is a general propensity in those who administer 
 the affairs of a government, founded in the constitution of man, to shift off 
 the burden from the present to a future day; a propensity which may be ex- 
 pected to be strong in proportion as the form of a State is popular. 
 
 To extinguish a debt which exists, and to avoid contracting more, are ideas 
 always favored by public feeling and opinion; but to pay taxes for the one 
 or the other purpose, which are the only means of avoiding the evil, is al- 
 ways, more or less, unpopular. These contradictions are in human nature; 
 
184 REPORTS OF THE [1795. 
 
 and happy, indeed, would be the lot of a country that should ever want men 
 ready to turn them to the account of their own popularity, or to some other 
 sinister account. 
 
 Hence it is no uncommon spectacle to see the same men clamoring for 
 occasions of expense, when they happen to be in unison with the present 
 humor of the community, whether well or ill directed, declaiming against 
 a public debt, and for the reduction of it as an abstract thesis; yet vehement 
 against every plan of taxation which is proposed to discharge old debts, or to 
 avoid new, by defraying the expenses of exigencies as they emerge. 
 
 These unhandsome arts throw artificial embarrassment in the way of the 
 administrators of a government; and, co-operating with the desire which they 
 themselves are too apt to feel to conciliate public favor, by declining to lay 
 even necessary burthens, or with the fear of losing it, by imposing them 
 with firmness, serve to promote the accumulation of debt, by leaving that 
 which exists without adequate provision for its reimbursement, and by pre- 
 venting the levying, with energy, new taxes, when new occasions of ex- 
 pense occur. The consequence is, that the public debt swells till its magni- 
 tude becomes enormous, and the burthens of the people gradually increase, 
 till their weight becomes intolerable. Of such a state of things, great dis- 
 orders in the whole political economy, convulsions and revolutions of go- 
 vernment, are a natural offspring. 
 
 There can be no more sacred obligation, then, on the public agents of a 
 nation, than to guard, with provident foresight and inflexible perseverance, 
 against so mischievous a result. True patriotism and genuine policy cannot, 
 it is respectfully presumed, be better demonstrated by those of the United 
 States, at the present juncture, than by improving, efficaciously, the very 
 favorable situation in which they stand, for extinguishing, with reasonable 
 celerity, the actual debt of the country, and for laying the foundation of a 
 system which may shield posterity from the consequences of the usual im- 
 providence and selfishness of its ancestors, and which, if possible, ma} ? give 
 
 IMMORTALITY to PUBLIC CREDIT. 
 
 Fortunately for the first object, the circumstances in our foreign affairs, 
 which, during the last session, impelled to an extension of the national reve- 
 nues, have left little more to do than to apply the existing means with deci- 
 sion and efficacy. 
 
 The second object will depend on the establishment of wise principles in 
 that application, fitted to become a permanent precedent in the fiscal system 
 of the country. 
 
 The first report of the Secretary on the subject of the public debt, of the 
 9th of January, 1790, suggests the idea of " incorporating, as a fundamen- 
 tal maxim in the system of public credit of the United States, that the cre- 
 ation of debt should always be accompanied with the means of extinguish- 
 ment; that this is the true secret for rendering public credit immortal, and 
 that it is difficult to conceive a situation in which there may not be an ad- 
 herence to the maxim;" and it expresses "an unfeigned solicitude, that 
 this may be attempted by the United States, and that they may commence 
 their measures for the establishment of credit with the observance of it.* 
 
 * It is understood that the Parliament of Great Britain has, within the last four years, for- 
 mally adopted, as a standing rule, the principle of incorporating, with the creation of debt, the 
 means of extinguishment. How much easier must the execution of this important principle 
 be to the United States than to a nation which, before it began, had so deeply mortgaged its 
 resources! Let the United States never have to regret, hereafter, that they postponed too 
 long so provident a precaution. 
 
1795.] SECRETARY OF THE TREASURY. 185 
 
 No opportunity has been lost by the Secretary, as far as he could contri- 
 bute to the event, to reduce this principle to practice; and important steps to- 
 wards it have been, from time to time, taken by the Legislature. 
 
 But much remains to be done to give it full effect. The present state of 
 things encourages and invites to the consummation of the plan. And the 
 Secretary, about to leave the office he holds, feels it a peculiar duty to make 
 a final effort to promote that invaluable end. 
 
 This is the object of the 5th proposition, aided by the preliminary provi- 
 sions of the 4th. This proposition aims at two principal points: 1. To con- 
 stitute a fund sufficient, in every supposable event, for extinguishing the 
 whole of the present debt of the United States, foreign and domestic, in a 
 period not exceeding thirty years. 2. To fix its destination unchange- 
 ably, by not only appropriating it permanently, under the direction of com- 
 missioners, and vesting it in them as property in trust, but by making its 
 faithful application a part of the contract with the creditors. 
 
 As to the first point. If the temporary duties on imports be rendered per- 
 manent, the annual reservation of $600,000 postponed, and if the additional 
 appropriations which are proposed, be made to the sinking fund, its intended 
 force will not only be equal to the effect meant to be produced, but it may 
 be hoped that there is scarcely a casualty which can reasonably be taken 
 into calculation, foreign war not excepted, which will occasion a deficiency 
 in the fund. 
 
 The whole amount of the duties on imports and tonnage, and upon do- 
 mestic distilled spirits and stills, estimated now to amount to $6,079,418 58, 
 besides the dividends on bank stock, and the items which now compose the 
 sinking fund, will then be appropriated, primarily, to the interest upon the 
 public debt, and to the sinking fund: which, together, including the deferred 
 stock, will demand, permanently, from that revenue, $4, 373,836 03, little 
 more than two-thirds of the fund from which they arise. An expectation 
 may be indulged, that even foreign war, making due allowance for what will 
 always be practicable through neutral powers, would not occasion a defalca- 
 tion in the revenues greater than the difference. This competency of the 
 fund is an essential idea. The fulfilment of the object, as far as the uncer- 
 tainty of human affairs will permit, ought to be superior to casualty. 
 
 The necessity of a reliance on auxiliary provisions, always precarious in 
 those situations which affect the productiveness of the public revenues, ought 
 to be, as far as practicable, superseded by the ample nature of the provision. 
 As to the second point. The intent is to secure, by all the sanctions of 
 which the subject is susceptible, an inviolable application of the fund, accord- 
 ing to its destination. No expedients more powerful can be devised for this 
 purpose than to clothe it with the character of private property r , and to en- 
 gage absolutely the faith of the government, by making the application of 
 it to the object, a part of the contract with the creditors. 
 But is this necessary ? 
 
 Its necessity rests on these cogent reasons: The inviolable application of 
 an adequate sinking fund is the only practicable security against an excessive 
 accumulation of debt, and the essential basis of a permanent national credit. 
 Experience has shown, in countries the most attentive to the principles of 
 credit, that a simple appropriation of the sinking fund is not a complete bar- 
 rier against its being diverted, when immediate exigencies press. The causes 
 which have been stated with another view, tempt the administrators of go- 
 vernment to lay hold of this resource rather than resort to new taxes. This 
 
136 REPORTS OF THE [1795. 
 
 indicates the utility of endeavoring to give, by additional sanctions, inviola- 
 bility to the fund. 
 
 But will those proposed answer the end ? 
 
 They are the most efficacious that can. be imagined,, and they are likely 
 to be entirely efficacious. They cannot be disregarded, without, by breach of 
 faith and contract, destroying credit, and at a juncture, too, when it is most 
 indispensable. The emergencies which induce a diversion of the fund, are 
 those in which loans, and, consequently, credit, are most needed. 
 
 But will it be safe to put the fund so entirely out of the command of the 
 government? May there not be situations in which the command of it may 
 be requisite to the safety of the State? 
 
 This is not conceivable The amount of the sinking fund will, in the 
 situations which create extraordinary demands for money, be always incon- 
 siderable, compared even with a single year's expenditure. The' current reve- 
 nues of a nation do not, in such cases, suffice. Plunder or credit must supply 
 the deficiency. The first presupposes a subversion of all social order. The 
 second will find its best support and greatest efficacy in adhering steadiiy to 
 the principles of such a fund. An annuity of seven dollars will pay the in- 
 terest upon and discharge a capital of one hundred dollars, bearing six per 
 cent, interest, in thirty -three and a third years, nearly. The situation of a 
 country must be not a little exhausted, if it cannot create yearly, by new re- 
 venues, during the continuance of a foreign war, an annuity on the above 
 scale sufficient to fund the loans of which it may stand in need. Ten mil- 
 lions of dollars will, with order and economy, maintain, in this country, an 
 army of fifty thousand men for a year. Viewing our geographical position, 
 is there a prospect of any war expensive beyond this ratio ? If not, an an- 
 nuity of seven hundred thousand dollars, created each year of the war, 
 would suffice. But it would be wise, in such an event, to carry taxation, in 
 the first instance, to the full extent of the ability of the State, which would 
 proportionably contract the necessity for borrowing, and, consequently, the 
 extent of the annuities necessary for loans. 
 
 If a nation can find embarrassment in creating the revenues requisite on 
 this scale, it must arise from her having reached a stage when, from the ne- 
 glect of the principle now inculcated, the mass of her debt has become so 
 enormous as to strain her faculties in order to a provision for it. 
 
 The United States are in a situation altogether different. An inspection 
 of the list of their revenues discovers that they have a large field of resource 
 unexplored. Their youth, and large tracts of unsettled land, and land in the 
 infancy of improvement, assure them a great and rapid increase of means. 
 Even their actual revenues, without additions, must, with the progress Gf 
 the country, considerably increase. And though war may interrupt, the 
 temporary interruption being removed by the restoration of peace, their 
 increasing productiveness, suspended for a time, must resume its vigor and 
 growth. In a given number of years a considerable augmentation is certain. 
 
 The government of this country may, therefore, adopt, fearless of future 
 embarrassment, a principle, which, being adopted, will ultimately furnish 
 resources for future exigencies, without an increase of burthen to the com- 
 munity. 
 
 To explain this last idea. It will readily be perceived that the funds 
 pledged for paying the interest, and sinking the principal of a portion of the 
 debt existing or created at a particular time, will, within a certain period, 
 extinguish that portion of debt. 
 
1795.1 SECRETARY OF THE TREASURY. \&f 
 
 They will then be liberated, and will be ready for any future use, either 
 to defray current expenditures or be the basis of new loans, as circumstances 
 may dictate. And, after a course of time, it is a reasonable presumption 
 that the funds so successively liberated will be adequate to new exigencies 
 as they occur. 
 
 Moreover, the last clause of the proposition authorizes the deriving aid 
 from the sinking fund for new loans, whenever the state of the fund admits 
 of it, consistently with the accomplishment of its purposes; that is, when it 
 is sufficient, — 1st, to make good the payments on account of the principal of 
 the debt as they accrue ; 2d, to purchase in the market all that part of the 
 public debt of which there is no stipulation of payment by instalment, (as 
 the three per cent, stock,) within a period of thirty years. 
 
 This, while it secures the extinction of the existing debt, within a rea- 
 sonable term, by preventing too great a proportion of the public revenue 
 from being tied up by the sinking fund, gives due weight to the considera^ 
 tion of providing for future emergencies. 
 
 The same consideration has governed in proposing, (instead of the appro- 
 priation of a definite sum out of the revenue from imports and tonnage, 
 which, in certain years, would be greater than will be permanently necessary,) 
 that the sum to be applied out of that revenue shall be so much, from ) T ear 
 to year, as with the other items of the sinking fund will suffice for the object. 
 It has likewise influenced in postponing the redemption of that stock which 
 stands to the credit of certain States, in consequence of the report of the 
 Commissioners for settlement of accounts. 
 
 Every system of public credit must assume it as a fundamental principle, 
 that the resources of the country are equal to its probable exigencies, and 
 that it will possess ability to pay the debts which it contracts. If this be so ? 
 there is no cause to hesitate about the inviolable appropriation of funds to 
 the extinction of an existing debt, within no less a term than thirty years. 
 
 Indeed as before intimated, it cannot be doubted that the resources of a 
 credit built upon a foundation so solid as that which is recommended, wilt 
 more than replace, even in the earliest stages of our affairs, the use of the 
 additional funds withdrawn from the command of the government to effect 
 it, and in the eventual operation will give a more abundant command of 
 fands than it can otherwise have. The successive liberation of the revenues 
 successively pledged, after accomplishing their object, will afford resources 
 that may almost be said to be inexhaustible. 
 
 It should be recollected, too, that the public arrangements may, under a 
 great pressure, anticipate the approaching period of such a liberation, by in- 
 termediate temporary loans, to be replaced by those funds when they are 
 free. 
 
 This proposition exemplifies, as to the past, the nature of the maxim 
 which has been supposed capable of giving immortality to credit, namely: 
 that with the creation of debt, should be incorporated the means of extin- 
 guishment: which means are two fold; 1. the establishing at the time of 
 contracting a debt, funds for the reimbursement of the principal, as well as 
 for the payment of interest within a determinate period. 2. The making 
 it a part of the contract, that the fund so established shall be inviolably 
 applied to the object. 
 
 It is believed that it would be happy for the United States, if Congress 
 would adopt this principle as a rule in all future loans---never to be departed 
 1 25 
 
188 REPORTS OF THE [1795. 
 
 from — and a good evidence of this determination will be to apply it to the 
 past. 
 
 This would be at the same time an antidote against what may be pro- 
 nounced the most plausible objections to the system of funding public debts; 
 which are, that, by facilitating the means of supporting expense, they en- 
 courage to enterprises which produce it; and by furnishing in credit a sub- 
 stitute for revenue, likely to be too freely used to avoid the odium of laying 
 new taxes, they occasion a tendency to run in debt. Though these objec- 
 tions to funding systems, which, giving the greatest possible energy to public 
 credit, are a great source of national security, strength, and prosperity, are 
 very similar to those which speculative men urge against national and in- 
 dividual opulence, drawn from its abuses; and though, perhaps, upon a care- 
 ful analysis of facts, they would be found to have much less support in them 
 than is imaginedTattributihg to those systems effects which are to be ascribed 
 more truly to the passions of men, and perhaps to the genius of particular 
 governments; yet, as they are not wholly unfounded, it is desirable to guard, 
 as far as possible, against the dangers which they suppose, without renouncing 
 the advantages which these systems undoubtedly afford. 
 
 It will readily be seen, that the maxim pf making concurrent provision 
 for the principal as well as interest, in the act of contracting debt, if by pre- 
 cedent and habit it can be rendered a rule of administration, by impli- 
 cating a greater portion of the revenue in every such operation than would 
 be requisite for a mere provision for interest, will control proportionably the 
 disposition to defer the burthen to futurity, and create a greater necessity 
 for circumspection in incurring expense. 
 
 It is probably the true expedient for uniting a due regard to the present 
 accommodation of the community, with a due care not to overburthen pos- 
 terity — the full energy of public credit, with a salutary restraint upon the 
 abuses of it. 
 
 To this explanation of the general principles of the 5th proposition, it 
 may be proper to add some brief notes on particular parts of it. 
 
 It is proposed that the redemption of the present six per cent, stock, shall 
 commence on the 1st of January, 179G. This time of commencement is 
 recommended by several reasons: I. It ought to be such as to admit of 
 sufficient notice to distant creditors. 2. It will favor order to date the com- 
 mencement of every new pecuniary operation, where there is an option, and 
 no particular reason to the contrary, with the commencement of the natural 
 year. 3. The moment of payment presupposes that the annuity to be paid 
 has actually accrued, which will not be the case till the end of the present 
 year. 4. The small delay, by not forcing the means, will facilitate the future 
 execution. 
 
 It is a part of the plan to make provision for reimbursing the remaining 
 instalments of the two million loan had of the Bank of the United States, 
 pursuant to the act of incorporation. The preceding instalments have been 
 reimbursed out of the proceeds of foreign loans. This resource cannot in 
 future be relied upon, and for such a purpose it is not as eligible as a do- 
 mestic one, though circumstances have hitherto dictated a recurrence to it. 
 By making the dividends on the stock auxiliary for this purpose to the reve- 
 nue from taxes, the object is effected with little more than half the sum from 
 that revenue; and, in the end, a fund is formed from the dividends, which, 
 with a small addition, suffices for the redemption of the deferred stock. A? 
 these instalments are yearly falling due, and must be paid as they accrue, 
 
1795.1 SECRETARY OF THE TREASURY. 189 
 
 it is essential that a provision for them be contemplated in the general ar- 
 rangement requisite to the completion of our system of credit. There is 
 perhaps no easy alternative to what is proposed, except the sale of the stock. 
 But waiving other weighty considerations against such a measure, it is, in 
 the view of a true economy, liable to the most solid objections. 
 
 It is morally certain, that the dividends on the stock will increase, and 
 the value of the capital, from this and collateral causes, more than propor- 
 tionably. There is no momentary urgency to induce the relinquishment of 
 this future advantage. To sell at present, would be to abandon the difference 
 without necessity. It cannot be expedient in a government to part with a 
 capital, which at the time produces as great or a greater revenue than can be 
 realized from the proceeds of a sale, however invested; and which has an 
 inherent tendency to future augmentation. The measure, too, would be to 
 renounce or lessen a most convenient resource for forming the redeeming 
 fund of the deferred stock. 
 
 It is proposed to carry the proceeds of the sales of the western lands to 
 the sinking fund. This is to execute the intention of the funding act, which 
 has not organized the mode of application; and it has the advantage of com- 
 bining in one system all the provisions for extinguishing the debt. 
 
 It is proposed, that all surplusses of revenue shall at a certain time be carried 
 to the use of the sinking fund. This is to extend and give effect to a principle 
 which has already received the Legislative sanction. It was necessary to 
 fix a time when the appropriation of the surplus should become absolute, 
 and that this should be consistent with a due opportunity to provide for the 
 exigencies of the public service. Both these considerations have been con- 
 sulted. This measure has, besides, reference to a more speedy redemption 
 of the debt than it appears prudent to attempt by an absolute appropriation 
 of more extensive funds. And the legislators of to-day would be entitled 
 to the lasting gratitude of their country, if they would extend this auxiliary 
 resource, by all the means which are consistent with a due regard to the 
 present accommodation of their constituents. 
 
 It is proposed to authorize the Commissioners of the Sinking Fund, to pro- 
 vide by new loans, for the reimbursement of the instalments which, from 
 time to time, accrue. This is on the ground, that it is essential to the per- 
 fection of the system of redemption, that all the means of ultimate execu- 
 tion should be organized in it, and that there should be no need of future 
 provisions. 
 
 The last clause of the proposition excepts from the operation of that clause 
 the interest on the six per cent, stock. This is because that interest is des- 
 tined to form the accumulations for paying the successive instalments of the 
 principal of that stock, which increase each year in a ratio to the interest 
 liberated by each payment. 
 
 The statement E ; exhibits the course of the sinking fund, as proposed to 
 be established. 
 
 Remarks on the Sixth Proposition. 
 
 This will be a useful and important provision. It has reference to a cir- 
 cumstance repeatedly adverted to, the long credits given upon the principal 
 branches of revenue; from which it happens that, though the fund itself , or 
 the product of the revenue, is more than adequate to an appropriation, yet 
 the receipts upon it come too slowly into the Treasury to answer the end, 
 without anticipation by temporary loans. Its propriety depends on the prin* 
 
|90 REPORTS OF THE [1795. 
 
 ciple suggested under the last head, of having all the means of complete 
 execution organized in the system of public credit. 
 
 ■Remarks on the Seventh Proposition. 
 
 It is a good rule of caution, that no more of the public revenues should 
 be rendered permanent than is necessary to give moral certainty to the pro- 
 visions which may be regarded as the pillars of public credit. This idea 
 will, it is believed, be satisfied, by giving permanency to the now temporary 
 duties on imports. Accordingly, it is only proposed to extend the duties 
 mentioned in this proposition, to the year 1800, and thence to the end of 
 the next ensuing session of Congress; which is on the ground that they 
 ought to be commensurate in duration with the objects which they are to 
 accomplish, and no more. 
 
 It has been already noticed, that they are at present chargeable, together 
 with the temporary duties on imports laid in the last session, with an appro- 
 priation of 1,292,137 dollars and 3S cents, and with the interest of 1,000,000 
 of dollars, authorized to be borrowed, with a view to foreign intercourse; 
 having a special eye to an object very interesting to the commerce and feel- 
 ings of the United States. 
 
 This business wants a further arrangement: standing, at present, upon a 
 vague and inefficient footing. The reimbursement of the loan is not ade- 
 quately provided for, neither is the interest; this being predicated on funds 
 which, in their present form, would probably expire after a product of two 
 years. 
 
 According to the fifth proposition, the temporary duties on imports, after 
 the above-mentioned appropriation of 1,292,137 dollars and 38 cents shall 
 have been satisfied, will become permanently charged with the interest on 
 the public debt, the sinking fund, and the annual reservation of 600,000 
 dollars for the support of government. 
 
 If the duties mentioned in the sixth proposition are continued till the first 
 of January, 1800, and the reimbursement of the principal of the loan, as, 
 well as the interest, is referred to them, two good purposes will be answered: 
 the obtaining the loan will be facilitated, and its complete reimbursement 
 will be effected within the term allotted, without- -an augmentation of the 
 permanent debt of the country. This makes allowance for fulfilling the 
 appropriation for the current service, already charged upon this fund. 
 
 It is presumed to be a conclusive reason in favor of the proposition, that 
 it aims at preventing an increase of permanent debt. If services of this 
 kind, when the United States are at peace, (at least with civilized powers,) 
 are made causes of permanent loans, the progress of. new debt will easily 
 exceed the extinction of old. r * 
 
 It appears desirable that there should be a steady effort, as a rule of ad- 
 ministration, not to increase the permanent debt of the country by perma- 
 nent loans, except when it is inevitable, by the existence of a war with some 
 European power. 
 
 The comparative view of revenue and expenditure, (statement F.,) esta^ 
 blishes, satisfactorily, that these duties cannot be dispensed with, unless there 
 be a substitute, if the redemption of the public debt is to be seriously entered 
 upon. And it is believed that there cannot be devised objects of revenue 
 more proper in themselves, nor more generally acceptable to the people. 
 Whatever interested parties may allege, it seems self-evident that there can 
 hardly be a reasonable question, except as to the best mode of collection. 
 
1795.] SECRETARY OF THE TREASURY. jo^ 
 
 The objection, that part of them falls on manufactures, has no weight. The 
 manufactures on which they fall are complete luxuries, and completely esta- 
 blished; consequently, fit objects of revenue. The increased duties on the 
 rival foreign articles, are a full protection to the manufacture. Whatever 
 may be„the appearances in the infancy of the tax, it is certain, in principle, 
 that it will finally fall on the consumer, as generally as duties on imported 
 commodities. 
 
 Remarks on the Eighth Proposition. 
 
 This is to terminate an embarrassment which has been experienced. 
 Appropriations are frequently made for objects, the extent of which is not 
 precisely known, or in a degree casual. To leave them indefinite, as to 
 time, is sometimes to tie up, unnecessarily, a portion of the public funds, 
 which may ultimately not be wanted at all for the purpose of the original 
 appropriation. 
 
 It will do away this inconvenience, and promote perspicuity in the Trea- 
 sury accounts of appropriations, if an ultimate period is fixed when each 
 appropriation shall be deemed to have ceased. Should further appropriations 
 appear necessary for the same objects, new estimates can be presented, and 
 new appropriations made. 
 
 The designating an account with a denomination known in the laws, to 
 which the surplusses are to be carried, will facilitate future legislative dispo- 
 sitions of the resulting fund. It is, however, essential to the system of public 
 credit, that this should be with the exceptions contained in the proposition. 
 
 Remarks on the Ninth Proposition. 
 
 This proposition is calculated to give simplicity to the public accounts of 
 stock and revenue, which will conduce to correctness, despatch, econo- 
 my. As the revenues are manifestly more than adequate to the claims of 
 all the creditors, they none of them have any interest in the distinctions 
 which now exist, and which grew out of the course of the business; and 
 the rights of none of them will be affected, because all who choose may 
 continue on their former ground, by signifying their dissent to the present 
 plan. It is, however, presumed, there will be no such dissent. 
 
 Remarks on the Tenth Proposition. 
 
 It is important to the fiscal calculations, to ascertain positively the extent 
 of every portion of the public debt. At present, the amount of these seve- 
 ral items of it is deduced from accounts of the late war, of various officers 
 and offices — in some instances conducted with little order. There is not, 
 therefore, sufficient certainty. Indeed, it is probable, from the length of time 
 which has elapsed without their appearing, that the computed amount 
 exceeds the real. 
 
 Besides, they are, from their nature, subject to forgeries and counterfeits, 
 which implies a danger of loss to the public, till their circulation is finally 
 terminated. The proposition, accordingly, besides the obtaining of better 
 information, aims at obviating this danger. 
 
 Allowing sufficient time for bringing them in to be exchanged for certifi- 
 cates of equivalent tenor — while it is a measure tending to public informa- 
 tion and security, it can be liable to no reasonable objection on the part of 
 the creditors. 
 
192 "REPORTS OF THE ["1795. 
 
 The Secretary of the Treasury has reserved for the conclusion of this 
 yeport, a proposition which appears to him of great importance to the public 
 credit, and which, after some preliminary observations, will be offered to 
 consideration. It relates to the right of taxing the public funds, and to that 
 of sequestering them in time of war. • 
 
 A proposition on either of those points would have been deemed super- 
 fluous, had there never been discussions asserting a right to do the one and 
 the other, and even the expediency of exercising that right. The negative 
 of both the pretensions, from the habit of regarding it as incapable of being 
 disputed, had acquired, in the mind of the Secretary, so much the force of 
 an axiom, as to have precluded even the mention of the subject in the plaa 
 which he originally submitted, for funding the public debt. He should other- 
 wise Jiave thought it an indispensable duty to suggest, as a matter of primary 
 consequence to the system of credit contemplated in the plan, the express 
 renunciation of those pretensions: for they are (as he believes) not only 
 unwarranted by principle or usage, but subversive of the sound maxims of 
 public credit. A persuasion that this would always be a truth granted in 
 the councils of the United States, is his apology for the omission. 
 
 Even now, he should think it useless to depart from his silence on the 
 point, had not the discussions alluded to, created some alarm in places where 
 all the circumstances are not well understood, which it is the interest of the 
 country to dispel. The confidence justly to be reposed in the collective wis- 
 dom of this government, forbids the supposition, by one acquainted witk 
 its constitution, that the security of the creditor can need, in this particular, 
 a further sanction. It is presumed to be impossible, that any final act can 
 ever give so deep a wound to the national interest and character, as to dero- 
 gate from a principle which may be placed among the most sacred in the 
 administration of a government. • 
 
 Is there a right in the government to tax its own funds? 
 
 The pretence of this right is deduced from the general right of the legis- 
 lative power to make all the property of the State contributory to its exi- 
 gencies. 
 
 But this right is obviously liable to be restricted, by the engagements of 
 the government. It cannot be justly exercised in contravention of them. 
 They must form an exception. It will not be denied, that the general right 
 in question, could, and would be abridged, by an express promise not to 
 tax the funds. This promise, indeed, has not been given in terms; but it 
 has been given in substance. When an individual lends money to the State, 
 the State stipulates to repay him the principal lent, with a certain interest, or 
 to pay a certain interest, indefinitely, till the principal is reimbursed; or it 
 stipulates something equivalent, in another form. In our case, the stipula- 
 tion is in the second form. 
 
 To tax the funds, is manifestly either to take, or to keep back, a portion 
 of the principal or interest, stipulated to be paid. 
 
 To do this, on whatever pretext, is not to do what is expressly promised; 
 it is not to pay that precise principal, or that precise interest, which has 
 been engaged to be paid. It is, therefore, to violate the promise given to 
 the lender. 
 
 But, is not the stipulation to the lender, with a tacit reservation of the 
 general right of the Legislature to raise contributions on the property of 
 the State? 
 
1795.1 SECRETARY OF THE TREASURY. 193 
 
 This cannot be supposed — because it involves two contradictory things: 
 an obligation to do, and a right not to do. An obligation to pay a certain 
 sum, and a right to retain it in the shape of a tax. It is against the 
 rules, both of law and reason, to admit, by implication, in the construction 
 of a contract, a principle which goes in destruction of it. 
 
 The government, by such a construction, would be made to say to the 
 lender: " I want a sum of money, for a national purpose, which all the citi- 
 zens ought to contribute proportionably, but it will be more convenient to 
 them, and to me, to borrow the money of you. If you will lend it, I pro- 
 mise you faithfully, to allow you a certain rate of interest, while I keep 
 the money, and to reimburse the principal within a determinate period, 
 except so much of the one and the other, as I may think fit to withhold, in 
 the shape of a tax." 
 
 Is such a construction either natural or rational? Does it not, in fact, nul- 
 lify the promise by the reservation of a right not to perform it? 
 
 Is it to be presumed, without being expressed, that such can be the under- 
 standing of a lender, when he parts with his money to a government? 
 
 The contrary is so much the more presumable, that nothing short of an 
 express reservation can support the pretension — to tax the fund. 
 
 It may be replied that the creditor might be willing to rely upon the equi- 
 ty of the government, not to abuse its right by exacting from him excessive 
 contributions. 
 
 This, if true, does not obviate the difficulty of supposing the co-existence 
 of an obligation and a right, destructive the one of the other, in interpret- 
 ing the sense of a contract, when nothing of the kind is said. 
 
 It is possible that a creditor might be willing so to contract; yet it is still 
 necessary, in order to determine that he has done it, to find some provisions 
 or expressions in the contract indicating the intention to render what is 
 stipulated compatible with what is reserved. But it is not probable that an 
 individual would be willing to lend upon such terms. He would justly ap- 
 prehend, that in great emergencies, a right, having no limit but the opinion 
 of the party possessed of the power, would be abused, and that the conveni- 
 ence of laying hold of a fund already prepared and at hand, supported by a 
 claim of right, would be a temptation to abuse, not easy to be resisted. How- 
 ever well disposed to contribute, in common with his fellow citizens, on all 
 the ordinary objects of property or income, he would be unwilling to subject 
 himself to a special burthen in the peculiar character of creditor of the State. 
 He would prefer to employ his money in other ways; even to lend it to pri- 
 vate persons, where it might be more likely to escape the hand of the fiscal 
 power. 
 
 Let the question be tried by another analysis. 
 
 Public Debt can scarcely, in legal phrase, be defined either property in 
 possession or in action. It is evidently not the first, till it is reduced to 
 possession by payment. To be the second, would suppose a legal power to 
 compel payment by suit. Does such a power exist? The true definition of 
 public debt is a property subsisting in the faith of the government. Its 
 essence is promise. Its definite value depends upon the reliance that the 
 promise will be definitely fulfilled. Can the government rightfully tax its 
 promises? Can it put its faith under contribution? Where or what is the 
 value of the debt, if such a right exist? 
 
 Suppose the government to contract with an individual to convey to him 
 a hundred acres of land, upon the condition of paying a hundred dollars. 
 When he came to pay the 100 dollars and demand his title, could the govern- 
 
194 - REPORTS OF THE [1795. 
 
 ment require of him to pay fifty more as a tax upon the land, before it would 
 consent to give him the title? Who would not pronounce this to be a breach 
 of contract, a fraud, which nothing could disguise? 
 
 This case is parallel with that under examination; with circumstances that 
 fortify the right of the lending creditor. 
 
 The government agrees with him, that, for one hundred dollars, which he 
 delivers to the government, it will deliver to him, at the end of each year, 
 six dollars. Here the six dollars to be delivered answer to the land to be 
 conveyed, with this stronger ground of right, that the consideration for Ihem 
 has actually been given and received. Yet, when the creditor comes to de- 
 mand his six dollars, he is told that he cannot have them, except with the 
 reservation of one dollar as a tax upon the six, or that he cannot have them, 
 except upon the condition of returning one dollar as that tax. What is this 
 but to say, that Iris title to the money in this case, as to the land in the other, 
 must depend upon his paying, or allowing, a further consideration for it, 
 not contemplated in the contract? Can there be a doubt that this, also, 
 would be a breach of contract — a fraud? 
 
 The true rule of every case of property, founded on contract with the go- 
 vernment, is this: It must first be reduced into possession, and then it will 
 become subject, in common with other similar property, to the right of the 
 •government to raise contributions upon it. It may be said, that the govern- 
 ment may fulfil this principle, by paying the interest with one hand, and 
 taking back the amount of the tax with the other. But to this the answer is, 
 that, to comply truly with the rule, the tax must be upon all the money of 
 the community, not upon the particular portion of it which is paid to the 
 public creditors; and it ought, besides, to be so regulated, as not to include 
 a lien of the tax upon the fund. The creditor should be no otherwise acted 
 upon, than as every other possessor of money; and, consequently, the mo- 
 ney he receives from the public, can then only be a fit subject of taxation, 
 when it is entirely separated, and thrown, undistinguished, into the common 
 mass. A different practice would amount to an evasion of the principle con- 
 tended for, and to oppression. A rent, or annuity, liable before it passes, 
 or in the act of passing, or at the moment of passing from one proprietor to 
 another, to a deduction, or drawback, at the pleasure of the party from whom 
 it is to pass, is an imaginary thing, destitute both of shape and substance. 
 
 When a government enters into contract with an individual, it deposes as 
 to the matter of the contract, its constitutional authority, and exchanges the 
 character of legislator for that of a moral agent, with the same rights and 
 obligations as an individual. Its promises may be justly considered as ex- 
 cepted out of its power to legislate, unless in aid of them. It is, in theory, 
 impossible to reconcile the two ideas of a promise which obliges with a 
 power to make a law ivhich can vary the effect of it. This is the great 
 principle that governs the question, and abridges the general right of the go- 
 vernment to lay taxes, excepting out of it a species of property which sub- 
 sists only in its promise. 
 
 There are persons who, admitting the general rule, conceive a distinction 
 to exist between a tax upon the funds, which must be paid at all events, and 
 a tax upon alienations of them, which will only be paid when they are trans- 
 ferred from one to another. The latter they think justifiable, because it is 
 in the option of the creditor to avoid the tax, by avoiding the alienation. But 
 the difference between the two cases is only a difference in the degree of vi- 
 olation. 
 
1795.] SECRETARY OF THE TREASURY 195 
 
 The stock, in its creation, is made transferable. This quality constitutes 
 a material part of its value, and the existence of it is a part of the contract 
 with the government, which has undertaken, itself, to conduct the operation 
 of transferring by its own officers, and consequently at its own expense. It 
 is as completely a breach of contract to derogate from this quality, in dimi- 
 nution of the value of stock, by encumbering the transfer with a charge or 
 tax, as it is to take back, in the same shape, a portion of the principal or in- 
 terest. It is obvious, too, that this may be carried so far as essentially to 
 destroy the transferable capacity. But what is a tax upon transfers, other 
 than the faculty of taking away from the actual proprietor of stock a portion 
 of his principal, whenever his interests or his necessities demand a transfer, 
 in derogation from the full enjoyment of the right to transfer, and from the 
 express promise of the government to pay to him or his alienee? For it is 
 upon the seller, not upon the buyer, that such a tax will fall. And where is 
 the substantial difference, on the ground of contract, between this and a di- 
 rect tax upon the fund itself ? The value of it is as certainly impaired by 
 the one as by the other. 
 
 But shall the proprietor of money in the funds, then, be exempt from his 
 proportion of the burthens which other citizens bear? 
 
 This will not be the consequence of the principle. As a consumer, of 
 which his income is the instrument, he will pay his proportion of the taxes 
 on consumption. As a holder of any other species of property procured by 
 that income, or otherwise, which is liable to a tax, he must also contribute 
 his proportion. 
 
 But, without undue refinement, the lender of money to the public may be 
 affirmed to have paid his tax when he lends his money. 
 
 Relying upon the engagement of the government, express or implied, 
 that he will receive what is promised him, without defalcation, he is con- 
 tent with a less interest than he would take if subject to any such defalcation, 
 and especially if it was to be arbitrary as to its extent. In this lower rate of 
 interest he may be truly said to pay his tax, or to purchase an exemption 
 from it. 
 
 Here, also, we find what is decisive on the point of expediency. 
 
 If the government had a right to tax its funds, the exercise of that right 
 would cost much more than it was worth. The money lender would exact 
 exorbitant premiums, not only as an indemnification for the use which the 
 government might probably make of its right, and which, in practice, would 
 be likely to be qualified by some regard to equality of contribution, but as 
 an equivalent for insurance against the risk or possibility of a more extensive 
 use. Hence the government would be likely to pay much more in premiums 
 upon its loans, than it would draw back in taxes; and the former being sup- 
 posed but equal to the latter, there would be no advantage in exercising the 
 right. 
 
 But it will be, perhaps, more safe to affirm, that there would be no bor- 
 rowing at all upon such terms. The first precedent of a tax upon the funds 
 might be expected to compel the government to an express renunciation of 
 the right in every future loan. Solid capitalists would not be much inclined 
 to adventure their money upon so precarious a footing as is implied in a power 
 of taxing their credits. 
 
 These reflections lead readily to an estimate of the impressions which 
 would be produced by the example of an imposition on the funds. Regarded 
 either as a positive breach of contract, or as a deviation from the sound max- 
 26 
 
196 REPORTS OF THE [1T95. 
 
 ims of credit, the effect upon it would be nearly equally fatal. Whatever 
 might be excused to a time of revolution, to a defect of means, or to some 
 extraordinary peculiarity of situation, no excuse would be admitted for a de- 
 liberate departure from principles — at a time, too, of national prosperity, in 
 a flourishing state of the finances — after the foundations of a regular system 
 had been laid. The departure would argue an incorrectness, an instability, 
 or a depravity of views, calculated to give a lasting shock to public credit. 
 The United States must henceforth tread with the most cautious steps. 
 A renunciation of the right, in future, might not speedily heal the wound 
 which an example of its exercise had given. Durable suspicions might 
 fasten on the wisdom or the integrity of the government, whieh might oc- 
 casion to it no inconsiderable loss and embarrassment, before a course of con- 
 trary experiencejwould obliterate them. 
 
 The right of a government to sequester or confiscate property, in its 
 funds, in time of war, involves considerations, analogous to those whieh re- 
 gard the right of taxing them. Whether the foreigner be, himself, the 
 original lender, or the proprietor of stock, in its constitution transferable 
 without discrimination, he stands upon equal ground with the citizen. He 
 has an equal claim upon the faith of the government. 
 
 In the second case: — as the substitute of the original lender, the promise 
 made attaches immediately upon him. Indeed, the certificates which issue 
 upon every transfer, and which may be called the public bonds, designate 
 him as the creditor, and expressly invest him with the correspondent rights. 
 To sequester or confiscate the stock, is as effectually a breach of the con- 
 tract to pay, as to absorb it by a tax. It is to annihilate the promise, under 
 the sanction of which the foreigner became a proprietor. 
 
 But,- does not the general right of war, to seize and confiscate enemy 
 property, extend to the property of the citizens of one nation in the funds 
 of another — the two nations being at war with each other? 
 
 Resorting to principle as the guide, this question may, on solid grounds 7 
 %e answered in the negative. 
 
 The right to seize and confiscate individual property, in national wars, 
 excludes all those cases where the individual derives his title from the enemy 
 sovereign or nation; for the right to property always implies the right 
 to be protected and secured in the enjoyment of that property: and a nation, 
 by the very act of permitting the citizen of a foreign country to acquire 
 property within its territory, whether to lands, funds, or to any other thing, 
 tacitly engages to give protection and security to that property, and to allow 
 him as full enjoyment of it as any other proprietor: an engagement which 
 no state of things between the two nations can justly or reasonably affect. 
 Though politically right, that, in wars between nations, the property of pri- 
 vate persons, which depend on the laws of their own country, or on cir- 
 cumstances foreign to the nation ivith which their own is at war, should 
 be subject to seizure and confiscation by the enemy nation; yet it is both 
 politically and morally wrong, that this should extend to property acquired 
 under the faith of the government, and the laws of that enemy nation. 
 
 When the government enters into a contract with the citizen of a foreign 
 country, it considers him as an individual in a state of nature, and con- 
 tracts with him as such. It does not contract with him as the member of 
 another society. 
 
 The contracts, therefore, with him, cannot be affected by his political rela- 
 tions to that society. War, whatever right it may give over his other prop- 
 
1795.] SECRETARY OF THE TREASURY. 197 
 
 erty, can give none over that which he derives from those contracts. The 
 character in which they are made with him, the faith pledged to him person- 
 ally, virtually exempt it. 
 
 This principle, which seems critically correct, would exempt as well the 
 income as the capital of the property. It protects the use as effectually as 
 the thing. What, in fact, is property but a fiction, without the beneficial use 
 of it? In many cases, indeed, the income or annuity is the property itself. 
 And though general usage may control the principle, it can only be as far as 
 the usage clearly goes. It must not be extended by analogy. 
 
 Some of the most approved publicists, admitting the principle, qualify it 
 with regard to the income of lands, which they say may be sequestered " to 
 hinder the remittance of it to the enemy's country." 
 
 But the same authority affirms, that a state at war "does not so much as 
 touch the sums which it owes to the enemy. Every ivhere, in case of a war, 
 funds credited to the public are exempt from confiscation and seizure." 
 These expressions clearly exclude sequestration as well as confiscation. 
 
 The former, no less than the latter, would be inconsistent with the declara- 
 tions that a state at war does not so much as touch the sums which it owes 
 to the enemy, and that funds credited to the public are exempt from seizure. 
 And, on full inquiry, it is believed that the suggestion thus understood is 
 founded in fact. 
 
 Usage, then, however it may deviate in other particulars in respect to pub- 
 lic funds, concurs with principle in pronouncing, that they cannot rightful- 
 ly be sequestered in time of war. 
 
 The usages of war still favor too much of the ferocious maxims of the 
 times when war was the chief occupation of man. Enlightened reason 
 would never have pronounced that the persons or property of foreigners, 
 found in a country at the breaking out of a war between that country and 
 his own, were liable to any of the rigors which a state of war authorizes 
 against the persons and goods of an enemy. It would have decreed to them 
 an inviolable sanctuary in the faith of those permissions and those laws, by 
 which themselves and their property had come under the jurisdiction 
 where they were found. It would have rejected the treachery of convert- 
 ing the indulgences, and even rights of a previous state of amity, into snares 
 for innocent individuals. 
 
 Happily, however, the practice of latter times has left several of those 
 maxims little more than points of obsolete doctrine. They still retain their 
 rank in theory; but usage has introduced so many qualifications, as nearly to 
 destroy their operation. 
 
 This appears from the acknowledgment of writers, from the barrenness of 
 modern history in examples of the application of those doctrines, from the 
 opinions known to be generally current in Europe, and from a variety of ar- 
 ticles which are constant formulas in the treaties of the present century. 
 
 The United States are every way interested in the mitigation of the rigor 
 of the ancient maxims of war. They cannot better demonstrate their wis- 
 dom, than by their moderation in this respect. Particularly interested in 
 maintaining in their greatest purity and energy, the principles of credit, they 
 cannot too strictly adhere to all the relaxations of those maxims which favor 
 the rights of creditors. No temporary advantage can compensate fox the 
 evils of a different course of conduct. 
 
 Credit, public and private, is of the greatest consequence to every country. 
 Of this it might be emphatically called the invigorating principle. No well 
 
198 REPORTS OF THE [1795, 
 
 informed man can cast a retrospective eye over the progress of the United 
 States, from their infancy to the present period, without being convinced 
 that they owe, in a great degree, to the fostering influence of credit, their 
 present mature growth. This credit has been of a mixed nature, mercantile 
 and public, foreign and domestic. Credit abroad was the trunk of our mer- 
 cantile credit, from which issued ramifications that nourished all the parts of 
 domestic labor and industry. The bills of credit emitted from time to time 
 by the different local governments, which passed current as money, co-ope- 
 rated with that resource. Their united force, quickening the energies and 
 bringing into action the capacities for improvement of a new country, was 
 highly instrumental in accelerating its growth. 
 
 Credit, too, animated and supported by the general zeal, had a great share 
 in accomplishing^ without such violent expedients, as, generating universal 
 distress, would have endangered the issue, that Revolution of which we are 
 so justly proud, and to which we are so greatly indebted. 
 
 Credit, likewise, may no doubt claim a principal agency in that increase 
 of national and individual welfare since the establishment of the present go- 
 vernment, which is so generally felt and acknowledged, though the true 
 causes of it are not as generally understood. It is the constant auxiliary of 
 almost every public operation; has been an indispensable one in those mea- 
 sures by which our frontiers have been defended; and it would not be diffi- 
 cult to demonstrate, that, in a recent and delicate instance, it has materially 
 contributed to the safety of the State. 
 
 There can be no time, no state of things, in which credit is not essential to 
 a nation, especially as long as nations in general continue to use it as a 
 resource in war. It is impossible for a country to contend on equal terms, 
 or to be secure against the enterprises of other nations, without being able 
 equally with them to avail itself of this important resource: and to a young 
 country, with moderate pecuniary capital, and not a very various industry, it 
 is still more necessary than to countries more advanced in both. A truth not 
 less weighty for being obvious and frequently noticed. 
 
 Public credit has been well defined to be, " a faculty to borrow at plea- 
 sure considerable sums on moderate terms; the art of distributing over a 
 yuccession of years the extraordinary efforts found indispensable in one; a 
 mean of accelerating the prompt employment of all the abilities of a nation, 
 and even of disposing of a part of the overplus of others. " 
 
 This just and ingenious definition, condenses to a point the principal argu- 
 ments in favor of public credit, and displays its immense importance. 
 
 Let any man consult the actual course of our pecuniary operations, and 
 let him then say whether credit be not eminently useful. Let him imagine 
 the expense of a single campaign in a war with a great European power; and 
 let him then pronounce whether credit would not be indispensable. Let him 
 decide whether it would be practicable at all to raise the necessary sum by 
 taxes within the year, and let him judge what would be the degree of dis- 
 tress and oppression, which the attempt would occasion to the community. 
 He cannot but conclude that war without credit would be more than a great 
 calamity —would be ruin. 
 
 But credit is not only one of the main pillars of the public safety, it is 
 among the principal engines of useful enterprise and internal improvement. 
 As a substitute for capital, it is little less useful than gold or silver, in agrU 
 culture? in commerce, in the manufacturing and mechanic arts. 
 
1795.] SECRETARY OF THE TREASURY. I99 
 
 The proof of this needs no labored deduction. It is matter of daily expe- 
 rience in the most familiar pursuits. One man wishes to take up and culti- 
 vate a piece of land; he purchases upon credit, arid, in time, pays the pur- 
 chase money out of the produce of the soil improved by his labor. Another 
 sets up in trade; in the credit founded upon a fair character, he seeks and of- 
 ten finds the means of becoming at length a wealthy merchant. A third 
 commences business as a manufacturer or mechanic, with skill, but without 
 money. It is by credit that he is enabled to procure the tools, the materials, 
 and even the subsistence of which he stands in need, until his industry has 
 supplied him with capital, and even then he derives from an established and 
 increased credit the means of extending his undertakings. 
 
 Among the circumstances which recommend credit, and indicate its im- 
 portance in the whole system of internal exertion and amelioration, it is im- 
 possible to pass unnoticed its unquestionable tendency to moderate the rate 
 of interest — a circumstance of infinite value in all the operations of labor and 
 industry. 
 
 If the individual capital of this country has become more adequate to its 
 exigencies than formerly, it is because individuals have found new resources 
 in the public credit, in the funds to which that has given value and activity. 
 Let public credit be prostrated, and the deficiency will be greater than be- 
 fore. Public and private credit are closely allied, if not inseparable. There 
 is perhaps no example of the one being in a flourishing, where the other was 
 in a bad state. A shock to public credit, would, therefore, not only take 
 away the additional means which it has furnished, but, by the derangements, 
 disorders, distrusts, and false principles, which it would engender and dis- 
 seminate, would diminish the antecedent resources of private credit. 
 
 The United States possess an immense mass of improveable matter: the 
 developement of it, continually making, may be said to enlarge the field ot 
 improvement as it progresses; and though the active capital of the country 
 has, no doubt, considerably increased, it is probable that it does not bear at 
 present a much greater proportion to the objects of employment than it has 
 done at any former period. Credit, upon this hypothesis, of every kind, 
 is nearly as necessary to us now as it ever was. But at least it may be af- 
 firmed, with absolute certainty, that to a country so situated, credit is pecu- 
 liarly useful and important. 
 
 If the United States observe with delicate caution the maxims of credit, 
 as well towards foreigners as their own citizens, in connexion with the gene- 
 ral principles of an upright, stable, and systematic administration, the strong 
 attractions which they present to foreign capital, will be likely to ensure 
 them the command of as much as they may want, in addition to their own, 
 for every species of internal amelioration. 
 
 Can it be doubted, that they would derive from this, in a course of time, 
 advantages incomparably greater than any, however tempting, that could 
 partially result from a disregard of those maxims, or from the exercise of a 
 questionable right, which should even appear to derogate from them? 
 
 Credit is an entire thing: every part of it has the nicest sympathy with 
 every other part: wound one limb, and thp, ■» hole tree shrinks and decays. 
 
 The security of each creditor is inseparable from the security of all cred- 
 itors. The boundary between foreigner and citizen, would not be deemed a 
 sufficient barrier against extending the precedent of an invasion of the rights 
 of the former to the latter. The most judicious and cautious would be most 
 apt to reason thus, and would only look for stronger shades of apparent ne- 
 
2Q0 REPORTS OF THE [1795. 
 
 cessity or expediency to govern the extension. And, in affairs of credit, the 
 opinion of the judicious and cautious may be expected to prevail. Hence 
 the government, by sequestering the property of foreign citizens in the pub- 
 lic funds at the commencement of a war, would impair, at least, if not destroy 
 that credit which is the best resource in war. 
 
 It is in vain to attempt to disparage credit, by objecting to it its abuses. 
 What is there not liable to abuse or misuse? The precious metals, those 
 great springs of labor and industry, are also the ministers of extravagance, 
 luxury, and corruption. Commerce, the nurse of agriculture and manufac- 
 tures, if overdriven, leads to bankruptcy and distress. A fertile soil, the 
 principal source of human comfort, not unfrequently begets indolence and 
 effeminacy. Even liberty itself, degenerating into licentiousness, produces 
 a frightful complication of ills, and works its own destruction. 
 
 It is wisdom, In every case, to cherish whatever is useful, and guard against 
 its abuse. It will be the truest policy of the United States, to give all pos- 
 sible energy to public credit, by a firm adherence to its strictest maxims; and 
 yet to avoid the ills of an excessive employment of it, by true economy 
 and system in the public expenditures, by steadily cultivating peace, and by 
 using sincere, efficient, and persevering endeavors to diminish present debts, 
 prevent the accumulation of new, and secure the discharge, within a reasona- 
 ble period, of such as it may be at any time matter of necessity to contract. 
 It will be wise to cultivate and foster private credit, by an exemplary obser- 
 vance of the principles of public credit, and to guard against the misuse of 
 the former, by a speedy and vigorous administration of justice, and by taking 
 away every temptation to run in debt, founded in the hope of evading the 
 just claims of creditors. 
 
 As an honorable evidence of this disposition, and with a view to quiet 
 the alarms which have been excited, and to silence for ever a question which 
 can never be agitated without serious inconvenience, the Secretary of the 
 Treasury, in the last place, respectfully submits: 
 
 That there be an express renunciation, by law, of all pretension of right 
 to tax the public funds, or to sequester, at any time, or on any pretext, the 
 property which foreign citizens may hold therein. 
 
 This will be particularly essential to the success of the plan for converting 
 the foreign into domestic debt; as the present contracts for the Amsterdam 
 and Antwerp debt contain an equivalent stipulation, and there is no prospect 
 that the creditors would consent to a change, but upon the condition of a 
 like stipulation. 
 
 In the commencement of this report it was the intention to submit some 
 propositions for the improvement of the several branches of the public re-? 
 venue, but it is ileemed adviseable to reserve this part of the subject for a fu 
 lure communication. 
 
 All which is respectfully submitted. 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury, 
 
1795.] 
 
 SECRETARY OF THE TREASURY 
 
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1795. 
 
 SECRETARY OF THE TREASURY. 
 
 205 
 
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 05 ° ° ° 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Livres. 
 6,000,000 
 2,000,000 
 6,000,000 
 
 
 By four instalments, of 1,500,000 livres each, on the 
 loan of 18,000,000, which will be due on the 2d 
 of September, in the years 1795, 1796, 1797, and 
 1798, bearing interest from September 3d, 1794, 
 at 5 per cent, per aranum ... 
 
 Bv two instalments, of 1,000,000 livres each, on the 
 "loan of 10,000,000, winch will be due on die 4th 
 of November, in the years 1795 and 1796, bear- 
 ing interest from the 4th of November, 1794, at 4 
 percent, per annum - - ■ - 
 
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 loan of 6,000,000, which will be due in the years 
 1797, 1798, 1799, 1800, 1801, and 1802, bearing 
 interest from January 1, 1795, at 5 percent, per 
 annum ...... 
 
 
 G$ S w 
 
 
 
 
 03 «v £ 
 
 
 
 1 
 i. 
 
 Livres. 
 
 1,811,959 
 12,188,040 
 
 i 
 
 
 
 
 0" 
 
 
 
 3" 
 
 
 To balance due to the United States on January 1, 
 1795, arising from payments exceeding the interest 
 and instalments demandable by France to that pe- 
 riod ----.. 
 
 Balance due to the French government on 1st Janua- 
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 SECRETARY OF THE TREASURY. 
 
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210 
 
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1795.] SECRETARY OF THE TREASURY $11 
 
 E. 
 
 View of Sinking Fund, according to plan proposed in the Report. 
 
 Present annual amount of Sinking Fund, supposing the investment of the re- 
 sidue of the surplus of revenue to the end of 1790, and of the arrears of 
 interest on the debt to foreign officers, in the purchase of six per cent, 
 stock, at par, and exonerating the fund from the charge to which it is 
 subject by the last section of the act making provision for the reduction of 
 the public debt, viz: 
 
 Interest for a year on stock actually purchased and redeemed, to the last of 
 December, 1794, and carried to the credit of the fund $ 6S,225 55 
 
 Interest for a year on the principal and arrears of interest, to 
 
 the end of 1790, on the debt to foreign officers - 11,892 44 
 
 Interest for a year on subsequent arrears of interest, not in- 
 cluded in the above ----- 1,547 05 
 
 Interest for a year on $411,659 49, being the unexpended 
 
 balance of surplus to the end of 1790 - 24,699 56 
 
 $106,364 60 
 
 Interest for a year on the Loan Office certificates, bearing inte- 
 rest on the nominal principal which (those certificates being 
 paid off as proposed,) would accrue to this fund - 1,911 00 
 
 Add this sum, to be appropriated out of the revenue from im- 
 ports and tonnage, for the redemption of stock bearing a 
 present interest of six per cent, according to the 5th propo- 
 sition in the Report ----- 408,13^ 64 
 
 The amount of two per cent, on $25, 820,512 20, being the 
 amount of stock unredeemed, bearing a present interest of 
 6 per cent, exclusive of State balances - - $516,410 24 
 
 Dividends on bank stock, deducting interest on such instalments of the 
 loan of the bank as had not accrued in the year 1794 - $ 62,500 00 
 
 Sum to be paid in addition thereto, on the 1st of January, 
 1796, out of the revenue from imports and tonnage, for re- 
 imbursement of the 4th instalment of the above loan 137,500 00 
 
 Amount of annual instalments of $2,000,000, had of the Bank 
 of the United States, pursuant to the 11th section of the act 
 of incorporation ----- $200,000 00 
 
 The surplus of the dividends on bank stock will increase each year $12,000; 
 the interest, liberated by payment of each annual instalment of principal, and 
 the sum to be paid out of the revenue, will annually decrease in the same 
 ratio. 
 
 It will be, after the first year — 
 
 On the 1st of January, 1797, * $ 125,500 
 On the 1st of January, 1798, 113,500 
 
 On the 1st of January, 1799, 101,500 
 
 On the 1st of January, 1S00, S9,50» 
 
 28 
 
212 REPORTS OF THE [1795. 
 
 On the 1st of January, 1801, 77,500 
 
 On the 1st of January, 1802, 65,500. 
 
 The yearly average of the sums successively payable out of 
 the revenue from imports and tonnage, towards reimbursing 
 the two million loan, will be - - - $101,500 
 
 And the whole loan being discharged on the 1st of January, 
 1803, the annual dividend on bank stock will be liberated 
 from the future payment of interest on the loan, and will 
 thenceforth yield to the sinking fund an annuity liable to 
 the redemption of the deferred stock - $152,500 
 
 Two per centum of g>12,473,S37 93, the amount of unre- 
 deemed stock which, on the 1st of January, 1801, will bear 
 interest at 6j)er centum per annum, exclusive of state ba- 
 lances, and which will be payable on the Istof January, 
 1802, is - - - " - - - $249,576 75 
 
 Yearly interest, which, on the 1st of January, 1801, will be- 
 gin to accrue to the sinking fund, in the deferred stock 
 standing to its credit, is §52,319 97 Further sum necessary 
 for payment of the above two per centum - - 197,256 78 
 
 $249,576 75 
 
 This sum of $197,256 7S will, in the year 1802, 1803, be pay- 
 able out of the revenues from imports and tonnage. But 
 the yearly dividends on bank stock, free from charge after 
 the 1st of January, 1803, being - $152,500 00 
 
 The sum thenceforth payable out of the revenues from imports 
 
 and tonnage, for payment of said two per centum, will be 44,756 78 
 
 Which, together with the yearly interest on deferred stock, 
 
 being - - - - - - 52,319 97 
 
 Is equal to the amount of redeeming annuity of deferred stock, 
 
 being .._.._ §249,576 75 
 
 Hence the permanent appropriations out of the revenue from imports and 
 tonnage, for the redemption of the whole of the unredeemed funded stock, 
 which now bears, and hereafter will bear, an interest of six per centum per 
 annum, exclusive of the stock standing to the credit of certain States, pursu- 
 ant to the report of the Commissioners, is, 
 
 For that bearing a present interest, - 8 408,134 64 
 
 For that bearing a future interest, - 44,756 78 
 
 Total annual extra appropriation to sinking fund, out of the 
 
 revenues, exclusive of bank dividends - - $452,891 42 
 
 The whole of the stock bearing a present rate of interest, will, by this fund, 
 be redeemed in something less than twenty-three years, and the interest 
 then set free (to wit,) in the year 1818, will be - % 1,631,259 72 
 
 To which add the further appropriation towards principal, as 
 
 above ------ 408,134 64 
 
 $2,039,394 36 
 
1795.] SECRETARY OF THE TREASURY. 213 
 
 This annuity, applied to payments or purchases of the foreign debt, on a cal- 
 culation of 5 per cent, interest, would, by the 1st of January, 1824, ex- 
 tinguish that debt, and yield a surplus of - $ 122,502 29 
 
 The whole of the stock bearing a future interest of six per cent., will, by 
 the fund to be applied to it as above, be also redeemed in something less 
 than twenty-three years from the time of commencing the redemption, 
 that is, by the year 1824, and the interest then set free on that stock will 
 be - - - - - 8801,050 24 
 
 Thesumappropriatedtowardstheredemptionthenalsosetfree, is 197,256 78 
 
 To which add the sum liberated by the redemption of the pre- 
 sent six per cent, stock - 2,039,394 36 
 
 And the interest on $13,745,379 35, being the amount of the 
 
 foreign debt extinguished as above - - 638,480 58 
 
 There will, therefore, be an annuity of - - §3,676,181 96 
 
 Thus will the whole of the foreign debt be extinguished by the year 1824, 
 
 and the sinking fund will then possess an annuity of $3,676,181 96 
 
 And a sum, in gross, of 122,502 29 
 
 Together, S3, 798, 684 25 
 
 Which in two years would more than pay off the whole of the balances 
 to creditor States, and the whole of the unfunded debt, if not sooner dis- 
 charged. 
 
 So that, supposing the proceeds of the western lands to be sufficient, by 
 the same time, to redeem the three per cent, stock, the whole of the present 
 debt of the United States, foreign and domestic, funded and unfunded, may 
 be redeemed by the operation of the provision proposed by the 5th proposi- 
 tion, by the year 1826; and there would revert to the United States a yearly 
 revenue of $4,435,320 89. 
 
 ALEXANDER HAMILTON. 
 
 Treasury Department, January 17, 1795. 
 
 NOTE. — The calculations in this statement would require, to assure their perfect accu- 
 racy, a revision; but it is certain, that any errors it may contain, will be too inconsiderable to 
 affect any important result. 
 
214 REPORTS OF THE T1795. 
 
 COMPARATIVE VIEW OF ANNUAL CURRENT REVENUE AND EXPENDITURE, 
 
 Current Revenue. 
 
 Permanent Revenue., 
 
 Nett duties on imports and tonnage as ap- 
 pertained 1793, per account of receipts 
 and expenditures for that year - $ 6,087,546 26 
 
 Add product of additional duties on imports 
 laid by the acts of the 5th and 7th of June, 
 1794, computed~on the importations of 
 1793 - - - - . 1,091,872 32 
 
 Deduct for extra drawbacks, which would 
 become payable after the year 1793, in 
 consequence of extra importations of cer- 
 tain articles in that year, which were re- 
 exported .... 1,500,000 00 
 
 Deduct amount of temporary duties on im- 
 ports - - - - 1,479,626 91 
 
 $7,179,418 58 
 
 2,979,626 91 
 
 Permanent duties on imports and tonnage - - 4,199,791 67 
 
 Duties on spirits distilled within the United 
 
 States, and upon stills - - - - 400,000 00 
 
 Nett duties on postage of letters, as ascer- 
 tained in 1793 .--;,- - - ~ 29,722 16 
 
 Patent fees as they accrued in the same year - - 660 00 
 
 Dividends of bank stock beyond the inter- 
 est payable to the bank in 1793 38,500 00 
 
 Add interest of two instalments, which, be- 
 ing paid off, will increase the dividend 24,000 00 
 
 r. 62,500 00 
 
 Total permanent revenue <..'-.--". $ 4,692,673 83 
 
 Temporary Revenue. 
 
 Duties on imports as stated above - r - $1,479,626 91 
 
 Estimated product of duties on snuff manu- 
 factured, and sugar refined within the 
 United States, carriages for the convey- 
 ance of persons, licenses for selling wines 
 and spirits at retail sales at auction 7 - 380,000 00 
 
 Total temporary revenue ... 1,859,626 9\ 
 
 Total annual current revenue 5 - •* $6,552,300 74 
 
1795.] SECRETARY GF THE TREASURY 215 
 
 Current Expenditure. 
 
 Interest on foreign debt as stated - $678,102 80 
 
 Deduct interest on instalments of foreign 
 debt for 1795, to be paid out of the pro- 
 ceeds of foreign loans - - 39,622 22 
 
 $ 638,480 58 
 
 Interest on funded domestic debt - - - 2,339,241 50 
 
 Interest on unsubscribed debt, computed 
 
 according to contract - - - - 66,031 10 
 
 $3,043,753 18 
 
 Interest on temporary loans for anticipating 
 
 the revenue 100,000 00 
 
 Expenses of the Civil Department, includ- 
 ing foreign intercourse - - - - 475,249 53 
 
 Expenses of the Military Department - 1,311,975 29 
 
 Including!" pensions to invalids - - 85,357 04 
 
 Expenses of Naval Department for a year - - 441,508 80 
 
 Expenses of Light House and other estab- 
 lishments for the benefit of navigation - 24,000 00 
 
 5,481,843 84 
 
 Excess of re venue beyond the expenditure - - - - 1,070,456 90 
 
 Treasubt Department, January 17th, 1795. 
 
 $ 6,552,300 74 
 
 ALEXANDER HAMILTON, 
 
 Secretary of the Treasury. 
 
 RESULT IN THE YEAR 1796, ACCORDING TO FIFTH PROPOSITION. 
 
 Surplus of revenue brought forward ----- $1,070,456 9'0 
 
 Increased interest on foreign debt $ 67,291 89 
 
 Interest on new emission .... 4,528 70 
 
 Ten per cent, of arrears of unfunded inter- 
 est, including indents - - - - , 48,309 53 
 
 /early instalment on account of 1,000,000 
 loan for foreign intercourse * 200,000 00 
 
 Appropriations for Sinking Fund, fviz.J 
 
 Dividends of bank stock - - $62,500 00 
 
 Sum payable out of imports and tonnage for 
 redemption of 6 per cent, stock - 408,134 64 
 
 Sum payable on the 1st of January, 1796, 
 .towards reimbursing of bank loan - 137,500 00 
 
 608,134 64 
 
 928,264 76 
 
 Balance being excess of revenue beyond expenditure - - $142,192 14 
 
 It appears by statement E, that these extra appropriations will, in the progress of the 
 operation, be reduced; and that, including a provision for the redemption of the deferred debt, 
 the permanent charge on the revenue (exclusive of bank dividends,) for the sinking fund, 
 will be no more than $452,891 42. 
 
 A. H. 
 
gjg REPORTS OF THE [1801, 
 
 REPORT ON. THE FINANCES. 
 
 TOR 180L 
 
 ]n obedience to the directions of the act supplementary to the act, entitled 
 "An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates: 
 
 The permanentrevenues of the United States, according to the laws now 
 in force, consist of, 1st, duties on merchandise and tonnage; 2d, internal du- 
 ties on stills and domestic distilled spirits, refined sugar, licenses to retailers, 
 'sales at auction, and pleasurable carriages; 3d, proceeds of the sales of public 
 lands; 4th, duties on postage; 5th, dividends on shares in the Bank of the 
 United States; 6th, incidental, arising from fees, fines, and penalties, re- 
 payments in the Treasury, and sales of public property other than lands. 
 
 1. Duties on merchandise and tonnage. — The receipts in the Treasury,, 
 arising from that source, have amounted, for the year ending on the 30th 
 September, 1801, to $ 10,126,213 .92. If to this sum be added the draw- 
 backs paid by collectors on the exportation of domestic distilled spirits and 
 refined sugar, which are a charge on the internal revenues; and that part of 
 the additional duties, laid in the year 1800, which did not operate during the 
 year, to which those receipts refer, the sum which would have been received 
 at the present rate of duties, cannot be estimated at less than $10,500,000. 
 The amount of duties secured on the 30th September last, and falling due 
 in the course of the year 1802, compared with that of preceding years, justifies 
 an opinion that, had the importations and exportations continued in the same 
 proportion, those duties would have brought in the Treasury, during the 
 year 1802, near §11,000,000. 
 
 How far this branch of revenue may be affected by the restoration of 
 peace in Europe, is rather a subject of speculative conjecture than of calcu- 
 lation. That it will be liable to sudden and considerable fluctuations, cannot 
 be doubted; and, for that reason, a greater degree of correctness may be ob- 
 tained, by forming an estimate for a number of years, than for any one 
 year. The period for which such an estimate should be made, being arbi- 
 trary, so far as relates to the revenue, that of the eight years, 1802 to 1809, is 
 selected, principally in reference to the payments to be made on account of 
 the public debt; the whole of the foreign debt being actually due within that 
 term of years, and the eight per cent, stock becoming redeemable the last 
 year of the period. The best data on which the estimate may be predicated, 
 seem to be the actual consumption of imported articles during former years, 
 and the ratio of increase of population as ascertained by the census. 
 
 With a view to the first object, the statements A to H have been abstracted 
 from the records in the Treasury. They exhibit the value or quantities of 
 imported articles on which duties have been actually paid, for each calendar 
 year, from 1790 to 1800, deducting from the gross amount imported, each 
 year, the value or quantities of articles re-exported during the same year,. 
 which were entitled to drawback. 
 
1801.] SECRETARY OF THE TREASURY. ^H 
 
 Those statements do not, however, show correctly, principally for the last 
 years, the actual annual amount of consumption; because, 1st, exportation,? 
 to a considerable, but not precisely ascertained amount, have taken place un- 
 der such circumstances as did not entitle the articles exported to a draw- 
 back; and 2d, the amount of foreign articles remaining on hand at the close 
 of the year 1800, was much greater, in proportion to the respective popula- 
 tion, tnan that on hand at the commencement of the year 1790. Those 
 cause;-, which affect, to an inconsiderable degree, the years 1790 to 1792, and 
 but piirtially those immediately succeeding, would, however, render any de- 
 duct: on drawn from those documents, in relation to the years 1799 and 1800, 
 altogether fallacious. The preceding nine years may be divided into two 
 distinct periods; the first, from the 1st day T of January, 1790, to the 31st day 
 of Deceniber, 1792, includes the three years which immediately preceded 
 the European maritime war; the second includes the six first years of that 
 war, viz. from the commencement of 1793 to the close of 1798. 
 
 In order to obtain a distinct view, for each of those two periods, of the 
 annual average consumption of foreign articles, and of the annual average 
 revenue which, at the rate of the present duties, would have accrued thereon, 
 the table L has been prepared, which shows that the nett annual revenue 
 which would, at the present rate of duties, have accrued during each of those 
 two periods, amount, on an average, for the years 1790 to 1792, to 
 116,163,000; and for the years 1793 to 179S, to $8,350,000. These sums 
 constitute not the receipts in the Treasury, but the revenue which would have 
 accrued during the respective years to which they refer. The first may be 
 considered as the revenue accruing during the year 1791; the last, as that 
 accruing during the year ending 30th June, 1796; and as, on account of the 
 credit given for the payment of duties, the revenue accruing during one 
 year constitutes nearly the receipts of the year ending nine months later, 
 those two sums, and the receipts of the year ending on the 30th Septem- 
 ber, 1801, as above stated, may, without material error, be considered as the 
 receipts of three distinct years, four years and a half distant each from the 
 other, viz: 
 
 For the year ending 30th September, 1792, $ 6, 16 3, 000. 
 
 For the year ending 30th March, 1797, 8,350,000. 
 
 For the year ending 30th September, 1801, 10,500,000. 
 
 The ratio of increase during the whole period of nine years, exceeds se- 
 venty per cent., whilst that of population, during the same time, was hardly 
 more than thirty per cent. The ratio of increase, during the first period of 
 four years and a half, is near 35i per cent., and, during the last, more than 
 25§ per cent., whilst that of population, for each period, was only at the rate 
 of 14 per cent. 
 
 The greater ratio of increase, during the first, than during the last period 
 of four years and a half, is owing to the comparison in the first, being between 
 a period of European peace and a period of European war; and, in the last, 
 between two periods of European war. 
 
 The ratio of increase of population being ascertained, by the census, to be 
 at the rate of 34 per cent, for ten years; if the increase of consumption shall 
 be supposed to be, hereafter, precisely the same as that of population, the 
 annual receipts of the eight years, 1802 to 1809, may be estimated as nearly 
 fifty per cent, greater than those of the years 1790 to 1792, or at a sum of 
 near $9,250,000, if that period be assumed as the basis on which to predi- 
 cate the estimate. But if the calculation shall be grounded on the revenue 
 
£18 REPORTS OF THE [1801. 
 
 of the years 1793 to 1798, the annual receipts of the years 1802 to 1809, 
 should be estimated as about 30^ per cent, greater than those of that period, 
 or at about glO, 900,000. 
 
 It seems that those two respective sums may reasonably be considered as 
 the two extremes which the average annual receipts of the eight ensuing 
 3 T ears will not exceed. The first calculation, of $9,250,000, appears to be 
 below the probable result; since, being predicated on the consumption of the 
 three years preceding the European maritime war, without any other addi- 
 tion than that resulting from the ascertained increase of population, it rests 
 on the supposition that the permanent wealth of the United States has not, 
 during that war, increased in any greater proportion than their population; 
 and that the whole of the external commerce acquired during the same pe- 
 riod, must necessarily be lost by the return of peace amongst foreign nations. 
 
 Although, therefore, it be presumable, that the receipts of some of those 
 years will, from temporary causes, fall below that sum, it is believed that, 
 taking the whole period of eight years, the duties on merchandise and ton- 
 nage may safely be averaged at a sum not less than 9,500,000 dollars. 
 
 As a minute investigation of the several rates of duty, now paid by the 
 several species of foreign merchandise, may perhaps suggest some advan- 
 tageous modifications, a table of those rates is annexed to this Report. 
 
 Without any view to an increase of revenue, but in order to guard, as far 
 as possible, against the value of goods being underrated in the invoices, it 
 would be eligible to lay specific duties on all such articles, now paying du- 
 ties ad valorem, as may be susceptible of that alteration. Amongst such, the 
 following have been suggested: Fruits and spices, pickled and dried fish, oil, 
 glue, several species of drugs, watches, gunpowder, and segars. 
 
 Legislative provisions seem necessary, in order better to define the restric- 
 tions under which the intercourse with the adjacent British and Spanish 
 possessions shall be carried on, in conformity with treaties; under which 
 the articles of the growth or manufacture of the United States may be im- 
 ported, free of duty, by the way of New Orleans, from the western parts of 
 the Union to the ports of the Atlantic States, and from these to the inte- 
 rior districts of collection on the western waters — and under which draw- 
 backs shall be allowed on the exportation of foreign articles. 
 
 2. Permanent Internal Duties. — The annual statement, prepared by 
 the Commissioner of the Revenue, and which will be completed in a few 
 days, precludes the necessity of exhibiting, here, all the details pertain- 
 ing to this branch of revenue. The statement M is an abstract of its 
 amount, for the year 1800; during which, the duties on spirits and stills, 
 refined sugars, licenses to retailers, sales at auction, and pleasurable carriages, 
 produced a nett sum of 576, SSS dollars and 80 cents. The duties on 
 stamps, which, as under the existing laws they will cease after the 4th day of 
 March, 1S03, are not included amongst the permanent revenues, amount- 
 ed, for the same year, to 209,S53 dollars and 32 cents. Both together 
 constitute an item of 788,742 dollar T y^-. The receipts in the Treasury 
 from all the internal revenues, have amounted, for the year ending on the 
 30th September, 1801, to 919,719 dollars and 16 cents. Deducting from 
 this sum 65,000 dollars, being the estimated amount of drawbacks paid dur- 
 ing that year, out of the proceeds of the external revenue, on the exportation 
 of domestic distilled spirits and refined sugar, leaves a nett sum of about 
 
1801.] SECRETARY OF THE TREASURY. 219 
 
 854,000 dollars, and an increase of near 70,000 dollars beyond the revenue 
 of 1800. 
 
 The accounts of the last nine months being yet but partially rendered* 
 it is not practicable to as certain to what class of duties the increase belongs, 
 nor particularly to discriminate between the increase of the revenue arising 
 from stamps, and that of the permanent internal revenues. Yet it is believ- 
 d that these, exclusively of the stamp duties, may safely be estimated, for 
 the average of the years 1802 — 1809, at an annual sum not less than 
 650,000 dollars. 
 
 In order, however, to secure that amount, a revision of the system so far as 
 it relates to country stills, is essentially necessary. Whilst the owners of 
 small distilleries, in some parts of the Union, complain of the operation of a 
 tax raised on the capacity of their stills, that same regulation has enabled 
 all those whose capitals are larger, and local situation more advantageous, 
 especially in the middle States, to reduce the actual duty on the quantity of 
 spirits distilled from grain to about three cents per gallon. But improve- 
 ments have lately been introduced, which, by accelerating the process of 
 distillation, will, according to the estimate of the Commissioner of the Reve- 
 nue, reduce the duty on stills to about three-fifths of a cent per gallon of 
 spirits distilled." The effect of these, on the revenue, has already been sensi- 
 bly felt, in one of the most productive districts of the United States; and, 
 unless it shall be counteracted, either by restricting laws, or by an increase 
 of the duty on the capacity of the stills, or by a change of the subject of taxa- 
 tion, a considerable defalcation must be expected. 
 
 Whatever mode may be adopted, it is respectfully submitted, whether the 
 revenue may not be benefited, and just grounds of complaint removed, by a 
 repeal or modification of the clause which compels a yearly entry of stills, in 
 the month of June, under a penalty of 250 dollars, by a permission to per- 
 sons who take short licenses, to continue distilling beyond the time limited 
 in their licenses, on paying a proportionate duty; and by reducing, into 
 one act, all the laws in relation to duties on stills and domestic distilled 
 spirits. 
 
 It will appear by the same statement M, that, whilst the expenses of col- 
 lection on merchandise and tonnage, which are defrayed out of the revenue, 
 do not exceed 4 per cent., those on the permanent internal duties amount 
 to almost 20 per cent. This, however, is an inconvenience, which, on ac- 
 count of the great number of individuals on whom the duties are raised, 
 and of their dispersed situation throughout the whole extent of the United 
 States, must* more or less, attach to the system of internal taxation, so long 
 as the wants of government shall not require any considerable extension, 
 and the total amount of revenue shall remain inconsiderable. 
 
 3. Sales of Public Lands. — The only data on which to calculate the an- 
 nual revenue, which may probably be derived, for the ensuing eight years, 
 from those sales, are the quantity of land at the disposal of government, com- 
 pared with the probable annual demand, and the actual sales which have 
 taken place since the several Land Offices have been opened. 
 
 The precise quantity cannot be ascertained, all the surveys not being yet 
 completed, and the western boundary line of the Virginia reservation, from 
 the head spring of the Little Miami northward, being neither surveyed, nor 
 even the principle on which its course must depend, determined by the 
 terms of cession accepted by Congress. 
 29 
 
220 REPORTS OF THE [1801. 
 
 The estimate N, may, however, be considered so far correct, as to render 
 it certain, that the quantity of public lands northwest of the Ohio within the 
 Indian boundary line, and not yet disposed of, amounts to very near nine mil- 
 lions of acres. A general map of those lands, including the Virginia reservation 
 and the grants to the Ohio Company and to John C. Symmes, which has 
 been compiled from the survey of the Indian boundary line and from the 
 draughts returned to the Treasury Department, will be transmitted to Con- 
 gress, and will more clearly explain their relative situation than could be 
 done by any written description. 
 
 The statement 0, shows the actual sales which have taken place in the 
 several Land Offices, to the 31st day of October last. By this it appears that 
 398,646 acres have been sold, for 834,887 dollars; of which sum, 248,461 
 dollars have been paid, and $586,426 remain due, being payable under the 
 law in instalments, bearing interest from the date of sales, and which will 
 become due in the years 1802 and 1805, in the proportions exhibited in the 
 statement. 
 
 The quantity of land sold, either at the public sales of the three Land Of- 
 fices of Marietta, Chillicothe and Cincinnati, or at private sale at Steubenville, 
 when the Land Office was first opened, cannot afford any just data, on which 
 to predicate an estimate of the probable annual sales; as they may be sup- 
 posed to have been greater when the lands were first offered for sale than 
 at subsequent periods. 
 
 Rejecting, therefore, the result of the whole of the public sales, and that 
 of the first two months private sales, at Steubenville, it appears, that there 
 have been sold, at private sale, 122,673 acres, at Steubenville, during a peri- 
 od of 14 months, ending the 31st day of October last — 64,205 acres at Chil- 
 licothe, during a period of five months, ending on the same day — 42,658 
 acres at Cincinnati, during a period of six months, ending on the same day; 
 and 1,544 acres at Marietta, during a period of sixteen months, ending on 
 the same day — which gives, in the whole, a result of 345,000 acres, annual 
 sales, in all the Land Offices. 
 
 The reservations in the grants to the Ohio Company, and to John C. 
 Symmes, and in the townships formerly sold at New York; the surplus of 
 the tract appropriated for military bounties, after the same shall have been 
 satisfied; and a tract of near one million of acres, lying north of Symmes' 
 patent, and contained between the Great Miami and the Virginia reserva- 
 tion, are not embraced in this general result. The reservations, and the mil- 
 itary tract, are not yet disposable by any existing law; and the tract lying 
 between the Great Miami and the Virginia lands, has been only partially- 
 offered for sale, under the act of Congress giving a right of pre-emption to 
 certain purchasers, under J. C. Symmes. The result of the operation of 
 this act, has not yet been ascertained. It is, however, known, that under 
 it a number of tracts have been sold, and some payments already made. 
 The remainder of the tract will, afterwards, according to law, be surveved, 
 and offered for sale on the same terms as other lands. 
 
 Taking in consideration the probable sales in those several tracts, the to- 
 tal amount of annual sales might fairly be estimated at 400,000 acres, if the 
 periods during which the Land Offices have been opened, had been sufficient- 
 ly long, to form a safe basis for calculation. To estimate them at 250,000 
 acres a year, for the ensuing eight years, is equally justifiable, by the actual 
 sales, by the known usual demand, and by the quality and superior safety of 
 litle of the public lands. 
 
1801.] SECRETARY OF THE TREASURY. 221 
 
 The nominal price of those lands is two dollars per acre, but on account 
 of the provisions which relate to interest and discount, they may be obtain- 
 ed, within a fraction, at the rate of one dollar and eighty-four cents, if the 
 whole purchase money is paid at the time of sale; and may bring in the 
 Treasury two dollars and twenty-seven cents per acre, if the purchaser 
 shall avail himself of the terms of credit given by law. 
 
 If the proceeds of the whole sales shall be estimated only at the rate of 
 $1 ^\\ per acre, it will allow 24 per cent, for losses on account of non-pay- 
 ments on the three last instalments; and, after the year 1805, give, on an an- 
 nual sale of 250,000 acres, an annual income of 460,000 dollars. But, as on 
 account of the credit given by law, the whole of this sum will not, till after 
 the year 1805, be annually receivable, in payment of lands sold after 1st of 
 January next; whilst, on the other hand, the sums due for lands, sold before 
 the end of this year, will become payable during the four next ensuing years; 
 it will be found that, making the same deduction of 24 per cent, for losses 
 on the sums already due, the whole sum receivable, for lands already sold, 
 or to be sold, during the eight years 1802 — 1809, will, for those eight years, 
 on an average, amount annually to 400,000 dollars. 
 
 Some legislative provisions seem necessary to ss certain the western boun- 
 dary of the Virginia lands: to define, in what manner the seven first ranges 
 of townships shall be subdivided into sections, without interfering with the 
 claims of former purchasers; and, perhaps, in relation to the lands claimed 
 by purchasers under John C. Symmes. But the most important object, in 
 order to secure and improve this valuable branch of revenue, is to provide 
 against the progress of intrusions on the public lands, and especially to de- 
 vise some efficient and prompt mode of giving quiet possession to every 
 person purchasing under the law. . 
 
 4. Postage, dividends on Bank Shares, Incidental. — The annual pro- 
 ceeds of the duties on postage, may not be estimated at less than 50,000 dol- 
 lars. 
 
 The dividends on bank shares, at the rate of 8 per cent, dividend, amount 
 to 70,040 dollars. But, as the shares themselves may eventually be wanted 
 as a resource to meet certain contingent demands against the United States, 
 those dividends, although constituting a part of the revenue, unless it shall 
 be found necessary to sell the stock. and the incidental or temporary reve- 
 nues, shall be omitted in this estimate of the permanent revenues 
 
 These, therefore, are estimated in the whole at 10,600,000 dollars, viz: 
 Duties on merchandise and tonnage, 9,500,000 
 
 Internal duties, (stamps excepted,) 650,000 
 
 Proceeds of the sales of public lands 400,000 
 
 Duties on postage 50,000 
 
 The other temporary resources of the United States, are, 
 
 1st. The proceeds of stamp duties, for the 14 months from the 1st Janu- 
 ary, 1802, to the 4th March, 1803, which, under the existing law, limits 
 their continuance, 260,000 dollars. 
 
 2d. The balance due on the direct tax. The amount paid in the Treasury 
 to the 1st instant, so far as the same can be ascertained, was 1,245,000 dol- 
 lars, leaving an outstanding sum of 755,000 dollars; but, as this last sum 
 is chargeable with all the expenses of collection, estimated at the rate of 7 
 per cent., at 140,000 dollars; the real balance is only about 615,000 dollars; 
 and as delays, and perhaps an eventual loss may be expected, on the last 
 
£22 REPORTS OF THE [1801. 
 
 part of the collection, it would not be safe to estimate the amount which 
 will probably be paid in the Treasury, at more than 450,000 dollars. 
 
 3d. The proceeds of sales of public vessels. Fifteen vessels have been 
 sold under the act of last session of Congress, for 275,767 dollars and 73 
 cents; of wh ch sum, 86,412 dollars and 83 cents had been paid, on the 30th 
 of September last, leaving an outstanding balance of 189,354 dollars and 
 90 cents. 
 
 4th. The excess of specie in the Treasury, beyond the sum which it is 
 prudent to keep there, may be estimated at about one million of dollars. 
 
 5th. The shares of the Bank of the United States, owned by the United 
 States, are, at 33| per cent, advance, worth 1,184,000 dollars. 
 
 Those several items, exclusively of several balances due by individuals, 
 and a part of which will eventually be received into the Treasury, consti- 
 tute a sum exceeding three millions of dollars; and may, for the present, be 
 considered as resources, sufficient to meet the demands against the United 
 States, which may be eventually payable on account of the sixth article of 
 
 the treaty with Great Britain, and of the article of the Convention 
 
 with France. 
 
 The permanent expenditures of the United States, relate either to the cur- 
 rent expenses of Government, domestic or foreign, civil and military, or 
 to the payment of the interest and principal of the public debt. 
 
 The estimates of appropriations, for the ensuing year, amounting to 3,448,- 
 147 dollars and IS cents, include all the expenses of Government, other than 
 those in relation to the public debt, with the exception of those incident to 
 the intercourse with the Barbary powers — estimated, after the ensuing year, 
 by the Secretary of State, at 70,000 dollars; of those which may be incurred 
 tor the purchase of arms — estimated, by the Secretary of War, at 55,000 dol- 
 lars; and of a part of the Indian annuities, amounting to 11,000 dollars: 
 these items having been omitted, in the estimates of the ensuing year, be- 
 cause the balances of unexpended appropriations have been considered as 
 sufficient for those objects, by the Secretaries of State and War, respectively. 
 On the other hand, a sum of about 70,000 dollars, in relation to the census 
 and quarantine laws, which is included in those estimates, is a temporary 
 expense. 
 
 The particular sums, which, under existing laws, seem necessary to de- 
 fray each particular authorized expense, being detailed in the annual esti- 
 mates, will not be repeated here; and it appears sufficient to recapitulate the 
 gross amount of the general heads of expenditure, viz. 
 
 For all domestic expenses of a civil nature, including the 
 civil department, and all the miscellaneous items of the light- 
 houses and mint establishments, of the surveying depart- 
 ment, of pensions, claims and contingencies, $ 780,000 
 
 For all the expenses of intercourse with foreign nations, in- 
 eluding those of the diplomatic department, those incident to 
 the prosecution of claims, and to the protection of seamen in 
 foreign countries, and those in relation to the Barbary powers, 200,000 
 
 For the Military establishment, including all the expenses in 
 relation to the army, to arsenals and magazines, to the fabri- 
 cation and purchase of arms and military stores, to fortifications, 
 and to the Indian Department, - 1,420,000 
 
 Fqr the Navy Department, including all the expenses in 
 
1801.] SECRETARY OF THE TREASURY. 933 
 
 relation to the ships kept in commission, or laid up in ordina- 
 ry, to the building of new ships, and to dock-yards, - 1,100,000 
 
 Making altogether, three millions and five hundred thou- 
 sand dollars, - - - - - $ 3,500,000 
 
 Which sum, deducted from the estimated revenue of ten millions and six 
 hundred thousand dollars, leaves a sum of seven millions and one hundred 
 thousand dollars, annually applicable to the payment of interest and redemp- 
 tion of the principal of the public debt. 
 
 It must be further observed, that the sums assigned to each head of expen- 
 diture, being deduced from the estimates of appropriations necessary for 
 the ensuing year; and these having been calculated before the re-establish- 
 ment of peace in Europe was known, they are predicated, for every item 
 which relates to supplies, on the then existing prices, a considerable re- 
 duction will take place in every item, which depends on the price of provi- 
 sions, freight, transportation, and even wages. Although the saving, thence 
 arising, cannot yet be correctly ascertained, it may not be estimated at less 
 than 200,000 dollars annually. It is therefore believed, that, after defray- 
 ing every expense necessary to support every civil, military, or naval estab- 
 lishment, to the extent now authorized by law, the annual surplus applica- 
 ble to the debt, may be confidently estimated at seven millions and three 
 hundred thousand dollars. 
 
 The statement P, exhibits the amount of the unredeemed principal of the 
 public debt, as it will be on the 1st of January next, and of the annual in- 
 terest and charges payable thereon, including the annual reimbursement on 
 the six per cent, and deferred stocks. 
 
 By the printed statements of receipts and expenditures for the year 1800, 
 transmitted to Congress the first week of the present session, it appears, 
 that the unredeemed principal of the public debt, (exclusively of the sums 
 passed to the credit of the Commissioners of the Sinking Fund, which are 
 only a nominal debt due by the United States to themselves; and after de- 
 ducting the reimbursement of the principal of the six per cent, stock, operated 
 by the annual payment of eight percent, on the nominal amount of that 
 stock,) amounted, on the 1st of January, 1801, to 80,161,207 dollars and 60. 
 cents. By the statement P, it appears that the unredeemed principal will, 
 on the 1st of January, 1802, amount to 77,881,8.90 dollars and 29 cents; the 
 difference of 2,279,317 dollars and 31 cents, being the amount of principal 
 paid during the year 1S01; during the same year 1S01, more than eight hun- 
 dred thousand dollars shall have been remitted to Holland, in part of the in- 
 terest and instalments on the Dutch debt, falling due next year, which sum 
 is not included in the amount of principal thus stated to have been paid 
 during the present year. The sums which, on the 1st January, 1801, had 
 been remitted to Holland, in part of the interest and instalments due, in the 
 course of this year, and which were not deducted from the amount of public 
 debt on the 1st of January, 1801, did not exceed five hundred thousand dol- 
 lars. The amount of debt actually paid, or for the payment of which provi- 
 sion shall have been made during the present year, will not, therefore, be less 
 than two millions five hundred thousand dollars. And it is believed, 
 though it cannot at present be precisely ascertained, that the balance of 
 specie in the Treasury, which, on the 1st January, 1801, was 2,557,395 dol- 
 lars and 38 cents, will not be diminished on the 1st of January, 1802, 
 
224 REPORTS OF THE [1801. 
 
 The Treasury accounts being settled to the 30th day of September last, 
 the amount of public debt paid during the half year commencing on the 1st 
 of April, and ending on the 30th September, 1801, as weil as the compara- 
 tive view of the Treasury at the commencement and end of that period, may 
 be precisely stated. The payments in part of the principal of the debt made 
 during those six months, exclusively of certain parts of the unfunded debt 
 which have been reimbursed, have been — 
 
 1st. To the Commissioners of the Sinking Fund, and to 
 be by them applied, on the 1st of January next, to the reim- 
 bursement of the six per cent, stock, - - - g 129,048 83 
 
 2d. To the Bank of the United States, on account of the 
 principal of sundry temporary loans, formerly obtained from 
 that institution, - - - - - 500,000 00 
 
 3d. For remittances to Holland, on account of the Dutch 
 debt, 782,665~dollars and 79 cents; from which, deducting 
 245,980 dollars and 50 cents, being the interest and commis- 
 sions for one-half of the year 1801, on that debt, leaves, paid on 
 account of the principal, - - - 536,685 29 
 
 4th. Evidences of public debt paid for lands, - - 21,282 66 
 
 Amounting altogether to one million one hundred and 
 eighty-seventhousand and sixteen dollars and seventy-eight 
 cents. ------ $ 1,187,016 78 
 
 The balance of specie in the Treasury amounted, on the 1st April, 1S01, 
 to 1,794,044 dollars and 85 cents, and on the 1st of October, 1801, to 
 2,946,038 dollars and 73 cents; making a difference, in favor of the Treasury, 
 of 1,151,993 dollars and 8S cents; which last sum, added to the above slated 
 payments on account of the principal of the debt, makes an actual difference 
 in favor of the United States, of 2,339,010 dollars and 66 cents, duringthose 
 six months. 
 
 The principal of the public debt unredeemed on the 1st January, 1802, is 
 in the statement P, arranged under four heads, viz. 
 
 1st. Six per cent and deferred stocks. The nominal amount of this debt is 
 41,879,525 dollars J 2 ^, and the eight per cent, annuity, applicable to its in- 
 terest and reimbursement of principal, amounts to 3,350,362 dollars and 1 
 cent. As, by the effect of this annuity, 5,027,740 dollars and 57 cents of the 
 principal shall have been reimbursed on the 1st of January, 1802; the unre- 
 deemed principal of that debt, will, on that day, be only 36,S51,784 dollars, 
 66 cts. The interest at the rate of six per cent, on which sum is $2,211,107 
 OScts. The part of the eight per cent annuity, at present applicable to the re- 
 demption of the principal, is, therefore, 1,139,254 dollars and 3 cents, and 
 increasing each year at compound interest, shall, without any further provi- 
 sion, have discharged the whole of the six per cent, in the year 1818, and 
 the whole of the deferred debt in the year 1824. 
 
 2d. Three per cent, stock amounts to - - $19,079,705 63 
 
 and the interest on the same to 572,391 16 
 
 No provision has been made for its redemption, occasional payments for 
 lands excepted. 
 
 3d. All the other domestic debts created, under the present government 
 
1801.] SECRETARY OF THE TREASURY. 335 
 
 of the Union, in order either to discharge other debts, or to meet certain 
 extraordinary expenses. These include the five and half, four and half, 
 navy six, 1796 six and eight per cent, stocks, and the temporary loans ob- 
 tained from the bank; and amount, altogether, to - $12,035,400 00 
 
 The interest on all these constitutes an item of - 828,350 50 
 
 4th. The foreign debt due in Holland and ati\.ntwerp, amounts, including 
 premiums and gratifications, to - $9,915,000 
 
 The interest on which, commissions and charges included, 
 is, for the year 1802 -; - - - - 8476,931 
 
 This last debt being payable in instalments, at certain fixed dates, and 
 it being necessary to purchase remittances in America, near six months be- 
 fore the payments are made in Holland, the statement R, has been added to 
 show the payments, both on account of principal and interest, which become 
 annually due in Holland, until the final redemption of the debt in 1809, and 
 the sums which it will be necessary, every year, to provide in America, in 
 order to meet those payments. 
 
 The greater part of this debt becomes due in the course of the five next- 
 ensuing years; and the annual payments, on account of principal and interest 
 for that period, exceed, on an average, two millions of dollars. The in- 
 convenience and difficulty of procuring remittances to that amount, and the 
 real injury arising from such heavy disbursements abroad, render an exten- 
 sion of the terms of payment, by partial re-loans, a desirable object; and 
 measures have been taken to ascertain its practicability. All that seems 
 wanted, is, that the gross amount of payments, which are to take place 
 during the eight next years, should be more equally apportioned amongst 
 those years; and any greater surplus of revenue which might be freed by 
 that operation, would be applicable to the redemption of those species of 
 the domestic debt, which it may be thought most eligible to reimburse. 
 
 Whether this operation shall be effected or not, no difficulty is appre- 
 hended, from want of resources, to discharge every instalment as it shall 
 become due; the sum payable in 1S03, in which year the largest payments 
 must be made in Holland, amounting, including both those and all other ac- 
 tually due, on account of the interest and reimbursement of the domestic 
 debt, to only $7,100,000, orto $200,000 less than the annuity of §7,300,000, 
 which has been estimated as the surplus of revenue applicable to that object. 
 
 If that surplus does exist, and if it will be sufficient to meet all the en- 
 gagements of the United States, as they become due, the only remaining 
 objects- of inquiry seem to be: What impression will, during the next eight 
 years, to which these estimates * refer, be made on the public debt, by the 
 annual application of that surplus? In what time would the same annuity 
 discharge the whole of the public debt? 
 
 The statement S, exhibits the effect produced at the end of the year 1809 
 on the debt, by the annual application of that sum, (§7,300,000,) to the 
 payment of both principal and interest, and shows that, at the end of those 
 eight years, it shall have paid the whole of the Dutch debt; of the tempo- 
 rary loans due to the bank; of the navy six per cent; and of the five and 
 a half per cent, stocks; $5,525,300 and 38 cents of the eight per cent, stock; 
 $150,387 and 26 cents of the four and a half per cent, stock; and $11,399,263 
 and 6 cents of the principal of the six per cent, and deferred stocks: amount- 
 
226 REPORTS OF THE [1801. 
 
 ing, altogether, to thirty-two millions two hundred and eighty-nine thou- 
 sand one hundred and fifty dollars and seventy cents. 
 
 The public debt would, therefore, on the 1st January, 1810, be re- 
 duced to $45,592,739 and 59 cents, viz: $954,899 and 62 cents of the eight 
 per cent, stock; $25,612 and 74 cents of the four and 1 a half per cent, stock; 
 (both of which would be discharged during the four first months of the year 
 1810;) $80,000 of the 1796 six per cent, stock; $25,452,521 and 60 cents 
 of the six per cent, and deferred stocks; and the $19,079,705 and 63 cents 
 three per cent stock. 
 
 It is true that this statement is predicated on the supposition, that the 
 whole of the remittances to Holland may be purchased at par, which is 
 not probable: but, on the other hand, it is calculated on the principle of a 
 yearly, instead of a quarter yearly payable annuity; or as if all the pay- 
 ments made in one year, on account of the principal of the debt, took place 
 only at the end of the year, instead of being made, as will be the case, in 
 the course of the year, and stopping the interest from the end of the quarter 
 in which they may be made. The supposed extra cost of bills on Holland, 
 is at least partly covered by that difference, and cannot materially affect the 
 general result. 
 
 It may in the same manner be shown, that the same annual sum of 
 $7,300,000, applied to the payment of the principal and interest of the 
 public debt, would, on the supposition that the whole of the six per cent, 
 and deferred stocks may be redeemed at par, and that the whole of the three 
 per cent, stock should be reimbursed at its nominal value, discharge the 
 whole of the public debt in seven years and a half, after the year 1809, or 
 within the year 1817. 
 
 The only part of the preceding estimates, which is liable to any mate- 
 rial error, is what relates to the probable annual revenue derived from the 
 impost and from the sales of land. Should these prove to have been cor- 
 rect, it will result, that the present revenues of the Union are sufficient to 
 defray all the expenses, civil and military, of government, to the extent 
 authorized by existing laws; to meet all the engagements of the United 
 States; and to discharge, within eight years, thirty-two millions. of dollars 
 of the principal, and, within fifteen years and a half, the whole of the 
 public debt; that any increase of expense will, probably, either render an 
 increase of taxes necessary, or retard the ultimate payment of the debt; and 
 that any reduction, in the present rate of expenditure may permit a reduc- 
 tion of the present taxes, or be the means of accelerating the redemp- 
 tion of the public debt. 
 
 All which is most respectfully submitted. 
 
 ALBERT GALLATIN, 
 
 Secret ary of the Treasury. 
 Treasury Department, 18th December ', 1801, 
 
1801.] SECRETARY OF THE TREASURY. 227 
 
 Table of Duties paid on Merchandise, imported in American Vessels, in 
 
 the United States. 
 
 Goods, wares, and merchandise, imported in the United States, unless 
 free of duty, pay either duties according to their value, or specific duties 
 according to their quantity. 
 
 I. Articles free of duty, are — 
 
 All articles of American growth, produce, or manufacture, spirits ex- 
 cepted. 
 
 Bullion, copper^ old pewter, tin, teutenague, wire, plaster of Paris, 
 saltpetre, sulphur, lapis calaminaris, dying drugs and woods, wood, 
 wool, furs, raw hides, sea stores, wearing apparel, personal baggage, 
 and implements of trade belonging to emigrants; philosophical appa- 
 ratus imported for the use of seminaries of learning. 
 
 II. Articles paying duties ad valorem, pay either 20, 15, or 12^ percent. 
 
 on their respective value, which value is calculated by adding to their 
 prime cost (all charges included) ten per cent., if imported from coun- 
 tries this side, and 20 per cent, if imported from countries beyond the 
 Cape of Good Hope. 
 
 Articles paying 20 per cent, ad valorem, are — 
 
 Carriages and parts of do. 
 
 Manufactures of glass, other than window glass and black quart bottles. 
 
 Articles paying 15 per cent, ad valorem are — 
 1st. All manufactures of metal*, earth and 
 stonet, and leather, ^ 
 All fruits and spices, 
 All painter's colors and medicinal drugs, § 
 2d. Cabinet wares, hair-powder, starch, and wafers; oil, anniseed, glue, 
 essences, washes, perfumes, dentrifice and cosmetics; paperhang- 
 ing, cartridge, and sheathing paper; carpets, carpeting, floor cloths 
 and mats; bonnets, hats, caps, gloves and mittens, and stockings; 
 fringes and tassels for saddlers, upholsterers, and coachmakers; 
 buttons, millinery, artificial flowers, feathers, ornament dresses, 
 dolls, and fans. 
 
 Articles paying \2h per cent, ad valorem — 
 
 1st. The following manufactures of metal, viz: — Anchors, locks, hinges, 
 hoes, anvils, vices, and printing types. 
 
 2d. Gunpowder, black quart bottles, saddles and parts of do., whips 
 and canes, toys, lampblack, parchment and vellum, clothing ready 
 made. 
 
 * Including arms, cannon, plated ware and jewellery, buckles and buttons, clocks and 
 watches, gold and silver lace. Excepting the articles free of duty, those enumerated as 
 paying 12£ per cent., and lead, nails, spikes, steeL wool and cotton cards, which pay specific 
 duties. 
 
 | Including China, queens, and earthen ware, window glass, bricks and tiles, marble and 
 slate, pastework, and jewellery. Excepting articles free of duty and hollow glass ware. 
 
 % Excepting saddles and saddlery, which pay only 12^ per cent.; boots and shoes, which 
 pay specific duties. 
 
 § Excepting lampblack, which pays \2\ per cent., and colors of lead, which pay a spe- 
 cific dutv of one cent per pound. 
 .30 
 
 not otherwise enume- 
 rated. 
 

 REPORTS OF THE 
 
 [1801. 
 
 3d. All wares, goods, and merchandise, not otherwise enumerated, con- 
 sisting principally of manufactures of wool, cotton, silk, hemp and 
 flax, and wood. 
 
 III. Articles paying specific duties — 
 
 SPIRITS. 
 
 
 FOREIGN. 
 
 DOMESTIC 
 
 
 From grain. 
 
 From other ma- 
 terials. 
 
 From domestic 
 materials. 
 
 From foreign 
 materials. 
 
 
 
 Per ga 
 
 'Ion. 
 
 
 1st proof -. - 
 
 2d do. - - 
 3d do. - - 
 4th do. - - 
 5th do. - - 
 6th do. - - 
 
 28 cents ) 
 
 29 do. 5 
 31 do. 
 
 34 do. 
 40 do. 
 50 do. 
 
 25 cents. 
 
 28 do. 
 32 do. 
 38 do. 
 46 do. 
 
 7 cents. 
 
 8 do. 
 
 9 do. 
 11 do. 
 13 do. 
 18 do. 
 
 15 cents. 
 
 16 do. 
 
 17 do. 
 19 do 
 23 do. 
 30 do. 
 
 WINES— Per gallon. 
 
 Madeira, London Particular, and Malmsey 
 
 Do. all other - 
 Burgundy, Champaign, Rhenish, Tokay 
 Sherry and St. Lucar - 
 
 Lisbon, Oporto, and other Portugal 
 
 Teneriffe, Fayal, Malaga, St. George, and Western Islands 28 
 All other, in bottles - - 
 
 All other - - - 
 
 ALE, BEER, and PORTER, 
 
 MOLASSES, ----- 
 
 SUGAR— Per pound. 
 
 Loaf - - - - - . 
 
 Lump, and other refined '--.'- 
 
 Candy - 
 
 White, powdered 
 Brown - 
 
 TEAS — Imported — Per pound. 
 
 Fro?'i China or From Europe 
 
 5S cents 
 
 50 
 
 do. 
 
 45 
 
 do. 
 
 40 
 
 do. 
 
 30 
 
 do. 
 
 28 
 
 do. 
 
 35 
 
 do. 
 
 23 
 
 do. 
 
 8 cents per gallon. 
 5 cents per do. 
 
 9 
 
 6* 
 114 
 
 cents, 
 do. 
 do. 
 do. 
 do. 
 
 Hyson, Imperial, 
 der and Gomee 
 Other green 
 Bohea 
 Other black 
 
 COFFEE, 
 SALT, 
 
 Gunnow- 
 
 East Indies. 
 
 12 cents. 
 18 do. 
 32 do. 
 20 do. 
 
 14 cents. 
 21 do. 
 
 40 
 24 
 
 do. 
 do. 
 
 From all other 
 places. 
 
 17 cents. 
 27 do. 
 50 do. 
 30 do. 
 
 5 cents per pound. 
 ■ - - 20 cents per 56 lbs. 
 
 For other articles paving specific duties, see statement II. 
 All articles i-mj orted in foreign vessels, pay an extra duty of ten per cent, 
 on the duty paid if imported in American vessels. 
 
ispi.] 
 
 SECRETARY OF THE TREASURY. 
 
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1801.] 
 
 SECRETARY OF THE TREASURY. 
 
 233 
 
 D. 
 
 ST*2 TEMENT exhibiting the quantities of Salt actually paying duty 9 
 for each calendar year, from 1790 to 1800, deducting the quantities 
 exported and entitled to drawback; and also the amount exempted 
 from duly, on account of bounties on the exportation of salted fish and 
 provisions, and of allowances to fisheries, calculated at the same rate 
 at which they are now fixed by existing laws. 
 
 
 SALT. 
 
 Amount of 
 
 Bounties and 
 
 Salt paving 1 duty, 
 
 
 
 
 bounties and 
 
 allowances re- 
 
 buslrels of 56 
 
 
 
 
 allowances. 
 
 duced into 
 
 bushels of'salt, 
 
 at the present 
 
 rates. 
 
 lb. 
 
 YEARS. 
 
 Imported, 
 
 bushels of 
 
 56 lb. 
 
 Exported, 
 
 bushels of 
 
 56 lb. 
 
 
 1790 
 
 2,196,780 
 
 15,007 
 
 
 a 447,720 
 
 1,734,053 
 
 1791 
 
 1,S10,421 
 
 3,240 
 
 - 
 
 b 447,720 
 
 1,359,461 
 
 1792 
 
 1,779,510 
 
 204 
 
 44,772 
 
 447,720 
 
 1,331,586 
 
 1793 
 
 2,027,332 
 
 4,383 
 
 89,696 
 
 597,975 
 
 1,424,974 
 
 1794 
 
 2,958,411 
 
 4,783 
 
 107,537 
 
 716,910 
 
 2,236,718 
 
 1795 
 
 2,823,718 
 
 1,475 
 
 81,135 
 
 540,900 
 
 2,281,343 
 
 1796 
 
 3,670,077 
 
 32,108 
 
 93,889 
 
 625,920 
 
 3,012,049 
 
 1797 
 
 2,977,902 
 
 103,633 
 
 92,874 
 
 585,097 
 
 2,288,172" 
 
 1798 
 
 2,753,127 
 
 161,210 
 
 113,904 
 
 569,520 
 
 2,022,397 
 
 1799 - 
 
 2,513,411 
 
 104,025 
 
 149,375 
 
 746,875 
 
 1,662,511 
 
 1800 
 
 3,287,868 
 
 25,950 
 
 105,536 
 
 527,675 
 
 2,734,243 
 
 Note a b. — Each of those two years estimated at the same rate as the vear 
 1792. 
 
 Treasury Detartment, 
 
 Register's Office, December 12, 1801. 
 
 JOSEPH NOURSE, Register. 
 
234 
 
 REPORTS OF THE 
 
 [1801. 
 
 E. 
 
 STATEMENT of the value of the several classes of Merchandise paying 
 duties ad valorem, deducting export ations from importations, for each 
 of the years 1795 to 1800. 
 
 
 VALUE OF GOODS AD VALOREM. 
 
 
 YEARS. 
 
 Atl0andl2§ 
 per cent. 
 
 At 15 per. 
 cent. 
 
 At 20 per 
 cent. 
 
 TOTAL. 
 
 1795 
 
 1796 
 1797 
 
 1798 
 1799 
 1800 
 
 23,431,013 
 
 28,267,085 
 21,137,877 
 19,179,952 
 26,394,967 
 26,514,393 
 
 6,225,887 
 7,85S,262 
 6,609,665 
 4,570,096 
 6,428,842 
 7,448,410 
 
 230,073 
 371,242 
 296,734 
 222,212 
 270,022 
 430,814 
 
 29,886,973 
 36,496,589 
 28,044,276 
 23,972,260 
 33,093,831 
 34,393,617 
 
 Total - 
 
 Duties at the ~) 
 present rate $ 
 
 144,925,287 
 18,115,661 
 
 39,141,162 
 5,871,174 
 
 1,821,097 
 364,219 
 
 185,887,546 
 24,351,054 
 
 Note. — On the total value, as above, $185,887,546, gives, for the aver- 
 age duty, near 13.1 per cent. 
 
 Treasury Department, 
 
 Register's Office, December 12, 1801. 
 
 JOSEPH NOURSE, Register. 
 
1801.] 
 
 SECRETARY OF THE TREASURY. 
 
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236 
 
 REPORTS OF THE 
 
 [1801. 
 
 G. 
 
 STATEMENT of the quantities of the several species of Tea paying 
 duties, after deducting the Exportation^ from the Importations, jor 
 each of the years 1790 to 1800. 
 
 
 TEAS. 
 
 
 YEARS. 
 
 
 
 
 
 
 
 Bohea. 
 
 Souchong. 
 
 Hyson. 
 
 Other Green. 
 
 Total. 
 
 1790 
 
 2,059,684 
 
 368,075 
 
 530,613 
 
 SS,870 
 
 3,047,242 
 
 1791 
 
 774,008 
 
 91,123 
 
 107,934 
 
 12,932 
 
 985,997 
 
 1792 
 
 2,332,892 
 
 132,355 
 
 115,263 
 
 33,498 
 
 2,614,008 
 
 1793 
 
 1,548,933 
 
 369,6S7 
 
 82,882 
 
 8,007 
 
 2,009,509 
 
 1794 
 
 2,095,416 
 
 298,503 
 
 29,754 
 
 37,241 
 
 2,460,914 
 
 1795 
 
 2,079,6S7 
 
 146,457 
 
 99,727 
 
 48,247 
 
 2,374,11S 
 
 1796 
 
 1,778,007 
 
 73,578 
 
 239,102 
 
 219,572 
 
 2,310,259 
 
 1797 
 
 1,392,271 
 
 185,359 
 
 206,177 
 
 224,592 
 
 2,008,399 
 
 1798 
 
 1,079,139 
 
 333,349 
 
 194,616 
 
 283,861 
 
 1,890,965 
 
 1799 
 
 3,412,674 
 
 309,598 
 
 240,861 
 
 538,370 
 
 4,501,503 
 
 1800 
 
 1,891,434 
 
 694,802 
 
 533,613 
 
 677,785 
 
 3,797,634 
 
 Total, - 
 
 20,444,145 
 
 3,002,836 
 
 2,380,542 
 
 2,172,975 
 
 28, 000, 548 
 
 Total duty, 
 
 2,453,297 
 
 540.519 
 
 761,773 
 
 434,595 
 
 4,190,184 
 
 Note. — The average rate of duty is 15 cents per pound. 
 Treasury Department, 
 
 Register's Office, December \2th, 1801. 
 
 JOSEPH NOURSE, Register 
 
 «*# 
 
1801.] 
 
 SECRETARY OF THE TREASURY. 
 
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 REPORTS OF THE 
 
 [1801. 
 
 K. 
 
 STATEMENT of the amount of American and Foreign Tonnage, re- 
 spectively, employed in Foreign Trade, for each of the years 1790 to 
 1799, as taken from the records of the Treasury. 
 
 esse 
 
 American ton 
 
 Foreign Ton- 
 
 Total amount of 
 tonnage employ- 
 
 Proportion of foreign 
 tonnage to the whole 
 
 YEARS. 
 
 nage in foreign 
 trade. 
 
 nage. 
 
 ed in the foreign 
 trade of the Unit- 
 ed States. 
 
 amount of tonnage 
 employed in the fo- 
 reign trade of the 
 United States. 
 
 1790 
 
 354,767 
 
 251,058 
 
 605,825 
 
 41.4 to 100 
 
 1791 
 
 363,662 
 
 240,740 
 
 604,402 
 
 39.8 do 
 
 1792 
 
 414,679 
 
 244,278 
 
 658,957 
 
 37. do 
 
 1793 
 
 447,754 
 
 164,676 
 
 612,430 
 
 26.8 do 
 
 1794 
 
 525,649 
 
 84,521 
 
 610,170 
 
 13.8 do 
 
 1795 
 
 580,277 
 
 62,549 
 
 642,826 
 
 9.7 do 
 
 1796 
 
 675,046 
 
 49,960 
 
 725,006 
 
 6.9 do 
 
 1797 
 
 608,078 
 
 76,693 
 
 684,771 
 
 11.2 do 
 
 1798 
 
 522,245 
 
 88,566 
 
 610,811 
 
 14.5 do 
 
 1799 
 
 626,495 
 
 109,599 
 
 736,094 
 
 14.9 do 
 
 Average of the 
 
 } 
 
 
 
 
 three years, 
 
 V 377,702 
 
 245,358 
 
 623,060 
 
 39.4 to 100 
 
 1790 to 1792 
 
 3 
 
 
 
 
 Average of the 
 
 ^ 
 
 
 
 
 six years, 1793 
 
 V 559,841 
 
 87,827 
 
 647,668 
 
 13.6 to 100 
 
 to 1798 
 
 } 
 
 
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 Register's Office, December 12th, 1801. 
 
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 © o 
 
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1801.] 
 
 SECRETARY OF THE TREASURY. 
 
 243 
 
 M. 
 
 STATEMENT of the product of the Internal Revenues for 1800. 
 
 PERMANENT. 
 
 Gross amount 
 of duties. 
 
 Country stills a 
 Spirits distilled 
 
 Deduct drawbacks 
 
 Refined sugar 
 
 Deduct drawbacks 
 
 Retailers' licenses c 
 Sales at auction 
 Carriages - 
 
 - 139,839 15 
 b 50,050 25 
 
 65,240 88 
 5,882 93. 
 
 Gross revenue .... 
 
 Expenses of collection, being at the rate of 
 19 47 per cent. - - - 
 
 Nett revenue - - - • 
 
 TEMPORARY. 
 
 Stamps d 
 
 Expenses of collecting, at the rate of 4.91 
 per cent. - 
 
 Nett revenue 
 
 Total nett revenue 
 
 372,561 30 
 
 89,788 90 
 
 59,357 95 
 
 65,159 44 
 
 51,650 41 
 
 77,871 41 
 
 716,389 41 
 139,500 61 
 
 220,702 70 
 10,849 38 
 
 Dolls. 
 
 576,888 80 
 
 209,853 32 
 
 786,742 12 
 
 a Country stills, paying yearly duties - .. ■ 
 
 licenses of three months and upwards 
 
 do under three months - 
 fragments not distinguishable 
 
 Total 
 b Calculated at the same rate as in the year 1799. 
 
 c Retailers' licenses — 
 
 On wine 
 On spirits 
 
 Total 
 d The last quarter for Massachusetts estimated, 
 
 32 
 
 Capacity 
 of Stills. 
 
 Amount of 
 duty. 
 
 Niimbev 
 of Stills. 
 
 Gallons. 
 
 246,844 
 
 348,248 
 
 1,239,279 
 
 Dolk. Cls. 
 
 133,295 01 
 
 106,689 37 
 
 129,757 75 
 
 2,819 17 
 
 
 1,834,371 
 
 372,561 30 
 
 22,527 
 
 Number. 
 
 Ara't. of duty. 
 
 3,450 
 9,591 
 
 
 13,041 
 
 65,159 44 
 
244 REPORTS OF THE fI8Gl 
 
 ESTIMATE of the Quantity of Public Lands within the Indian boun- 
 dary line, North- West of the river Ohio, remaining unsold on the 1st 
 November, 1801. 
 
 East of Sciota river. 
 
 Steubenville district contains, estimated acres 1,861,124.80 
 Deduct, viz: 
 Sold at New York in 1787 95,613.76 
 
 ft Pittsburg in 1797 31,432.26 
 
 " Land Office, Steubenville, 
 
 to this clay - - 131,038.78 
 
 granted by Congress to J. H. 
 
 Dorman - - 23,040.00 
 
 311,124.80 
 
 1,550,000.00 
 
 Marietta district contains, estimated acres 1,303,841.75 
 
 Deduct, viz: 
 Sold at New York - - 19,349.75 
 " Pittsburg - - 10,573.85 
 
 " Land Office, Marietta 3,918.55 
 
 33,842.15 
 
 1,269,999.60 
 
 Chillicothe district contains, estimated acres 2,090,402.72 
 Deduct, viz: 
 Granted to settlers at Gallipolis 24,000.00 
 " to Canada and Nova Sco- 
 tia refugees - - 43,040.00 
 Sold at Land Office, Chillicothe 163,262.72 
 
 230,302.72 
 
 Military tract contains - 2,539,110.00 
 
 Deduct, viz: 
 
 Granted to UnitedBrethren 12,550.00 
 
 Ebenezer Zane's location 539.70 
 
 Military locations ascertained 1,034,556.70 
 
 Ditto estimated 11.473.60 
 
 1,860,100.00 
 
 1,059,120.00 
 
 1,479,990.00 
 
 Ohio Company reservation, estimated - SO 000.00 
 
1801.1 SECRETARY OF THE TREASURY. 045 
 
 West of the Virginia Military Lands. 
 
 East of Great Miami, viz: 
 Part of Ludlow's survey, not 
 
 included in Symmes' patent 232,268.00 
 Reservations in Symmes' patent 
 
 estimated - - - 27,732.00 
 
 North of Ludlow's survey es- 
 timated - 760,000.00 
 
 1,020,000.00 
 
 West of Great Miama, being the 
 surveyed part of Cincinnati dis- 
 trict, contains estimated acres 2,070,426.40 
 
 Deduct: 
 Sold at Cincinnati Land Office 70,426.40 
 
 2,000,000.00 
 
 3.020,000.00 
 
 Total Acres 9,260,0S9.60 
 
246 
 
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253 REPORTS OF THE [1802. 
 
 REPORT ON THE FINANCES. 
 
 DECEEffBER, 1802. 
 
 In obedience to the directions of the act, supplementary to the act, en- 
 tled " An act to establish the Treasury Department," the Secretary of the 
 Treasury respectfully submits the following report. 
 
 The permanent revenues of the United States, exclusively of fees, fines and 
 penalties, which, in a general view of the subject ma}^ be omitted, consist of 
 duties on merchandise and tonnage, proceeds of the sales of public lands, 
 and duties on postage. 
 
 The duties on postage, which were, in the annual report of last year, esti- 
 mated at 50,000 dollars, have, during the year, ending on the 30th day of 
 September last, yielded 50,500 dollars. The decrease of ship letters, the 
 extension of the establishment through unproductive roads, and the accele- 
 ration of the progress of the mail, may, however, cause some defalcation in 
 the receipts of the ensuing year. 
 
 Three hundred and twenty-six thousand and fifty-two dollars and eight 
 cents have been received, during the same year, on account of public lands; 
 of which sum, 17,162 dollars and 50 cents were paid in the Treasury, in 
 evidences of the public debt, and 179,575 dollars and 52 cents in specie; 
 the local situation of the Land Offices, not having yet rendered it practicable 
 to draw the balance from the Receivers of Public Moneys. 
 
 Three hundred and forty thousand acres of land have been sold for six 
 hundred and eighty thousand dollars, during the year ending on the 31st day 
 of October last; of which quantity near ninety-seven thousand acres w T ere 
 sold on account of pre-emptions claimed by purchasers under John Cleve 
 Symmes, and two hundred and forty-three thousand acres are the result of 
 current sales. The annexed statement (A,) designates the quantities re- 
 spectively sold in the several districts, and the annual payments receivable 
 on account of the balance of nine hundred and sixty thousand dollars due on 
 hese and the preceding sales. 
 
 From those several results it appears probable that the annual receipts 
 under this head will not, on an average, fall short of the sum of four hundred 
 thousand dollars, at which they have been estimated. 
 
 Although it had been anticipated that the receipts in the Treasury on ac- 
 count of duties on merchandise and tonnage, could not, for the present year, 
 be affected by the restoration of peace in Europe; yet the sum actually paid 
 has exceeded the most sanguine expectations. Twelve millions two hun- 
 dred and eighty thousand dollars have been received during the course of 
 the ye^r ending on the 30th day of September last; a sum larger by two 
 millions of dollars than the amount received for the same duties during the 
 preceding, or any other year; and which exceeds by twelve hundred thou- 
 sand dollars, the aggregate heretofore collected in any one year, on account 
 of both the impost and the internal duties, repealed by an act of last session^ 
 
1802.] SECRETARY OF THE TREASURY. 253 
 
 This excess, which had not been calculated upon, is considered, alone, as 
 amply sufficient to cover any possible defalcation which might, during the 
 next and ensuing year, reduce that branch of the revenue below last year's 
 estimate, of nine millions five hundred thousand dollars. Such defalcation 
 is not, however, apprehended; for, although there are not yet sufficient data 
 precisely to ascertain the effect of peace, on the amount of duties; those which 
 are in the possession of this Department tend to corroborate the presumption 
 that that sum at least, (nine millions and a half,) will hereafter be annually 
 received. The statement (B,) which exhibits a comparative view of that 
 revenue for each quarter, during the last two years, shows that the amount 
 of duties accrued during the nine first months of the present year, exceeds 
 eleven millions three hundred thousand dollars; and, after deducting three 
 millions five hundred thousand dollars, amount of debentures issued during 
 the same period on account of re-exportations of foreign goods, leaves for 
 those three quarters, a balance of more than seven millions eight hundred 
 thousand dollars, subject to no other deduction but the expenses of collection; 
 and from the knowledge already obtained of the importations, during the 
 present quarter, as well as from the gradual diminution of re-exportations, no 
 doubt remains that the nett revenue, accruing during the whole year, will 
 exceed the estimate. 
 
 From present appearances the whole of the permanent revenues of the 
 United States may, therefore, be reasonably computed at ten millions of dol- 
 lars; of which sum, seven millions three hundred thousand dollars are ap- 
 propriated for the payment of the principal and interest of the public debt, 
 and two millions seven hundred thousand dollars are applicable to the current 
 expenses of government. 
 
 According to the estimates for the year 1803, those expenses will, exclu- 
 sively of a sum of one hundred and eighty thousand dollars, wanted to cover 
 the Navy deficiencies of the years 1801 and 1802, but including sundry 
 permanent appropriations which make no part of the annual estimates, 
 amount to two millions six hundred and sixty thousand dollars: to wit — 
 
 For the Civil Department, and ail domestic expenses of a civil 
 nature -----__ $680,000 
 
 For expenses attending the intercourse with foreign nations, 
 including prize causes and Barbary powers - - 250,000 
 
 For the Military and Indian Departments - - 830,000 
 
 For the Naval establishment, calculated on a supposition that 
 six frigates shall be kept in constant employment - - 900,000 
 
 $2,660,000 
 
 Neither the payments due on account of the convention with Great Bri- 
 tain, and which will, for three years, amount annually to eight hundred and 
 eighty-eight thousand dollars, nor the instalments and interest on account of 
 the 200,000 dollars loan obtained from the State of Maryland, for the City of 
 Washington, are included in that calculation, as they may be defrayed out of 
 the following resources, which make no part of the permanent revenues, viz: 
 
 1st. The surplus of specie in the Treasury, which, as the whole amount 
 there will not at the close of the present year fall much short of five mil- 
 lions of dollars, far exceeds the sum which it is prudent to keep. 
 
 2dly. The uncollected arrears of the direct tax, estimated at four hundred 
 thousand dollars. And, 
 
$54 REPORTS OF THE [1802. 
 
 3dly. The outstanding uncollected internal duties, amounting to near seven 
 hundred thousand dollars. 
 
 The only embarrassment experienced during the course of last year, arose 
 from the difficulty of procuring the remittances necessary to meet the large 
 instalments of the debt due in Holland. The impossibility of obtaining 
 bills on that country, to the amount wanted by government, and the loss 
 which, on account of the rate of exchange, must be incurred by remitting 
 circuitously through England, induced the Secretary of the Treasury to re- 
 commend, in a report to the Commissioners of the Sinking Fund, (marked 
 C,) a recourse to bank stock, as the most favorable mode of remitting. 
 
 Of the five thousand shares in the stock of the Bank of the United States., 
 originally subscribed hy the United States, 2,7S0 shares had been sold 
 in 1796, by virtue of the act, entituled "An act making provision for the 
 payment of certain debts of the United States," and for the purpose of 
 discharging a part of the debt clue to the bank. The remaining 2,220 
 shares were now, under the same authority, sold at 45 per cent, ad- 
 vance. The 1,287,600 dollars which they produced, were, in conformity 
 to the provisions of the said act, applied towards discharging an equal 
 amount of that part of the debt which had become due to the bank before or 
 during the year 1796; and the purchaser of the stock sold, at the same time, 
 to the Treasury, an equal sum in bills on Holland, at 41 cents per guilder, 
 the securing of which large amount, at that rate, was the inducement, on the 
 part of government, to dispose of the bank stock on those terms. As the 
 dividend usually received on the bank stock sold, and the annual interest 
 payable on the debt due to the bank, thus extinguished, were nearly equal, 
 the July half yearly dividend on the stock was, in fact, the premium paid 
 for the purpose of effecting the remittance ; and government has thereby 
 been enabled to obtain, without raising the price of exchange, the whole 
 amount wanted to meet the payments due in Holland, till the month of Sep- 
 tember, 1803. 
 
 Exclusively of, and in addition to, the debt of 1,287,600 dollars thus paid 
 to the bank out of the proceeds of the sales of bank shares, a sum of eight 
 millions three hundred and thirty-four thousand seven hundred and fifty-se- 
 ven dollars and eighty-nine cents, has been paid out of the Treasury during 
 the year, ending on the 30th day of September last, on account of the princi- 
 pal and interest of the public debt; and the payments in part of the principal 
 of the debt made during the same period, have been as followeth: 
 
 1st. The payments on account of the principal and interest 
 
 of the domestic debt, have been - - - - §4,628,105 39 
 
 From which deducting one year's interest on the same - 3,470,259 75 
 
 Leaves a sum, applied to the reimbursement of the principal 
 
 of the 6 per cent, and deferred stocks, of - - - 1,157,845 64 
 
 '2d. Paid to foreign officers, and for the registered debt - 9,603 18 
 
 3d. Principal of domestic loans (exclusively of the 1,287,600 
 
 dollars paid out of the proceeds of bank shares) - - 202,400 00 
 
 4th. Evidences of public debt paid for lands - - 17,162 5© 
 
 5th. The payments on account, of the princi- 
 pal and interest of the foreign debt, have 
 been - 3,310,874 32 
 
 From which sum deducting one 
 year's interest and charges, 
 equal to - 462,731 00 
 
1802.] SECRETARY OF THE TREASURY. 255 
 
 And, on account of the different 
 rates at which bills have been 
 purchased, and of sundry bills 
 returned for non-payment, and 
 now in suit, a further sum 
 of - - - - 82,284 9S 
 
 545,015 98 
 
 Leaves applicable to payment of the principal - - 2,765,858 34 
 
 4,152,869 66 
 Amounting altogether to four millions one hundred and 
 fifty-two thousand eight hundred and sixty-nine dollars 
 and sixty-six cents. And if to that sum shall be added the 1,287,600 00 
 
 paid on account of the principal of the debt due to the 
 bank, out of the proceeds of the sale of the bank shares, 
 the total amount of debt extinguished during that year, 
 will be found to exceed five millions four hundred and 
 forty thousand dollars ----- 5,440,469 66 
 
 The balance of specie in the Treasury, which on the first day of October, 
 1801, amounted to 2,94S,718 dollars, and 73 cents; hadencreased on the first 
 October, 1802, to the sum of 4,539,675 dollars, and 57 cents; making a dif- 
 ference in favor of the Treasury, of 1,590,956 dollars, and 84 cents, which 
 last sum added to the above-mentioned payment of 4,152,869 dollars and 
 66 cents — made out of the Treasury, on account of the principal of the pub- 
 lic debt; makes an actual difference in favor of the United States, of more 
 than five millions seven hundred and forty thousand dollars, during that 
 year. 
 
 The payments on account of the principal of the public debt, from the 1st 
 day of April, 1801, to the 30th day of September, 1S02, (exclusively of, and 
 in addition to the bank debt, discharged out of the proceeds of bank shares,) 
 amounts to, - - - - - - $ 5,339,886 44 
 
 Viz: 
 
 On account of the domestic debt - $ 1,334,942 81 
 On account of the foreign debt, - 3,302 543 63 
 
 And in repayment of temporary loans, 702,400 00 
 
 $5,339,8S6 44 
 And if to that sum shall be added the increase of specie in 
 the Treasury during the same period, which, (as the 
 amount on the 1st April, 1801, did not exceed 1,794,044 
 dollars and 85 cents,) amounts to - - , - - 2,745,630 72 
 
 The difference in favor of the United States, for those 
 eighteen months, will be found equal to eight millions, 
 eighty-five thousand and five hundred and seventeen dollars 
 and sixteen cents. - - - - $8,085,517 16 
 
 Of the annual appropriation of 7,300,000 dollars, for the principal and in- 
 terest of the public debt, near three millions nine hundred thousand dollars 
 will be wanted to pay the interest which falls due in the year 1803, and the 
 
256 REPORTS OF THE [ 1802. 
 
 residue, amounting to three millions four hundred thousand dollars, may be 
 considered as the sum applicable, during that year, to the extinguishment of 
 the principal of the debt. 
 
 From all which it results, that so long as the United States shall not be af- 
 flicted by any unforeseen calamity, and whilst the public expenditures shall 
 be kept within their present limits, there does not appear any necessity for 
 increasing the public revenues. 
 
 All which is most respectfully submitted, by 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 Treasury Department, December 16th, 1802. 
 
SECRETARY OF THE TREASURY. 
 
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260 REPORTS OF THE [1802. 
 
 C. 
 
 At a meeting of the Commissioners of the Sinking Fund, on the 7th of 
 June, 1802: 
 
 Present — The Secretary of State, 
 
 The Secretary of the Treasury, 
 
 The Attorney General of the United States. 
 
 The Secretary of the Treasury reported to the Board, that provision has 
 already been made, to meet nearly all the demands which will become due 
 in Holland, during the course of the present year; but, that it is necessary to 
 make immediate provision for the payments on account of principal and in- 
 terest, which fall due there, during the first five months of the year 1803, 
 and amounting to four millions four hundred and thirty-nine thousand eight 
 hundred and thirty guilders, and payable at the following periods, viz: 
 
 1st of January, - - - 872,700 guilders. 
 
 1st of February, - - - 986,350 " 
 
 1st of March, - ■ - - 601,000 " 
 
 1st of June, - - - 1,979,780 " 
 
 That from the great diminution of trade, between this country and Hol- 
 land, he has ascertained during his late excursion to New York and Philadel- 
 phia, that it is impracticable to obtain bills on Holland, to that amount; that 
 the rate of exchange is already forty-one cents per guilder, and that any 
 attempt on the part of the government, to procure the large amount now 
 wanted, would indubitably raise, considerably, the rate of exchange: 
 
 That if it shall be attempted to remit, by the way of England, the loss will 
 be also considerable; the present rate of exchange with that country being 
 now above par, and raising, and would indubitably be enhanced, should gov- 
 ernment come into the market for large purchases; and the rate of exchange 
 between England and Holland, being, by the last advices, ten guilders eight 
 Stivers per pound stsrling, nor likely to become more favorable, which, sup- 
 posing the whole amount in bills on England to be procurable, (which is not 
 believed to be the fact,) at 16S, would, including the commission of one per 
 cent, in England, amount to forty-three and a half cents per guilder: 
 
 That the Bank of the United States having been applied to, has refused 
 to undertake to contract for making the necessary remittance; and that the 
 two only considerable offers made to the Secretary, are now submitted to 
 the Board, viz: 
 
 The Manhattan Company offer to remit the whole, at the rate of forty- 
 three cents per guilder. 
 
 Alexander Baring offers to remit guilders 3,140,487 16£, payable in 
 Amsterdam, at the following dates, viz: 
 
 1st of January, 1803, - - - 605,000 guilders. 
 
 1st of February, ... 685,000 do. 
 
 1st of March, - - 425,000 do. 
 
 1st June, - 1,425,487 16| do. 
 
 and, at the rate of forty-one cents per guilder: provided, however, that the 
 United States shall sell to him the two thousand two hundred and twenty 
 shares of the Bank of the United States, owned by the United States, at 
 forty-five per cent, advance, or at the rate of five hundred and eighty dollars 
 per share; which last proposition is recommended by the Secretary of the 
 Treasury as the most eligible; as, exclusively of the advantageous rate of ex- 
 
1802.1 SECRETARY OF THE TREASURY. 261 
 
 change thereby secured, the transaction will not have any unfavorable effect 
 on the rate of exchange generally, and by so considerably diminishing the 
 demand, will enable the United States to obtain what is still wanted, at a rea- 
 sonable rate; and because, in his opinion, the price obtained for the Bank 
 shares, is more than could be obtained were they thrown in the market for 
 sale, and more than their intrinsic value. Whereupon, it was 
 
 Resolved, by the Board, "That the Secretary of the Treasury be authorized 
 to sell the shares of the stock of the Bank of the United States belonging to 
 the United States, and that the proceeds thereof be applied to the payment 
 of the capital or principal of any part of the debt of the United States, which 
 had become due to the Bank of the United States, before, or during the course 
 of the year 1796, and which remains still unpaid, in conformity to the pro- 
 visions of the act entitled " An act making provision for the payment of cer- 
 tain debts of the United States," passed on the 31st day of May, 1796. 
 (Signed) 
 
 JAMES MADISON, Secretary of State. 
 ALBERT GALLATIN, Secretary of the Treasury, 
 LEVI LINCOLN, Attorney General. 
 Attest: 
 
 Edward Jones, Secretary of the Board of 
 
 Commissioners of Sinking Fund. 
 
262 REPORTS OF THE £ 180 3, 
 
 REPORT ON THE FINANCES. 
 
 OCTOBER, 1803. 
 
 In obedience to the directions of the act, supplementary to the act, enti- 
 tled "An act to establish the Treasury Department," the Secretary of the 
 Treasury respectfully submits the following report and estimates. 
 
 The annualTTett proceeds of the duties on merchandise and tonnage, had, 
 in former reports, been estimated at nine millions five hundred thousand 
 dollars. That estimated revenue, predicated on the importations of the 
 years immediately preceding the late European war, and on the ascertained 
 ratio of increase of the population of the United States, appears, from the 
 experience of the two last years, to have been underrated. The nett reve- 
 nue arising from that source, which accrued during the year 1802, exceeds 
 ten millions one hundred thousand dollars. The revenue which has accrued 
 during the two first quarters of the present year, appears, from the best esti- 
 mate that can now be formed, to have been only fifty thousand dollars less 
 than that of the two corresponding quarters of the year 1802; and the re- 
 ceipts in the Treasury, on account of the same duties, during the year end- 
 ing the 30th of September last, have exceeded ten millions six hundred thou- 
 sand dollars. Those facts afford satisfactory evidence that the wealth of 
 the United States increases in a still greater ratio than their population, and 
 induce a belief that this branch of the public revenue may now be safely cal- 
 culated at ten millions of dollars. 
 
 From the statement (A,) it will appear, that the same revenue for the 
 two last years of the late European war, (1S00 and 1801,) calculated at the pre- 
 sent rate of duties, averaged 11,600,000 dollars a year; but, although it 
 might, with some degree of probability, be supposed that the renewal of 
 hostilities will again produce a similar increase, no inference from that period 
 is drawn in this report, in relation to the revenue of the ensuing years. 
 
 The statement (B,) shows the several species of merchandise on which 
 the duties on importations were collected, during the year 1S02, the por- 
 tion of that revenue which was derived from drawbacks, and that which 
 arose from the extra duty on merchandise imported in foreign vessels. 
 
 Although the sales of the public lands, during the year ending on the 30th 
 day of September last, were affected by the situation of the western country, 
 two hundred thousand acres have been sold during that period; and, as it 
 appears by the statement (C,) that, independent of future sales, the sums al- 
 ready paid to the Receivers, together with those which, exclusively of in- 
 terest, fall due during the three ensuing years, amount to 1,250,000 dollars, 
 the annual revenue arising from the proceeds of those sales, cannot be esti- 
 mated at less than four hundred thousand dollars. 
 
 The extension of post roads, and the acceleration of the mail, whilst 
 diffusing and increasing the benefits of the institution, have, as an object of 
 revenue, rendered it less productive. The receipts from that source have 
 amounted, during last year, to 27,000 dollars; but, as neither these, nor 
 
1803.] 
 
 SECRETARY OF THE TREASURY. ggg 
 
 those arising from some other smaller incidental branches, are of sufficient 
 importance to affect any general result, the whole existing revenue of the 
 United States will be computed at only ten millions four hundred thou- 
 sand dollars. 
 
 The permanent annual expenses of government, which, under existing 
 laws, must be defrayed out of that revenue, amount to nine millions eight 
 hundred thousand dollars, to wit: 
 
 1st. The annual appropriation of 7,300,000 dollars, for the pay- 
 ment of the principal and interest of the debt; of which about 
 three millions and a half are at present applicable to the dis- 
 charge of the principal, and the residue to the payment of in- 
 terest - - - - - - - $7,300,009 
 
 2d. The current expenses of government, which, ac- 
 cording to the estimates for the year 1804, consist of 
 the following items, viz: 
 For the Civil Department, and all domestic expenses 
 
 of a civil nature - - - - 791,000 
 
 ■ For expenses attending the intercourse with foreign 
 nations, including the permanent appropriation for 
 Algiers, and all other expenses relative to the Bar- 
 bary powers ----- 184,000 
 
 For the Military and Indian Departments - 875,000 
 
 For the Naval Establishment, calculated on the sup- 
 position that two frigates and four smaller vessels 
 shall be kept in commission - 650,000 
 
 2,500,000 
 
 9,800,000 
 And deducted from the permanent revenue of - - 10,400,000 
 
 Leave a surplus revenue of six hundred thousand dol- 
 lars applicable to other objects. - - - - $600,000 
 
 The following extraordinary resources and demands, not being of a perma- 
 nent nature, are not included in that calculation, to wit: 
 The specie in the Treasury, which, on the 30th day of Septem- 
 ber last, amounted to - 5,860,000 
 The arrears of the direct tax, estimated at - - , - 250,000 
 The outstanding internal duties amounting to near, - -, 400,000 
 And the sum which will be repaid to the United States on ac- 
 count of advances heretofore made in England for the prose- 
 cution of claims, estimated at - 150,000 
 
 ;,660,000 
 
 Constituting an aggregate of more than six millions six hundred 
 thousand dollars, which, after reserving the sum which it is 
 necessary to keep in the Treasury, will be sufficient to dis- 
 charge the demands due on account of the convention with 
 Great Britain, and amounting to - - - - $2,664,000 
 
 Sundry extraordinary expenses in relation to the conventions 
 
 with France and Great Britain, estimated at - - - 100,000 
 
£64 REPORTS OF THE [1803. 
 
 The loan obtained from the State of Maryland for the City 
 
 of Washington, amounting to - - - - 200,000 
 
 And also to pay two millions of dollars - - - 2,000,000 
 
 on account of the purchase of Louisiana; being the same sum 
 
 which was reserved for the purposes contemplated by the law of 4,964,000 
 the last session, appropriating that amount for the extraordinary - ■ 
 expenses attending the intercourse with foreign nations. 
 It appears by the estimate (D,) that during the year ending on 
 the 30th September last, the payments from the Treasury, on 
 account of the public debt, have amounted to - - 3,096,700 
 
 Which, together with the increase of specie in the Treasury, 
 
 during the same period, amounting to - 1,320,000 
 
 Makes an actual difference in favor of the United States, of 
 more than four millions four hundred thousand dollars during 
 that year. - - - - - - _ 4,416700 
 
 The payments on account of the principal of the public debt, 
 from the 1st day of April, 1801, to the 30th day of September, 
 1803, have amounted, as appears by the estimate (E,) to - $9,924,004 
 
 The specie in the Treasury, on the 1st day of April, 
 
 1801, amounted to - - - 1,794,000 
 
 And on the 30th day of September, 1803, to - 5,860,000 
 
 Making an increase of - - - - 4,066,000 
 
 Those two items constitute an aggregate of 13,990,004 
 
 From which, deducting the extraordinary resource arising from 
 
 the sales of the bank shares, which produced - - 1,287,600 
 
 Leaves for the amount of the true difference - - 12,702,404 
 
 In favor of the United States, for that period of two years and a halt, a 
 sum of twelve millions seven hundred thousand dollars. 
 
 From that view of the present situation of the financial concerns of the 
 United States, it seems that the only question which requires consideration, 
 is, whether any additional revenues are wanted in order to provide for the 
 new debt, which, if Congress shall pass the laws neeessary to carry the treaty 
 with France into effect, will result from the purchase of Louisiana. 
 
 The sum which the United States may have to pay by virtue of that trea- 
 ty, amounts to fifteen millions of dollars, and consists of two items: 1st, 
 11,250,000 dollars payable to the government of France, or to its assignees, 
 in a stock bearing an interest of six per cent., payable in Europe, and the prin- 
 cipal of which will be discharged at the Treasury of the United States, in 
 four instalments, the first of which shall commence in the year 1818. 2dly, 
 A sum which cannot exceed, but may fall short of, 3,750,000 dollars, paya- 
 ble in specie at the Treasury of the United States, during the course of the 
 ensuing year, to American citizens having claims of a certain description on 
 the government of France. 
 
 It has already been stated that two millions of dollars may be paid from 
 the specie now in the Treasury, on account of the last item; and the whole 
 amount of the new debt which may eventually be created, cannot, therefore, 
 exceed thirteen millions of dollars,, the annual interest of which is equal to 
 
1803.1 SECRETARY OF THE TREASURY. qc } 5 
 
 780,000 dollars; but, on account of commissions and variations of exchange, 
 will be estimated at eight hundred thousand dollars. 
 
 The existing surplus revenue of the United States will, as has been stated, 
 be sufficient to discharge six hundred thousand dollars of that sum; and it is 
 expected that the nett revenue collected at New Orleans will be equal to the 
 remaining two hundred thousand dollars. That opinion rests on the suppo- 
 sition that Congress shall place that port on the same footing as those of the 
 United States, so that the same duties shall be collected there, on the import- 
 ation of foreign merchandise, as are now, by law, levied in the United 
 States, and that no duties shall be collected, either on the exportation of 
 produce or merchandise, from New Orleans to any other place; nor on any 
 articles imported in the United States from the ceded territories, or into those 
 territories, from the United States. 
 
 The statements F, G, H, exhibit the annual exports and imports of the 
 United States, to and from Florida and Louisiana, for the years 1799 to 
 1802; and the statement (G,) particularly shows, that the exportations 
 from the Atlantic States to those colonies, of articles, not of the growth, 
 produce, or manufacture of the United States, amounted for the three years,. 
 1799, 1800, and 1801, to 6,622,1S9 dollars, making an average of more than 
 two millions two hundred thousand dollars of foreign articles liable to pay 
 duty, annually imported into Florida and Louisiana from the United States 
 alone. 
 
 It is ascertained that the exportations from the United States to Florida 
 are so trifling, that, that statement may be considered as applying solely to 
 New Orleans; and it is also known, that almost the whole of those importa- 
 tions were consumed within that colony; and that, during the war, the sup- 
 plies from the United States constituted by far the greater part of its im- 
 ports. 
 
 From thence it results^ that the annual importations into the ceded territo- 
 ry, of articles destined for the consumption of its own inhabitants, and 
 which will, under the revenue laws of the United States, be liable to pay 
 duty, may safely be estimated at two millions five hundred thousand dollars; 
 an amount which, at the present rate of duties, will yield a revenue of about 
 350,000 dollars. 
 
 From that revenue must be deducted 150,000 dollars, for the following 
 items, viz: 
 
 1st. The amount of duties on a quantity of sugar and indigo, equal to that 
 whieh shall be imported from New Orleans to the United States, as those ar- 
 ticles, being imported free from duty, will diminish by so much the revenue 
 now collected in the seaports of the United States. The whole amount of 
 sugar exported from New Orleans is less than 4,000,000 of pounds, and 
 that of indigo is stated at about 30,000 pounds. Supposing, (which, on ac- 
 count of that exemption, is not improbable,) that the whole of those articles 
 should hereafter be exported to the United States, the loss to the revenue 
 will be about 100,000 dollars. 
 
 2d. No increase of expense in the military establishment of the United 
 States is contemplated on account of the acquisilion of territory; but the 
 expenses of the civil administration of the province, and those incident to the 
 intercourse with the Indians, are estimated at 50,000 dollars: leaving for the 
 nett revenue derived from the province, and applicable to the payment of the 
 interest of the new debt, 200,000 dollars, as above stated. The only provi- 
 sions, which, if that view of the subject be correct, appear necessary, and are 
 
26G REPORTS OF THE [1803. 
 
 respectfully submitted, are, 1st, In relation to the stock of 11,250,000 dollars, 
 to be created in favor of the government of France, or of its assignees. 
 
 That that debt be made a charge on the sinking fund, directing the Com- 
 missioners of the fund to apphr so much of its proceeds as may be necessary 
 for the payment of interest, and reimbursement or redemption of the princi- 
 pal, in the same manner as, by the existing laws, they are directed to do 
 in relation to the payment of interest and discharge of the principal of the 
 debt now charged on that fund. 
 
 That so much of the duties on merchandise and tonnage as will be equal 
 to seven hundred thousand dollars, being the sum wanted to pay the inter- 
 est of that new stock, be added to the annual permanent appropriation for 
 the sinking fund, making, together with the existing appropriation, eight 
 millions of dollars, annually applicable to the payment of the interest and 
 principal of the-public debt. 
 
 And that the said annual sum of eight millions of dollars, remain thus 
 pledged., and be vested in the Commissioners of the Sinking Fund, in trust for 
 the said payments, until the whole of the existing debt of the United States 
 and of the new stock shall have been reimbursed or redeemed. 
 
 As a sum equal to the interest accruing on the new stock, will thus be 
 added to the sinking fund, the operation of that fund, as it relates to the ex- 
 tinguishment of the existing debt, will remain precisely on the same footing 
 as has been heretofore provided by Congress. The new debt will neither 
 impede or retard the payment of the principal of the old debt; and the fund 
 will be sufficient, besides paying the interest on both, to discharge the principal 
 of the old debt before the year IS 18, and that of the new within one year 
 and a half after that year. 
 
 2d. In relation to the American claims, the payment of which is assumed 
 by the convention with France: 
 
 That a sum not exceeding 3,750,000 dollars, inclusive of the two millions 
 appropriated by a law of tbe last session of Congress, for defraying the ex- 
 traordinary expenses incident to the intercourse with foreign nations, be ap- 
 propriated for the payment of those claims, to be paid out of any moneys in 
 the Treasury not otherwise appropriated. 
 
 That, for the purpose of effecting the whole of that payment, the President 
 P of the United States be authorized to borrow a sum not exceeding 1,750,000 
 dollars, at an interest not exceeding six per cent, a year. 
 
 And, that so much of the proceeds of the duties on merchandise and ton- 
 nage, as may be necessary, be appropriated for the payment of the interest, 
 ; and for the reimbursement of the principal of the loan, which may eventually 
 be effected by virtue of the preceding provision. 
 
 It is not proposed to charge that loan on the sinking fund, because its 
 amount, in case it shall be effected, cannot at present be ascertained; and, be- 
 cause it may, perhaps, under the then existing circumstances of the Treasury, 
 be found more expedient not to borrow the money, and in lieu of it, to pay 
 out of the sinking fund, the whole, or a part of the two last instalments, pay- 
 able by virtue of the convention with Great Britain, as authorized by the act 
 making provision for the payment of the whole of the public debt. 
 
 It is evident that the possibility of thus providing for the payment of the 
 interest of a new debt of thirteen millions of dollars, without either recur- 
 ring to new taxes, or interfering with the provisions heretofore made for the 
 payment of the existing debt, depends on the correctness of the estimate of 
 the public revenue which has been submitted. Although it is not without. 
 
1803.] SECRETARY OF THE TREASURY. £67 
 
 diffidence that the hope of such favorable result is entertained, some reliance 
 is placed on the solidity of the basis on which the estimate is grounded. It 
 rests principally on the expectation that the revenue of the ensuing year 
 shall not be less than that which accrued during the year 1802. No part of 
 it depends on the probable increase which may result from the neutrality of 
 the United States during the continuance of the war in Europe, nor even on 
 the progressive augmentation, which, from past experience, may naturally 
 be expected to arise from the gradual increase of population and wealth. 
 Nor has that effect been taken in consideration, which the uninterrupted free 
 navigation of the Mississippi, and the acquisition of New Orleans, may have, 
 either on the sales of the public lands, or on the general resources of the 
 inhabitants of the western States. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 35 
 
268 
 
 REPORTS OF THE 
 
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1S03.] 
 
 SECRETARY OF THE TREASURY. 
 
 269 
 
 STATEMENT A— Continued. 
 
 *3 STATEMENT of the amount of American and Foreign Tonnage, 
 respective/!/ employed in Joreign trade, for each of the years 1800, 
 1801, and 1802, as taken from the records of the Treasury. 
 
 
 
 
 
 Proportion of 
 
 
 
 
 Total amount of tonnage 
 
 foreign ton- 
 
 
 
 
 employed in the foreign 
 
 nage to the 
 
 Years. 
 
 American tonnage 
 
 Foreign ton- 
 
 trade of the United 
 
 whole am't of 
 tonnage em- 
 
 
 in foreign trade. 
 
 nage. 
 
 
 ployed in the 
 foreign trade 
 of the United 
 
 States. 
 
 1800 
 
 $ 682,871 
 
 $ 123,882 
 
 $ 806.753 
 
 15.4*0 100 
 
 1801 
 
 849,302 
 
 158,365 
 
 1,007,667 
 
 15.7 to 100 
 
 1802 
 
 787,301 
 
 143,366 
 
 930,667 
 
 15.4 to 100 
 
 Treasury Department, 
 
 Register's Office, October 24, 1803. 
 
 JOSEPH JNOURSE, Register. 
 
276 REPORTS OF THE [1803. 
 
 B. 
 
 Jl STATEMENT exhibiting the value and quantities, respectively, 
 of Merchandise, on which duties actually accrued, during the year 
 1802, {consisting of the difference between articles paying duty, im- 
 ported, and those entitled to drawback, re-exported,) and, also, of the 
 nett revenue which accrued during that year, front duties on merchan- 
 dise, tonnage, passports, and clearances. 
 
 Goods paying duties ad valorem, viz: 
 
 g 23,377,717, at 12^ per cent. g 2,922,214 62 
 
 7,888^614, 15 do 1,183,292 10 
 
 439,830, 20 do 87,966 00 
 
 31,706,161 4,193,472 72 
 
 a Spirits, 7,720,232 galls, at 29.2 cts. av. 2,253,496 17 
 
 b Sugar, 39,443,814 lbs. 2h do 975,755 61 
 
 Salt, 3,244,309 bushels, 20 648,861 80 
 
 c Wines, 1,912,274 galls. 33.9 av. 683,816 72 
 
 d Teas, 2,406,938 lbs. 15.9 av. 382,699 00 
 
 Coffee, 6,724,220 lbs. 5 336,21100 
 
 Molasses, 6,317,969 galls. 5 315,898 45 
 
 e All other articles, - 286,533 00 
 
 10,076,744 47 
 Deduct amount of duties refunded, 13,331 99 
 
 10,063,412 48 
 
 f Three and a half per cent, retained on drawbacks 153,275 45 
 Extra duty of 10 per cent, on merchandise imported in 
 
 foreign vessels ----- 180,088 00 
 
 Nett amount of duties on merchandise - 10,396,775 93 
 
 Duties on tonnage - - - - 160,424 70 
 
 Duties on passports and clearances - - 13,862 00 
 
 Gross revenue, per statement A - - 10,571,062 63 
 
 g Sundry accounts, not yet received, estimated 30,000 00 
 
 10,601,062 63 
 Deduct expenses of collection - 484,018 06 
 
 Nett revenue 10,117,044 57 
 
1803.] 
 
 SECRETARY OF THE TREASURY. 
 
 £71 
 
 Explanatory Statements and Notes. 
 
 et Spirits, viz: 
 
 
 
 
 
 Grain, 1st proof, 
 
 648,624 galls. 
 
 at 28 cts. 
 
 $ 181,614 72 
 
 2d do 
 
 10S,909 
 
 29 
 
 
 31,583 61 
 
 3d do 
 
 5,670 
 
 31 
 
 
 1,757 70 
 
 4th do 
 
 57,914 
 
 34 
 
 
 19,690 76 
 
 5th do 
 
 1,389 ' 
 
 40 
 
 
 555 60 
 
 6th do 
 
 5,696 
 
 50 
 
 
 2,848 00 
 
 Other materials, 1st & 2d p'f. 
 
 1,268,436 
 
 25 
 
 
 317,109 00 
 
 3d proof 
 
 3,070,480 
 
 28 
 
 
 S59,734 40 
 
 4th do 
 
 2,957,373 
 
 32 
 
 
 946,359 36 
 
 5th do 
 
 52,199 
 
 38 
 
 
 19,835 62 
 
 6th do 
 
 1,198 
 
 46 
 duties 
 
 551 08 
 
 Imported 
 
 8,177,SS8 
 
 2,381,639 85 
 
 Exported 
 
 457,656 
 
 
 do 
 do 
 
 12S,143 68 
 
 Consumed 
 
 7,720,232 
 
 2,253,496 17 
 
 41,511,762 lbs. at 2i cts. 
 Deduct excess of white, exported 2,067,948 3 
 
 h Sugar, brown 
 
 39,443,S14 
 
 c Wines, viz: Madeira, 1st quality, 
 
 do 2d do 
 
 Sherry and St. Lucar, 639,960 
 
 Oporto and Lisbon, 275,234 
 
 Burgundy & Champaigne, 3,952 
 
 Teneriffe, Fayal, and Malaga, 624,856 
 
 Other in bottles, 51,443 
 
 do in casks, 80,285 
 
 172,273 at 58 cts. 
 64,271 50 
 40 
 30 
 45 
 2S 
 35 
 23 
 
 1,037,794 05 
 
 62,03S 44 
 
 975,755 61 
 
 99,918 34 
 
 32,135 50 
 
 255,984 00 
 
 82,570 20 
 
 1,778 40 
 
 174,959 68 
 
 18,005 05 
 
 18,465 55 
 
 Gallons, 1,912,274 duties, §683,816 72 
 
 d Teas, viz: 
 
 Bohea, 
 Souchong, 
 Hyson, 
 Other green, 
 
 1,413,268 at 12 cents 
 138,860 IS 
 142,917 32 
 
 711,893 20 
 
 lbs. 2,406, 93S 
 
 $ 169,592 16 
 
 24,994 80 
 
 45,733 44 
 
 142, 37S 60 
 
 duties, $382,699 00 
 
272 
 
 REPORTS OF THE 
 
 [1803. 
 
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1803.] 
 
 SECRETARY OF THE TREASURY. 
 
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1803.] 
 
 SECRETARY OF THE TREASURY. 
 
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276 REPORTS OF THE [1803. 
 
 D. 
 
 JIN ESTIMATE of the Principal redeemed of the. Debt of the United- 
 States, from 1st October, 1802, to 30th September, 1803. 
 
 On account of the Domestic Debt. 
 
 The amount of warrants issued on the Trea- 
 surer of the United States, during that 
 period, according to the quarter yearly 
 statement of receipts and expenditures, 
 exclusive of §2,047^0 repaid into the 
 Treasury, was_- - - - $4,606,352 35 
 
 Deduct interest, which accrued during the 
 
 same period, calculated quarter yearly - 3,399,555 33 
 
 Leaves the amount of principal discharged 1,206,797 02 
 
 Payments were made into the Treasury, in certificates of 
 
 the debt of the United States, for lands purchased - 5,343 17 
 
 Payments were made to foreign officers, and of certain parts 
 
 of the domestic debt - - - - 32,868 22 
 
 On account of the Foreign Debt. 
 
 The amount of warrants issued on the Trea- 
 surer, exclusive of §108,319-/^ repaid 
 into the Treasury, including g5, 502, re- 
 ceived for damages on bills pro tested,was 2,278,977 16 
 Deduct interest one year - 400,100 00 
 Commissions, at I per cent. - 4,001 00 
 Add the difference between 41 
 cents per guilder, and 40, the 
 par, on 2,868,588 7 6 - 28,685 88 
 
 432,786 88 
 Deduct damages received - 5,502 00 
 
 427,284 88 
 
 1,851,692 28 
 
 Amounting to - - - 83,096,700 69 
 
 Treasury Department, 
 
 Register's Office, October 22d, 1803. 
 
 JOSEPH NOURSE, Register. 
 
1803.] SECRETARY OF THE TREASURY. 377 
 
 E. 
 
 An estimate of the Principal redeemed of the Debt of the United States, 
 from the 1st April, 1801, to the 30th September, 1803. 
 
 On account of the Domestic Debt. 
 
 The payments from the Treasury of the United States were as follows: 
 From 1st April 1801, to the 31stDecem- 
 
 ber following, - - - $3,613,378 65 
 
 1st January, 1802, to 31st December 
 
 following, - - - 4,618,021 39 
 
 1st January, 1803, to 30th Septem- 
 ber following, - - 3,033,828 76 
 
 11,265,228 80 
 Deduct interest which accrued during the 
 
 above periods, viz. 
 From 1st April, 1801, to 31st December 
 
 following, $2,633,636 70 
 
 1st January, 1802, to 
 31st December follow- 
 ing, - 3,451,696 97 
 1st Janury, 1803, to 
 30th September fol- 
 lowing, - 2,538,378 91 
 
 Total interest which accrued, calculated ^ 
 
 on the real amount of principal, at > 8,623,712 58 
 
 the several rates of interest, 3 
 
 Paid on account of principal, - 2,641,516 22 
 
 Whereof, 
 From 1st April, 1801, to 31st December 
 
 following, - - - 979,741 95 
 
 1st January, 1802, to 31st Decem- 
 ber following, - - - 1,166,324 42 
 1st January, 1803, to 30th Septem- 
 ber following, - 495,549 85 
 
 As above, ... - $2,641,516 22 
 
 Payments made in certificates of the Debt 
 of the United States, on account of 
 lands purchased — 
 From 1st April, 1801, to 31st December 
 
 following, - - - 23,816 53 
 
 1st January, 1802, to 31st Decem- 
 ber following, - 15,518 49 
 1st January, 1803, to 30th Septem- 
 ber following, - - - 4,604 59 
 
 43,939 66 
 
278 REPORTS OF THE [1803. 
 
 Payments to Foreign Officers, and for certain 
 
 parts of the Domestic Debt — 
 From 1st April, 1801, to 31st December 
 
 following, ... 18,285 66 
 
 1st January, 1802, to 31st December 
 
 following, - - - 82,961 76 
 
 1st January, 1803, to 30th Septem- 
 ber following, - - - 19,026 21 
 
 60,223 63 
 
 Payments on account of Domestic Loans — 
 From 1st April, 1801, to 31st December 
 
 following, - - - 700,000 
 
 1st January, 1802, to 31st Decem- 
 ber following, - - - 1,290,000 
 
 Payments on account of the Dutch Debt — 
 From 1st April, 1801, to 31st December 
 
 following, - - - 1,306,726 59 
 
 1st January, 1802, to 31st December 
 
 following, - - - 3,240,399 25 
 
 1st January, 1803, to 30th Septem- 
 ber following, - 1,819,386 73 
 
 1,990,000 00 
 
 Interest and Commissions, viz. 
 From 1st April, 1801, to 31st December 
 following, 
 
 Guilders, 616,352 10 = $246,541 
 1st January, 1802, to 
 31st December fol- 
 lowing, 1,156,827 10 = 462,731 
 1st January, 1803, to 
 30th September fol- 
 lowing, 917,080 = 366,832 
 
 £6,366,512 57 
 
 1,076,104 
 
 To which add, 
 The difference between 
 
 41 cts. per guilder, 
 
 and 40, the par, on 
 
 6,689,779 3 14 = 66,897 79 
 Deduct therefrom the 
 
 difference between 
 
 39 and 40 cents per 
 
 guilder,on 890,364, 8,903 64 
 
 57,994 15 
 
 1,134,098 15 
 Damages received, deduct 11,910 78 
 
 Leaves the total to be deducted 
 for interest and commissions, 1,122,1S7 37 
 
 $5,244,325 20 
 
1803.] SECRETARY OF THE TREASURY. 279 
 
 Deduct also certain bills of exchange return- 
 ed under protest for non-payment, 
 and in a way of recovery, but which 
 not being applied, is deducted, 
 Guilders 140,000, cost, - - $56,000 
 
 5,188,325 20 
 
 Amounting to - - - $9,924,004 71 
 
 Treasury Department, 
 
 Register's Office, October 22, 1803. 
 JOSEPH NOURSE, Register. 
 
 Note to Statement E. 
 
 From the amount of debt redeemed from 
 the 1st April, 1801, to the 30th Sep- 
 tember, 1803, amounting, as per this 
 statement, to - - 9,924,004 71 
 
 Deducting the amount redeemed from 1st 
 October, 1802, to 30th September, 
 1S03, amounting, as per statement D, to 3,096,700 69 
 
 Leaves the amount redeemed, from 1st 
 
 April, 1801, to 30th September, 1S02, 6,827,304 02 
 
 The Secretary of the Treasury, in his report 
 of the 16th December, 1802, states the 
 amount redeemed during the same pe- 
 riod, exclusively of 1,287,600 doliars, 
 bank debt, discharged out of the pro- 
 ceeds of bank shares, at - - 5,339,8S6 44 
 
 To which, adding the amount of bank debt 
 
 thus discharged, - 1,287,600 00 
 
 Makes an aggregate of 6,627,488 44 
 
 Making a difference between this statement 
 
 and that of the Secretary, - - 199,817 5S 
 
 Arising as follows, viz. 
 The Secretary, in his report of Decem- 
 ber 18th, 1801, did not include the 
 following items of debt, discharged be- 
 tween the 1st April, and 30th Septem- 
 ber, 1801, to wit: 
 
 . Payments to foreign officers, and on ac- 
 count of certain parts of the domestic, 17,752 23 
 Payment on account of the principal of 
 the domestic debt, by the reimburse- 
 ment of 3 per cent, on the nominal 
 amount of the 6 per cent, and deferred 
 stocks, . - - 142,271 28 
 
2S0 REPORTS OF THE [1803. 
 
 Which payment was exclusively of that to 
 the trustees of the Sinking Fund, of 
 129,048 S3, stated by the Secretary in 
 his report. 
 
 3. Payment on account of the foreign debt, 
 arising from his having estimated the 
 interest accruing during these six 
 months, at one-half that of for the cal- 
 endar year, viz. - 245,980 50 
 
 Whilst the real interest accru- 
 ing during said six months, 
 was - - 209,272 00 
 
 36,708 50 
 
 II. The Secretary, in his report of 16th De- 
 cember, 1802, 1st, estimates the inter- 
 est accrued on the domestic debt, from 
 1st October, 1801, to 30th September, 
 1802, at - - - - 3,470,259 75 
 
 By the Register's calculation, it amounted to 3,464,706 29 
 
 5 7 553 46 
 2. He estimated the deduction on ac- 
 count of rate of exchange and bills in 
 suit, at less than it really was, - 2,619 22 
 
 196,732 01 
 
 2,934 24 
 
 III. The Register has inserted in the amount 
 of this estimate for a debt due to the 
 United States, paid in stock, - 151 33 
 
 111,99,817 5S 
 
1803.] 
 
 SECRETARY OF THE TREASURY. 
 
 281 
 
 F. 
 
 IMPORTS from Floridas and Louisiana, for the years ending on SOtk 
 September, 1799, 1800, 1801, and 1802. 
 
 SPECIES OF MERCHANDISE. 
 
 1799. 
 
 1800. 
 
 1S01. 
 
 1802. 
 
 Value of goods, ad val. 
 
 $60,729 
 
 $26,631 
 
 $43,262 
 
 $76,268 
 
 do Wines, do 
 
 8,306 
 
 
 
 
 Madeira, Sherry, &c. gals. 
 
 - 
 
 .- 
 
 1,463 
 
 1,753 
 
 All other wines, 
 
 2,527 
 
 6,748 
 
 1,971 
 
 5,360 
 
 Spirits from grain, 
 
 240 
 
 - 
 
 122 
 
 1,099 
 
 do other materials, 
 
 29,743 
 
 - 
 
 9,615 
 
 9,044 
 
 do domestic produce, 
 
 - 
 
 34 
 
 1 
 
 
 Molasses, 
 
 8,778 
 
 42,579 
 
 448 
 
 35,051 
 
 Beer, Ale, and Porter, 
 
 - 
 
 - 
 
 1,013 
 
 611 
 
 Teas, - lbs. 
 
 - 
 
 - 
 
 6,561 
 
 1,137 
 
 Coffee, 
 
 12,011 
 
 6 
 
 30,622 
 
 100,934 
 
 Chocolate, 
 
 4 
 
 - 
 
 150 
 
 1,170 
 
 Sugar, brown, 
 
 751.512 
 
 1,560,849 
 
 957,169 
 
 1,567,117 
 
 do white, clayed, 
 
 22,030 
 
 16 
 
 7,623 
 
 9,134 
 
 do lump, 
 
 - 
 
 - 
 
 2,231 
 
 474 
 
 do candy and loaf, 
 
 - 
 
 - 
 
 596 
 
 208 
 
 Candles, tallow, 
 
 - 
 
 - 
 
 897 
 
 614 
 
 ' do wax, 
 
 - 
 
 - 
 
 - 
 
 5 
 
 Cheese, 
 
 - 
 
 - 
 
 - 
 
 65 
 
 Soap, 
 
 - . 
 
 - 
 
 2,828 
 
 10,862 
 
 Pepper, 
 
 - 
 
 - 
 
 82 
 
 1,454 
 
 Pimento, 
 
 262 
 
 - 
 
 - 
 
 2,193 
 
 Tobacco, (say segars) 
 
 181 
 
 752 
 
 1,243 
 
 1,878 
 
 Snuff, 
 
 - 
 
 4,504 
 
 5 
 
 21 
 
 Indigo, 
 
 65,016 
 
 136,257 
 
 47,740 
 
 60,062 
 
 Cotton, 
 
 842,200 
 
 1,615,265 
 
 2,288,945 
 
 1,921,528 
 
 Nails, 
 
 - 
 
 - 
 
 - 
 
 2,330 
 
 Lead, 
 
 - 
 
 135 
 
 242,928 
 
 208,427 
 
 Cordage tarred, cwt. 
 
 53 ' 
 
 - 
 
 
 
 do untarred, 
 
 - - 
 
 25 
 
 
 
 Twine, & Packthread, 
 
 -, 
 
 
 - 
 
 1 
 
 Salt, glauber, 
 
 - 
 
 - 
 
 1 
 
 
 do pounds, lbs. 
 
 - 
 
 - 
 
 176,286 
 
 143,6S7 
 
 do bushels, bush. 
 
 4,232 
 
 5,370 
 
 4,421 
 
 2,733 
 
 Coal, 
 
 - 
 
 - 
 
 - 
 
 306 
 
 Boots, pairs, 
 
 - 
 
 1 
 
 - 
 
 1 
 
 Shoes, 
 
 - 
 
 - 
 
 548 
 
 - 148 
 
 Cards, wool & cotton, doz. 
 
 - 
 
 - 
 
 7 
 
 78 
 
 do playing packs, 
 
 - 
 
 - 
 
 IS 
 
 595 
 
 Total value, 
 
 $507,132 
 
 $904,322 
 
 $956,635 
 
 $1,006,214 
 
 Treasury Department, Register's Office, Oct. 24th, 1803. 
 
 JOSEPH NOURSE, Register. 
 
282 
 
 REPORTS OF THE 
 
 [1803. 
 
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1803.] 
 
 SECRETARY OF THE TREASURY. 
 
 283 
 
 H. 
 
 EXPORTS to Floridas and Louisiana, for the years ending on the 
 30th September, 1799, 1800, 1801, and 1802. 
 
 SPECIES OF MERCHANDISE. 
 
 1799. 
 
 1800. 
 
 1801. 
 
 1802. 
 
 Ashes, pot ... tons 
 
 20 
 
 
 
 
 Apples - - - - bis 
 
 2,881 
 
 3,240 
 
 2,301 
 
 2,258 
 
 Beer, Porter, and Cider galls 
 
 25,912 
 
 7,775 
 
 7 924 
 
 14,351 
 
 do do. do doz 
 
 2,429 
 
 320 
 
 1,019 
 
 1,157 
 
 Beef his 
 
 956 
 
 726 
 
 59 
 
 501 
 
 Biscuit, or Ship Bread - do 
 
 80 
 
 240 
 
 12 
 
 131 
 
 do - - - - kegs 
 
 2,305 
 
 175 
 
 
 584 
 
 Barley ... bush 
 
 21 
 
 
 
 
 Bran and Shorts - - do 
 
 
 10 
 
 5 
 
 
 Beans - - - - do 
 
 334 
 
 10 
 
 120 
 
 31 
 
 Butter .... lbs 
 
 60,056 
 
 28,998 
 
 26,766 
 
 51,372 
 
 Boots ... pairs 
 
 288 
 
 716 
 
 43 
 
 140 
 
 Bricks ... number 
 
 
 22,439 
 
 24,000 
 
 139,300 
 
 Corn, Indian - - bush 
 
 2,690 
 
 9,961 
 
 2,235 
 
 39,288 
 
 Cheese .... lbs 
 
 51,153 
 
 27,343 
 
 43,678 
 
 43,208 
 
 Coffee - - - - do 
 
 2,652 
 
 70,491 
 
 85,737 
 
 42,669 
 
 Chocolate - - - - do 
 
 400 
 
 300 
 
 5,318 
 
 5,157 
 
 Cotton - - - - do 
 
 
 
 1,836,144 
 
 1,210,080 
 
 Candles, wax - - - do 
 
 4,500 
 
 
 14,996 
 
 55 
 
 >do spermaceti - - do 
 
 1,782 
 
 9,605 
 
 3,394 
 
 1.399 
 
 do tallow - - do 
 
 94,970 
 
 38,836 
 
 50,024 
 
 24,031 
 
 Cables and Cordage - - cwt 
 
 1,212 
 
 76 
 
 1,316 
 
 4,943 
 
 Cards, wool and cotton - doz 
 
 28 
 
 528 
 
 
 168 
 
 do playing - - packs 
 
 
 
 
 261 
 
 Copper and brass, manufact'd $ 
 
 4,300 
 
 5,267 
 
 
 1,177 
 
 Coaches and other carriages $ 
 
 6,908 
 
 1,276 
 
 1,238 
 
 5,074 
 
 Flour - - - - bis 
 
 10,703 
 
 4,356 
 
 76,853 
 
 170,093 
 
 Fish, dried - - quintals 
 
 1,315 
 
 943 
 
 335 
 
 380 
 
 do pickled ... bis 
 
 580 
 
 150 
 
 28 
 
 489 
 
 do do - - kegs 
 
 998 
 
 94 
 
 578 
 
 162 
 
 Furniture, household dols 
 
 10,714 
 
 5,893 
 
 4,835 
 
 27,559 
 
 Flaxseed - - bush 
 
 
 
 
 5 
 
 Flax lbs 
 
 
 
 
 130 
 
 Gunpowder - - - do 
 
 
 
 358 
 
 846 
 
 Hats - dols 
 
 16,460 
 
 9,484 
 
 1,778 
 
 3,565 
 
 Hams and Bacon - - lbs 
 
 44,082 
 
 27,232 
 
 89,641 
 
 472,554 
 
 Hair-powder - - - do , 
 
 9,906 
 
 2,560 
 
 520 
 
 4,299 
 
 Hemp .... cwt 
 
 
 
 366 
 
 3,530 
 
 Horned Cattle - - number 
 
 
 
 
 236 
 
 Ho-.ses --. do 
 
 
 
 
 100 
 
 Hogs - - do 
 
 
 
 
 310 
 
 Iron, pig ' - tons 
 
 20 
 
 
 
 
 do bar ... do 
 
 158 
 
 10 
 
 4 
 
 28 
 
 do castings - - dols 
 
 973 
 
 2,477 
 
 2,650 
 
 13,421 
 
 do manufactured - do 
 
 40,205 
 
 43,551 
 
 26,429 
 
 45,510 
 
 Lard lbs 
 
 89,199 
 
 37,744 
 
 17,690 
 
 166, 03 
 
 Leather - - - - do 
 
 4,024 
 
 3,197 
 
 2,100 
 
 9,092 
 
 
 824 
 
 
 67,930 
 
 18,192 
 
 Meal, Indian - - bush 
 
 75 
 
 578 
 
 524 
 
 1,181 
 
 37 
 
 
 
 
 
284 
 
 REPORTS OF THE 
 STATEMENT H.— Continued. 
 
 [1803. 
 
 SPECIES OP MERCHANDISE. 
 
 1799. 
 
 1800. 
 
 v 1801. 
 
 1802. 
 
 Mustard - - - lbs 
 
 
 56 
 
 
 
 Medicinal drug's - - dols 
 
 
 4,904 
 
 
 
 Merchandise do 
 
 2,614,045 
 
 1,525,024 
 
 1,681,592 
 
 958,299 
 
 Oil, linseed - gals 
 
 15 
 
 520 
 
 
 1,935 
 
 do spermaceti do 
 
 960 
 
 
 
 
 do whale, &c. do 
 
 3,810 
 
 876 
 
 638 
 
 634 
 
 Osts ... - bush 
 
 
 
 
 692 
 
 Peas .... do 
 
 227 
 
 189 
 
 6 
 
 316 
 
 Pork .... bis 
 
 492 
 
 819 
 
 1,238 
 
 9,441 
 
 Pitch - - do 
 
 
 
 12 
 
 13 
 
 Potatoes - - - bush 
 
 2,805 
 
 909 
 
 406 
 
 2,816 
 
 Rice .... tierces 
 
 1,499 
 
 364 
 
 231 
 
 356 
 
 Rosin - bis 
 
 20 
 
 
 6 
 
 80 
 
 Spices, pepper - - lbs 
 
 29,132 
 
 4,511 
 
 23,489 
 
 850 
 
 do pimento do 
 
 70 
 
 26 
 
 
 250 
 
 do all other - - dols 
 
 1,200 
 
 11,588 
 
 18,631 
 
 2.7S1 
 
 Spirits, foreign - - gals 
 
 78,140 
 
 43,294 
 
 6,099 
 
 10,556 
 
 do domestic from foreign do 
 
 332 
 
 5,209 
 
 3,547 
 
 1, 12 
 
 do do from domestic do 
 
 321 
 
 2,234 
 
 20,635 
 
 32,699 
 
 Shoes and Slippers - pairs 
 
 2,229 
 
 3,394 
 
 3,852 
 
 943 
 
 Skins and Furs, value - dols 
 
 160 
 
 
 3,429 
 
 9,630 
 
 Saddlery do 
 
 115 
 
 
 
 2,212 
 
 Starch - lbs 
 
 5,520 
 
 745 
 
 
 
 Soap do 
 
 111,684 
 
 217,530 
 
 71,493 
 
 117,469 
 
 Sugar, brown & other clayed do 
 
 4,996 
 
 3,996 
 
 11,833 
 
 
 do refined - - do 
 
 1,993 
 
 350 
 
 300 
 
 4,605 
 
 Salt - - - - bush 
 
 42,287 
 
 9,752 
 
 1,825 
 
 4,107 
 
 Snuff .... lbs 
 
 
 
 
 80 
 
 Tobacco, manufactured - do 
 
 
 
 71,892 
 
 5,751 
 
 do unmanufactured hhds 
 
 56 
 
 19 
 
 1,086 
 
 1,811 
 
 Tallow .--- lbs 
 
 
 500 
 
 
 1,837 
 
 Tar .... bis 
 
 351 
 
 50 
 
 6 
 
 476 
 
 Turpentine - - do 
 
 68 
 
 
 
 98 
 
 do spirits of - gals 
 
 1,050 
 
 
 
 95 
 
 Tea, Bohea - - - lbs 
 
 2,100 
 
 2,231 
 
 
 2,040 
 
 do Soichong, &c. do 
 
 3,850 
 
 553 
 
 949 
 
 1,378 
 
 do Hyson - do 
 
 1,478 
 
 8,664 
 
 7,552 
 
 4,327 
 
 do other green - do 
 
 75 
 
 737 
 
 200 
 
 3,587 
 
 Wax ... do 
 
 16.627 
 
 2,911 
 
 ! 4,998 
 
 500 
 
 Wines, Madeira - - gals 
 
 7,296 
 
 919 
 
 542 
 
 1,246 
 
 do all other - - do 
 
 313,615 
 
 216,975 
 
 95,516 
 
 158,807 
 
 do bottled - - doz 
 
 7,831 
 
 5,559 
 
 1,559 
 
 2,277 
 
 Wood, Staves and Heading No. 
 
 124,850 
 
 99,359 
 
 4,500 
 
 34,500 
 
 do Shingles - - do 
 
 14,000 
 
 6,000 
 
 
 5,000 
 
 do Hoops and Poles do 
 
 83,600 
 
 23,445 
 
 
 
 do Boards, Plank, &c feet 
 
 432,805 
 
 374,642 
 
 60,000 
 
 82,166 
 
 do all manufactures of dols 
 
 4,938 
 
 1,424 
 
 953 
 
 1,086 
 
 Total value, dollars. 
 
 3,504,092 
 
 2,035,789 
 
 3,032,840 
 
 2,821,35 
 
 Treasury Department, 
 
 Register's Office, October 24th, 1803. 
 
 JOSEPH NOURSE, Register. 
 
IS04.] SECRETARY OF THE TREASURY S g5 
 
 REPORT ON THE FINANCES. 
 
 NOVEMBER, 1804. 
 
 In obedience to the directions of the act, supplementary to the act, entitled 
 64 An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates: 
 
 Revenue. 
 
 The nett revenue, arising from duties on merchandise and tonnage, which 
 accrued during the year 1802, and on which the estimates of last year were 
 predicated, amounted, as will appear by the statement (A.) to $10,154,000. 
 The nett revenue, arising from the same source, which accrued during the 
 year 1803, has amounted, as appears by the same statement, to 11,306,000 
 dollars; and it is ascertained that the nett revenue which accrued dur- 
 ing the three first quarters of the year 1804, considerably exceeds that of 
 the corresponding quarters of the year 1803. Without drawing any 
 inference from the increase of the present year, an increase which must be 
 ascribed to the situation of Europe, and will, eventually, be diminished by 
 subsequent re-exportations, that branch of the revenue may, exclusively of 
 the Mediterranean fund, be safely estimated at 10,730,000 dollars, which is 
 the average of the two years 1802 and 1803. The actual payments in the 
 Treasury, on account of those duties, during the year ending on the 30th of 
 September last, amount nearly to the same sum; («,) and there is no reason 
 to suppose that the receipts of the ensuing, will fall short of those of last year. 
 
 The statement (B. ) exhibits, in detail, the several species of merchandise, 
 and other sources, from which that revenue was collected, during the year 
 1803. 
 
 It also appears, that the revenue arising from the sales of public lands, is 
 gradually increasing. The statement (C.) shows, that exclusively of the 
 September sales, at Cincinnati, three hundred and fourteen thousand acres 
 have been sold during the year ending on the 30th of September last. The 
 proceeds of those sales, calculated on the supposition that every purchaser 
 will be entitled to the discount allowed in case of prompt payment, would 
 yield five hundred and fifteen thousand dollars. And, notwithstanding the 
 difficuties which exist in drawing into the Treasury the moneys collected by 
 the Receivers of the remote Land Offices, it is believed that the actual .re- 
 ceipts from that source, will, for the ensuing year, exceed four hundred and 
 fifty thousand dollars. 
 
 The permanent revenue of the United States, may, therefore, including 
 the duties on postage, and other small incidental branches, be computed at 
 eleven millions two hundred thousand dollars. 
 
 And the payments in the Treasury, during the year 1805, on account of 
 the temporary duties-which constitute the "Mediterranean Fund," are es- 
 timated at five hundred and fifty thousand dollars; making, in the whole, or 
 the probable receipts of that year, a sum of - $11,750,093 
 
 a 10,729,708 dollars and 54 cents, 
 
38* REPORTS OF THE [ 18 04. 
 
 Expenditures. 
 
 The expenses of the year 1805, which must be defrayed out 
 of that revenue, consist of the following items: 
 
 1. The annual appropriation of eight millions of dollars, for 
 the payment of the principal and interest of the public debt; 
 of which near 3,700,000 dollars will be applicable to the 
 discharge of the principal, and the residue to the payment 
 
 of interest - - - - - - $8,000,00® 
 
 2. For the Civil Department, and all domestic expenses of a 
 civil nature, including military pensions, the light-house 
 and mint establishments, and the expenses of surveying 
 
 public lands - - - - - 953,000 
 
 3. For expenses incident to the intercourse with foreign na- 
 tions, including the payment of awards under the 7th arti- 
 cle of the British treaty, and the permanent appropriation 
 
 for Algiers - - - - - - 294,000 
 
 4. For the Military and Indian Departments, including the 
 permanent appropriation for certain Indian tribes - 954 006 
 
 5. For the Naval Establishment, viz: — annual appropriation 
 charged to the ordinary revenue - - 650,000 
 
 Extraordinary expenses of the last expedition against 
 Tripoli, which will be payable in the year 1805, 
 and are chargeable to the Mediterranean Fund 590,000 
 
 1,240,000 
 
 6. Reserved out of the Mediterranean Fund, for meeting other 
 extraordinary expenses, which may be incurred under the 
 act constituting the fund ----- 100,000 
 
 Making, altogether, 11,540,000 
 
 eleven millions five hundred and forty thousand dollars, and 
 deducted from the revenue of - 11,750,000 
 
 leaves a surplus of more than two hundred thousand dollars. 210,000 
 
 Mediterranean Fund. 
 
 The sum which may probably be received during the year 1805, on ac- 
 count of that fund, and the paymenls during that year, which will ultimate- 
 ly be charged to the fund, are included in the preceding estimate of receipts 
 and expenditures: but it is necessary to give a distinct view of the whole 
 amount of revenue and expenses under that head. 
 
 The value of merchandise, paying duties ad valorem, which was Import- 
 ed in the year 1802, amounts, after deducting the exportations of the same 
 year, to 31,706,000 dollars. The value of the same description of merchan- 
 dise, imported in the year 1803, amounts to 34,370,000 dollars. The addi- 
 tional duty of 2h per cent, on that description of imported articles, consti- 
 tutes the Mediterranean Fund, and, calculated on the average importations 
 of the two years, would have yielded, annually, 826,000 dollars. But seve- 
 ral articles, which, in the years 1802 and 1803 paid duties ad valorem, hav- 
 ing, in lieu thereof, been charged with specific duties, by an act of last ses- 
 sion, are not liable to the additional duty of 2\ per cent. Although the value 
 of those articles cannot be precisely ascertained, it is believed thiit the de 
 
1804.1 SECRETARY OF THE TREASURY. 287 
 
 duction, on that account, will not amount to 50,000 dollars, and that the pro- 
 ceeds of the additional duty may be computed at the annual sum of 780,000 
 dollars; and for the eighteen months commencing on the 1st July, 1804, and 
 ending on the 31st of December, 1805, at 1,170,000 dollars. The expenses 
 authorized under the act constituting the fund, have been predicated on that 
 estimate, and apportioned in the following manner: 
 
 1 For the Navy Department, (in addition to the annual appropriation of 
 650,000 dollars,) viz: 
 
 There had been advanced, from the ordinary reve- 
 nue, prior to the 30th September, 1804, - 350,000 
 A further payment will be made before the 1st Jan- 
 uary, 1805, of 130,000 
 To be paid during the year 1805, on account of this 
 fund, as stated under the 5th item of expenditures 
 for that year - - - 590,000 
 
 1,070,000 
 
 ' 2. Reserved for other extraordinary expenses which may be 
 incurred for the same object, being the 6th item of expen- 
 ditures for the year 1805, ... - 100,000 
 
 $1,170,000 
 
 Those duties began to operate on the 1st day of July last; but, as they 
 are payable six, eight, nine, ten, and twelve months after the importation, no 
 part will be paid in the Treasury during the present year; and a sum of only 
 550,000 dollars is expected to be received in the course of the year 1805. 
 For that sum only, credit has been taken in the general estimate of receipts 
 for that year; whilst a part of the 1,170,000 dollars, chargeable to the fund, 
 has already been expended, and the rest is included in the preceding estimate 
 of expenses for 1805. The difference, amounting to 620,000 dollars, will, 
 at the end of next year, consist of outstanding bonds, payable in 1806. And, 
 if the additional duty should, as well as the extraordinary expense for which 
 it is appropriated, cease at that time, that outstanding balance will, as it is 
 collected, replace in the Treasury the sum advanced from the ordinary reve- 
 nues, in anticipation of the proceeds of the fund. For it is hoped that the 
 situation of the Treasury will render it unnecessary to recur to the authority 
 given by the act, to borrow on the credit of the fund. 
 
 Balance in the Treasury. 
 
 The greater part of the balance of 5,860,981 dollars and 54 cents, which, 
 on the 30th day of September, 1803, remained in the Treasury, was, in last 
 year's report, considered as applicable to the payments of certain extraordi- 
 nary demands, therein stated. 
 
 As no payment has been made on that account, during last year, besides 
 the first instalment of 888,000 dollars due to GreatBritain, nor any other ex- 
 traordinary expense been discharged than the advance of 350,000 dollars, in 
 anticipation of the Mediterranean fund; the balance remaining in the Trea- 
 sury on the 30th of September, 1804, still amounted to 4,882,225 dollars 
 and 1 1 cents. That sum, together with the estimated surplus of revenue for 
 the year 1805, the sum advanced from the ordinary revenue to the Mediter- 
 ranean fund, and the arrears of direct tax and internal revenues, may still be 
 considered as sufficient to'discharge the balance of 1,776,000 dollars, due to 
 Great Britain; the loan of 200,000 dollars, due to Maryland; and two mil- 
 
28 S REPORTS OF THE 
 
 [1804. 
 
 lions of dollars on account of the American claims assumed by the French 
 convention. As the greater part of those demands will be paid in the course 
 of the year 1805, the balance will not, probably, at the end of that year, ex- 
 ceed the sum which it is always expedient to retain in the Treasury. 
 
 Public Debt. 
 
 It appears by the estimate (D.) that the payments on account of the principal 
 of the public debt, have, during the year ending on the 30th of September 
 last, amounted to - - - $3,652,887 15 
 
 .And during the three years and a half, commencing on the 
 1st day of April, 1801, and ending on the 30th Sept. 
 1804, to - - - -.;"*"- - $13,576,891 86 
 
 During the same period, a new debt of thirteen millions of dollars has been 
 ereated by the purchase of Louisiana, viz: 
 
 Six per cent, stock issued in conformity with the convention, $ 11,250,000 
 Amount of American claims assumed by the convention, and 
 for the payment of which authority has been given to obtain 
 a loan, two millions thereof being already provided for out 
 of the surplus specie in the Treasury, - 1,750,000 
 
 $13,000,000 
 
 Another view of the subject may be given in the following manner: 
 The balance in the Treasury amounted on the 
 
 1st day of April, ISO 1, to - -$1,794,044 85 
 
 And on the 30th of Sept. 1804, to - - 4,882,225 11 
 
 Making an increase of - $3,088,1S0 26 
 
 From which deducting the proceeds of the sales of the Bank 
 
 shares, - - - - - - 1,287,600 00 
 
 Leaves for the increase arising from the ordinary revenue, $ 1,800,580 26 
 
 From the first day of April, 1801, to the 30th September, 1804, the fol- 
 lowing debts, which originated prior to that period, have been discharged: 
 1st. Payments on account of the domestic 
 
 and foreign debt, as above stated, $ 13,576,891 86 
 
 2d. First instalment of the sum payable to 
 Great Britain, " in satisfaction and dis- 
 charge of the money which the United 
 States might have been liable to pay in 
 pursuance of the provisions of the sixth ar- 
 ticle of the treaty of 1794," 888,000 00 
 
 14,464,891 86 
 
 Making altogether - - $16,265,472 12 
 
 And from which, deducting fifteen millions, being the purchase 
 
 money of Louisiana, - - 15,000,000 00 
 
 Leaves - - $1,265,472 12 
 
1804.] SECRETARY OF THE TREASURY. 289 
 
 A difference of more than twelve hundred thousand dollars in favour of 
 the United States. 
 
 It may be added, that if the revenue shall, during the ensuing year, prove, 
 as is not improbable, more productive than has been estimated, the surplus 
 will be applied towards the payment of the above-mentioned sum of 1,750,000 
 dollars, yet unprovided for, on account of the American claims, and will so 
 far diminish the amount of the loan authorized for that object. 
 
 From the preceding statements and estimates it results, that the United 
 States have, during the period of three years and a half, ending on the 30th 
 Sept. last, discharged a larger amount of the principal of their old debt, than 
 the whole amount of the new debt, which has been or may be created in con- 
 sequence of the purchase of Louisiana; and that their existing and growing 
 resources will, during the ensuing year, be sufficient, after defraying the cur- 
 rent expenses of the year, and paying more than 3,750,000 dollars, on ac- 
 count of the engagements resulting from the French and British conventions, 
 to discharge a further sum of near three millions and seven hundred thou- 
 sand dollars, of the principal of the public debt. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 Secretary of the Treasury. 
 
 Treasury Department, November 19th, 1804. 
 
290 
 
 REPORTS OF THE 
 
 [1804, 
 
 
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1804.] 
 
 SECRETARY OF THE TREASURY. 
 
 291 
 
 B. 
 
 ? STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise, on which duties actually accrued during the year 1803, 
 [consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, of the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 GOODS PAYING DUTIES AD VALOREM. 
 
 36,370,279 dollars, at 12* per cent. 
 7,616,432 do 15 do 
 
 383,165 do 20 do 
 
 8,959,342 gallons, at 29 cts. average 
 51,066,934 lbs. at 2J average 
 
 2,760,648 bushels, at 20 
 1,772,768 gallons, at 34 average 
 3,174,370 lbs. at 16 average 
 8,495,260 lbs. at 5 - 
 Molasses, 5,963,275 gallons, at 5 - - 
 
 All other articles .... 
 
 Deduct amount of duties refunded 16,402 95 
 do being difference in calculation 130 00 
 
 34,369,876 
 
 a 
 
 Spirits, 
 
 b 
 
 Sugar, 
 
 c 
 
 Salt, 
 
 d 
 
 Wines, 
 
 e 
 
 Teas, 
 
 
 Coffee, 
 
 3 1 per cent, retained on drawbacks 
 Extra duty of 10 per cent, on merchandise import- 
 ed in foreign vessels - 
 
 Nett amount of duties on merchandise 
 
 Duties on tonnage - 
 
 Duties on passports and clearances 
 
 Gross revenue, as per statement A 
 Accounts not received, estimated at - 
 
 Deduct debentures issued, abstracts for which have 
 not been rendered - 
 
 Deduct expenses of collection 
 
 Nett revenue 
 
 3,296,284 87 
 
 1,142,464 80 
 
 76,633 00 
 
 4,515,382 67 
 
 2,594,259 10 
 1,290,034 16 
 552,129 60 
 603,146 06 
 509,138 77 
 424,763 00 
 298,163 75 
 509,116 38 
 
 12,000 00 
 4,599 50 
 
 11,296,133 49 
 
 16,532 95 
 
 11,279,600 54 
 94,096 09 
 
 133,731 85 
 
 11,512,428 48 
 
 166,528 91 
 
 15,902 00 
 
 11,694,859 39 
 
 7,400 50 
 
 11,702,259 89 
 404,428 40 
 
 11,297,831 49 
 
 SS 
 
292 
 
 REPORTS OF THE 
 
 Explanatory Statements and Notes. 
 
 [1804. 
 
 a Spirits, viz: 
 
 
 
 
 
 
 Grain, 
 
 1st proof 
 
 1,129,110 
 
 gallons, 
 
 at.28 cts. 
 
 $ 316,150 80 
 
 
 2d do 
 
 66,419 
 
 do 
 
 29 
 
 19,261 51 
 
 
 3d do 
 
 587 
 
 do 
 
 31 
 
 181 97 
 
 
 4th do 
 
 67,545 
 
 do 
 
 34 
 
 22,965 30 
 
 
 5th do 
 
 5,285 
 
 do 
 
 40 
 
 2,114 00 
 
 
 6th do 
 
 2,564 
 
 do 
 
 50 
 
 1,282 00 
 
 Other materials, 1st & 2d do 
 
 1,820,222 
 
 do 
 
 25 
 
 455,055 50 
 
 
 3d proof 
 
 2,929,723 
 
 do 
 
 • 28 
 
 820,322 44 
 
 
 4th do 
 
 3,309,341 
 
 do 
 
 32 
 
 1,058,989 12 
 
 
 5th do 
 
 18,741 
 
 do 
 
 38 
 
 7,121 58 
 
 
 6th do 
 
 386 
 
 do 
 
 46 
 duties, 
 
 177 56 
 
 Imported, 
 
 9,349,923 
 
 2,703,621 78 
 
 Exported, 
 
 t 
 
 390,581 
 8,959,342 
 
 
 do 
 
 109,362 68 
 
 Consumed, 
 
 2,594,259 10 
 
 b Sugar, viz: 
 
 
 
 Brown, 
 
 48,394,771 pounds, at 2| 
 
 cents 
 
 - 
 
 1,209,869 27 
 
 White, 
 
 2,672,163 
 
 do 3 
 
 do 
 
 
 80,164 89 
 
 
 51,066,934 
 
 1,290,034 16 
 
 e Salt- 
 
 
 
 Imported, bushels of 56 pounds 
 
 - 
 
 3,542,872 
 
 
 Exported, 
 
 - 
 
 23,635 
 
 
 
 
 Amount of bounties and allowances, 
 
 
 
 
 $151,717 86, 
 
 reduced into bushels 
 
 
 
 
 of salt at the 
 
 present rates, 
 
 758,589 
 
 
 
 
 
 
 
 782,224 
 
 
 
 
 
 Paying duty, b 
 
 ashels of 56 pounds, 
 
 2,760,648 at 20 cts. 
 
 552,129 69 
 
 d Wines, viz: 
 
 
 
 
 Madeira, 1st quality, 
 
 242,537 gallons, a 
 
 t 58 cents 
 
 140,671 46 
 
 do 2d do 
 
 69,644 
 
 do 
 
 50 , 
 
 34,822 00 
 
 Sherry and St. Lucar, 
 
 309,867 
 
 do 
 
 40 
 
 123,946 80 
 
 Oporto and Lisbon, 
 
 168,922 
 
 do 
 
 30 
 
 50,676 60 
 
 Burgundy 
 
 and Champaigne, 
 
 3,738 
 
 do 
 
 45 
 
 1,682 10 
 
 Tenenfte, 
 
 Fayal, & Malaga, 
 
 422,638 
 
 do 
 
 28 
 
 118,338 64 
 
 Other in b 
 
 ottles, 
 
 43,845 
 
 do 
 
 35 
 
 15,345 75 
 
 do in c 
 
 asks, 
 
 Gallons, 
 
 511,577 
 
 do 
 
 23 
 duties, 
 
 117,662 71 
 
 
 1,772,768 
 
 603,146 06 
 
 Teas, 
 
 Viz: 
 
 
 
 
 
 
 Bohea, 
 
 - 
 
 1,909,282 lbs. at 12 cents 
 
 
 Souchong, 
 
 , - 
 
 225,139 
 
 do 
 
 18 
 
 
 Hyson, 
 
 - 
 
 257,509 
 
 do 
 
 32 
 
 
 Other green, 
 
 - 
 
 782,440 
 
 do 
 
 20 
 
 
 Extra duties oi 
 
 i teas imported from 
 
 
 
 
 
 other places 
 
 than India, 
 
 - 
 
 
 - 
 
 Pounds, 3,174,370 
 
 duties, 
 
 229,113 84 
 40,525 02 
 82,402 88 
 
 156,488 00 
 
 609 03 
 
 $ 509,138 77 
 
J804.] SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes — Continued. 
 
 293 
 
 f All other articles — 
 
 
 
 
 
 Beer, ale, and porter 
 
 182,651 
 
 gallons, at 8 cents 
 
 $14,612 08 
 
 Cocoa, 
 
 507,679 
 
 pounds, at 2 
 
 10,153 58 
 
 Chocolate, » 
 
 951 
 
 do 
 
 3 
 
 28 53 
 
 Sugar candy, 
 
 8,003 
 
 do 
 
 in 
 
 920 34 
 
 loaf, 
 
 9,010 
 
 do 
 
 9 
 
 810 90 
 
 other refined, 
 
 725 
 
 do 
 
 H 
 
 47 12 
 
 Candles, tallow, 
 
 21,245 
 
 do 
 
 2 
 
 424 90 
 
 wax, 
 
 1,683 
 
 do 
 
 6 
 
 100 98 
 
 Cheese, 
 
 68,715 
 
 do 
 
 7 
 
 4,810 05 
 
 Soup, 
 
 34,108 
 
 do 
 
 2 
 
 682 16 
 
 Pepper, 
 
 1,828,142 
 
 do 
 
 6 
 
 109,688 52 
 
 Pimento, 
 
 437,505 
 
 do 
 
 4 
 
 17,500 20 
 
 Tobacco, 
 
 111,739 
 
 do 
 
 10 
 
 11,173 90 
 
 do 
 
 12,820 
 
 do 
 
 6 
 
 769 20 
 
 Snuff, 
 
 1,940 
 
 do 
 
 22 
 
 426 80 
 
 do 
 
 61 
 
 do 
 
 10 
 
 6 10 
 
 Indigo, 
 
 130,844 
 
 do 
 
 25 
 
 32,711 00 
 
 Cotton, 
 
 288,330 
 
 do 
 
 3 
 
 8,649 90 
 
 Nails, 
 
 3,674,769 
 
 do 
 
 2 
 
 73,495 38 
 
 Spikes, 
 
 353,485 
 
 do 
 
 1 
 
 3,534 85 
 
 Lead, 
 
 2,657,499 
 
 do 
 
 1 
 
 26,574 99 
 
 Steel, 
 
 7,394 
 
 cwt. at 
 
 100 
 
 7,394 00 
 
 Hemp, 
 
 122,545 
 
 do 
 
 100 
 
 122,545 00 
 
 Cables, 
 
 829 
 
 do 
 
 180 
 
 1,492 20 
 
 Tarred cordage 
 
 7,816 
 
 do 
 
 180 
 
 14.068 80 
 
 Untarred cordage and yarn 
 
 , 1,030 
 
 do 
 
 225 
 
 2,317 50 
 
 Twine and pack thread, 
 
 1,979 
 
 do 
 
 400 
 
 7,916 00 
 
 Glauber salts, 
 
 1,193 
 
 do 
 
 200 
 
 2,386 00 
 
 Coal, 
 
 419,400 bushels, at 
 
 5 
 
 20,970 00 
 
 Boots, 
 
 4,443 
 
 pairs, at 
 
 75 
 
 3,332 25 
 
 Silk shoes, - 
 
 2,417 
 
 do 
 
 25 
 
 604 25 
 
 Other shoes, for men and women, 54,150 
 
 do 
 
 15 
 
 8,122 50 
 
 do for children 
 
 6,199 
 
 do 
 
 10 
 
 619 90 
 
 Wool cards, 
 
 11 
 
 dozen, at 
 
 50 
 
 5 50 
 
 Playing do 
 
 884 
 
 packs, at 
 
 25 
 
 221 00 
 
 
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 Treasury Department, 
 
 Register's Office, November 14th, 1804. 
 
 JOSEPH NOURSE, Register, 
 
294 
 
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 REPORTS OF THE 
 
 [1804, 
 
 D. 
 
 JIN ESTIMATE of the Principal redeemed of the Debt of the United 
 States, from 1st October, 1803, to 30th September, 1804; showing, also, 
 the redemption of the Principal of the said Debt, from 1st April, 
 1801, to 30th September, 1804. 
 
 On account of the Domestic Debt. 
 
 The amount of warrants issued on the Treasurer 
 of the United States, according to the quarter 
 yearly statement of receipts and expendi- 
 tures, from 1st October, 1803, to 30th Sep- 
 tember, 1804, exclusive of $946 51, unpaid 
 into the Treasury, was - 4,367,185 96 
 
 Deduct interest which accrued 
 during 1 the same period, cal- 
 culated quarter yearly - 3,325,511 74 
 
 Payments made in certificates of the debt of the 
 United States, on account of lands purchased 
 
 Payments to foreign officers, and for certain 
 parts of the domestic debt - 
 
 Payments on account of domestic loans - 
 
 On account of the Foreign Debt. 
 
 The amount of waiTants issued on the Treasurer 
 of the United States,- exclusive of $120,000 re- 
 paid into the Treasury, and $4,595 39, the 
 amount of commission to the purchasing- 
 agents, was - - - 2,876,541 22 
 Deduct one year's interest on the 
 Dutch debt, viz : 
 Amount of one year's interest, 
 including commissions and 
 postage of letters, after de- 
 ducting for anticipation of 
 interest paid bv commission- 
 ers guilders 693,000 
 
 at 40 cts. is dollars 277,200 
 Deduct gain on ex- 
 change 25,641 77 
 
 251,558 23 
 Interest to 30th 
 Sept., 1804, on 
 the Louisiana six 
 per cent, stock 528,749 93 
 
 780,308 16 
 
 Redemption 
 from 1st Oc- 
 tober, 1803, 
 to 30th Sep- 
 tember, 1804. 
 
 Redemption 
 
 from 1st April, 
 1801, to 30th 
 Sept'r, 1803, 
 as per docu 
 ment E, refer- 
 red to in Se- 
 cretary's re 
 port of 24th 
 Oct'r, 1803 
 
 1,041,674 22 
 
 9,206 47 
 
 5,773 40 
 500,000 00 
 
 2,096,233 06 
 
 3,652,887 15 
 
 2,641,516 22 
 
 43,939 66 
 
 60,223 63 
 1,990,000 00 
 
 Total princi- 
 pal redeem- 
 ed, from 1st 
 April, 1801, 
 to 30th Sep- 
 tember, 1804. 
 
 3,683,190 44 
 
 53,146 13 
 
 65,997 03 
 2,490,000 00 
 
 5,188,325 207,284 558 26 
 
 9,924,004 71113,576,891 86 
 
 Treasury Department, Register's Office, 14th November, 1804. 
 
 JOSEPH NOURSE, Register. 
 
1805.1 SECRETARY OF THE TREASURY. $97 
 
 REPORT ON THE FINANCES. 
 
 DECEMBER, 1805. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 "An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates: 
 
 Revenue and Receipts. 
 
 The nett revenue, arising from duties on merchandise and 
 tonnage, which accrued during the year 1801, amounted to $ 12,020,279 
 
 The nett revenue, arising from the same source, which ac- 
 crued during the year 1802, amounted to - 10,154,564 
 
 That which accrued during the year 1803, amounted to 11,306,430 
 
 And that which accrued during the year 1804, amounted, 
 after deducting that portion which arose from the additional 
 duties, constituting the Mediterranean Fund, as will appear by 
 the statement (A. ) to - - - - - - - 12,672,323 
 
 It is ascertained that the nett revenue which has accrued during the three 
 first quarters of the year 1805, does not fall short of that of the correspond- 
 ing quarters of the year 1804. And that branch of the revenue may, ex- 
 clusively of the Mediterranean Fund, be safely estimated, for the present, 
 at twelve millions of dollars, which is nearly the average of the two years 
 1803 and 1804. 
 
 The defalcation which took place in the year 1S02, and the increase in the 
 next following years, sufficiently show that no inconsiderable portion of that 
 branch of the revenue is due to the neutrality of the United States, during 
 the continuance of war in Europe. Yet, if the revenue of 1802, the only 
 year of European peace since 1792, be considered as the best basis on which 
 to form an estimate, this, with an addition of ten per cent, on account of the 
 increase of population for three years, and of near 300,000 dollars, the 
 computed revenue of New Orleans, will give a result of near eleven millions 
 and a half. The statement (B.) exhibits in detail the several species of 
 merchandise and other sources from which that revenue was collected during 
 the year 1804. 
 
 The revenue arising from the sales of public lands has been greater during 
 the year ending on the 30th September, 1805, than that of any preceding 
 year. It appears by the statement (C.) that during that period, besides 
 145,000 acres sold to persons claiming a right of pre-emption, 474,000 acres 
 have been disposed of at the ordinary sales; making, altogether, with the 
 preceding sales, from the time when the Land Offices were opened in 1800 
 and 1801, an aggregate of near two millions of acres. The actual payments 
 by purchasers, which, during the year ending on the 30th September, 1804, 
 had amounted to 432,000 dollars, and -had not in any one previous year 
 exceeded 250,000 dollars, have, during the year ending on the 30th Sept. 
 1805, amounted to 575,000 dollars; of which sum 535,000 dollars were 
 paid in specie, and the residue in stock of the public debt. The specie re- 
 ceipts from that source may, for the ensuing year, be safely estimated at five 
 hundred thousand dollars. 
 
 The receipts arising from the permanent revenue of the United States, 
 may, therefore, without even including the duties on postage and other small 
 
£98 REPORTS OF THE {"1805. 
 
 incidental branches, be computed, for the year 1806, at twelve millioas and 
 five hundred thousand dollars, - - - - $ 12,500,000 
 
 The payments in the Treasury, during the same year, on 
 account of the temporary duties constituting the " Mediter- 
 ranean Fund," which will have accrued to the 31st day of 
 March next, are estimated at nine hundred thousand dollars, 
 and about one hundred thousand may be expected from the 
 arrears of internal duties and of the direct tax, and from other 
 incidental branches; making, for temporary and incidental 
 receipts, one million of dollars, - 1,000,000 
 
 The balance of specie in the Treasury, which, on the 30th 
 day of September last amounted to 4,575,654 dollars, will, as 
 the receipts and current expenditures of the present quarter 
 may be considered as nearly equal, be diminished at the end 
 of this year, onlyTSy the payments on account of the American 
 claims assumed by the Convention with France; and as the 
 whole amount of those claims which remained unpaid on the 
 30th day of September last, will, in this estimate, be stated 
 amongst the expenditures of 1806, the whole of the above- 
 mentioned balance may be added to the receipts of that year, 
 viz: - - - 4,575, 000 
 
 Making, in the whole, an aggregate of more than - $ 18,075,00 
 
 Expenditures. 
 
 The expenses of the year 1806, which must be defrayed out of those 
 resources, are, like the revenue, either of a permanent nature or temporary. 
 
 The permanent expenses are estimated at 11,450,000 dollars, and consist 
 of the following items, viz: 
 
 1. The annual appropriation of eight millions of dollars for the payment 
 of the principal and interest of the public debt, of which more than 
 4,000,000 dollars will be applicable to the discharge of the principal, and the 
 residue to the payment of interest, - - . $ 8,000,000 
 
 2. For the Civil Department and all domestic expenses of a 
 civil nature, including invalid pensions, the light house and 
 mint establishments, the expenses of surveying public lands, 
 the third instalment of the loan due to Maryland, and a sum 
 of 150,000 dollars, to meet such miscellaneous claims or grants 
 
 as may be allowed by Congress, - - - . 1,150,000 
 
 3. For expenses incident to the intercourse with foreign 
 
 nations, including the permanent appropriation for Algiers, 200,000 
 
 4. For the Military and Indian Departments, including the 
 permanent appropriations for certain Indian tribes, - 1,030,000 
 
 5. For the Naval establishment, (exclusively of deficien- 
 cies for the service of the years 1804 and 1805, which are 
 
 estimated at 600,000 dollars,) - 1,070,000 
 
 11,450,000 
 
 The extraordinary demands for the year 1806, amount to four millions of 
 dollars, viz: 
 
 The Navy deficiencies for 1804 and 1805 ; as 
 above-mentioned .... 600,000 
 
1805/] -SECRETARY OF THE TREASURY. 099 
 
 And the balance of the American claims as- 
 sumed by the French Convention, which remain- 
 ed unpaid on the 30th Sept. last, amounting to 3,400,000 
 
 4.000,000 
 
 Making altogether - - - - 15,450,000 
 
 It appears from the preceding statement that the permanent revenues of 
 the United States will, during the ensuing year, exceed the permanent expen- 
 ditures by a sum of more than one million of dollars; and that the moneys 
 already on hand, together with the temporary resources of the year, will, 
 after leaving the sum which it is always necessary to keep in the Treasury, 
 be sufficient to discharge the Navy deficiencies and the whole amount of the 
 claims assumed by the Convention with France, the large receipts of last 
 year rendering it unnecessary to recur for that object to the loan authorized 
 by the act of the 10th of November, 1803. 
 
 Mediterranean Fund. 
 
 It appears by the statement (B. ) that the additional duty of two and a-half 
 per cent, on goods paying duties ad valorem, which constitutes the "Mediter- 
 ranean Fund," amounted, during the six last months of 1804, to 563,038 
 dollars. And it is ascertained that the amount of the duty accrued during 
 the year ending on the 30th day of June, 1805, was 990,000 dollars. This 
 apparent product will, it is true, be diminished by subsequent exportations: 
 but it is believed, from a view of the value of the goods imported in 1S03 
 and 1804, which are charged with that duty, that the fund may be estimated 
 as producing nearly $900,000 a year. If that estimate be correct, the fund 
 will ultimately produce, during the one year and nine months commencing on 
 the 1st day July, 1804,and cndingon the 31st day of March, 1806, 1,575,000 
 
 The expenses heretofore charged on that fund, have been, viz: 
 
 Paid in 1804, to the Navy Department, under the 
 act constituting the fund, - - - - 5.25,000 
 
 Paid in 1805, to the said Department, by virtue of 
 the 2d section of the act of 25th January, 1805, 590,000 
 
 Making altogether - 1,115,000 
 
 And leaving an unappropriated surplus, estimated at 460,000 
 
 But which will be more than absorbed by the Navy deficiencies above-men- 
 tioned. 
 
 The moneys actually received or to be received into the Treasury, on 
 account of that fund, prior to the 1st day of January, 1806, are estimated at 
 about $600,00®. The residue will be received between that day and the 31st 
 day of March, 1807, and credit has been taken for a sum of $900,000 on that 
 account, in the preceding estimate of the receipts of the year 1806. 
 
 Public Debt. 
 
 The payments on account of the principal of the public 
 debt, have, during the year ending on the 30th Septem- 
 ber, 1805, exceeded four millions three hundred and se- 
 venty-seven thousand dollars, as appears by estimate (D.) $ 4,377,898 63 
 The two last instalments due to Great Britain, and amount- 
 
 39 
 
300 REPORTS OF THE [1805. 
 
 ing to one million seven hundred and seventy-six thousand 
 
 dollars, have also been discharged during the same period, 1,776,000 00 
 
 making in the whole a reimbursement of more than six mil- ■ *«• 
 
 lions one hundred and fifty thousand dollars. 6,153,898 63 
 
 As the exportation of the specie necessary to discharge 
 the last mentioned instalment, would have been sensibly 
 felt, it was found eligible to pay it in London, in conformi- 
 ty with the authority given by the act of the 3d of March, 
 1805; and the operation was effected at par, by the Bank of 
 the United States. 
 
 It appears by the same statement (D ) that the payments on 
 account of the public debt, from the 1st April, 1801, to the 
 30th Sept.lS05, have amounted to almost $18,000,000 17,954,790 49 
 During the same period there have been paid to Great Bri- 
 tain, in satisfaction and discharge of the money which the 
 United States might have been liable to pay, in pursuance 
 of the provisions of the 6th article of the treaty of 1794, 2,664,000 00 
 
 The balance in the Treasury, amounted on 
 
 the 1st day of April, 1801, to - 1,794,052 59 
 
 And on the 30th day of Sept. 1S05, to 4,575,654 37 
 
 Making an increase of 2,781,601 78 
 
 From which, deducting the proceeds of the 
 
 sales of the Bank shares, - - 1,2S7,600 00 
 
 Leaves for the increase arising from the ordinary revenue, 1,494,001 78 
 
 Making, in the whole, a difference of more than twenty-two 22,112,792 27 
 millions of dollars in favor of the United States, during 
 that period of four years and a half. 
 
 In order to give a more general and concise view of the receipts and ex- 
 penditures of the United States, during the four years, commencing on the 
 1st day of April, 1801, and ending on the 31st day of March, 1S05, than 
 can be derived from the annual printed accounts, a statement, marked (H.) 
 and several explanatory statements, marked (H 1. to H 8.) have been added 
 to those which usually accompany this report. 
 
 From those it appears that a sum of fifty millions six hundred and sixty- 
 seven thousand four hundred and sixty-seven dollars and four cents, has 
 been paid into the Treasury during that period, viz: 
 From duties on tonnage, and on the importation of foreign 
 
 merchandise, ------ 45,174,837 22 
 
 From all other sources (including Si, 596, 171 43 cents, aris- 
 ing from the sales of Bank shares and of public vessels,) 5,492,629 S2 
 
 50,667,467 04 
 
 And that the expenditures, during the same period, have amounted to ior- 
 ty-nine millions six hundred and sixty-five thousand five hundred and twen- 
 ty-seven dollars and fifty-six cents, which have been disbursed for the fol- 
 lowing purposes: 
 
 1 . Less than one-third of the whole has been sufficient to defray all the 
 current expenses of the United States, viz: 
 For the Civil List, and all domestic ex- 
 penses of a civil nature - - 3,786,114 79 
 
1805.J SECRETARY OF THE TREASURY. qq \ 
 
 For the Military Establishment and Indian 
 
 Department, - 4,405,192 26 
 
 For the Naval Establishment, - - 4,842,635 15 
 
 For the expenses attending the intercourse 
 
 with foreign nations, - 1,071,437 84 
 
 Amounting altogether to 14,105,380 04 
 
 2. Near one-third was necessary to pay the interest on the 
 
 public debt, viz: - - - - ".- 16,278,700 95 
 
 On which subject it may not be improper to observe, that 
 a part of that sum, amounting to $3,160,000, was paid on ac- 
 count of the interest on the deferred stock, a charge which 
 commenced only in the yeai 1801, and was therefore in ad- 
 dition to the annual sum wanted before that year, for the 
 payment of interest on the public debt. 
 
 3. More than one-third, and which may be considered as 
 the surplus revenue of the United States, during that period, 
 has been applied towards the reimbursement and extinguish- 
 ment of the debt, viz: 
 On account of the principal of the public 
 
 debt proper, - - - - 16,317,663 92 
 
 In payment of debts contracted before the 
 
 1st day of April, 1801, and arising under 
 
 the British treaty and under the French 
 
 convention of 30th September, 1800, 2,963,782 65 
 
 19,281,446 57 
 49,66 5,527 56 
 
 It is sufficiently evident, that, whilst one-third of the national revenue is 
 necessarily absorbed by the payment of interest, a persevering application 
 of the resources afforded by seasons of peace and prosperity, to the discharge 
 of the principal, in the manner directed by the Legislature, is the only effec- 
 tual mode by which the United States can ultimately obtain the full com- 
 mand of their revenue, and the free disposal of all their resources. Every 
 year produces a diminution of interest, and a positive increase of reve- 
 nue. Four years more will be sufficient to discharge, (in addition to thean- 
 nual reimbursements on the six per cent, and deferred stocks,) the remain- 
 der of the Dutch debt, and the whole of the eight per cent, navy six per 
 cent., five and a half per cent., and four and a half per cent, stocks. As the 
 portion of the public debt which shall then remain unpaid, will consist of the 
 six per cent, deferred, and Louisiana stocks, neither of which can be reim- 
 bursed, except at the periods, and in the proportions fixed by contract, and 
 of the three per cent, stock, which its low rate of interest will render it in- 
 eligible to discharge at its nominal value, the rapidity of the reduction of 
 the debt, beyond the annual reimbursements permitted by the contracts, 
 will, after the year 1809, depend on the price at which purchases may be ef- 
 fected. And, should circumstances render it eligible, a considerable portion 
 of the revenue now appropriated for that purpose, may then, in conformity 
 with existing provisions, be applied to other objects. 
 
 All Which is respectfullv submitted. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 Treasury Departmext, December 9th, 1805. 
 
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1805.] 
 
 SECRETARY OF THE TREASURY. 
 
 303 
 
 B. 
 
 A STATEMENT exhibiting the value and quantities^ respectively , of 
 Merchandise, on which duties actually accrued, during the year 1804, 
 (consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, of the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 Goods paying duties ad valorem. 
 
 '30,211,367 dollars, at 12* per cent. - 
 7,641,925 do 15 do - - 
 
 425,236 do 20 do 
 
 Additional duty on 22,297,845 dollars, at 2 \ per ct. 
 
 38,273,528 dollars 
 
 Dollars 
 
 Spirits 
 
 Sugar 
 
 Salt 
 
 Wines 
 
 Teas 
 
 Coffee 
 
 Molasses 
 
 10,488,696 gallons, at 29.2 cts. average 
 
 / All other articles 
 
 55,070,013 pounds, at 2.5 
 2,439,241 bushels, at 20 
 3,003,312 gallons, at 31.9 
 2,423,074 pounds, at 20 
 6,101,191 do at 5 
 6,535,513 gallons, at 5 
 
 average 
 
 average 
 average 
 
 Dollars 
 
 Deduct duties refunded, and difference in calculation 
 
 3^ per cent, retained on drawbacks - 
 
 Extra duty of 10 per cent, on merchandise imported in foreign 
 vessels ...... 
 
 Nett amount of duties on merchandise 
 Duties on tonnage - 
 
 Light money - - - - - 
 
 Duties on passports and clearances - 
 
 Gross revenue, per statement A - 
 
 Deduct expenses of collection ... 
 
 Nett revenue 
 
 3,776,420 87 
 
 1,146,288 75 
 
 85,047 20 
 
 557,446 12 
 
 5,565,202 94 
 
 3,061,007 38 
 1,382,959 01 
 487,848 20 
 958,117 79 
 485,133 40 
 305,059 55 
 326,775 65 
 488,854 38 
 
 13,060,958 30 
 15,448 52 
 
 159,429 84 
 49,300 16, 
 
 13,045,509 78 
 245,000 56 
 
 188,162 71 
 
 13,478,673 05 
 
 208,730 00 
 17,334 00 
 
 13,704,737 05 
 484,045 68 
 
 13,220,691 37 
 
304 
 
 REPORTS OF THE 
 
 Explanatory Statements and Notes. 
 
 [1805. 
 
 A 
 
 Additional duty of 24 per rent. 
 
 
 
 
 557,446 12 
 
 
 3£ per cent, retained on d.awback 
 
 - 
 
 - 
 
 - 
 
 1,710 12 
 
 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels 
 
 Dollars 
 
 Spirits — 
 
 3,881 77 
 
 
 563,038 01 
 
 a 
 
 
 
 Grain, -- 1st proof, 1,083,674 
 
 gallons, 
 
 at 28 cents 
 
 303,428 72 
 
 
 2d do - 29,812 
 
 do 
 
 29 
 
 do 
 
 8,645 48 
 
 
 3d do - 4,761 
 
 do 
 
 31 
 
 do 
 
 1,475 91 
 
 
 4th do - 52,168 
 
 do 
 
 34 
 
 do 
 
 17,737 12 
 
 
 5th do - 3,653 
 
 do 
 
 40 
 
 do 
 
 1,461 20 
 
 
 6th do - 217 
 
 do 
 
 50 
 
 do 
 
 108 50 
 
 
 Other materials, 1st and 2d proof 2,086,319 
 
 do 
 
 25 
 
 do 
 
 521,579 75 
 
 
 3d do 2,681,848 
 
 do 
 
 28 
 
 do 
 
 750,917 44 
 
 
 4th do 4,531,991 
 
 do 
 
 32 
 
 do 
 
 1,450,237 12 
 
 
 5th do 14,253 
 
 do 
 
 s 
 
 38 
 
 do 
 
 5,416 14 
 
 
 10,488,696 
 
 3,061,007 38 
 
 h 
 
 Sugar, brown, 53,828,275 pounds, at 2£ cenl 
 
 1,345,706 87 
 
 
 white, 1,241,738 do 3 do 
 
 3,433,996 
 
 
 37,252 14 
 
 
 55,070,013 
 
 1,382,959 01 
 
 
 
 Salt, imported, bushels of 56 pounds, 
 
 
 
 Exported, - - - 31,047 
 
 
 
 
 
 
 Amount of bounties and allow- 
 
 
 
 
 
 
 ances, $192,741 51, reduced 
 
 
 
 
 
 
 into bushels at the present rates, 963 ,708 
 
 994,755 
 
 )cts. 
 cents 
 
 
 
 Paying duty, bushels of 56 pounds, 
 
 
 
 2,439,241 at 2( 
 
 487,848 20 
 
 d 
 
 Wines, Madeira, 1st quality, - 242,500 
 
 gallons, 
 
 at 58 
 
 140j650 00 
 
 
 2d do - 134.587 
 
 do 
 
 50 
 
 do 
 
 67,293 50 
 
 
 Sherry and St. Lucar, - 553,962 
 
 do 
 
 40 
 
 do 
 
 221,584 80 
 
 
 Oporto and Lisbon, - 254,999 
 
 do 
 
 30 
 
 do 
 
 76,499 70 
 
 
 Burgundy and Champaign, 1,766 
 
 do 
 
 45 
 
 do 
 
 794 70 
 
 
 TenerifTe, Faval, and Malaga, 477,103 
 
 do 
 
 28 
 
 do 
 
 133,588 84 
 
 
 Other, in bottles, - - 82,295 
 
 do 
 
 35 
 
 do 
 
 28,803 25 
 
 
 Do in casks, - - 1,256,100 
 
 do 
 
 at 12 < 
 
 23 
 :ents 
 
 do 
 
 288,903 00 
 
 
 3,003,312 
 
 958,117 79 
 
 e 
 
 Teas, Bohea, - - 428,132 pounds, 
 
 51,375 84 
 
 
 Souchong, • - 912,238 do 
 
 18 
 
 do 
 
 - 
 
 164,202 84 
 
 
 Hyson, - - 439,196 do 
 
 32 
 
 do 
 
 - 
 
 140,542 72 
 
 
 Other green, - 643,508 do 
 
 20 
 
 do 
 
 - 
 
 128,701 60 
 
 
 2,423.074 
 
 
 
 
 
 
 Extra duty on teas imported from other places than India 
 
 310 40 
 
 
 485,133 40 
 
1805.] 
 
 SECRETARY OF THE TREASURY. 
 
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310 
 
 REPORTS OF THE 
 
 [1805. 
 
 JIN ESTIMATE of the Principal redeemed of the Debt of the United 
 States, from the 1st October, 1804, to the QQth September, 1805, inclu- 
 sive; shoiving, also, the redemption of the Principal of the said Debt, 
 from 1st April, 1801, to the 30th September, 1805. 
 
 
 
 Redemption 
 
 
 
 
 from 1st April, 
 
 
 
 Redemption 
 
 1801, to 30th 
 
 Total principal 
 
 
 from 1st Octo- 
 
 Sept. 1804, as 
 
 redeemed, from 
 
 
 ber, 1804, to 
 
 per statement 
 
 1st April, 1801, 
 
 ' — 
 
 30th of Sept'r, 
 
 referred to in 
 
 to 30th Sept'r, 
 
 
 1805. 
 
 the Secretary's 
 report of 19th 
 
 1805. 
 
 On account of the Domestic Debt. 
 
 
 Nov. 1804. 
 
 
 The amount of warrants issued on the Trea- 
 
 
 
 
 surer of the United States, according 1 to 
 
 
 
 
 the quarter yearly statement of receipts 
 
 
 
 
 and expenditures, from 1st Oct. 1804, to 
 
 
 
 
 30th Sept. 1805, exclusive of $560 02, 
 
 
 
 
 repaid into the Treasury, was 4,720,156 68 
 
 
 
 
 Denuct interest which accrued 
 
 
 
 
 during the same period, cal- 
 
 
 
 
 culated quarter yearly 3, 245,743 96 
 
 
 
 
 
 1,474,412 72 
 
 3,683,190 44 
 
 5,157,603 16 
 
 
 Payments made in certificates of the debt of 
 
 
 
 
 the United States, on account of lands 
 
 
 
 
 purchased .... 
 
 41,471 68 
 
 53,146 13 
 
 94,617 81 
 
 Payments made to foreign officers, and for 
 
 
 
 
 certain parts of the domestic debt 
 
 8,112 21 
 
 65,997 03 
 
 74,109 24 
 
 Payments on account of domestic loans 
 
 950,000 00 
 
 2,490,000 00 
 
 3,440,000 00 
 
 On account of the Foreign Debt. 
 
 
 
 
 The amount of warrants issued on the Trea- 
 
 
 
 
 surer, exclusive of $4,458 74, the com- 
 
 
 
 
 mission to agents purchasing bills of ex- 
 
 
 
 
 change, was - - 2,627,067 93 
 
 
 
 
 Deduct interest accruingthere- 
 
 
 
 
 on, viz: 
 
 
 
 
 On the Dutch debt, including 
 
 
 
 , 
 
 commissions and 
 
 
 
 
 charges 179,667 76 
 
 
 
 
 On the Louisiana 6 
 
 
 
 
 per cent, stock, 
 
 
 
 
 including com- 
 
 
 
 
 missions 678,375 00 
 
 
 
 
 858,042 76 
 
 
 Deduct s^ain on ex- 
 
 
 
 
 change 134,876 85 
 
 
 
 
 7°3 165 91 
 
 
 
 
 
 1,903,902 02 
 
 7,284,558 26 
 
 9,188,460 28 
 
 
 
 4,377,898 63 
 
 13,576,891 86 
 
 17,954,790 49 
 
 Treasury Department, Register's Office, December 9th, 1805. 
 
 JOSEPH NOURSE, Register 
 
1805.] 
 
 SECRETARY OF THE TREASURY. 
 
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-312 
 
 REPORTS OF THE 
 
 [1805. 
 
 F. 
 
 STJl TEMENT exhibiting the value and quantities, respectively, of Mer- 
 chandise, on which duties actually accrued, during the year 1801 con- 
 sisting of the difference between articles paying duty, imported, and 
 those entitled to drawback re-exported; and also of the nett revenue 
 which accrued during that year, from duties on Merchandise, Ton- 
 nage, Passports and Clearances. 
 
 GOODS PAYING DUTIES AD VALOREM. 
 
 $34,207,S44 at 12i per cent. 
 8,815,170 at 15 do 
 504,570 at 20 do 
 
 4,275,980 50 
 
 1,322,275 50 
 
 100,914 00 
 
 
 43,527,584 
 
 a. Spirits, 7,608,563 gallons, at 29.2 av. 
 
 b. Sugar, 47,882,376 pounds, at 2\ cents, 
 
 c. Salt, 2,881,803 bushels, at 20 cents, 
 
 d. Wines, 1,223,721 gallons, at 35 cts. av. 
 
 e. Teas, 2,669,831 pounds, at 18.2 
 Coffee, 8,471,396 pounds, at 5 cents, 
 
 /. Molasses, 5,447,545 gallons, at 5 cents, 
 g. All other articles, 
 
 $5,699,170 00 
 2,221,064 36 
 1,199,384 29 
 576,360 60 
 428,411 01 
 484,636 12 
 423,569 80 
 272,377 25 
 432,124 03 
 
 
 Deduct amount of duties refunded, 
 
 11,737,097 46 
 37,773 03 
 
 11,699,324 43 
 305,825 86 
 
 256,238 46 
 
 33 per cent, retained on drawbacks, 
 Extra duty of 10 per cent, on merchandise 
 imported in foreign vessels, 
 
 
 Nett amount of duties on merchandise, 
 
 Duties on tonnage, 
 
 Duties on passports and clearances, 
 
 12,261,388 75 
 
 172,826 29 
 
 17,756 00 
 
 Gross revenue per statement A, 
 Deduct expenses of collection, 
 
 12,451,971 04 
 451,555 IS 
 
 Nett revenue, 
 
 12,000,415 89 
 
1805.] 
 
 SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes. 
 
 Salt— Imported bushels, of 56 lbs. 3,471, 004 
 
 Exported 72,021 
 
 Amount of bounty and 
 allowances, 103,435 
 92-100,reduced into 
 bushels at the pre- 
 sent rates, 517,180 589,201 
 
 Paying duty, bushels of 56 lbs. 2,881,803 at 20 cents, 
 
 Wines — Madeira, 1st quality, 
 Do 2d do 
 Sherry and St. Lucar, 62, 181 
 Oporto and Lisbon, 450,080 
 
 Burgundy & Champaign, 3,863 
 Teneriffe, Fayal, and 
 
 Malaga, 252,545 
 
 All other in bottles, 72,245 
 
 Do in casks, 128,109 
 
 174,548 gallons at 58 cents, 
 80,150 do 50 do 
 
 do 
 
 do 
 
 do 
 
 40 do 
 30 do 
 45 do 
 
 do 
 do 
 do 
 
 28 do 
 35 do 
 23 do 
 
 1,223,721 gallons, 
 
 Teas — Bohea, 
 
 Souchong, 
 Hyson, 
 Other green, 
 
 1,032,486 pounds at 12 cents 
 488,311 do 18 do 
 306,139 do 32 do 
 842.895 do 20 do 
 
 Extra duty on teas imported from other places than India, 
 
 Molasses — Imp orted, 
 Exported, 
 Spirits distilled, 
 
 Molasses consumed, 
 
 Spirits distilled, 
 
 Drawback on spirits ex- 
 ported, $37,699 37, 
 reduced into gal- 
 lons at 15 cents, 
 
 Spirits consumed, 
 
 2,669,831 pounds. 
 
 6,029,825 gallons, 
 gal. 330,951 
 
 1,778,299-2,109,250 
 
 1,778,299 
 
 3,920,575 
 
 251,329 
 
 1,526,970 
 
 313 
 
 Spirits — Grain, 1st proof, 716,817 gallons 
 
 it 28 cents, 
 
 200,708 76 
 
 2d 
 
 do 86,370 
 
 do 
 
 29 
 
 do 
 
 25,047 30 
 
 3d 
 
 do 9,095 
 
 dc 
 
 31 
 
 do 
 
 2,819 45 
 
 4th 
 
 do 61,637 
 
 do 
 
 34 
 
 do 
 
 20,956 58 
 
 Other materials, 1st & 2d 1,391,919 
 
 do 
 
 25 
 
 do 
 
 347,979 75 
 
 3d 
 
 do 2,724,308 
 
 do 
 
 28 
 
 do 
 
 762,806 24 
 
 4th 
 
 do 3,099,911 
 
 do 
 
 32 
 
 do 
 
 991,971 52 
 
 5th 
 
 do 35,326 
 
 do 
 
 38 
 
 do 
 
 13,423 88 
 
 6th 
 
 do 336 
 
 do 
 gallons 
 
 46 
 
 do 
 
 154 56 
 
 Imported, 
 
 8,125,719 j 
 
 $2,365,868 04 
 
 Exported, 
 
 517,156 
 
 lbs. at 
 
 2* 
 
 cents, 
 
 144,803 63 
 
 Consumed, 
 
 7,608,563 
 47,417,397 
 
 2,221,064 36 
 
 Sugar — Brown, 
 
 1,185,434 92 
 
 White, 
 
 464,979 
 
 do 
 
 o 
 
 do - 
 
 13,949 37 
 
 
 47,882 376 
 
 $1,199,384 29 
 
 576,360 60 
 
 101,237 84 
 40.075 00 
 24,872 40 
 
 135,024 00 
 1,738 35 
 
 70,712 60 
 
 25,285 75' 
 29,465 07 
 
 16428,411 01 
 
 123,898 32 
 87,895 98 
 97,964 48 
 
 168,579 00 
 6,298 34 
 
 484,636 12 
 
 Total molasses and spirits consumed, 5,447,545 at 5 cents, 
 
 272,377 25 
 
314 REPORTS OF THE [1805. 
 
 Explanatory Statements and Notes— Continued. 
 
 QUANTITIES. 
 
 ALL OTHER ARTICLES. 
 
 Excess o 
 importatioi 
 over expor- 
 tation. 
 
 Beer, ale & porter, gal's 
 Cocoa, lbs 
 
 Chocolate, . do 
 
 Sugar candy, " do 
 
 Do loaf, d< 
 
 Do other refined, do 
 Candles, tallow, do 
 
 Do wax, do 
 
 Cheese, do 
 
 Soap, do 
 
 Pepper, * do 
 
 Pimento do 
 
 , Tobacco, do 
 
 Snuff, do 
 
 Indigo, do 
 
 Cotton, do 
 
 Nails, do 
 
 Spikes, do 
 
 Lead, & manufactures of 
 Steel, cwt 
 
 Hemp, do 
 
 Cables, do 
 
 Cordage, tarred, do 
 
 Do untarred, do 
 Twine &. packthread, do 
 Glauber salts, do 
 
 Coal, bushels, 
 
 Boots, pairs, 
 
 Shoes, silk, do 
 
 Do all other for men 
 and women, do 
 
 Do for children, do 
 Cards, wool & cotton, do 
 
 Do playing, packs, 
 Domestic spirits from 
 
 molasses, gal's 
 
 -Do from domestic 
 produce, do 
 
 158,422 
 
 1,094,023 
 
 3,104 
 
 4,971 
 
 6,879 
 
 6,932 
 
 176,323 
 
 2,451 
 
 66,724 
 
 457,059 
 113,079 
 164,912 
 
 210,224 
 
 512,308 
 
 3,120,691 
 
 280,237 
 
 1,783,900 
 
 14,844 
 
 80,851 
 
 990 
 
 24,738 
 
 1,439 
 
 1,696 
 
 1,346 
 
 616.48"- 
 
 6,57 -j 
 
 1,650 
 
 79,152 
 
 6,441 
 
 70 
 
 3,467 
 
 Excess of 
 xportation 
 )ver impor 
 'ation. 
 
 461,560 
 
 5,061 
 
 21,921 
 
 519 
 
 Rate 
 
 of 
 duty 
 
 Excess of 
 duties over 
 drawback 
 
 Excess of 
 
 drawback 
 
 over duties. 
 
 Cts. 
 8 
 2 
 3 
 
 Hi 
 
 9 
 6? 
 
 2 
 6 
 
 r 
 
 2 
 6 
 
 4 
 
 10 
 
 22 
 
 25 
 
 3 
 
 2 
 
 1 
 
 1 
 
 100 
 
 100 
 
 180 
 
 180 
 
 225 
 
 400 
 
 200 
 
 5 
 
 75 
 
 25 
 
 15 
 
 10 
 50 
 25 
 
 15 
 
 12,673 76 
 
 21,880 46 
 
 93 12 
 
 571 67 
 
 619 11 
 
 450 58 
 
 3,526 46 
 
 147 06 
 
 4,670 68 
 
 27,423 54 
 
 4,523 16 
 
 16,491 20 
 
 52,556 00 
 
 15,369 24 
 
 62,413 82 
 
 2,802 37 
 
 17,839 00 
 
 14,844 00 
 
 80,851 00 
 
 1,782 00 
 
 44,528 40 
 
 3,237 75 
 
 6,784 00 
 
 2,692 00 
 
 30,824 15 
 
 4,931 25 
 
 387 50 
 
 11,872 80 
 
 644 10 
 
 35 00 
 
 520 05 
 
 9,231 20 
 
 1,113 42 
 
 5,480 25 
 
 36 33 
 
 447,985 23 15,861 20 
 
 432,124 03 
 
 Treasury Department, Register's Office, December 9th, 1S05. 
 
 JOSEPH NOURSE, Register. 
 
1805.] 
 
 SECRETARY OF THE TREASURY. 
 
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 SECRETARY OP THE TREASURY. 
 
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1806.] SECRETARY OF THE TREASURY. 331 
 
 REPORT ON THE FINANCES. 
 
 DECEMBER, 1806. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 " An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates. 
 
 Revenue and. Receipts. 
 
 The nett revenue arising from duties on merchandise and tonnage, which 
 accrued during the year 1804, amounted, after deducting that portion which 
 arose from the additional duties constituting the Mediterranean Fund, to 
 
 $12,673,458 
 And that which accrued during the year 1805, amounted, af- 
 ter making a similar deduction (as will appear by the 
 statement A.) to - - - - ' - 13,083,823 
 
 It is ascertained that the nett revenue which has accrued during the three 
 first quarters of the year 1806, exceeds that of the corresponding quarters 
 of the year 1805; and that branch of the revenue niay, exclusively of 
 the Mediterranean Fund, be safely estimated, for the present, at thirteen mil- 
 lions of dollars. 
 
 The statement (B. ) exhibits in detail the several species of merchandise, 
 and other sources from which that revenue was collected during the year 
 1805. 
 
 It appears by the statement (C.) that the sales of public lands have, during 
 the year ending on the 30th September, 1806, exceeded 473,000 acres. 
 The actual payments by purchasers, have, during that period, amounted to 
 850,000 dollars, of which sum near 700,000 dollars have been paid in spe- 
 cie, and the residue in stock of the public debt. The specie receipts from 
 that source may, after deducting charges, and the five percent- reserved for 
 roads, be estimated for the ensuing year at five hundred thousand dollars. 
 
 The receipts arising from the permanent revenue of the 
 United States, may, therefore, without including the arrears 
 of direct tax and internal revenues, the duties on postage and 
 other incidental branches, be computed, for the year 1807, at 13,500,000 
 
 And the payments into the Treasury during the same year, 
 on account of the temporary duties constituting the Medi- 
 terranean Fund , are estimated at - - - - 1,000,000 
 
 Making, in the whole, an aggregate of $ 14,500,000 
 
 Expenditures. 
 
 The permanent expenses are estimated at 11,400,000 dollars, and consists 
 of the following items, viz: 
 
 I. The annual appropriation of eight millions of dollars, for 
 the payment of the principal and interest of the public debt, 
 of which sum, not more than 3,600,000 dollars, will, for the 
 year 1807, be applicable to the payment of interest, 8,000,000 
 
 43 
 
332 REPORTS OF THE [1806. 
 
 II. For the Civil Department, and all domestic expenses of 
 a civil nature, including invalid pensions, the lighthouse and 
 mint establishments, the expenses of surveying public lands-, 
 the fourth instalment of the loan due to Maryland, and a 
 sum of 130,000 dollars to meet such miscellaneous appropria- 
 tions, not included in the estimates, as may be made by Con- 
 gress, .-.--.. 1,150,000 
 
 III. For expenses incident to the intercourse with foreign 
 
 nations, including the permanent appropriation for Algiers 200,000 
 
 IV. For the Military and Indian Departments, including 
 trading houses, and the permanent appropriations for certain 
 
 Indian tribes, _--.__ 1,150,000 
 
 V. For the Naval establishment, - 900,000 
 
 The extraordinary demands for the year 1807, already au- 
 thorized by law, amount to two millions seven hundred 
 thousand dollars, viz: 
 
 The balance of the American claims assumed by the French 
 convention, which remained unpaid on the 30th September last, 
 amounting to - - - - . - 700,000 
 
 And the two millions of dollars appropriated by 
 the act of 13th February, 1806, making provision 
 for defraying any extraordinary expenses attending 
 the intercourse between the United States and 
 foreign nations, .... 2,000,000 
 
 $ 1 1,400,000 
 
 2,700,000 
 
 Making altogether, $ 14, 1 00,000 
 
 From which it appears that, besides a surplus of four hundred thousand 
 dollars, the resources of the ensuing year will be sufficient to meet the cur- 
 rent demands, and to discharge, without recurring to the loan authorized by 
 the last mentioned act, the extraordinary appropriation of two millions for 
 foreign intercourse. 
 
 It is here proper to state, that, under the authority given by that act, a 
 credit of one million of dollars has been opened in Holland to the Ministers 
 of the United States appointed to treat with Spain. Should the credit be used., 
 the million will be charged to the proper appropriation: but, although the 
 balance chargeable to the expenditure of the year 1807, will in that case be 
 only one, instead of two millions, as stated in the above estimate, the gene- 
 ral result will be the same, as it will then be necessary to replace in Holland, 
 the million thus employed for a different object than the payment of the fo- 
 reign debt, to which it now stands charged. 
 
 The balance in the Treasury amounted, on the 30th day of September, 
 1805, to $ 4,558,664 02; and, on the 30th day of September, 1806, t® 
 $ 5,496,969 77. But it. will, on account of the heavy payments to 
 be made in the course of this month for the public debt, be probably re- 
 duced, on the 1st January, 1807, to a sum not much exceeding four millions 
 of dollars. 
 
 Public Debt. 
 
 The annexed note of the proceedings of the Commissioners of the Sink- 
 ing Fund, marked (E. ) shows that a considerable portion of the annual ap- 
 
1806.] SECRETARY OF THE TREASURY. 33g 
 
 propriation of eight millions of dollars, was applicable this year to the re- 
 imbursement or purchases of the domestic debt. No more than 17,517 
 dollars and 61 cents were offered at market price, and accordingly pur- 
 chased. The reimbursement of the Navy six percent., amounting to 711,700 
 dollars, was therefore effected on the 30th day of September last, and that 
 of the five and half per cent, stock, amounting to 1,847,500 dollars, is advert 
 tised for the first day of January next. The payment of the last mentioned 
 sum will be made by the Treasury in the course of this month. Although 
 a more than usual portion of the appropriation for the calendar year 1806, 
 falls, for that reason, on the last quarter, it appears by the statement (D.) that 
 the payments on account of the principal of the public debt have, during 
 the year ending on the 30th day of September, 1806, amounted to near 
 three millions two hundred and fifty thousand dollars. 
 
 It appears by the same statement, that the payments on account of the 
 principal of the public debt, have, from the 1st April, 1801, to the 30th 
 September, 1806, amounted to ... $21,203,9035,5 
 
 The payments on the same account, to be made by the 
 Treasury in the course of this month, are — 
 
 For the reimbursement of the five and half 
 per cent, stock, - 1,847,500 00 
 
 For the annual reimbursement of the six 
 per cent, and deferred stocks, - - 99 3, 38 919 
 
 2,840,S89 19 
 
 24,044,792 74 
 
 And making the total of principal of the public debt, reimbursed from the 
 1st of April, 1801, to the 1st January, 1807, more than twenty-four millions 
 of dollars. 
 
 During the same period there have also been paid to Great Britain, in sa- 
 tisfaction and discharge of the money which the United States might have 
 been liable to pay, in pursuance of the provisions of the sixth article of the 
 treaty of 1794, two millions six hundred and sixty-four thousand dollars; 
 and to the holders of bills, drawn by the Minister of the United States at 
 Paris, on account of American claims assumed by the convention with 
 France, a sum exceeding three millions and fifty thousand dollars; neither of 
 which sums is included in the preceding statement of debt redeemed. 
 
 As the only parts of the public debt, which the United States have a right 
 to reimburse during the year 1807, consist of the annual reimbursement of 
 the six per cent, and deferred stocks, estimated at 1,540,707 dollars, and of 
 the four and half per cent, stock, amounting to 176,000 dollars, it will not 
 be practicable, unless purchases can be effected within the limitations 
 prescribed by law, to apply during that year, the whole of the annual ap- 
 propriation of eight millions of dollars. The unexpended balance, together 
 with the appropriation for the year 1808, will enable the United States to 
 reimburse, on the 1st of January, 1809, the whole of the eight per cent. 
 stock, which is irredeemable before that day. 
 
 But. in order that Congress may have a clear view of the situation of the 
 public debt after the 3^ear 1808, and be enabled to decide on the propriety 
 of making further legislative provision for that object, it appears necessary 
 to state distinctly: 1st, The operations which will take place in relation to 
 the debt during the years 1807 and 180S. 2dly, The several species and ag- 
 gregate of debt which will have been extinguished between the 1st April, 
 
334 REPORTS OF THE [1806. 
 
 1801, and the 1st January, 1809. 3dly, The several species and aggregate of 
 debt remaining unpaid on the last mentioned day. 4thly, A comparative 
 view of the revenue and annual payments on account of the debt after that day. 
 
 I. The payments to be made during the years 1807 and 1808, on account 
 of the principal and interest of the public debt, consists of the following 
 items, viz: 
 
 Interest and reimbursement of the six per cent, and defer- 
 red stocks, ------ 6,688,296 08 
 
 Of which sum, the sum required for interest is 3,512,337 83 
 
 And the reimbursement of principal will 
 amount to - - - - - 3,175,958 25 
 
 $6,688,296 08 
 
 Interest and charges on all the other species of debt, 3,529,457 50 
 
 Principal of the eight per cent, and four and half per cent. 
 Stocks, - - - - - - - 6,538,400 00 
 
 Making altogether, $16,756,153 5S 
 
 That is to say, for interest, - - 7,041,795 33 
 
 And in reimbursement of principal, - 9,714,358 25 
 
 16,756,153 58 
 
 This sum exceeds by only 756,000 dollars, the sixteen millions appropri- 
 ated by law for those two years, and that difference may be supplied, accord- 
 ing to law, from the surplusses of revenue already accrued, which are suf- 
 ficient for that purpose, and which it will be eligible to apply in that man- 
 ner, in order that the United States may not continue to pay an interest of 
 eight per cent, any longer than they are compelled to do it, by the terms 
 of the loan. 
 
 II. The amount of debt redeemed from the 1st of April, 1S01, to the 1st 
 January next, has been already stated to be - - \ 24,044,792 74 
 
 And the principal which will be reimbursed during the 
 years 1807 and 1808, amounts, by the preceding statement, to 9,714,358 25 
 
 Making, together, more than thirty-three millions seven 
 hundred and fifty thousand dollars, reimbursed between 
 
 the 1st April, 1801, and the 1st January, 1809. $ 33,759,150 99 
 
 Which sum consists of the following items, viz: 
 
 The whole of the foreign debt, - - -10,236,108 05 
 
 The whole of the loans formerly obtained from the Bank 
 of the United States, and of the Navy six, five and half, four 
 and half, and eight per cent, stocks, - 12,537,600 00 
 
 Annual reimbursement of the six per cent, and deferred 
 stocks ------ 10,631,575 67 
 
 Payments in various species of stock, for public lands, 
 stock purchased, and unfunded debt reimbursed, - - 353,867 27 
 
 $33,759,150 99 
 
1806.] 
 
 SECRETARY OF THE TREASURY. 335 
 
 III. The debt remaining unpaid on the 1st day of January, 
 
 1809, will consist of the following species: 
 
 Unredeemed amount of old six per cent, and deferred 
 
 stocks,. reimbursable only at the rate of eight per cent, a year, 
 
 (for principal and interest,) on the nominal amount, 27,142,357 21 
 
 Three per cent, stock, .... 19,019,481 56 
 
 1796 six per cent, stock, redeemable in 1819, - - 80,000 00 
 
 Louisiana stock, reimbursable in four annual instalments, 
 
 in the years 1818, 1819, 1820, and 1821, - - 11,250,000 00 
 
 Amounting altogether to near fifty-seven millions and f 
 
 five hundred thousand dollars. $ 57,491,838 77 
 
 The Louisiana stock cannot be reimbursed before the period fixed by the 
 contract. The gradual operation of the annual reimbursement will extinguish 
 the old six per cent, in the year 1818, and the deferred stock in 1824; after 
 which year the only remaining incumbrance will be the interest on the 
 three per cent, stock, which, in its present shape, may be considered as ir- 
 redeemable. Purchases cannot be relied upon, as the application of even 
 an inconsiderable sum would raise the stocks above the prices limited by 
 law. It follows, that all the species of debt on which the entire annual ap-? 
 propriation of S,000 000 dollars could operate, will have been reimbursed 
 prior to the year 1809; that the remaining debt cannot, without some modifi- 
 cations assented to by the public creditors, be more rapidly or completely 
 discharged than is here stated; and that the annual payments on that account, 
 will, after the year 1808, and prior to the year 1818, be reduced to the in- 
 terest and annual reimbursement, amounting to near 4,600,000 dollars, as 
 will more fully appear by the annexed table, marked (G. ) 
 
 IV. The revenue derived from customs during the year 1802, which was 
 a year of European peace, was much less in proportion than that of any of 
 the immediately preceding or following years, and yet exceeded ten mil- 
 lions of dollars. As it has been ascertained that the population of the Uni- 
 ted States increases at the rate of thirty-five per cent, in ten years, the re- 
 venue derived from customs for the year 1812, may be estimated at thirteen 
 millions five hundred thousand dollars: to which adding only five hundred 
 thousand dollars for the annual proceeds of the sales of public lands, will 
 give fourteen millions of dollars for the total revenue of that year, or for 
 the average revenue of the years 1809 — 1815. And this must be consider- 
 ed as a very moderate computation, since it does not include the revenue de- 
 rived from New Orleans; is predicated on the supposition that the wealth of 
 the United States increases in no greater ratio than their population; and 
 does not exceed the sum, which, exclusively of the Mediterranean Fund, 
 was received last year into the Treasury. 
 
 The annual payments on account Of the public debt, will, during the same 
 period, amount, as- Joas, -already been stated, to 4,600,000 dollars. All the 
 other expenses of the United States, whether domestic or foreign, of a civil 
 nature, or for the support of the existing military and naval establishments, 
 do not at present exceed 3,500,000 dollars. The total annual expenditure, 
 allowing four hundred thousand dollars a year for contingencies, "may there- 
 fore be estimated, after the year 1808, at eight millions and a half; which, de-»- 
 ducted from a revenue of fourteen millions, will leave a nett annual surplus 
 of five millions and a half of dollars. 
 
336 REPORTS OF THE [1806. 
 
 The question now recurs, whether a portion of that surplus would not be 
 most advantageously employed in hastening the reduction of the debt? Whe- 
 ther some mode may not be devised, to provide, within a short period, for its 
 final and complete reimbursement, and thereby release the public revenue 
 from every incumbrance? This can only be effected by a modification of 
 the debt assented to by the public creditors; and a conversion of the old six 
 per cent deferred, and three per cent, stocks, on terms mutual^ bene- 
 ficial, into a common six per cent, stock, redeemable within a limited 
 time, has appeared the most simple and eligible, if not the only practicable 
 plan, that can be adopted. For its details, a reference is respectfully made 
 to a letter written in January last, to the Chairman of the Committee of 
 Ways and Means, a copy of which, marked (F.) is annexed. It will only 
 be necessary to state, that if such a plan should be sanctioned by Congress, 
 and accepted by the creditors, those several species of debt, amounting, on 
 the 1st January, 1809, to something more than forty-six millions of dollars, 
 would be converted into a six per cent, stock, amounting to less than forty 
 millions of dollars, which the continued annual appropriation of eight mil- 
 lions of dollars would (besides paying the interest on the Louisiana debt) 
 reimburse, within a period of less than seven years, or before the end of the 
 year 1815; as will appear by the table marked (H.) 
 
 The total annual expenditure for those seven years, would then, allowing 
 still 3,500,000 dollars for current expenses, and 400,000 dollars for contin- 
 gencies, amount to something less than twelve millions of dollars; which, de- 
 ducted from a revenue of fourteen millions of dollars, would still leave, after 
 the year 1808, a clear surplus of more than two millions of dollars, applica- 
 ble to such new objects of general improvement or national defence, as the 
 legislature might direct, and existing circumstances require. And, after the 
 year 1815, no other incumbrance would remain on the revenue than the 
 interest and reimbursement of the Louisiana stock, the last payment of which, 
 in the year 1821, would complete the final extinguishment of the public 
 
 debt 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury* 
 Treasury Department, December 5th, 1806. 
 
1806.] 
 
 SECRETARY OF THE TREASURY. 
 
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538 
 
 REPORTS OF THE 
 
 [1806. 
 
 B. 
 
 •«# STATEMENT exhibiting the value and quantities, respectively , of 
 Merchandise on which duties actually accrued during the year 1805, 
 {consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, of the nett 
 revenue which accrued, during that year, from duties on Merchan- 
 dise, Tonnage, Passports, and Clearances. 
 
 GOODS PAYING DUTIES AD VALOREM. 
 
 i53 ,506, 584 dollars, at 12£ per cent. - - - 
 
 7,248,627 do"" 15 do - - 
 
 405,470 do 20 do - - 
 
 Additional duty on $41,537,612, at 2$ 
 
 )er ct. 
 
 verage 
 do - 
 
 verage 
 do - 
 
 duties 
 1 could 
 
 'ted in 
 
 4,188,323 00 
 
 1,087,294 05 
 
 81,094 00 
 
 1,038,440 30 
 
 A 
 
 41,160,681 
 
 a Spirits, 7,641,207 gallons, at 29.2 cents, a 
 b Sugar, 68,046,865 pounds, at 2.6 do 
 c Salt, 2,816,455 bushels, at 20 do - 
 d Wines, 2,604,611 gallons, at 30.5 do a 
 € Teas, 3,354,381 pounds, at 19 9 do 
 Coffee, 4,816,274 do at 5 do - 
 Molasses, 9,226,446 gallons, at 5 do - 
 f All other articles. 
 
 6,395,151 35 
 
 2,232,901 85 
 1,746,979 85 
 563,291 00 
 793,794 85 
 669,190 37 
 240,813 70 
 461,322 30 
 764,165 84 
 
 
 Deduct duties refunded, after deducting therefrom 
 collected on merchandise, the particulars of whicl 
 not be ascertained, and difference in calculation 
 
 13,867,611 
 26,661 
 
 11 
 
 88 
 
 13,840,949 23 
 328,144 79 
 
 202,937 54 
 
 05 per cent, retained on drawbacks 
 Extra duty of 10 per cent, on merchandise impo 
 foreign vesbels • .- 
 
 156,430 
 59,300 
 
 35 
 
 85 
 
 Nett amount of duties on merchandise - 
 Duties on tonnage " - 
 Light money "..... 
 
 14,372,031 56 
 
 215,731 20 
 18,954 00 
 
 14,606,716 76 
 70,000 00 
 
 Duties on passports and clearances 
 
 Sundry accounts not yet received, estimated at - 
 
 - 
 
 
 Gross revenue, as per statement A 
 Deduct expenses of collection - - - 
 
 14,676,716 76 
 554,836 76 
 
 Nett revenue 
 
 14,121,880 00 
 
1806.] 
 
 SECRETARY OF THE TREASURY 
 
 339 
 
 Explanatory Statements and Notes. 
 
 A Additional duty of 2£ per cent - 
 
 3£ per cent, retained on drawbacks - - - 
 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels 
 
 Spirits — 
 Grain 
 
 $1,038,440 30 
 6,647 72 
 6,227 15 
 
 1,051,315 17 
 
 2d do 
 
 3d do 
 
 4th do 
 
 5th do 
 
 6th do 
 Other materials, 1st & 2d do 
 
 3d do 
 
 4th do 
 
 5th do 
 
 6th do 
 
 1st proof, 317,954 gallons, at 28 cents 
 
 8,247 
 
 32,406 
 
 57.544 
 
 1,723 
 
 43 
 
 1,137,012 
 
 3,061,619 
 
 2,995,394 
 
 29,159 
 
 106 
 
 7,641,207 
 
 do 
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 31 
 
 34 
 40 
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 28 
 32 
 38 
 46 
 
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 b Sugar- 
 Brown, 
 White, 
 
 - 58,885,220 pounds, at 2£ cents 
 
 - 9,161,645 do 3 do 
 
 68,046,865 
 
 c Salt, imported, bushels of 56 pounds - 3,782,328 
 
 Exported, - - 12,503 
 
 Amount of bounties and allow- 
 ances, $190,674 04, reduced 
 into bushels at the present rates, 953,370 
 
 Paying duty, bushels of 56 pounds; 
 
 Wines — 
 
 Madeira, 1st quality, 
 
 2d do 
 Sherry and St. Lucar, 
 Oporto and Lisbon, 
 Burgundy and Champaign, 
 Teneriffe, Fayal, and Malaga, 
 Other, in bottles, 
 Do in casks, 
 
 Teas— 
 
 Bohea, - 
 
 Souchong, 
 Hyson, 
 Other green, 
 
 Extra duty on teas imported from 
 other places than India, 
 
 89,027 12 
 
 2,391 63 
 
 10,045 86 
 
 19,564 96 
 
 689 20 
 
 21 50 
 
 284,253 00 
 
 857,253 32 
 
 958,526 08 
 
 11,080 42 
 
 48 76 
 
 2,232,901 85 
 
 1,472,130 50 
 274,849 35 
 
 1,746,979 85 
 
 
 JVJJ,o 
 
 
 cents 
 cents 
 
 
 mds; 
 
 2,816,455 at 20 
 gallons, at 58 
 
 563,291 00 
 
 206,159 
 
 119,572 22 
 
 2,909 
 
 do 
 
 50 
 
 do 
 
 1,454 50 
 
 303,135 
 
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 40 
 
 do 
 
 121,254 00 
 
 293,734 
 
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 30 
 
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 3,931 
 
 do 
 
 45 
 
 do 
 
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 816,621 
 
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 28 
 
 do 
 
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 66,692 
 
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 35 
 
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 911,430 
 
 do 
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 23 
 at 12 
 
 do 
 cents 
 
 209,628 90 
 
 2,604,611 
 
 793,794 85 
 
 461,516 
 
 55,381 92 
 
 1,144,223 
 
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 18 
 
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 205,960 14 
 
 478,924 
 
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 32 
 
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 153,255 68 
 
 1,269,718 
 
 do 
 
 20 
 
 do 
 
 253,943 60 
 
 
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 - 
 
 
 649 OS 
 
 3,354,381 
 
 669,190 37* 
 
 44 
 
340 
 
 REPORTS OF THE 
 
 [1806. 
 
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1806.] 
 
 SECRETARY OF THE TREASURY. 
 
 341 
 
 
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1806.] 
 
 SECRETARY OF THE TREASURY. 
 
 345 
 
 D. 
 
 AN ESTIMATE of the Principal redeemed of the Debt of the United 
 States, from 1st October, 1805, to 30th September, 1806 , inclusive; 
 showing the redemption of the Principal of the said Debt, from 1st 
 April, 1801, to 30th September, 1806. 
 
 On account of the Domestic Debt. 
 
 The amount of warrants issued on the Treasurer 
 of the United States, on account of the interest 
 of the domestic debt, and of the reimburse- 
 ment or purchases of the old six per cent, and 
 deferred stocks, from 1st October, 1805, to 
 30th September, 1806, was $4,476,047 88 
 Deduct interest which accrued 
 during the same period, cal- 
 culated quarter yearly 
 
 3,154,343 16 
 Prom which deduct 
 gain on purchases 437 96 b 
 
 3,153,905 20 
 
 Reimbursement of the Navy six per cent, stock 
 
 Payments made in certificates of the debt of the 
 United States, on account of lands 
 
 Payments made to foreign officers, and for cer- 
 tain parts of the domestic debt 
 
 Payments on account of domestic loans 
 
 On account of the Foreign Debt. 
 
 The amount of warrants issued on the Treasurer, 
 exclusive of $5,950 repaid into the Treasury, 
 and $5,668 52, the commissions to agents 
 purchasing bills of exchange, was$l, 803,765 06 
 
 Deduct interest accruing thereon, 
 viz: 
 
 On the Dutch debt, including com- 
 missions and charges 115,474 00 
 
 On the Louisiana stock, 
 including commissions 678,073 50 
 
 793,547 50 
 Deduct gain on ex- 
 change - 37,430 21 
 
 756,117 29 
 
 Redemption 
 from 1st Oc- 
 tober, 1805, 
 to 30th Sep- 
 tember, 1806. 
 
 1,322,142 68« 
 711,700 00 
 
 167,400 35 
 
 222 26 
 
 1.047,647 77 
 
 Dollars '3,249,113 06 
 
 Redemption 
 from 1st April, 
 1801, to 30th 
 Sept'r, 1805, 
 per the Secre 
 tary's report of 
 
 he 9th Dec'r, 
 1805. 
 
 5,157,603 16 
 
 94,617 81 
 
 74,109 24 
 3,440,000 00 
 
 Total princi- 
 pal redeem- 
 ed, from 1st 
 April, 1801, 
 to 30th Sep- 
 tember, 1806. 
 
 6,479,745 84. 
 711,700 00 
 
 262,018 16 
 
 74,331 56 
 3,440,000 00 
 
 9,188,460 28 
 
 17,954,790 49 
 
 10,236,108 05 
 21,203,90355 
 
 a Viz: 
 
 Six per cent, and deferred stocks purchased 
 On account of reimbursement of do 
 
 17,517 61 
 - 1,304,625 07 
 
 1,322,142 68 
 
 b The unredeemed amount of six per cent, and deferred stock purchased, was ,;17,517 61 
 Paid for at 97£ per cent. ...... 17,07965 
 
 Gain 
 
 437 96 
 
 Treasury Department, Register's Office, 21th November, 1806. 
 
 JOSEPH NOURSE, Register. 
 
 ! 
 
346 REPORTS OF THE [1806. 
 
 E. 
 
 At a meeting of the Commissioners of the Sinking Fund, 6n the 28th day 
 of April, 1806 — Present: 
 
 James Madison, Secretary of State. 
 
 Albert Gallatin, Secretary of the Treasury. 
 
 John Breckenridge, Attorney General. 
 
 The Secretary of the Treasury laid hefore the Board a report, dated the 
 26th of April, 1806, which was read, and is as follows: 
 
 "That the—current payments to be made by the Commissioners of the 
 Sinking Fund, during the year 1806, are estimated as followeth, viz: 
 
 Reimbursement and interest on the domestic debt - - $ 4,585,000 
 
 Instalments and interest on the Dutch debt, payable from the 
 1st January to the 1st June, 1807, and which must, there 
 fore, be remitted in 1806 - - ■ - - 1,004,032 
 
 One year's interest on the Louisiana stock - 678,375 
 
 Amounting, altogether, to - - -. - - 6,267,407 
 And leaving, in order to complete the annual appropriation of 
 
 eight millions of dollars, a sum exceeding one million seven 1,732,593 
 
 hundred and thirty thousand dollars, (exclusively of the in- 
 
 terest which may be redeemed by the payment of said sum,) 
 
 to be applied in such manner as the Board shall direct. 8,000,000 
 
 " That the said sum may be applied either to reimbursements or purchases 
 of the public debt. 
 
 " That the only portions of the debt which may be reimbursed, are: 
 
 The Navy six per cent, stock, amounting to - $711,700 
 
 The five and a half per cent, stock, amounting to - 1,847,500 
 
 And the four and a half per cent, stock, amounting to - 176,000 
 
 " And that it is now submitted, whether, previous to advertising the reim- 
 bursement of the five and a half per cent, stock, it might not be adviseable 
 to ascertain whether a more advantageous application may be effected by 
 purchases in the manner authorized by law." 
 
 Whereupon, it was Resolved, 
 
 1. That the sum which, after making the current payments mentioned in 
 the preceding report, shall remain to complete the annual appropriation of 
 eight millions of dollars, be applied in the following manner, viz. — First, 
 to the purchase of the eight per cent. , old six per cent., and deferred stocks, 
 at a price not exceeding the rates fixed by law; giving the preference, in the 
 first place, to the eight per cent, and, in the next place, to the deferred stock, 
 provided that the President of the United States shall' assent to such applica- 
 tion. And, secondly, in case that a sufficient quantity of stock cannot be 
 purchased, to the reimbursement of the Navy six per cent, stock, and at the 
 
lS06.] SECRETARY OF THE TREASURY. ^47 
 
 option of the Secretary of the Treasury, either to the reimbursement of the 
 five and a half per cent, stock, or of so much of the bills drawn on the Trea- 
 sury by the Minister of the United States at Paris, in conformity with the 
 Convention between France and the United States, of the 30th of April, 
 1803, as will be necessary to complete the payment of the said eight millions 
 of dollars. 
 
 2. That the Treasurer of the United States be the agent, under the super- 
 intendence of the Secretary of the Treasury, for making the said purchases; 
 that the said purchases be made by receiving sealed proposals for any sums 
 which maybe offered; and that the said agent forthwith advertise to receive 
 such proposals, until the 13th day of June next inclusively. 
 
 3. That notice of the reimbursement of such stocks as may be reimbursed, 
 be given by the Secretary of the Treasury, prior to the 1st day of July next, 
 and that the date of reimbursement be, at his option, either the first day of 
 October, or the first day of January next. 
 
 (Signed,) 
 
 JAMES MADISON, Secretary of State. 
 
 ALBERT GALLATIN, Secretary of the Treasury. 
 
 JOHN BRECKENRIDGE, Attorney General U. S. 
 Attest: 
 Edward Jones, Secretary to the Com?nissioners of the Sinking Fund*. 
 
 F. 
 
 Treasury Department, January 20th, 1806. 
 
 Sir: I had the honor, in my letter of the 28th ultimo, to suggest that a 
 conversion of the old six per cent, deferred, and three per cent, stocks into 
 a new six per cent, stock, would promote the intention of the Legislature 
 to extinguish, within a fixed period, the whole debt of the United States. 
 For a better understanding of the subject, a recapitulation of the several spe- 
 cies of stock, which, on the first day of this year, constituted the public debt, 
 is necessary. The first class embraces the several species of debt, reim- 
 bursable on or before the 1st day of January, 1809, viz: 
 
 Dutch Debt. 
 
 I. The amount of principal remaining unpaid on 
 
 the 31st of December, 1S05, - Guilders 5,500,000 
 
 Of which there had been remitted, previous to that 
 day, in addition to the interest of the year 1806, 
 a sum more than sufficient to discharge all the 
 instalments payable in the same year, and 
 amounting to - - - - 2,000,000 
 
 Leavingfor the balance of principal unprovided for, 3,500,000 $1,400,000 
 Nine hundred and twenty thousand dollars of that 
 
 sum fall due in the year 1807, and the residue 
 
 is payable in two equal instalments, of 240,000 
 
 dollars each, on the 1st days of February, 180S, 
 
 and 18Q9. The whole amount, therefore, will 
 
348 REPORTS OF THE [1806. 
 
 have been paid by the Treasury, before the end 
 of the year 1808. 
 
 II. Eight per cent, stock, irredeemable till after 
 the year 1808. 
 
 ' The original amount of that stock was - $6,480,400 
 
 Of which had been paid, in payment for public 
 
 lands, prior to the 1st of January, 1806, - 50,900 
 
 Leaving the amount unredeemed, - - $6,429,500' 
 
 Partial purchases may, perhaps, be effected within 
 
 the limitations prescribed by Congress, during 
 
 this and the two ensuing years; and, at all 
 
 events, the whole will be reimbursed on the 1st 
 
 day of January, 1809. 
 
 III. Debts reimbursable at the pleasure of the 
 United States, viz: 
 
 Navy six per cent, stock, - , ~ - 711,700 
 
 Five and a half do - 1,847,500 
 
 Four and a half do - 176,000 
 
 Which will also be reimbursed before the year 
 1809, unless the price of stocks should render it 
 more advantageous to purchase some other spe- 
 cies of the debt. 
 
 The second class consists of debts payable at more 
 distant periods, which it does not appear practi- 
 cable to anticipate, viz^ 
 
 I. 1796 six per cent, stock redeemable in 1819, 80,000 
 
 II. Louisiana stock, redeemable in four annual in- 
 stalments, the first of which is payable in 
 
 1818, - - - - -11,250,000 
 
 2,735,200 
 10,564,700 
 
 The old six per cent, deferred, and three per cent, 
 stocks, constitute the last class, and amount to 
 
 11,330,000 
 
 the following sums: 
 
 The nominal amount of six per cent, is - - 28,180,000 
 
 Of deferred do - 13,560,000 
 
 41,S40,000 
 Of which has been redeemed, by the annual reim- 
 bursement of eight per cent, on account of prin- 
 cipal and interest, (omitting fractions,) viz: 
 On the six per cent, stock, at the 
 
 rate of 30.16 per 100 dollars, - 8,500,000 
 
 On the deferred stock, at the rate of 
 
 11. 30 per 100 dollars, - - 1,540,000 
 
 10,040,000 
 
 Leaving the unredeemed amount on 1st January, 
 
 1806^ (in round numbers,) - -31,800,000 
 
1806.] SECRETARY OF THE TREASURY. 349 
 
 The nominal amount of three per cent, (in round 
 numbers also,) - * - $19,050,000 
 
 50,850,000 
 
 Total amount of the public debt, §72, 744,700 
 
 Although the old six per cent, and deferred stocks, are still considered as 
 a six per cent, stock, they are both, in fact, an annuity of eight per cent, on 
 the original nominal amount, which, extinguishing the principal by degrees, 
 will cease for the old six per cent, in the year 1818, and for the deferred in 
 1824. A certificate of six per cent, stock, of one hundred dollars nominal, 
 was considered on the 1st January, 1806, as equal to sixty-nine dollars and 
 ninety-four cents, real six per cent, stock, because thirt)' dollars and sixteen 
 cents of the principal had been discharged by the annual reimbursement of 
 eight per cent, instead of which, it was, properly speaking, an annuity "of 
 eight dollars for twelve years and something less than nine months. And, 
 in the same manner, a certificate of deferred stock, of one hundred dollars 
 nominal, was considered as equal to eighty-eight dollars and seventy cents, 
 real six per cent, stock, instead of which, it was, strictly speaking, an annuity 
 of eight dollars for eighteen years and something less than nine months. 
 
 The proposition now submitted to the Committee of Ways and Means, is., 
 that in exchange for the present six per cent, and deferred, a common six per 
 cent, stock shall be offered to the public creditors, equal in amount to the 
 unredeemed amount of the present stocks, and redeemable at the pleasure of 
 the United States: Provided, however, that no partial payment shall be 
 made on any new certificate or credit, but that government shall be obliged 
 to reimburse, at a single payment, the whole amount of each such new cer- 
 tificate or credit, and to give previous reasonable notice of such intended re- 
 imbursement. Although peculiar circumstances may prevent a general ac- 
 ceptance of that proposal, the exchange would certainly be advantageous to 
 the creditors. Because, 1st, it is difficult to calculate, and inconvenient to 
 reinvest, four times in each year, the portion of principal reimbursed, which 
 makes part of the quarterly dividend ; and every stockholder who does not fully 
 thus reinvest, insensibly consumes his capital. 2dly, An annuity fora limited 
 term of years, is uniformly sold at market for a price less than its intrinsic 
 or arithmetical worth, as may be exemplified by the market value of every 
 lease, and of every estate, less than the absolute fee. For that reason, the 
 Navy six per cent, which is redeemable at the pleasure of the United 
 States, has always been worth, at market, something more than the old 
 six per cent, and deferred stocks; and these in England, do not even com- 
 mand a higher price than the American five and a half percent, stock, which 
 is also redeemable at will. 3dly, The time and manner in which the new 
 stock would be reimbursed, would, as far as it is practicable, prevent any 
 great fluctuation in its price, and fix its market value at par. 
 
 The exchange would also be advantageous to the public. 1st, Because 
 government will thereby be enabled to reimburse the whole in less than 
 nine years instead of eighteen. And, 2dly, because, supposing that cir- 
 cumstances should render a resort to loans necessary, the terms on which 
 these may be obtained, will, in a considerable degree, depend on the price 
 of the existing stocks. It is therefore desirable that that species, the price- 
 1 of which has a tendency to regulate that of all others, should be os wNiahle 
 
350 REPORTS OF THE [1806. 
 
 as its rate of interest will admit; and it has already been stated, that the 
 present six per cent., and deferred stocks, being an annuity for a number of 
 years, are generally worth less than their intrinsic value. It is believed that 
 that effect was sensibly felt, in the operations connected with the purchase 
 of Louisiana. 
 
 The advantages of the proposed conversion being reciprocal, no sacrifice 
 should be made by the United States, in order to ensure the assent of the 
 public creditors; those who may refuse it, will continue to receive the eight 
 per cent, annuities, and these will, as has been stated, cease in the years 
 1812 and ISIS. It appears, however, proper that such remaining annuities 
 should be designated by their proper name, instead of carrying on the face of 
 the certificates of stock, the deceptive appearance of a six per cent, stock. 
 The annexed printed table, exhibiting the amount of principal redeemed 
 on the first day of each quarter, shows the difficulty to persons not well 
 versed in those transactions, of calculating the true nominal value or unre- 
 deemed amount of a stock which is perpetually diminishing, whilst its appa- 
 rent nominal amount still remains the same. It may easily be understood, 
 how it may, in some instances, happen, that the stockholder .consumes his 
 principal, whilst he supposes that he is only living on the interest; and how 
 it does sometimes happen, that ignorant purchasers, thinking that the whole 
 apparent nominal amount, as expressed on the face of the certificate, is still 
 due by the United States, are induced to pay for stock more than its real 
 value. 
 
 It is therefore proposed, that it should be enacted by law, that in every 
 case, where it shall be necessary to issue new certificates, either in lieu of 
 such as may be lost, or destroyed, or by reason of a transfer of the property 
 itself, or from the books of one office to those of another; the new certificate 
 should, on the face thereof, express the true amount of the annuity due, and 
 of the time when it. shall cease, instead of stating, as at present, the nominal 
 amount of the stock which was originally due. 
 
 A conversion of the three per cent, into the six per cent, stock, cannot be 
 so easily effected; nor, indeed, without some apparent sacrifice on the part of 
 the United States. 
 
 A three per cent, will always be worth more at market than a six per 
 cent, stock, which produces an equal interest. 
 
 1st. Because there is a possibility that its nominal amount may ultimately 
 he reimbursed. 
 
 2dly. Because, supposing it to be a perpetual annuity, the principal of 
 which shall never be reimbursed, its market price is regulated, not only by 
 the legal or market rate of interest in America, but by the price of similar 
 foreign stocks, and by the demand for American stocks in foreign countries. 
 More than eleven millions of dollars of the American three per cent, stock, 
 are held bjr persons residing in England, Holland, and other foreign coun- 
 tries. That stock is never worth less than sixty per cent, of its nominal 
 amount, when the old six per cent, stock is at par. It cannot, therefore, be 
 expected, tliat the holders will assent to any modification which will not 
 secure to ihcm advantages at least equal to those they now possess; and the 
 question to be decided by the committee and by Congress, is, whether that 
 debt shall henceforth be considered as a. perpetual incumbrance on the na- 
 tion, or whether such a compensation shall be offered to the creditors, as may 
 induce them to accept a conversion which will secure the object heretofore 
 c-onicmplatcd — the total extinguishment of the American debt. It may no.fc 
 
1806.] SECRETARY OF THE TREASURY. 35 1 
 
 be improper to add, that even to those who may think the accomplishment 
 of that object either unimportant or impracticable, and taking into consid- 
 eration such a state of things as may render new loans necessar} r , the ex- 
 istence of a three per cent, stock is ineligible. To a nation already encum- 
 bered with an immense debt, and subject, on account of her relative situa- 
 tion, to peace and war establishments of great magnitude and corresponding 
 expense, the annual sum which it may be necessary to pay, in order to ob- 
 tain extraordinary resources, becomes the primary consideration; and that 
 species of stock which, in proportion to its rate of interest, is the most valua- 
 ble at market, will naturally be created. The political and geographical 
 situation of the United States, permits at least a hope, that, under every con- 
 tingency, the reimbursement of the debts which may necessarily be incur- 
 red, will, at a subsequent period, be attainable, and that the principal will 
 not be increased for the sake of diminishing the intermediate payments of 
 interest. As the ultimate value which a three per cent, stock may reach at 
 market, has natural limits, and the probability of its reaching that value 
 rests on uncertain contingencies, it is presumable that the assent of the cre^- 
 ditors may be obtained on reasonable terms, and no greater sacrifice should 
 certainly be made than the advantages expected from the operation will jus- 
 tify. In appreciating the value of the new six per cent, stock, which the 
 creditors would receive, not only its nominal amount, but also the addition- 
 al annuity which will be payable till the stock shall be reimbursed, must be. 
 taken into consideration. It will, on that account, be eligible to provide that 
 it shall not be redeemable till after all the eight, five and a hah, four and a 
 half, and Navy six per cent, stocks, as well as all the stock which may be 
 created in exchange of the old six per cent, and deferred stocks, shall have 
 been reimbursed: a period which, supposing no adverse circumstances to in- 
 tervene, may be estimated at about eight )^ears. Thus, supposing the three 
 per cent, to be converted into a six per cent, stock, at the rate of sixty per 
 cent, of its nominal amount, the creditor would, at the end of eight years, re- 
 ceive sixty dollars, and, in the meanwhile, an annuity of three dollars and 
 sixty cents, instead of three dollars, which he now receives; both which 
 provisions may be considered as nearly equal to a redemption at the rate of 
 sixty-five dollars. It may be added, that this new stock would be worth 
 more at market than the six per cent, created in exchange of the old six per 
 cent, and deferred, and probably more than par. The Louisiana stack,, 
 which is irredeemable for twelve 3^ears, is now worth, in England, one 
 hundred and five, whilst the old six per cent, is only at ninety-five 
 per cent. Whatever reasonable rate may be paid for the proposed conver- 
 sion, the United States will provide, at a fixed price, for the redemption of 
 the debt; and the creditor, besides receiving an intermediate additional in- 
 terest, will exchange the uncertain contingency of a supposed increase of 
 value for the certainty of a reimbursement, greater than the highest price 
 which the three per cent, stock has ever yet reached. It has already been 
 stated, that more than eleven millions of dollars of the three per cent, stock, 
 are held by persons residing in foreign countries. About fourteen millions 
 of the unredeemed amount of the six percent, and deferred stocks, are in the 
 same situation. As it will be more difficult to obtain the assent of that class 
 of stockholders, particularly as relates (o the three per cent, stock, it might 
 also be agreed that the interest due to them on the new stock, should, like 
 that on the Louisiana stock, bepaid in Europe: a provision which, without 
 costing much- to the United States, will be a strong inducement in. favor o£ 
 
352 REPORTS OF THE J" 180 6. 
 
 the proposed modifications. Nor would it be impracticable to provide for 
 an exchange of certificates in Europe, which would remove the objection 
 arising from the delays and dangers incident to a double transmission of pa- 
 pers across the Atlantic. Some subordinate details may be introduced in 
 the law; but these outlines will be sufficient to convey an idea of the plan 
 which appears to be the most simple and cheapest mode of effecting the ob- 
 ject contemplated. Still it is less the plan thus respectfully submitted, than 
 the subject itself, which I have been desirous of bringing under the consid- 
 eration of the committee. Although an ample appropriation has been made 
 for the extinguishment of the whole of the public debt, the nature of the 
 greater part of the stock will, unless some modification shall be obtained, 
 preventor considerably retard the accomplishment of that object. If no al- 
 teration shall take place in the nature of that stock, the Commissioners of the 
 Sinking Fund will, after the year 1809, have no other means of applying 
 near one-half of the annual appropriation, than by making purchases. An- 
 nual purchases to the amount of near four millions of dollars, would neces- 
 sarily raise the old six per cent, and deferred stocks above par, and the 
 three per cent, stock to the highest price of which it is susceptible. As 
 a necessary consequence, the Commissioners would cease to purchase; and 
 without any real advantage being obtained by the creditors, the United 
 States would continue to be encumbered for a number of years, with the 
 eight percent., and in perpetuity with the three per cent annuities. Years, 
 perhaps the most favorable for the extinguishment of the debt, would elapse, 
 and periods might follow when the pressure of the annual payments would 
 be sensibly felt. To improve the present time, appears the most provident 
 course; will, it is believed, conform with the public opinion, and is most 
 consistent with the former acts of the Legislature. 
 I have the honor to be, 
 
 Very respectfully, Sir, 
 
 Your obedient servant, 
 (Signed,) ALBERT GALLATIN. 
 
 Hon. John Randolph, 
 
 Chairman of the Committee of Ways and Means. 
 
1806.] 
 
 SECRETARY OF THE TREASURY. 
 
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1806.] 
 
 SECRETARY OF THE TREASURY. 
 
 355 
 
 H. 
 
 A TABLE of the annual payments on account of the Public Debt, 
 from the year 1809 to the year 1821, on the supposition that the old 
 six per cent, deferred, and three per cent, stocks shall be converted into 
 a new six per cent, stock, redeemable within seven years; and that the 
 annual appropriation of eight millions of dollars shall be continued 
 till the final reimbursement of that new stock. 
 
 Years. 
 
 Proposed 6 per cent, stock, issued 
 in exchange for the old 6 per cent, 
 deferred, and 3 per cent, stock. 
 
 Louisiana and 1796 six per 
 cent, stocks. 
 
 Total in each 
 
 
 
 
 
 
 year. 
 
 
 Interest. 
 
 Principal. 
 
 Interest 
 
 Principal. 
 
 
 1809 
 
 2,370,301 
 
 4,944,899 
 
 684,800 
 
 
 8,000,000 
 
 1810 
 
 2,073,607 
 
 5,241,593 
 
 684,800 
 
 - 
 
 8,000,000 
 
 1811 
 
 1,759,112 
 
 5,556,088 
 
 684,800 
 
 - 
 
 8,000,000 
 
 1812 
 
 1,425,747 
 
 5,889,453 
 
 684,800 
 
 - 
 
 8,000,000 
 
 1813 
 
 1,072,379 
 
 6,242,821 
 
 684,800 
 
 - 
 
 8,000,000 
 
 1814 
 
 697,810 
 
 6,617,390 
 
 684,800 
 
 - 
 
 8,000,000 
 
 1815 
 
 225,575 
 
 5,012,776 
 
 684,800 
 
 - 
 
 5,923,151 
 
 1816 
 
 - 
 
 - 
 
 684,800 
 
 - 
 
 684,800 
 
 1817 
 
 - 
 
 - 
 
 684,800 
 
 . 
 
 684,800 
 
 1818 
 
 - 
 
 - 
 
 684,800 
 
 2,812,500 
 
 3,497,300 
 
 1819 
 
 - 
 
 - . 
 
 514,800 
 
 2,892,500 
 
 3,407,300 
 
 1820 
 
 - 
 
 - 
 
 340,000 
 
 ■ ,'2,812,500 
 
 3,152,500 
 
 1821 
 
 - 
 
 - 
 
 170,000 
 
 2,812,500 
 
 a 2,982,500 
 
 a The whole of the public debt will then have been completely reimbursed. 
 
 K. 
 
 COMPARATIVE VIEWofthe Annual Payments to be made on ac 
 count of the Principal and Interest of the Public Debt, after the year 
 1808, agreeably to the principles assumed in the two preceding tables, 
 marked G and H. 
 
 
 Annual payments, agreea- 
 
 Annual payments, agreea- 
 
 
 bly to table G. 
 
 bly to table H. 
 
 1809 
 
 4,599,531 
 
 8,000,000 
 
 1810 
 
 4,599,531 
 
 8,000,000. 
 
 1811 
 
 4,599,531 
 
 8,000,000 
 
 1812 
 
 4,599,531 
 
 8,000,000 
 
 1813 
 
 4,599,531 
 
 8,000,000 
 
 1814 
 
 4,599,531 
 
 8,000,000 
 
 1815 
 
 4,599,531 
 
 5,923,151 
 
 1816 
 
 4,599,531 
 
 684,800 
 
 1817 
 
 4,599,531 
 
 684,800 
 
 1818 
 
 6,424,836 
 
 3,497,300 
 
 1819 
 
 5,070,539 ' 
 
 3,407,300 
 
 1820 
 
 4,815,739 
 
 3,152,500 
 
 1821 
 
 4,645,739 
 
 2,982,500 
 
 1822 
 
 1,663,239 
 
 The whole debt extin- 
 
 1823 
 
 1,663,239 
 
 guished. 
 
 1824 
 
 1,184,151 
 
 
 After 1824, in perpetuity 
 
 570,583 
 
 
 46 
 
 
 
356 REPORTS OF THE [1807. 
 
 REPORT ON THE FINANCES. 
 
 NOVEMBER, 1807. 
 
 In obedience to the directions of the act supplementary to the act, enti- 
 tled " An act to establish the Treasury Department," the Secretary of the 
 Treasury respectfully submits the following report and estimates. 
 
 Revenue and Receipts. 
 
 The nett revenue arising from duties on merchandise and tonnage, which 
 accrued during the year 1805, amounted to $ 14,135,138 
 
 And that which accrued during the year 1806, amount- 
 ed, as will appear by the statement (A.) to $ 16,576,454 
 
 The same revenue, after deducting that portion which 
 arose from the duty on salt, and from the additional duties con- 
 stituting the Mediterranean Fund, amounted, during the year 
 1805, to .- - - - - - 12,520,532 
 
 And during the year 1806, to - - - 14,809,758 
 
 It is ascertained that the nett revenue, which has accrued during the three 
 first quarters of the year 1807, exceeds that of the corresponding quarters 
 of the year 1806; and that branch of the revenue may, exclusively of the 
 duty on salt, and of the Mediterranean Fund, both of which expire on the 
 first day of January next, be safely estimated for the present, and if no 
 change takes place in the relations of the United States with foreign nations, 
 at fourteen millions of dollars. 
 
 The statement (B. ) exhibits in detail the several species of merchandise, 
 and other sources, from which that revenue was collected during the year 
 1806. 
 
 It appears by the statement (C. ) that the sales of the public lands have, 
 during the year ending on the 30th September, 1807, exceeded 284,000 
 acres. Some returns are not yet received; and the proceeds of sales in the 
 Mississippi Territory, being, after deducting the surveying and other inci- 
 dental expenses, appropriated in the first place to the payment of a sum of 
 1,250,000 dollars to the State of Georgia, have not been included, but are 
 distinctly stated. The actual payments by purchasers, have, during the 
 same period, exceeded 680,000 dollars; and the receipts into the Treasury 
 from that source, may, after deducting charges, and the five per cent, re- 
 served for roads, be estimated for the ensuing year at five hundred thousand 
 dollars. 
 
1807.] SECRETARY OF THE TREASURY. 357 
 
 The receipts arising from the permanent revenue of the United States, 
 may, therefore, without including the duties on postage, and other incidental 
 branches, be computed, for the year 1808, at - - $14,500,000 
 
 And the payments into the Treasury during the same year, 
 on account of the salt and Mediterranean duties previously 
 accrued, are estimated at - - * - 1,300,000 
 
 Making in the whole an aggregate of $ 15,800,000 
 
 Last Quarter of the Year 1807. 
 
 The balance in the Treasury, which, on the 30th day of September, 1806, 
 amounted to $ 5,496,969 77 cents, did, on the 30th day of September, 1807, 
 amount to - - - - - 8,530,000 
 
 The receipts into the Treasury from the 1st °of October, to 
 the 31st of December, 1807, are estimated at - 4,000,000 
 
 $ 12,530,000 
 
 • The expenses during the same period, for all objects whatever, the public 
 debt excepted, and including 686,076 dollars for the extraordinary expendi- 
 tures of the Navy Department, of which the estimate has been transmitted, 
 are estimated at - - - - - t 1,700,000 
 
 The ordinary payments on account of the public debt, in- 
 cluding the provision for the interest on the Louisiana and 
 Dutch debt, to the 1st July, 1808, are estimated at - 1,700,000 
 
 A farther sum of about 1,500,000 dollars, should also be 
 paid during this quarter, in order to complete the annual ap- 
 propriation of 8,000,000 of dollars. If the whole of this sum 
 which is applicable to the purchase of the eight per cent, stock 
 eannot be expended this year, the unexpended balance will 
 form an additional expenditure for the year 180S; charging, 
 however, the whole to this quarter, - 1,500,000 
 
 Makes an aggregate of jg 4, 900,000 
 
 And will leave in the Treasury at the close of the year, a 
 balance of about seven millions, six hundred thousand dollars. 7,630,000 
 
 8 12,530,000 
 
 Expenditures of the Year 1808. 
 
 The permanent expenses, calculated on a peace establishment, are estima- 
 ted at 11,600,000 dollars, and consist of the following items, viz: 
 
 1st. For the Civil Department, and all domestic expenses 
 of a civil nature, including invalid pensions, the light-house 
 and mint establishments, the expenses of surveying public 
 lands and the sea coast, the fifth instalment of the loan due to 
 Maryland, and a sum of 100,000 dollars, to meet such miscel- 
 laneous appropriations not included in the estimates, as may be 
 made by Congress, --*-..- 1,100,000. 
 
358 REPORTS OF THE [1807. 
 
 2d. For expenses incident to the intercourse with foreign 
 nations, including the permanent appropriation for Algiers, $ 200,000 
 
 3d. For the Military and Indian Department, including 
 trading houses, and the permanent appropriations for certain 
 Indian tribes, - - - - - - 1,280,000 
 
 4th. For the Naval establishment, - - - 1,020,000 
 
 5th. The annual appropriation of eight millions of dollars, 
 for the payment of the principal and interest of the Public 
 Debt, of which sum not more than 3,400,000 dollars will 
 for the year 1808, be applicable to the payment of interest, 8,000,000 
 
 S 11,600,000 
 To the permanent expenses must be added for the year 1808, 
 a sum of about 800,000 dollars, necessary, in addition to the 
 annual appropriation of eight millions of dollars, to complete, 
 on the 1st January, 1809, the reimbursement of the eight per 
 cent stock, ._..__ 800,000 
 
 And for paying the balance of American claims assumed 
 by the French convention, - 200,000 
 
 Making altogether, for the expenses of that year $ 12,600,000 
 
 The receipts of that year having been estimat- 
 ed at - - - . - 15,S00,O0O 
 
 And the probable balance in the Treasury on the 
 1st January next, at - 7,630,000 
 
 Making altogether, - - - $23,430,000 
 
 Would therefore, probably, leave in the Treasury on the 1st 
 January, 1809, a balance of near eleven millions of dollars. 10,830,000 
 
 $23^430,000 
 
 Public Debt. 
 
 It appears by the statement (D.) that the payments on account of the prin- 
 cipal of the public debt have, during the year ending on the 30th day of Sep- 
 tember, 1807, exceeded four millions six hundred thousand dollars; making 
 the total of public debt reimbursed from the 1st of April, 1801, to the 1st 
 of October, 1807, about twenty-five millions eight hundred and eighty 
 thousand dollars, exclusively of more than six millions which have been 
 paid during the same period in conformity with the provisions of the treaty 
 and convention with Great Britain, and of the Louisiana convention. 
 
 Of the twelve millions of dollars, which, according to the preceding esti- 
 mates, may be paid on account of the public debt between the 30th Septem- 
 ber, 1807, and the 1st January, 1809, about eight millions will be on account, 
 of the principal. It must, however, be observed, that the unascertained re-" 
 suit of the proposition made to the public creditors for a modification of the 
 debt, may affect the amount payable during the 3 f ear 180S,on account of 
 both principal and interest. 
 
1807.] SECRETARY OF THE TREASURY. 35$ 
 
 On the first day of January, 1809, the principal of the debt will, if the 
 proposed modification be not assented to by the public creditors, amount to 
 near fifty-seven millions and five hundred thousand dollars : the subsequent 
 annual payments thereon, on account of principal and interest, will not, ex- 
 clusively of occasional purchases, exceed 4,600,000 dollars; and the whole 
 of the debt, the nineteen millions three per cent, stock only excepted, will 
 be reimbursed in sixteen years. 
 
 A general subscription would reduce the capital to about fifty -one millions 
 of dollars; the payments would amount to eight millions of dollars annually, 
 during six years, and average less than three millions during the seven fol- 
 lowing; at the end of which period the whole debt would be extinguished. 
 
 An annual unappropriated surplus of at least three millions of dollars may 
 henceforth be relied upon with great confidence. The receipts of the year 
 1808 have been estimated at 15,800,000, and the expenses at 12,600,000 
 dollars. The permanent revenue has been computed at 14,500,000 dollars; 
 and the permanent expenses predicated on an annual payment of eight mil- 
 lions of dollars on account of the debt, have been stated at 11,600,000 dol- 
 lars. And as these would, if no modification of the debt shall take place, 
 be reduced to less than 8,500,000, the annual surplus would then amount to 
 six millions of dollars. Nor are the seven millions and a. half of dollars 
 which will remain in the Treasury at the end of the present year, included 
 in the calculation. 
 
 What portion of that surplus may be wanted for necessary measures of 
 security and defence; what portion should be applied to internal improve- 
 ments, which, while increasing and diffusing the national wealth, will 
 strengthen the bonds of union; are subjects which do not fall within the 
 province of the Treasury Department. But it is not improbable that, after 
 making ample provision for both those objects, considerable surplusses, and 
 which can no longer be applied to the redemption of the debt, may still 
 accumulate in the Treasury. 
 
 A previous accumulation of treasure in time of peace, might, in a great 
 degree, defray the extraordinary expenses of war, and diminish the ne- 
 cessity of either loans or additional taxes. It would provide, during periods 
 of prosperity , for those adverse events to which every nation is exposed, 
 instead of increasing the burthens of the people at a time when they are 
 least able to bear them, or of impairing by anticipations the resources of 
 ensuing generations. And the public moneys of the United States not 
 being locked up and withdrawn from the general circulation, but, on the 
 contrary, deposited in banks, and continuing to form a part of the circu- 
 lating medium; the most formidable objection to that system, which has 
 nevertheless been at times adopted with considerable success in other coun- 
 tries, is thereby altogether removed. It is also believed that the renewal of 
 the charter of the Bank of the United States, may, amongst other advan- 
 tages, afford to government an opportunity of obtaining interest on the pub- 
 lic deposites whenever they shall exceed a certain amount. Should the 
 United States, contrary to their expectation and desire, be involved in a war, 
 it is believed that the receipts of the year 1808 will not be materially affect- 
 ed by the event, inasmuch as they will .principally arise from the revenue 
 accrued during the present year. The amount of outstanding bonds due by 
 importers, after deducting the debentures issued on account of re-exporta- 
 tions, exceeds at this time sixteen millions of dollars. The" deductions to 
 be ,made from these on account of subsequent re-exportations, would, in case 
 
360 REPORTS OF THE £ 1807# 
 
 of war, be less than usual; for exportations will then be checked as well 
 as importations; and, in proportion as these will decrease, a greater home 
 demand will be created for the stock on hand, and- the necessity of re-ex- 
 porting be diminished. 
 
 It has already been stated that the specie in the Treasury at the end of 
 this year, together with the surplus of the year 1808, will amount to near 
 eleven millions of dollars: a sum probably adequate to meet the extraordi- 
 nary expenses of a war for that year. It will also be recollected, that, in 
 the estimated expenses of the year 1808, a reimbursement of near five mil- 
 lions and a half of the principal of the debt is included. The only provision, 
 therefore, which may, under any contingency, be necessary for the extraor- 
 dinary service of that year, in order to cover any deficiency of revenue or 
 increase of expenditure beyond what has been estimated, will be an au- 
 thority to borrow a sum equal to that reimbursement. 
 
 That the revenue of the United States will, in subsequent years, be con- 
 siderably impaired by a war, neither can, or ought to be concealed. It is, 
 on the contrary, necessary, in order to be prepared for the crisis, to take an 
 early view of the subject, and to examine the resources which should be 
 selected for supplying the deficiency and defraying the extraordinary ex- 
 penses. 
 
 There are no data from which the extent of the defalcation can at this mo- 
 ment be calculated, or even estimated. It will be sufficient to state, 1st. 
 That it appears necessary to provide a revenue at least equal to the annual 
 expenses on a peace establishment, the interest of the existing debt, and the 
 interest on the loans which may be raised. 2dly. That those expenses, to- 
 gether with the interest of the debt, will, after the year 1808, amount to a 
 sum less than seven millions of dollars; and, therefore, that if the present 
 revenue of 14,500,000 dollars shall not be diminished more than one half 
 by a war, it will still be adequate to that object, leaving only the interest of 
 war-loans, to be provided for. 
 
 ' Whether taxes should be raised to a greater amount, or loans be altogether 
 relied on for defraying the expenses of the war, is the next subject of con- 
 sideration. 
 
 Taxes are paid by the great mass of the citizens, and immediately affect 
 almost every individual of the community: Loans are supplied by capitals 
 previously accumulated by a few individuals. In a country where the re- 
 sources of individuals are not generally and materially affected by the war, 
 it is practicable and wise to raise by taxes the greater part at least of the an- 
 nual supplies. The credit of a nation may also, from various circumstances, 
 be at times so far impaired as to leave no resource but taxation. In both 
 respects the situation of the United States is totally dissimilar. 
 
 A maritime war will, in the United States, generally and deeply affect, 
 whilst it continues, the resources of individuals; as not only commercial 
 profits will be curtailed, but principally because a great portion of the sur- 
 plus of agricultural produce necessarily requires a foreign market. The 
 reduced price of the principal articles exported from the United States, will 
 operate more heavily than any contemplated tax. And without inquiring 
 whether a similar cause may not still more deeply and permanently affect a 
 nation at war with the United States, it seems to follow, that so far as relates 
 to America, the losses and privations caused by the war should not be ag- 
 gravated by taxes beyond what is strictly necessary. An addition to the 
 debt is doubtless an evil; but experience having now shown with what rapid 
 
1807.] SECRETARY OF THE TREASURY. 361 
 
 progress the revenue of the Union increases in time of peace; with what 
 facility the debt formerly contracted, has in a few years been reduced; a 
 hope may confidently be entertained, that all the evils of the war will be 
 temporary and easily repaired: and that the return of peace will, without any 
 effort, afford ample resources for reimbursing whatever may have been bor- 
 rowed during the war. 
 
 The credit of the United States is also unimpaired, either at home or 
 abroad; and it is believed that loans to a reasonable amount may be obtained 
 on eligible terms. Measures have been taken to ascertain to what extent 
 this may be effected abroad. And it will be sufficient here to suggest, that 
 the several banks of the United States may find it convenient, after the en- 
 suing year, and as the diminished commerce of the country may require 
 less capital, to loan to government a considerable portion of their capital 
 stock, now computed at about forty millions of dollars. 
 
 It might be premature to enter into a particular detail of the several 
 branches of revenue which may be selected in order to provide for the in- 
 terest of war-loans, and to cover deficiencies in case the existing revenue 
 should fall below seven millions of dollars. A general enumeration seems 
 at present sufficient.. 
 
 1. Not only the duty on salt and the Mediterranean duties may be imme- 
 diately revived, but the duties on importation generally, may, in case of 
 war, be considerably increased, perhaps doubled, with less inconvenience 
 than would arise from any other mode of taxation. Without resorting to 
 the example of other nations, experience has proven that this source of re^ 
 venue is, in the United States, the most productive, the easiest to collect, 
 and the least burthensome to the great mass of the people. In time of war 
 the danger of smuggling is diminished; the scarcity of foreign articles pre- 
 vents the duty ever falling on the importer; the consumers are precisely 
 those members of the community who are best able to pay the duty; and 
 the increase of domestic manufactures which may be indirectly affected, is 
 in itself a desirable object. 
 
 2. Indirect taxes, however ineligible, will doubtless be cheerfully paid 
 as war taxes, if necessary. Several modifications of the system formerly 
 adopted, might, however, be introduced, both in order to diminish some of 
 the inconveniences which were experienced, and particularly to ensure the 
 collection of the duties. 
 
 3. Direct taxes are liable to a particular objection, arising from the una- 
 voidable inequality produced by the general rule of the Constitution What- 
 ever difference may exist between the relative wealth and consequent ability 
 of paying of the several States, still the tax must necessarily be raised in 
 proportion to their relative population. Should it, however, become neces^- 
 sary to resort to that resource, it is believed that a tax raised upon that spe- 
 cies of property in each State which by the State laws is liable to taxation, 
 as had originally been contemplated by Congress, would be preferable to a 
 general assessment, laid uniformly on the same species of property in all the 
 States, as was ultimately adopted. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury, 
 Treasury Department, November 5th, 1807. 
 
362 
 
 REPORTS OP THE 
 
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1807.] 
 
 SECRETARY OF THE TREASURY. 
 
 363 
 
 B. 
 
 A STATEMENT exhibiting the Value and Quantities, respectively , of 
 Merchandise on which duties actually accrued, during the year 1806, 
 (consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, of the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 GOODS PATI3JG DUTIES AD VALOREM. 
 
 
 
 35,844,748 dollars, at 12J per cent. 
 
 4,480,593 50 
 
 
 8,372,528 do 15 do - - 
 
 1 255,879 20 
 
 
 570,203 do 20 do - - 
 
 114,040 60 
 
 
 Additional duty on $44,782,413, at 2| per ct. 
 
 1,119,560 32A 
 
 
 44,787,479 
 
 6,970,073 62 
 
 
 « Spirits, 10,479,093 gallons, at 29.3 cts. average 
 
 3,074,398 19 
 
 
 b Sugar, 73,318,649 lbs. at 2.5 average 
 
 1,843,199 84 
 
 
 e Salt, 3,184,099 bushels, at 20 
 
 636,819 80 
 
 , 
 
 d Wines, 1,386,838 gallons, at 37.6 average 
 
 521,527 02 
 
 
 e Teas, 4,750,881 lbs. at 20.3 average 
 
 966,686 11 
 
 
 Coffee, 17,345,188 lbs. at 5 
 
 867,259 40 
 
 
 Molasses, 8,533,590 gallons, at 5 
 
 426,679 50 
 
 
 f All other articles .... 
 
 1,014,841 30 
 
 
 ' 
 
 16,321,484 78 
 
 
 Deduct duties refunded, after deducting therefrom 
 
 
 
 duties collected on merchandise, the particulars of 
 
 
 
 which could not be ascertained, and difference in 
 
 
 
 calculation "..'"'■"• " 
 
 17,400 69 
 
 16,304,084 09 
 334,247 39 
 
 3^ percent, retained on drawbacks 
 
 . 
 
 Extra duty of 10 percent, on merchandise imported 
 
 
 
 in foreign vessels - 
 
 
 196,301 05 
 
 Nett amount of duties on merchandise 
 
 16,834,632 53 
 
 Duties on tonnage - - - - - 
 
 166,798 31 
 
 
 Light money - - - 
 
 52,531 06 
 
 219,329 37 
 20,318 00 
 
 Duties on passports and clearances ... 
 
 . 
 
 Sundry accounts not yet received, estimated at 
 
 
 96,000 00 
 
 Gross revenue, as per statement A - 
 
 17,170,279 90 
 
 Deduct expenses of collection ... 
 
 - 
 
 612,622 13 
 
 Nett revenue 
 
 - 
 
 16,557,657 77 
 
 47 
 
364 
 
 REPORTS OF THE 
 
 Explanatory Statements and Notes. 
 
 [1807. 
 
 A Additional duty of 2 -J per cent. 
 
 
 
 . 
 
 ' 
 
 1,119,560 32 
 
 3j per cent, retained on drawback 
 
 - 
 
 . 
 
 - 
 
 - 
 
 6,277 51 
 
 Extra duty of 10 per cent, on merchanc 
 
 ise imported 
 
 in foreign 
 
 vessels 
 
 4,039 99 
 
 
 1,129,877 82 
 
 a Spirits — 
 
 
 Grain, 1st proof 
 
 1,088,977 
 
 gallons, 
 
 at 28 cts. 
 
 304,913 56 
 
 2d do 
 
 15,253 
 
 do 
 
 
 29 
 
 4,423 37 
 
 3d do 
 
 12,346 
 
 do 
 
 
 31 
 
 3,827 26 
 
 4th do 
 
 126,469 
 
 do 
 
 
 34 
 
 42,999 46 
 
 5th do 
 
 1,746 
 
 do 
 
 
 40 
 
 698 40 
 
 Other materials, 1st & 2d do 
 
 1,684,998 
 
 do 
 
 
 25 
 
 421,249 50 
 
 3d proof 
 
 3,005,857 
 
 do 
 
 
 28 
 
 841,639 96 
 
 4th do 
 
 4,531,285 
 
 do 
 
 
 32 
 
 1,450,011 20 
 
 5th do 
 
 11,988 
 
 do 
 
 
 38 
 
 4,555 44 
 
 6th do 
 
 174 
 
 do 
 
 
 46 
 
 80 04 
 
 10,479,093 
 
 3,074,398 19 
 
 b Sugar — 
 
 Brown, 71,271,927 pounds, at 2£ cents 
 
 White, clayed 2,046,722 do 3 do 
 
 73,318,649 
 
 Salt- 
 
 Imported, bushels of 56 pounds - . - 
 
 Exported, - - - 84,850 
 
 Amount of bounties and allowances, 
 $198,751 02, reduced into bushels 
 at the present rates, 993,755 
 
 Paying duty, bushels of 56 pounds, 
 
 4,262,704 
 
 1,078,605 
 3,184,099 at 20 cts 
 
 d Wines- 
 
 Madeira, 1st quality, 
 
 do 2d do 
 Sherry and St, Lucar, 
 Lisbon and Oporto, 
 Burgundy and Champaign, 
 Teneriffe, Fayal, 8c Malaga, 
 Other, in bottles, 
 do in casks, 
 
 289,431 gallons, at 58 cents 
 
 23,249 
 
 do 
 
 50 
 
 312,122 
 
 do 
 
 40 
 
 472,722 
 
 do 
 
 30 
 
 6,345 
 
 do 
 
 45 
 
 70,554 
 
 do 
 
 28 
 
 32,511 
 
 do 
 
 35 
 
 179,904 
 
 do 
 
 23 
 
 1,386,838 
 
 Teas— 
 
 
 Bohea, ... 
 
 393,920 lbs. at 12 cents 
 
 Souchong, 
 
 1,534,115 do 18 
 
 Hyson, 
 
 645,872 do 32 
 
 Other green, 
 
 2,176,974 do 20 
 
 Extra duty on teas imported from 
 
 
 other places than India, 
 
 - 
 
 4,750,881 
 
 1,781,798 18 
 61,401 66 
 
 1,843,199 84 
 
 636,819 89 
 
 167,869 98 
 
 11,624 50 
 
 124,848 80 
 
 141,816 60 
 
 2,855 25 
 
 19,755 12 
 
 11,378 85 
 
 41 377 92 
 
 521,527 02 
 
 47,270 40 
 276,140 70 
 206,679 04 
 435,394 80 
 
 1,201 17 
 
 966,686 11 
 
1807.] 
 
 SECRETARY OF THE TREASURY. 
 
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 SECRETARY OF THE TREASURY. 
 
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1S07.] 
 
 SECRETARY OF THE TREASURY. 
 
 371 
 
 D. 
 
 AN ESTIMATE of the Principal redeemed of the Debt of the United 
 States, from the 1st October, 1806, to the 30th September, 1807, inclu- 
 sively; showing the redemption of the Principal of the said Debt, from 
 the 1st April, 1801, to the 30th September, 1807. 
 
 Ox ACCOUNT OF THE DOMESTIC DEBT. 
 
 The amount of warrants issued on the Trea- 
 surer of the United States, on account 
 of the interest of the domestic deb*, of 
 the reimbursement of the old six per 
 cent, and deferred stocks, and of pur- 
 chases of the eight per cent, and ex- 
 changed six per cent, stocks, from 1st 
 Oct. 1806, to the 30th September, 1807, 
 exclusive of $36,934 49, repaid into 
 the Treasury, and $ 2,499 63, com- 
 missions to Agents purchasing stock, 
 was - - - $5,834,423 03 
 
 Deduct interest which ac- 
 crued during the same 
 period, calculated quar- 
 ter yearly $^923,196 87 
 
 And loss on 
 the pur- 
 chase of 
 Stock b 15,078 20 
 
 $2,938,275 07 
 
 Redemption 
 from 1st Oct. 
 
 Redemption 
 from 1st April, 
 
 1806, to the 1 1801, to 30th 
 
 30th Septem- 
 ber, 1807. 
 
 Reimbursement of the Navy six per cent, 
 stock - - 
 
 of the five and half per cent. 
 
 of the four and half per cent. 
 
 Ditto, 
 stock 
 
 Ditto, 
 stock 
 
 Payments made in certificates of the debt of 
 
 the United States, on account of lands 
 
 Payments made to foreign officers, and for 
 
 certain parts of the domestic debt 
 Payments on account of domestic loans 
 
 On account of the Foreign Debt, 
 
 Funds having previously been provided in 
 Europe, tbe warrants issued on the 
 Treasurer of the United States for that 
 object, from 1st Oct. 1806, to 30lh Sept. 
 1807, were less than the amount of in- 
 terest arising: the difference, therefore, 
 forms a deduction. 
 
 48 
 
 Sept. 1806, per 
 the Secretary's 
 report of 5th 
 December, 1806 
 
 Total Princi- 
 pal redeemed, 
 from 1st April 
 1801, to 30th 
 September 
 1807. 
 
 a $2, 896, 147 96 
 
 1,847,500 00 
 
 ' 176,000 00 
 
 5,211 20 
 
 2,146 36 
 
 4,927,005 52 
 
 $6,479,745 84 
 
 711,700 00 
 
 262,018 16 
 
 74,331 50 
 3,440,000 00 
 
 10,236,108 05 
 
 $9,375,893 80 
 
 711,700 .00 
 
 1,847,500 00 
 
 176,000 00 
 
 267,229 36 
 
 76,477 86 
 3,440,000 00 
 
 10,236,108 05 
 
 21,203,903 55 
 
 26,130,909 07 
 
372 
 
 REPORTS OF THE 
 
 [1807. 
 
 STATEMENT D.— Continued. 
 
 The interest accruing 1 from 1st Oct. 1806, 
 to 30th September, 1807, was, on? the 
 Dutch debt, including' commissions and 
 charges - - - $66,632 60 
 
 On the Louisiana stock, in- 
 cluding commissions 677,666 47 
 
 Am't of warrants exclusive of 
 $24,614 71 repaid into the 
 Tivasury, and $1,992 65 
 commissionsjto Agents pur- 
 chasing bills of Exchange, 
 •was ' $486,058 13 
 
 Add gain on Ex- 
 change - 9,427 58 
 
 $744,299 07 
 
 495,485 71 
 
 248,813 36 
 
 $4,678,192 16 $21,203,903 55 $25,882,095 71 
 
 248,813 36 
 
 a 1 
 
 2. 
 
 On account of annual reimbursement - - - 
 Eight per cent, and exchanged six per cent. stocks purchased 
 Moneys in the hands of Agents purchasing stock - 
 Moneys in the hands of the Treasurer of the United States, as 
 Agent to the Commissioners of the Sinking Fund - 
 
 b The amount of eight per cent, purchased 
 Exchanged six per cent. do 
 
 $ 746,000 
 260,005 
 
 1,006,005 
 
 $1,504,466 61 
 
 1,006,005 00 
 
 193,860 80 
 
 191, SI 5 55 
 
 $2,896,147 9 6 
 
 cost 767,231 25 
 253,851 95 
 
 1,021,083 20 
 1,006,005 00 
 
 loss $ 15,078 20 
 
 Treasury Department, Register's Office, 5th November, 1807. 
 
 JOSEPH NOURSE, Register. 
 
1808.] SECRETARY OF THE TREASURY. 373 
 
 REPORT ON THE FINANCES, 
 
 DECEMBER, 1808. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 "An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates. 
 The nett revenue arising from duties on merchandise and ton- 
 nage, which accrued during the year 1806, amounted to $ 16,615,430 
 And that which accrued during the year 1807, amounted, as 
 
 will appear by the statement (A.) to - 16^059,924 
 
 The same revenue, after deducting that portion which arose 
 from the duty on salt, and from the additional duties constitu- 
 ting the Mediterranean Fund, amounted during the year 
 1806, to - - - : - - - 14,84S,784 
 
 And during the year 1807, to - - - - 14,375,855 
 
 But it is ascertained that the nett; revenue which accrued during the three 
 first quarters of the year 1808, did not exceed eight millions of dollars, and 
 is daily decreasing. 
 
 The statement (B.) exhibits /in detail the several species of merchandise 
 and other sources, from which that revenue was collected during the year 
 1807. 
 
 It appears by the statement (C.) that the sales of the public lands have, 
 during the year ending the 30th September, 1808, amounted to about 200,000 
 acres; and the payments by purchasers to near 550,000 dollars. The proceeds 
 of sales in the Mississippi Territory, being, after deducting the surveying 
 and other incidental expenses, appropriated, in the first place, to the payment 
 of a sum of 1,250,000 dollars, to tbe State of Georgia, are distinctly stated. 
 It appears by the statement (D. ) that the payments on account of the prin- 
 cipal of the public debt, have, during the same period, amounted to only 
 2,335,000 dollars. But the payments from the Treasury, for the annual 
 reimbursement of the six per cent, and deferred stocks, and for the final re- 
 imbursement of the 8 per cent, stock, will (exclusively of a sum of 730,000 
 dollars, already in the hands of the Treasurer, as Agent for the Commissioners 
 of the Sinking Fund,) amount during the last quarter of this year, to 5,376,000 
 dollars: making the total of public debt reimbursed from the 1st of April, 
 1801, to the 1st January, 1809, about thirty-three millions six hundred thou- 
 sand dollars, exclusively of more than six millions paid during the same pe- 
 riod, in conformity with the provisions of the treaty and convention with 
 Great Britain, and of the Louisiana Convention. 
 
 The public debt will, on the 1st day of January, 1809, amount to 56,647,663 
 dollars, consisting of the following items: 
 Old six percent, stock, nominal amount, $ 20,706,603 22 
 
 unredeemed - #11,919,877 57 
 
 Deferred stock,nominaI amount,$l 1,7 17,476 92, unredeemed 9,386,627 08 
 New six per cent, stock, exchanged at par for old six and 
 
 deferred __..__ 5,993,343 50 
 
 New six per cent, stock, arising from conversion of three per 
 
 cent, stock, at. 65 new six for 100 three per cent, stock, 1,859,770 70 
 
374 REPORTS OF THE [1808. 
 
 1796 six per cent, stock, ----- 80,000 00 
 
 Louisiana do. 11,250,000 00 
 
 Total six per cent, stock, - - - $40,489,618 85 
 
 Three per cent, stock, - - - "- - 16,158,044,42 
 
 $56,647,663 27 
 
 The interest on the whole debt, and the annual reimbursement on f he six 
 per cent, and deferred stocks, will, for the ensuing year, amount to 4,226,000 
 dollars, leaving, in order to complete the annual appropriation of 8,000,000 
 dollars, a sum of 3,774,000 dollars, applicable to the reimbursement of the 
 new exchange six per cent, stock. The whole of that and of the other new 
 six per centra arising from the conversion of three per cent, stock, amounting 
 together to 7,853,000 dollars, would thus be reimbursed within two years. 
 And after the 1st day of January, 1811, the whole annual amount payable on 
 account of interest and annual reimbursement, could not. during the seven ensu- 
 ing years, exceed 3,756,000 dollars. But, under existing circumstances, it is 
 believed that the reimbursement of that new six per cent, stock will be nom- 
 inal, and must be effected by incurring a new debt to an equal amount. 
 
 The actual receipts into the Treasury during the year ending on the 30th 
 September, 1808, as they principally arose irom the revenue accrued during 
 the preceding year, (and the payments on account of drawback having been 
 diminished by the embargo,) have been greater than those of any preceding 
 year, and amounted to - -$17,952,419 90 
 
 And the specie in the Treasury on the 1st October, 1807, 
 
 amounted to - - - - - 8,529,573 08 
 
 Making together ----- $26,4S1,992 98 
 
 The disbursements during the same period have amounted to $12,635,275 46. 
 Consisting of the following items: 
 
 Civil Department and miscellaneous ex- 
 penses - - - -$1,258,967 18 
 
 Foreign intercourse,and payment of Amer- 
 ican claims, assumed by the Louisiana 
 Convention 406,499 37 
 
 Military and Indian Departments, includ- 
 ing fortifications and the expenses of the 
 new Army, - - - - 3,023,759 55 
 
 Naval Department, including the appropri- 
 ation of" $677,064 47, to cover the de- 
 ficit of the preceding year, - - 2,257,064 47 
 
 Public Debt, principal and interest, (the 
 greater part of the payments for the year 
 1808, falling, as already stated, in the 
 last quarter,) have amounted only to - 5,688,984 89 
 
 12,635,275 46 
 Leaving a balance in the Treasury, on the 30th September, 
 
 1808, of - - 13,846, 717 52 
 
 $26,4S 1,992 98 
 
1 80S.] SECRETARY OF THE TREASURE 37$ 
 
 The cash in the hands of Collectors and Receivers, and the outstanding 
 revenue bonds, which will almost altogether fall due prior to the 1st of Janu- 
 ary, 1810, may, after deducting the debentures yet unpaid, and the expenses 
 of collection, be estimated to have amounted, on the 30th September, 1808, 
 to - - - ----- - $10,500,000 
 
 Making, together with the balance in the Treasury on that 
 
 day, of ------ - 13,846,000 
 
 An aggregate of - -$24,346,000 
 
 Although the expenses of the present quarter cannot at present 
 be precisely ascertained, they w T ill not, including the reim- 
 bursement of 5,376,000 dollars, on account of the principal 
 of the public debt, exceed - 8,346,000 
 
 Leaving on the 1st day of January, 1S09, a sum of - - $ 16,000,000 
 
 Sixteen millions of dollars in cash or bonds, payable during the year 1809, 
 and applicable to the expenses of that year. It is presumed that the receipts 
 arising from importations and payments for lands, subsequent to the 30th 
 September, 1808, will not be greater than the deductions on account of bad 
 debts, and of the extension of credit on certain articles. 
 
 The expenses of the year 1809, would, according to the appropriations 
 already made, and to the usual annual estimates, amount to thirteen millions 
 of dollars, consisting of the following items: 
 
 1. Civil list and miscellaneous expenses, - $900,000 
 
 2. Foreign intercourse, ----- 200,000 
 
 3. Grants by Congress, and other miscellaneous unforeseen 
 
 demands, ___---_ 150,000 
 
 4. Military and Indian Departments, -/'-.- 2,736,000 
 
 5. Naval Department, ----- 1,014,000 
 
 6. Annual appropriation for the Public Debt, - - 8,000,000 
 
 $13,000,000 
 
 Leaving a surplus of only three millions of dollars for defraying all the 
 expenses for fortifications, military stores, increase of the Army and Navy, 
 or otherwise incident to a state of actual war, or of preparations for war. 
 
 The annual appropriation on account of the public debt, amounting to 
 eight millions, and the interest for the year 1809, being less than three mil- 
 lions of dollars; an authority to borrow five millions, would only create a 
 new debt equal to the principal of old debt reimbursed during that year, and 
 appears sufficient to provide for any deficiency arising from the extraordina- 
 ry expenses which may be thus authorized by Congress. 
 
 It thus appears, that, notwithstanding the general warfare of the belligerent 
 powers against neutral nations, and the consequent suspension of commerce 
 which took place in the latter end of the year 1807, and notwithstanding the 
 increased rate of expenditure naturally arising from that state of things; the 
 ordinary revenue will have been sufficient to defray ail the expenses of the 
 years 1808 and 1S09, including for 1808, a reimbursement of debt exceeding 
 six millions of dollars, and without making any addition to that debt in 1809. 
 The measures necessary to be adopted in order to make a timely provision. 
 
376 REPORTS OF THE [1808. 
 
 for the service of the ensuing years, depend on the course which the United 
 States will pursue in relation to foreign aggressions. And that being yet un- 
 ascertained, it becomes necessary to examine the several alternatives left to 
 the choice of Congress. 
 
 Either the navigation of the ocean will be abandoned by the United States, 
 or it will be resumed. 
 
 The first supposition is that of a continuance of the embargo of the vessels 
 of the United States, and admits of two alternatives. 
 
 1 Either a provision generally forbidding exportations, may continue to 
 make part of the system, in which case, importations, whether expressly in- 
 terdicted or not, must, for want of the means of payment, be also discon- 
 tinued. 
 
 2. Our exportations and corresponding importations may be permitted in 
 foreign vesselsT 
 
 The second supposition also offers two, and only two alternatives. It may 
 indeed be admitted, that the decrees of France can be enforced only in her 
 own territories, and in those of her allies; that however efficient in prevent- 
 ing any commerce between the United States and herself, those decrees can- 
 not materially affect that between her enemies and the United States; and 
 may, therefore, in that respect, be disregarded. But Great Britain having 
 the means of enforcing her orders on the ocean, the navigation of that ele- 
 ment cannot be resumed without encountering those orders; and they must 
 either be submitted to or resisted. There can be no middle way between 
 the two courses. 
 
 3. Either America must accept the portion of commerce allotted to her by 
 the British edicts, and abandon all that is forbidden — and it is not material 
 whether this be done by legal provisions, limiting the commerce of the 
 United States to the permitted places — or by acquiescing in the capture of 
 vessels stepping beyond the prescribed bounds. 
 
 4. Or the nation must oppose force to the execution of the orders of Eng- 
 land; and this, however done, and by whatever name called, will be war. 
 
 Of those four alternatives, the second and third differ neither in principle 
 nor in their effect on the revenue. As both plans consist in permitting par- 
 tial exportations and importations, it must be acknowledged, that objection- 
 able as that course may be in other respects, if considered merely in relation 
 to the fiscal concerns of the Union, it will, for the moment, be attended with 
 less difficulties than either the present system or war. For, however narrow 
 the limits to which, on that plan, the exportations and importations of the 
 United States may be reduced, yet there will still be some commerce, and 
 some revenue arising from commerce. And, as in pursuing that humble 
 path, means of defence will become unnecessary, as there will be no occasion 
 for either an army or a navy, it is believed that there would be no difficul- 
 ty in reducing the public expenditure to a rate corresponding with the frag- 
 ments of impost which might still be collected. If that course be adopted, no 
 other provision seems necessary than an immediate reduction of expenses. 
 
 The system now in force, and war, however dissimilar in some respects, are 
 both considered as resistance. Nor is it believed that their effect on nation- 
 al wealth and public revenue would be materially different. In either case, 
 a portion, and a portion only, of the national industry and capital heretofore 
 employed in the production, transportation, and exchange of agricultural pro- 
 ducts, or in the foreign carrying trade, can immediately be diverted to other 
 
1808.] SECRETARY OF THE TREASURY. 377 
 
 objects. In case of a continuance of the embargo and non-exportation, either 
 a less quantity of commodities must be produced, or a portion will accumu- 
 late until the freedom of commerce shall be restored. In case of war, that 
 surplus will be exported; and although a part must be lost by capture, a por- 
 tion of the returns will be received. If the embargo and suspension of com- 
 merce shall be continued, the revenue arising from commerce, will, in a short 
 time, entirely disappear. In case of war, some part of that revenue will re- 
 main; but it will be absorbed by the increase of public expenditure. In 
 either case, new resources, to an amount yet unascertained, must be resorted 
 to. But the assertion that that amount will be nearly the same, in either of 
 the two alternatives of embargo or war, is correct only on the supposition that 
 the embargo and non-exportation are, after a certain time, to be superseded 
 by war, unless foreign aggression shall cease; and that, rendering therefore 
 preparations for war necessary, they require a rate of expenditure far beyond 
 that of a peace establishment. 
 
 If, however, the embargo and non-intercourse are to have equal continuance 
 with the belligerent edicts, indefinite as that is; if it be determined to rely ex- 
 clusively on that measure, and at all events not to risk a war on account of 
 those aggressions; preparations for war will become useless, and the extraor- 
 dinary expenses need not be incurred. In that case, the expenditure for the 
 year 1809,ought not to exceed the sum of thirteen millions of dollars, which, 
 as has been stated, is requisite for the support of the present establishment. 
 And this would leave for the service of the year 1810, the above-mentioned 
 surplus of three millions, and the proposed loan of five millions, which, to- 
 gether, would be sufficient to defray the peace establishment, and to pay the 
 interest on the public debt during that year. Thus two years more would 
 be provided for, without either increasing the public debt or laying any new 
 taxes. It is certainly only with a view to war, either immediate or contem- 
 plated, that it will become necessary to resort, at least to any considerable 
 extent, to extraordinary sources of supply. 
 
 Legitimate resources can be derived only from loans or taxes: and the 
 reasons which induce a belief that loans should be principally relied on in 
 case of war, were stated in the annual report of last year. That opin- 
 ion has been corroborated by every subsequent view which has been taken 
 of the subject, as well as by the present situation of the country. The em- 
 bargo has brought into, and kept in the United States, almost all the float- 
 ing property of the nation. And whilst the depreciated value of domestic 
 products increases the difficulty of raising a considerable revenue by internal 
 taxes, at no former time has there been so much specie, so much redundant 
 unemployed capital in the country. The high price of public stocks, and in- 
 deed of all species of stocks, the reduction of the public debt, the unimpair- 
 ed credit of the general government, and the large amount of existing bank 
 stock in the United States, leave no doubt of the practicability of obtaining 
 the necessary loans on reasonable terms. 
 
 The geographical situation of the United States, their history since the re- 
 volution, and, above all, present events, remove every apprehension of fre- 
 quent wars. It may therefore be confidently expected, that a revenue derived 
 solely from duties on importations, though necessarily impaired by war, will 
 always be amply sufficient, duringlong intervals of peace, not only to defray 
 current expenses, but also to reimburse the debt contracted during the few 
 periods of war. 
 
 No internal taxes, either direct or indirect, are therefore contemplated, 
 even in the case of hostilities carried against the two great belligerent powers. 
 
078 REPORTS OF THE [1808. 
 
 Exclusively of the authority which must, from time to time, be given to bor- 
 row the sums required, (always providing for the reimbursement of such 
 loans within limited periods,) and of a due economy in the several branches 
 of expenditure,- nothing more appears necessary than such modifications, and 
 increase of the duties on importations, as are naturally suggested by existing 
 circumstances. 
 
 1. Although importations have already considerably diminished, and may, 
 under the system now in force, shortly be altogether discontinued, no rea- 
 sonable objection is perceived against an increase of duties on such as may still 
 take place. Had the duties been doubled on the 1st of January, 1808, as was 
 then suggested in case of war, the receipts into the Treasury during that and 
 the ensuing year, would have been increased nine or ten millions of dollars. 
 Those articles of most universal consumption, on which an increase of duty 
 would be inconvenient, are generally either free of duty or abundant. 
 
 It is therefore proposed, that not only the Mediterranean duties, which 
 will expire on the 1st day of January next, should be continued, but that all 
 the existing duties should be doubled on importations subsequent to that day. 
 
 2. The present system of drawbacks also appears susceptible of modifica- 
 tions. The propriety of continuing generally that provision of the embargo 
 laws, which allows a drawback on articles exported more than one year after 
 they have been imported, is doubtful. A modification might check specula- 
 tions and monopolies The diminution of importations has afforded sufficient 
 profits on most of the articles which had been imported: and a provision 
 which would have a tendency to bring into market, and to lessen the price of 
 those articles, would be generally beneficial. 
 
 - 3. The causes which induced the adoption of a partial non-importation act, 
 have ceased to exist. The object then in view, has merged into a far more 
 important one. The selection of interdicted articles was founded,on the possi- 
 bility of obtaining them in other countries than England, and does not agree 
 with existing circumstances. The act producing now, no other effect than 
 to increase the temptations, and to produce habits of smuggling, impairs and 
 injures the revenue. A general non-intercourse with that country would 
 supersede that partial measure, and might be executed with greater facility. 
 And it is believed that, under every event, its repeal will be beneficialf and 
 that a permanent increase of duties on articles selected with the view to those 
 which may be manufactured in the United States, would be preferable. 
 
 4. It is believed that the present system of accountability of the Military 
 and Naval establishments, may be rendered more prompt and direct, and is 
 susceptible of improvements, which, without embarrassing the public service, 
 will have a tendency more effectually to check any abuses by subordinate 
 agents. Provisions to that effect are rendered more necessary by the proba- 
 ble increase of expense in those departments. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 Secretary of the Treasury. 
 Treasury Department, December lOth, 1808. 
 
1808.] 
 
 SECRETARY OF THE TREASURY. 
 
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380 REPORTS OF THE £ 180S . 
 
 B. 
 
 A STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise, on ivhich duties actually accrued "during the year 1807, 
 {consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 Goods paying duties ad valorem. 
 
 $36,261,874 at 12§ per cent. - - $4,532,734 25 
 
 9,484,6S2 at 15 do - - 1,422,702 30 
 
 526,112 - at 20 do - 105,222 40 
 a Additional duty on $46,272,668 at 2i 
 
 percent. - 1,156,816 70 
 
 46,272,668 
 
 7,217,475 65 
 
 b Spirits, 9,031,018 gallons, at 29.4 cents average, 2,656,046 74 
 
 c Sugar, 65,801, S16 pounds, at 2.6 do do 1,694,432 20 
 
 d Salt, 3,542,672 bushels, at 14.6 do do 515,920 24 
 
 e Wines, 2,692,737 gallons, at30.S do do 829,292 81 
 
 / Teas, 6,173,151 pounds, at 19.4 do do 1,197,966 86 
 
 Coffee, 11,016,419 pounds, at 5 cents 550,820 95 
 
 Molasses, 8,255,753 gallons, at 5 cents 412,787 65 
 
 g All other articles, - - - - - 807,638 13 
 
 Deduct duties refunded after deducting there- 
 from duties collected on Merchandise, the 
 particulars of which could not be ascertained, 
 and difference in calculation, 29,072 
 
 ^15,882,381 23 
 
 15,853,308 88 
 
 Three and half per cent, retained on drawbacks, 368,275 50 
 
 Extra duty of 10 per cent, on merchandise im- 
 ported in foreign vessels, - 203,349 05 
 
 Nett amount of duties on merchandise, $ 16,424,933 43 
 
 Duties on tonnage, - 159,983 51 
 
 Light money, - 46,347 55 
 
 206,331 06 
 
 Duties on passports and clearances, - - , 19,896 00 
 
 $ 16,651,160 49 
 Sundry accounts not yet received, estimated at 1,000 00 
 
 Gross Revenue, as per Statement A, - 16,652,160 49 
 
 Deduct expenses of collection, - + - 607,750 96 
 
 Nett Revenue, - - - - - $ 16,044,409 53 
 
1808.] 
 
 SECRETARY OF THE TREASURY. 
 
 Explanatory Statement and Notes. 
 
 381 
 
 « Additional duty of 2£ per cent. 
 
 3^ per cent, retained on drawbacks, ....... 
 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels 
 
 S Spirits — from grain, 1st proof, 932,692 gallons, at 28 cents, 
 
 
 2d do 
 
 9,549 
 
 do 29 
 
 
 3d do 
 
 402 
 
 do 31 
 
 
 4th do 
 
 76,349 
 
 do 34 
 
 
 5th do 
 
 666 
 
 do 40 
 
 @ther materials, 1st & 2d do 
 
 1,115,435 
 
 do 25 
 
 
 3d do 
 
 3,017,756 
 
 do 28 
 
 
 4th do 
 
 3,862,708 
 
 do 32 
 
 
 5th do 
 
 15,437 
 
 do 38 
 
 
 6th do 
 
 55,924, 
 
 24 
 
 do 46 
 
 
 9,031,018 
 
 
 e Sugar — Brown, 
 
 457 pounds, 
 
 at 1\ cents 
 
 White, 
 
 9,877, 
 
 359 do 
 
 3 
 
 
 65,801,816 
 
 
 i Salt — Imported bushels, of 56 lbs. 
 
 Exported, 88,259 
 
 Amount of bounties and allow- 
 ances,$188,634 90,reduced 
 into bushels, at 5 bushels 
 the dollar, 943,175 
 
 Payingduty, bushels of 56 lbs. 
 Imported bushels of 56 lbs. 
 Exported, 
 
 Payingduty, bushelsof 56 lbs. 
 
 e Wines — Madeira, 1st quality, 
 do 2d do 
 Sherry and St. Lucar, 
 Lisbon and Oporto, &c. 
 Burgundy and Champaign, 
 TenerifFe,Fayal, Malaga, &c. 
 Other, in bottles, 
 do in casks, 
 
 2,430,604 
 22,927 
 
 2,166,429 
 
 1,031,434 
 
 1,134,995 at 20 cents 
 
 2,407,677 at 12 cents 
 
 3,542,672 
 
 221,630 gallons, at B 58 cents 
 
 27,420 do 50 
 
 309,633 do 
 
 548,351 do 
 
 10,958 do 
 
 413,442 do 
 
 90,703 do 
 
 1,070,600 do 
 
 40 
 30 
 4S 
 28 
 35 
 23 
 
 2,692,737 
 
 / Teas — Bohea, 
 
 Souchong, 
 Hyson, 
 
 Other green, - 
 Extra duty on teas import- 
 ed from other places 
 than India, 
 
 1,544,731 pounds, at 12 cents 
 1,380,429 do 18 
 
 952,482 do 32 
 
 2,295,509 do 20 
 
 ; 1,156,816 70 
 9,201 95 
 2,130 50 
 
 1,168,149 15 
 
 261,153 76 
 
 2,769 21 
 
 124 62 
 
 25,958 66 
 
 266 40 
 
 278,858 75 
 
 844,971 68 
 
 1,236,066 56 
 
 5,866 06 
 
 11 04 
 
 2,6 56,046 74 
 
 1,398,111 43 
 296,320 77 
 
 1,694,432 20 
 
 226,999 00 
 
 288,921 24 
 515,920 24 
 
 128,545 40 
 13,710 00 
 
 123,853 20 
 
 164,505 30 
 4,931 10 
 
 115,763 76 
 31,746 05 
 
 246,238 00 
 
 829,292 81 
 
 185,367 72 
 248,477 22 
 304,794 24 
 459,101 80 
 
 225 88 
 
 6,173,151 
 
 1,197,966 8S 
 
382. 
 
 REPORTS OF THE 
 
 [1808. 
 
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1808.] SECRETARY OF THE TREASURY. 333 
 
 
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1809.] SECRETARY OF THE TREASURY. 39 j 
 
 REPORT ON THE FINANCES. 
 
 JUNE, 1809. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 " An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report: 
 
 The nett revenue arising from duties on merchandise and tonnage, which 
 accrued during the year 1807, amounted, as appeared by the last annual 
 statement, to - - - - - - $16,060,000 
 
 A correct statement of that revenue for the year 1808, cannot be prepared 
 at this time, but may be estimated, as will appear by the estimate (A.) to 
 about ----- - - 10,270,000 
 
 The revenue arising from the same sources, which accrued during the 
 first quarter of this year, did not much exceed one million of dollars; and 
 although considerable importations may be expected from Great Britain and 
 the West Indies during the last six months <>f this year, yet, considering that 
 there will be no arrivals from China and the East Indies, and the situation of 
 the commercial intercourse of the United States with the rest of the world, 
 it is not probable that the revenue accruing during the year 1809 will exceed 
 that of the year 1808. 
 
 The specie in the Treasury on the 1st October, 1808, 
 
 amounted to ----- -$13,846,717 52 
 
 And the receipts during the last three months of that year, 
 
 as appears by the statement (B.) to - - ~ 3,586,316 .99 
 
 8 17,433,034 51 
 
 The disbursements, during the same period, have amounted, including 
 6,105,000 dollars paid in reimbursement of the principal of the public debt, 
 to - - - _;_■•- - - 7,491,339 79 
 
 Leaving a balance in the Treasury, on the 1st January, 
 
 1809, of - - -■' - - - 9,941,694 72 
 
 $ 17,433,034 51 
 
 The cash in the hands of Collectors and Receivers, and 
 the outstanding revenue bonds, amounted, on the 1st Jan- 
 uary, 1809, to - - - - - - 9,8S0,000 
 
 From which, deducting for the expenses of collection and 
 
 for the drawbacks payable during the year 1809 - 3,000,000 
 
 Leaves, for the probable receipts of the year 1809, exclu- 
 sively of the inconsiderable sums which may be received 
 
392 REPORTS OF THE [1809. 
 
 on account of the revenue accruing during that year, a 
 
 sum of- - - - - - - 6,880,000 
 
 Making, together with the balance in the Treasury on the 
 
 1st of January, 1809, of - - -' .- -9,941,000 
 
 An aggregate of sixteen millions eight hundred and twenty- 
 one thousand dollars, applicable to the expenditures of 
 this year. . $ 16,821,000 
 
 The expenses of the year 1809, are, in conformity with the existing ap- 
 propriations, estimated at fourteen millions five hundred thousand dollars, 
 consisting of the following items: 
 
 Civil list, including the expenses of this session of Congress, miscellaneous 
 expenses^and foreign intercourse - - - 1,342,000 
 
 Military and Indian Departments, viz: 
 Appropriation for the Army and Indian De- 
 partment - - -" - - 2,765,000 
 Appropriation for Fortifications - - 475,000 
 Arms and Military Stores ... 550,000 
 
 3,790,000 
 
 Naval Department, this year's appropriation - - 2,915,000 
 
 Public debt, (1,547,000 dollars of the appropriation of 
 8,000,000 of dollars for the year 1809, having been paid 
 in advance in the year 1S08, in order to effect the reim- 
 bursement of the whole of the 8 per cent, stock,) - 6,453,000 
 
 $14,500,000 
 
 It must, however, be observed, that the estimate of the sums payable in 
 the course of this year, on account of drawbacks, is conjectural, and that the 
 exporrations, particularly of colonial produce, would, if the restrictions laid 
 by the continental powers of Europe on neutral commerce were removed, 
 produce a much greater defalcation in the nett receipts into the Treasury, 
 than the sum assumed in the preceding estimate. In order to guard against 
 .any inconvenience arising from that contingency, and for the purpose of 
 keeping always a moderate sum in the Treasury, it may be necessary to 
 borrow a sum equal to the amount of the principal of public debt which will 
 jjbe reimbursed during the year, and which will exceed three millions of dol- 
 lars. 
 
 By the 10th and 19th sections of the act making further provision for the 
 support of public credit, and for the redemption of the public debt, passed on 
 the 3d of March, 1795, the Commissioners of the Sinking Fund are author- 
 ized, from time to time, to borrow, and the bank of the United States to 
 lend, sums equal to the reimbursement of the public debt. But some doubts 
 having arisen whether the powers vested by those two sections are applica- 
 ble to the new six per cent, stocks, issued by virtue of the act of February 
 11th, 1807, in exchange of the old six per cent, deferred, and three per 
 cent, stocks, it is desirable that the authority should be expressly extended, 
 by law, to that case; and no other provision seems necessary for the public 
 service of this year. 
 
 It would be premature to attempt, at this time, an estimate of the receipts 
 and expenditures of the year IS 10. It is sufficient to observe, that, although 
 
2809,] SECRETARY OF THE TREASURY, 393 
 
 the receipts may exceed those of the present year, it is highly improbable 
 that they should be equal to the expenditures of that year, which, unless the 
 military and naval establishments should be reduced, will amount to sixteen 
 millions of dollars. But it is believed that the revenue will, after that year, 
 be adequate to discharge the annual expenses. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN: 
 
 Treasury Department, June 1st, 1809. 
 
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398 REPORTS OF THE [1809. 
 
 REPORT ON THE FINANCES. 
 
 DECEXIOEB, 1809. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 li An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates: 
 
 The duties on merchandise and tonnage, which accrued during the year 
 1807, amounted, after deducting the expenses of collection, to $ 26,126,648 
 
 From which, deducting for debentures issued on account of 
 re-exportations, _.,___ 10,067,191 
 
 Left for the nett revenue accrued during that year, $ 16,059,457 
 
 The same duties during the year 1808, amounted, after de- 
 ducting the expenses of collection, to 10,581,559 
 
 From which, deducting for debentures issued, and which 
 on account of the embargo did not exceed - 249,396 
 
 Leaves, for the nett revenue accrued during that year, as 
 will appear by the statement (A.) $ 10,332,163 
 
 The statement (B.) exhibits in detail the several species of merchandise, 
 and other sources from which that revenue was collected during the year 
 1S08; and the statement (Afl.) gives a comparative view of the importations 
 and re-exportations of the several species of merchandise for the years 1807 
 and 1808, showing thereby distinctly the effect of foreign aggressions and 
 commercial restrictions on the importations of foreign articles. 
 
 From the returns already received for the three first quarters of the pre- 
 sent year, and from the general knowledge of the importations made during 
 the two last months, it is believed that the gross amount of duties on mer- 
 chandise imported during the whole year, will, after deducting the expenses 
 or collection, amount to about ten millions of dollars. 
 
 But as the debentures issued on account of re-exportations, (principally of 
 colonial produce,) will amount to about 3,500,000 dollars, the nett revenue 
 accrued during the year 1809, cannot be estimated at more than six millions 
 and a half. 
 
 It appears b}^ the statement (C. ) that the sales of public lands have, dur- 
 ing the year ending on the 30th September, 1809, amounted to 143,000 
 acres; and the payments by purchasers to near 500,000 dollars. The pro- 
 ceeds of sales in the Mississippi Territory, being, after deducting the sur- 
 veying and other .incidental expenses, appropriated in the first place to the 
 payment of a sum of 1,250,000 dollars to the State of Georgia, are distinctly 
 stated. 
 
 It appears by the statement (D. ) that the payments on account of the prin- 
 cipal of the public debt, have, during the same period, amounted to near 
 
1809.] SECRETARY OF THE TREASURY. 399 
 
 6,730,000 dollars; the reimbursement of the eight per cent, stock having taken 
 place on the first of January last. But the aggregate of payments on ac- 
 count of principal and interest, will not, for the two years 1808 and 1S09, 
 exceed the sum of sixteen millions of dollars appropriated by law. 
 
 The same statement shows that about 34,796,000 dollars of the principal 
 of the debt have been reimbursed during the eight years and a half, com- 
 mencing on the 1st of April, 1801, and ending on the 30th September, 
 1S09; exclusively of more than six millions of dollars paid in conformity 
 with the provisions of the convention with Great Britain and of the Louisiana 
 convention. 
 
 The actual receipts into the Treasury, during the year ending on the 30th 
 of September, 1809, have amounted to - - - $9,315,753 16 
 
 Making, together with the balance in the Treasury on the 
 1st October, 1808, and amounting to - 13,846,717 52 
 
 An aggregate of $23,162,470 68 
 
 The disbursements, during the same year, have consisted of the following 
 
 items, viz: 
 
 Civil Department, including miscellaneous expenses, and those incident 
 
 to the intercourse with foreign nations, - - -$1,439,633 23 
 
 Military and Naval establishments, including the Indian 
 
 Department, viz: 
 
 Military, including arms and fortifications 3,366,403 12 
 Navy, ----- 2,379,267 80 
 Indian Department, - 292,303 84 
 
 6,037,974 76 
 
 Interest on the Public Debt, - 3,126,149 15 
 
 10,603,757 14 
 Reimbursement of principal of the public debt, 6,729,777 53 
 
 Amounting together, as will appear more in detail by the 
 statement (E.) to - - - - - - 17,333,534 67 
 
 And leaving in the Treasury, on the 30th of Septem- 
 ber, 1809, a balance of ----- 5,828,936 01 
 
 $23,162,470 68 
 
 Whence it appears that the expenses of government, exclusively of the 
 payments on account of the principal of the debt, have exceeded the actual 
 receipts into the Treasury, by a sum of near thirteen hundred thousand dol- 
 lars; and that that deficiency, as well as the reimbursement of the principal 
 of the debt, have been paid out of the sums previously in the Treasury, or, 
 in other words, out of the surplus of the revenue of the preceding years. 
 
 The outstanding revenue bonds may, after deducting the expenses of col- 
 lection, and allowing for bad debts, be estimated to have amounted, on the 
 30th of September, 1809, to - 7,500,000 
 
 The duties on the importations during the last quarter will 
 not, probably, after making a similar deduction, fall short of 2,800,000 
 
 All those will fall due prior to the 1st day of January, 
 1811, and make, together with the balance in the Treasury, 
 
400 REPORTS OF THE [1809, 
 
 on the 30th September, 1809, and amounting as above stated, 
 
 to - - - - - - - 5,800,000 
 
 An aggregate of -• - - - - $16,100,000 
 
 The expenses of the present quarter, though not yet precise- 
 ly ascertained, will not, probably, including the payments on 
 account of the public debt, exceed - 3,600,000 
 
 Leaving, on the first day of January, 1810, a sum of $ 12,500,000 
 
 About twelve and a half millions of dollars in cash or bonds, payable dur- 
 ing the year 1810, and applicable to the expenses of that year. This esti- 
 mate, however, is founded on the supposition that the amount of debentures 
 payable in that year, will not exceed two millions of dollars, and that the 
 receipts during the year, arising from importations subsequent to the first of 
 January next, and from the sales of lands, will be sufficient to pay those de- 
 bentures, and to leave at all times in the Treasury, at least one million of 
 dollars. 
 
 Estimating the expenses of a civil nature, both domestic 
 and foreign, for the year 1810, at the same amount actually 
 expended for those objects during the preceding j^ear, or at 
 about - - - - ' - - - 1,500,000 
 
 And adding thereto the annual appropriation of - - 8,000,000 
 
 for the public debt; (of which sum about three millions se- 
 ven hundred and fifty thousand dollars will be applied to the 
 final reimbursement of the exchanged six per cent, stock,) it 
 follows that unless the aggregate of the expenses for the 
 Military and Naval establishments, should be reduced to 
 about " - - - - - - 3,000,001) 
 
 $ 12,500,000 
 
 a loan will be necessary to make up the deficiency. That state of the 
 Treasury had been anticipated; and, for that reason, an increase of duties 
 had been respectfully submitted in the last annual report. But should that 
 measure be now adopted, it would not, on account of the terms of credit al- 
 lowed for the payment of duties, supersede the necessity of a loan for the 
 service of the year IS 10, commensurate with the extent of those establish- 
 ments, and with the appropriations which may be made for their support by 
 Congress. No precise sum is suggested, since this must vary according to 
 the plans which may be adopted in relation to foreign nations, and will par- 
 ticularly depend on the decision of Congress on the question of war or 
 peace. It is sufficient to state, that, if the actual expenditure of the year 
 1810, for all military and naval purposes, should be estimated at the same 
 sum which was disbursed by the Treasury for those objects during the 
 year ending on the 30th September, 1S09, and exceeding, as above stated, 
 six millions of dollars, the deficiency, according to the preceding estimates, 
 would amount to three millions: on which supposition, it would seem pru- 
 dent, in order to provide against any deficiency in the receipts, beyond what 
 has been estimated, to authorize a loan of four millions of dollars. 
 
 In the event of war, the necessity of rendering it efficient, and of calling 
 for that purpose into action all the resources of the country, is too obvious 
 
1809.] SECRETARY OF THE TREASURY. 401 
 
 to require any comment. On that subject nothing will, at this time, be add- 
 ed by this department to the suggestions respectfully submitted in the two 
 preceding annual reports. Loans reimbursable by instalments, and at fixed 
 periods, after the return of peace, must constitute the principal resource 
 for defraying the extraordinary expenses of the war. For the support of 
 public credit, the basis on which rests the practicability of obtaining loans 
 on reasonable terms, it appears necessary that the revenue should, in the 
 mean while, be equal to the interest on the public debt, including that on 
 the new loans, and to all the current expenses of government, calculated on 
 a peace establishment, or, for the present, to about eight millions of dollars. 
 An immediate and considerable increase of the existing duties will, it is be- 
 lieved, be requisite for that purpose, in order to cover the defalcation which 
 a maritime war must necessarily produce in a revenue almost exclusively de- 
 pending on commerce. That increase appears preferable, in the present situ- 
 ation of the United States, to any other source of taxation, and is not, in 
 time of war, liable to the objection of its encouraging smuggling. It is only 
 in the event of that revenue being still more affected by a war than is ap- 
 prehended, that a resort to internal taxes, either direct or indirect, may be- 
 come necessary. 
 
 If war should not be resorted to, it does not appear requisite, unless Con- 
 gress should resolve on a permanent increase in the military and naval esta- 
 blishments, in time of peace, to lay, at present, any additional duties, 
 beyond a mere continuance of the two and a half per cent, known under the 
 name of " Mediterranean Fund." It has already been stated,that an increase 
 of the impost would not supply the deficiency which may take place in the 
 year 1810: and exclusively of the reimbursement of the loan which may be 
 wanted for the service of that year, all the national expenses, calculated on a 
 peace establishment and on the average of the actual expenditures of the six 
 years, 1802 to 1807, will not exceed ten millions of dollars for the year 1S1 1, 
 and eight millions after that year- For the only portion of the existing 
 debt, which, according to law, it will be practicable, after the year 1S10, to 
 reimburse, will, exclusively of the annual reimbursement of the six per 
 cent, and deferred stocks, consist only of the converted six per cent, stock, 
 which amounts to less than two millions of dollars. The payments on ac- 
 count of the annual appropriation of eight millions of dollars, for the debt, 
 cannot for that reason (except for the purpose of reimbursing the loan which 
 may be wanted for the service of the year 1810,) much exceed six millions 
 of dollars in the year 1811, and four millions of dollars annually after that 
 year. The expenses, for the year 1811, and the ensuing years, may, there- 
 fore, if calculated on a peace establishment, be estimated as followeth, viz: 
 
 Civil expenses, domestic and foreign, - - $1,500,000 
 
 • Military and Naval establishments, (including the Indian 
 Department,) calculated on the average of the actual expendi- 
 ture for those objects during the six years, 1802 — 1S07, as 
 will appear by statement (F.) about - 2,500,000 
 
 Interest on the Public Debt, including the annual reim- 
 bursement on the six per cent, and deferred stocks., - 4,100,000 
 
 Total of the annual expenses after the year 1S11, - S,100,000 
 
 Reimbursement of the converted six per cent, stock, 1,860,000 
 
 Total of expenses for the year 1811, $ 9,960,000 
 
402 REPORTS OF THE [1809. 
 
 Whatever may be the decision of Congress, in other respects, there is a 
 subject which seems to require immediate attention. The provisions adopt- 
 ed for the purpose of carrying into effect the non-intercourse with England 
 and France, particularly as modified by the act of last session, under an ex- 
 pectation that the orders of council of Great Britain had been revoked, are 
 inefficient, and altogether inapplicable to existing circumstances. It will 
 be sufficient to observe,that exportation by land is not forbidden, and that no 
 bonds being required from vessels ostensibly employed in the coasting trade, 
 nor any authority vested by law which will justify detention, those vessels 
 daily sail for British ports, without any other remedy but the precarious 
 mode of instituting prosecutions against the apparent owners. It is unneces- 
 sary, and it would be painful, to dwell on all the effects of those violations 
 of the laws. But without any allusion to the efficiency or political object 
 of any systemTand merely with a view to its execution, it is incumbent to 
 state, that from the experience of the two last years, a perfect conviction 
 arises, that either the system of restriction, partially abandoned, must be re- 
 instated in all its parts, and with all the provisions necessary for its strict 
 and complete execution, or that all the restrictions, so far at least as they af- 
 fect the commerce and navigation of the citizens of the United States, ought 
 to be removed. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 Treasury Department, December 7th, 1S09. 
 
1809.] 
 
 SECRETARY OF THE TREASURY. 
 
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404 REPORTS OF THE [1809. 
 
 B. 
 
 STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise on which duties actually accrued .during the year 1808, 
 [consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, of the nett 
 revenue which accrued, during that year, from duties on Merchan- 
 dise, Tonnage, Passports, and Clearances. 
 
 GOODS PAYING DUTIES AD VALOREM. 
 
 * $17,983,125, at 12J per cent. -. $2,247,880 03 
 
 2,622,478, at 15 do - - 3.93,371 70 
 
 66,647, at 20 do - 13,329 40 
 
 '0,672,250 
 
 a Additional duty on $1 9,71 1,370, at 2h per c t. 492,784 25 
 
 "3,147,365 38 
 I Spirits, 4,625,198 galls, at 28.8 cts. av. 1,333,473 71 
 c Sugar, 84,853,633 lbs. at 2.6 do 2,219,489 96 
 
 d Wines, 1,315,233 galls, at 30.4 do 400,484 53 
 
 e Teas, 4,800,142 lbs. at20.3 do 973,153 57 
 
 Coffee, 30,895,495 lbs. at 5 cts. 1,544,774 75 
 
 Molasses, 6,456,073 galls, at 5 cts. 322,803 65 
 
 g All other articles, - - 841,687 37 
 
 10,7S3,232 92 
 f Salt deducted, being excess of bounties and 
 allowances in 1S07, paid in 1808, beyond 
 the duties collected 154,396 20 
 
 Deduct duties refunded, after 
 deducting therefrom duties 
 collected on merchandise, 
 the particulars of which 
 could not be ascertained, and 
 difference of calculation 13,557 90 
 
 — 167,954 10 
 
 10,615,278 82 
 
 3| per cent, retained on drawbacks 9,145 19 
 
 Extra duty of 10 per cent, on merchandise - 
 imported in foreign vessels - - . - 111,084 93 
 
 Nett amount of duties on merchandise - 10,735,508 94 
 
 Duties on tonnage - 93,018 33 
 
 Light money - 26,679 28 
 
 119,697 61 
 
 Duties on passports and clearances - - 684 00 
 
 10,855,890 55 
 Sundry accounts not yet received, estimated at ■• - 1,500 00 
 
 Gross revenue, as per statement A, - 10,857,390 55 
 
 Deduct expenses of collection - 543,227 14 
 
 Nett revenue 10,314,163 41 
 
 ■ Note. — 424 dollars of this sum is merchandise paying a duty of 10 per cent, ad valorem. 
 
1809.] 
 
 SECRETARY OF THE TREASURY. 
 
 40; 
 
 Explanatory Statements and Notes. 
 
 a Additional duty of 2£ per cent. ... 
 
 
 492,784 27 
 
 3£ per cent, retained on drawbacks 
 
 - 
 
 475 79 
 
 Extra duty of 10 per cent. 
 
 on merchandise imported in for 
 
 sign vessels 
 Dollars, 
 
 2,704 48 
 
 
 495,964 54 
 
 b Spirits — 
 
 
 Grain * 1st 
 
 proof, 173,080 gallons, at 28 
 
 cents 
 
 48,462 40 
 
 2d 
 
 do 245 do 29 
 
 do 
 
 71 05 
 
 3d 
 
 do 80 do 31 
 
 do 
 
 24 80 
 
 4th 
 
 do 30,110 do 34 
 
 do i 
 
 10,237 40 
 
 Other materials, 1st & 2d do 831,720 do 25 
 
 do 
 
 207,930 00 
 
 3d 
 
 do 2,061,255 do 28 
 
 do 
 
 577,151 40 
 
 4th 
 
 do 1,521,873 do 32 
 
 do 
 
 486,999 36 
 
 5th 
 
 do 6,835 do 38 
 
 do 
 Dollars, 
 
 2,597 30 
 
 
 4,625,198 
 
 1,333,473 71, 
 
 c Sugar — 
 
 
 
 Brown, &c. 
 
 - 65,223,807 pounds, at 2J 
 
 cents 
 
 1,630,595 18 
 
 White, &c. 
 
 - 19,629,826 do 3 
 
 do 
 Dollars, 
 
 588,894 78 
 
 
 84,853,633 
 
 2,219,489 96 
 
 Wines — 
 
 
 
 Madeira, 1st quality, 
 
 65,902 gallons, at 58 cents 
 
 38,223 16 
 
 ' 2d do 
 
 29,091 do 
 
 50 do 
 
 14,545 50 
 
 Sherry and St. Lucar, 
 
 265,800 do 
 
 40 do 
 
 106,320 00 
 
 Oporto and Lisbon, 
 
 80,147 do 
 
 30 do 
 
 24,044 10 
 
 Burgundy and Champaign, 744 do 
 
 45 do 
 
 334 80 
 
 Teneriffe, Fayal, Malaga, &c. 268,830 do 
 
 28 do 
 
 75,272 40 
 
 Other, in bottles, 
 
 22,160 do 
 
 35 do 
 
 7,756 00 
 
 Do in casks, 
 
 582,559 do 
 
 23 do 
 Dollars, 
 
 133,988 57 
 
 
 1,315,233 
 
 400,484 53 
 
 e Teas — 
 
 
 Bohea, - * 
 
 642,209 pounds, at 12 cents 
 
 77,065 08 
 
 Souchong, 
 
 1,597,479 do 
 
 18 do 
 
 287,546 22 
 
 Hyson, 
 
 803,286 do 
 
 32 do 
 
 257,051 52 
 
 Other green, 
 
 1,757,168 do 
 
 20 do 
 
 351,433 60 
 
 Extra duty on teas imported from 
 
 
 
 other places than India, '■"'-" 
 
 Dollars, 
 
 57 15 
 
 _ 
 
 4,800,142 
 
 973,153 57 
 
 / Salt- 
 
 
 Exported, - 
 
 585 bushels, 
 
 at 20 cents 
 
 117 00 
 
 Amount of bounties and allow- 
 
 
 
 ances, $160,152 
 
 55, reduced 
 
 
 
 into bushels at 5 bushels the dollar 800, 763 
 
 
 160,152 60 
 
 Total 
 
 exported, &c. 801,348 
 
 160,269 60 
 
 Imported, bushels of 
 
 56 pounds, 48,945 do 
 752,403 
 
 at 12 cents 
 Dollars, 
 
 5,873 40 
 
 k 
 
 154,396 20 
 
406 
 
 REPORTS OF THE 
 
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1809.] 
 
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j 809.] SECRETARY OF THE TREASURY. 
 
 E. 
 
 419 
 
 STATEMENT of Receipts, and Payments, at the Treasury of the* 
 United States, from the 1st of OcL 1808, to the 30th Sept. 1809. 
 
 Cash in the Treasury subject to warrant October 1st, 
 Received for the proceeds of the Customs, 
 Internal Revenues, 4,262 62 
 Direct tax, 8,458 95 
 
 Sales of Public Lands, - - 
 
 Cents and half cents coined at the Mint, 
 
 Fees on Patents, ... 
 
 Stamp duties, and Penalties, . - - 
 
 Fines, Penalties, and Forfeitures, 
 
 Seamen's wages, paid to Consuls in foreign countries, 
 
 Support of Marine Hospital (from Navy Department,) 
 
 Debts prior to the present constitution, 
 
 Repayments, ..... 
 
 )9, - 
 
 $ 13,846,717 52 
 
 8,662,725 34 
 
 
 12,721 57 
 
 ■ 
 
 462,395 23 
 
 
 7,376 53 
 
 
 6,090 00 
 
 
 20 35 
 
 
 120 00 
 
 
 448 66 
 
 
 35,513 96 
 
 
 152 80 
 
 
 125,188 72 
 
 
 
 9,315,753 16 
 
 
 
 $23,162,470 68 
 
 Payments on the following accounts: 
 Civil expenses, both foreign anddomesiic, viz: 
 Civil list proper, - 
 Light House establishment, 
 Marine Hospital, .... 
 {nvalid Pensioners, - - - - 
 
 Public buildings in Washington, & Furniture, 
 Surveys of Public Lands, - 
 Ascertaining land titles in Louisiana 
 
 Mint establishment^ 
 
 Grants of Congress, & Miscellaneous Claims, 
 Intercourse with foreign nations, 
 Amer;can claims assumed by the Louisiana 
 Convention, - 
 
 Military expenses, viz : 
 Pay, subsistence, clothing, &c. of the Army, 
 Fortification of Ports and Harbors, 
 Ordnance, Arms, Armories, Arsenals, Salt- 
 petre, r - 
 
 Indian Department, 
 
 Navy repairs and Contingencies, 
 Ordnance-, and Arms, - 
 
 Navy Yards, - 
 
 Marine Corps, - 
 
 Pay, Provisions, and other expenses, 
 
 Public Debt. 
 Interest and charges, - 
 
 Principal discharged, - 
 
 Balance in the Treasury subject to warrant 
 September 30th, 1809, 
 
 54 
 
 25,553 32 
 16,127 71 
 
 194,868 44 
 70,230 10 
 
 1,841,761 07 
 755,000 00 
 
 769,642 05 
 
 756,307 91 
 92,070 20 
 70,881 62 
 91,794 13 
 71,100 00 
 
 41,681 03 
 25,634 00 
 25,065 80 
 
 265,098 54 
 
 3,366,403 12 
 292,303 84 
 
 595,000 00 
 
 105,000 00 
 
 65,000 00 
 
 185,954 70 
 
 1,428,313 10 
 
 3,126,149 15 
 6,729,777 53 
 
 Bollars 
 
 1,439,633 23 
 
 3,658,706 96 
 
 2,379,267 80 
 
 9,855,926 68 
 5,828,936 01 
 
 23,162,470 68, 
 
420 
 
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810.] SECRETARY OF THE TREASURY. 421 
 
 REPORT OF THE FINANCES. 
 
 DESEXOBER. 1810. 
 
 In obedience to the directions of the act supplemental to the act, entitled 
 ie An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates. 
 
 Revenue. 
 
 The nett revenue arising from duties on merchandise and tonnage, which 
 accrued during the year 1808, amounted to - $ 10,348,000 
 
 The nett revenue arising from the same sources, which ac* 
 crued during the year 1809, amounted, as will appear by the 
 statement (A.) to ----- $6,527,000 
 
 The statement (B. ) exhibits, in detail, the several species of merchandise 
 and other sources from which that revenue was derived during the year 1809. 
 
 It is ascertained that the nett revenue arising from the same duties, has, 
 for the three first quarters of the year 1810, exceeded 7,500,000 dollars; and 
 it is believed that it will not, for the whole year, fall short of twelve mil- 
 lions. 
 
 The sales of public lands north of the river Ohio, have, during the year- 
 ending on the 30th of September, 1810, as appears by the statement (C.) 
 amounted to 159,000 acres, and the payments by purchasers, to 610,000 
 dollars. 
 
 The same statement shows that the total amount of sales from the establish- 
 ment of the land offices in the year 1800, to the 30th of September, 1810, have 
 amounted to 3, 168,000 acres, which have produced 6,681,000 dollars; of 
 which sum 1,646,000 dollars remain due by purchasers. The sales in the 
 Mississippi Territory, being (after deducting expenses,) appropriated, in the 
 first place, to the payment of 1,250,000 dollars to the State of Georgia, are 
 distinctly stated. 
 
 Receipts and Expenditures. 
 1. Year ending on the 30th September, 1810. 
 
 The actual receipts into the Treasury during the year ending on the 30th 
 of September, 1810, have amounted to - - $8,688,861 17 
 
 Making, together with the balance in the Treasury, on 
 the 1st of October, 1809, and amounting to - - 5,828,936 01 
 
 An aggregate of - - - - $14,517,797 18 
 
 The disbursements during the same year have consisted of the following 
 items, viz. : 
 
 Civil Department, including miscellaneous expenses, and those incident 
 to the intercourse with foreign nations, $ 1,249,200 06 
 
 Military and Indian Departments, $2,514,523 75 
 
 Navy, - 1,674,735 50 
 
 4,189,259 25 
 
 Interest on the public debt, - 2,735,898 91 
 
422 REPORTS OF THE [1810. 
 
 Total current expenses, - - $8,174,358 22 
 
 Payments on account of the principal of the public debt, 2,884,409 24 
 
 Amounting together, as will appear more in detail by 
 the statement (E. ) to - 11,058,767 46 
 
 And leaving in the Treasury, on the 30th September, 
 1S10, a balance of 3,459,029 72 
 
 14,517,797 18 
 
 It therefore appears, that the actual receipts into the Treasury have ex- 
 ceeded the current expenses of government, including therein the interest 
 on the debt^by a sum of five hundred thousand dollars. The expenses had, 
 during the preceding year exceeded the receipts by a sum of thirteen hun- 
 dred thousand dollars. The difference arises, not from an increase in the 
 receipts, but from a diminution in the expenses, particularly those of the 
 Military and Naval Departments. 
 
 2. Last quarter of the year 1810. 
 
 The receipts for that quarter will, it is believed, be more than sufficient to 
 defray the current expenses and interest on the debt accruing during the 
 same period. But the payments to be made on account of the principal of 
 the debt, in order to complete the annual appropriation of eight millions of 
 dollars, amounting to more than 5,100,000 dollars, a loan first negotiated for 
 3,750,01)0, and afterwards reduced to 2,750,000 dollars, became necessarjr. 
 The receipts and disbursements for that quarter are, therefore, estimated as 
 follows: 
 
 Receipts into the Treasury from the ordinary revenue, g 2,500,000 
 
 Proceeds of the loan receivable on the 31st December, 1S10, 2,750,000 
 Balance in the Treasury on the 1st October, 1S10, 3,460,000 
 
 Expenses, civil, military and naval, estimated $ 1,570,000 
 Interest accruing on the domestic debt, - 500,000 
 
 8,710,000 
 
 $2,070,000 
 
 Payments on account of the public debt, in order to com- 
 plete the annual appropriation of eight millions, and including 
 the reimbursement of 31st December, 1810, on the six per 
 cent, and deferred stocks, and that of same date, of 3,751,125 
 exchanged six per cent, stock, - 4,640,000 
 
 6,710,000 
 Probsble balance in the Treasury on 31st December, 1810, 2,000,000 
 
 8 8,710,000 
 
 Fear 1811. 
 
 The outstanding revenue bonds, after deducting the expenses of collec- 
 tion, and allowing for bad debts, will not, probably, on the 1st January, 1811, 
 fall short of eleven millions and a half of dollars, the actual receipts for the 
 year 1811, on account of the sales of lands, may be estimated at five hun- 
 
1810.] 
 
 SECRETARY OF THE TREASURY, 
 
 423 
 
 dred thousand: and it is presumed that the portion of the revenu^n'ising 
 from importations subsequent to the present year, which will be recft'ed in 
 1811, will be more than sufficient to pay the debentures payable i that 
 year. The actual receipts into the Treasury during that year, mav, here- 
 fore, be estimated at $ 12,j53,OoO 
 
 Estimating the expenses of government for the year 1811, not t xceed 
 the amount actually expended during the year ending on the 30tqc Sep- 
 tember, 1810, that is to say — 
 
 Expenses of a civil nature, both domestic and foreign, $ ^20,000 
 
 Military and Naval Departments, - 
 
 And adding thereto the interest on the public debt, estimated at 
 
 The aggregate of the current expenses, exclusively of the 
 payments on account of the principal of the debt, would not 
 exceed - - - - - - 
 
 The payments on account of the principal of the debt will 
 be applicable to the annual reimbursement on the six per 
 cent, and deferred stocks, to the re-payment of the loan of 
 2,750,000 dollars effected this year, and to the reimbursement, 
 in part, of the converted six per cent, stock; and must, in 
 order to complete the annual appropriation of eight millions 
 of dollars, amount to - - - - i 
 
 10,000 
 
 40,000 
 50,000 
 
 ,80,000 
 
 550,000 
 
 Making for the whole amount of the expenditures of the 
 year 1811, - - - _ _ - 
 
 - g 1 530,000 
 
 or about one million of dollars more than the receipts for the samesar. 
 
 If, therefore, this estimate could be relied on, an authority to boow one 
 million of dollars would be sufficient to enable government to pi all the 
 current expenses, and to reimburse nearly four millions and a h,' of the 
 principal of the debt, leaving at the same time in the Treasury a lance of 
 two millions of dollars, a sum not greater than what, under existii circum- 
 stances, it is eligible to reserve. But a deficiency may take placei the re- 
 ceipts, if the amount of debentures should exceed what has been timated; 
 and the expenses for the Military and Naval Departments, (which,2Cording 
 to the estimates of those Departments, and exclusively of the su necessa- 
 ry for fortifications, amount to 4,916,000 dollars,) may be greahthan the 
 amount actually expended during theyear ending on the 30th of btember, 
 1810. In order to provide for these and other unforeseen contingcies, the 
 propriety of authorizing a reloan, not exceeding, in the whole, 5 amount 
 of the principal of the debt reimbursed during the same year, is ipectfuily 
 submitted. 
 
 Public Debt. 
 
 It appears by the statement (D.) that the payments on acdnt of the 
 principal of the public debt, have amounted, during the year etng on the 
 30th day of September, 1810, to 2,884,000 dollars; and duig the nine 
 years and a half ending on the same day, to near 37,700,000ollars; ex- 
 clusively of more than six millions of dollars paid in conform^ with the r 
 
424 
 
 REPORTS OF THE 
 
 [1810. 
 
 provisjnjof the Convention with Great Britain and of the Louisiana Con- 
 ventioi | 
 
 Talagi the calendar year 1810, by itself, the principal of the debt actu- 
 ally rehtyursed will amount to 5,163,376 dollars — viz.: 
 
 Amkl reimbursement of six per cent, and deferred stocks, $ 1,412,251 
 ReiiDursement of the six per cent, exchanged stock, - 3,751,125 
 
 Froiwhich, deducting the loan from the bank of 
 
 5.163,376 
 2,750,000 
 
 Leas, for the actual decrease of the debt during the year $ 2,413,376 
 
 The an authorized by the act of the last session had at first been nego- 
 tiated ;the latter end of May, for 3,750,000 dollars; but the expenses hav- 
 ing pre 'd less than had been supposed, it was, by mutual consent, reduced in 
 Octobeto 2,750,000. With that object in view, in order that no greater 
 sum shdd be ultimately borrowed than might be necessary, and also, in 
 order tivoid, as long as practicable, an increase of stock in the market, 
 and thaSf a more permanent species of debt, a temporary loan from the 
 Bank q he United States was preferred to any other mode. It is reim- 
 bursabl m the last day of December, 1811, with a reservation that the 
 Bank np, in case of a non-renewal of its charter, demand an earlier pay- 
 ment, ([giving three months notice; This condition may, if enforced, 
 save so£ interest to the public, and can produce no inconvenience, as there 
 will beD greater difficulty in effecting a new loan, (if necessary,) in the 
 middle pan in the latter end of the year. The documents F, G, H, I, 
 show bc| the object and the terms of the loan. 
 
 Fronyhat has been stated, it appears that no other provisions are neces- 
 sary for(e year 1811, than a continuance of the additional 2§ per cent, du- 
 ty, comimly called the Mediterranean Fund, and an authority to borrow a 
 sum, prpbly much less, and certainly not greater, than the amount of the 
 principaif the public debt which will be reimbursed during the year. But, 
 .as in conrmity with the act of 1st of May, 1810, the importation of arti- 
 cles, thetrowth, produce, or manufacture of the dominions, colonies, and 
 dependelies of Great Britain, will be prohibited after the 2d day of Februa- 
 ry next, i that nation shall not, before that time, so revoke or modify her 
 ,edicts, afiatthey shall cease to violate the neutral commerce of the United 
 States, she provisions appear necessary for the purpose of supplying the 
 (deficiency the revenue arising from that cause, and of giving to that mea- 
 sure all t efficacy of which it is susceptible. 
 
 The pliable defalcation in the revenue cannot, for obvious reasons, be at 
 this time Itimated with any degree of precision. The experience of the 
 ensuing jr can alone afford sufficient data for a permanent and detailed 
 plan, ada|d to that state of things, and calculated to ensure perseverance in 
 the systerts long as may be thought proper. But, in the mean while, it 
 appears e^itial to lay the foundation of such plan, and to guard in time 
 against an great deficit in the receipts of the year 1812. It is believed 
 that, unde^xisting circumstances, it would be sufficient to render those re- 
 ceipts ecplor nearly equal to the current expenditure, including therein 
 theintcres|n the public debt, and estimated at about eight millions of dol- 
 lars: and, th a view to that object, a considerable and immediate increase 
 of the predt duties on importations is respectfully suggested. 
 
1810.] SECRETARY OF THE TREASURY. 4^5 
 
 It is not less important that the act should be free of legal diiulties and 
 of well founded objections, and that it should be enforced by evy practica- 
 ble means. On that subject, the following observations are subitted: 
 
 1. The law of 1st May, 1810, has neither expressly define the edicts, 
 the revocation of which is expected, nor made a notification I the Presi- 
 dent the evidence and the sole evidence of the fact. It folws, that in 
 ease of an unsatisfactory modification of her edicts by Great Biain, the de- 
 cision of the question itself, whether the non-importation Wactually in 
 force or not, will be left to the courts; whence delays and enarrassments 
 will arise, which will ^considerably impede the operation of traaw. 
 
 2. The non-importation is to take place on the 2d day of Rruary next, 
 if a revocation shall not have taken place before that day. |ut this may 
 have taken place, and not be known on that day in the Unit! States. If 
 the Collectors abstain from seizing merchandise imported after tit day, until 
 the fact shall have been ascertained, and the edicts shall not jve been re- 
 voked, the merchandise will escape forfeiture, and the law, dftng that pe- 
 riod, will be inoperative. If they seize, and the edicts shall a ve been re- 
 voked, the seizures will have been illegal, and the Collector sr ill be liable 
 to personal suits. This inconvenience may be remedied by Provision di- 
 recting that, during that period, it shall be the duty of the Collcors to make 
 seizures, but that the goods shall be restored to the parties oitheir giving 
 bond with sureties for the value. 
 
 3. No exception has been made by the act in favor of ves; s which had 
 sailed for the British East Indies prior to the President's procmation; and 
 the short period of three months from the date of that prochation to the 
 day when the law is to take effect, will occasion forfeitures (heavy losses 
 in cases of bona fide American property in England, paid : or ordered 
 prior to the proclamation. It seems, in every point of viewsiigible, that 
 cases clearly foreseen should be provided for by law, instead being left to 
 executive discretion. 
 
 4. It is believed that an abandonment by the United Stated their shar£ 
 of the penalties and forfeitures which may be incurred, and t: distribution 
 of these, according to the circumstances of the case, amongst e Collectors^ 
 the other custom house officers, the Inspectors, who heretofo have had no 
 share, and the informers, would ensure a greater degree of ial and vigi- 
 lance in detecting and preventing infractions of the law. 
 
 5. Some additional provisions will be necessary to enfce the law on 
 the northern frontier of the United States: amongst which rmbe reckoned,, 
 the erection of some new collection districts, particularly (the river St. 
 Lawrence, and in the eastern part of the State of Vermontm increase of 
 
 non-importa- 
 fees, will be 
 considerably reduced, and that which arises from commissns altogether 
 lost; and an authority to the armed force of the United ;ates to make 
 seizures, And it must be added, that the peculiar situatio of those dis- 
 tricts will render condemnations extremely difficult, unleshe obligation 
 be imposed on persons claiming merchandise seized there, torove that the 
 same was legally imported. 
 
 All which is respectfully submitted. 
 
 ALBERT GLLATIN. 
 
 salary to the Collectors in that quarter, inasmuch as, under tl 
 tion, that part of their compensation which is derived fro 
 
 Treasury Department, December lOfcL 1810. 
 
426 
 
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1810.1 SECRETARY OF THE TREASURY. 437 
 
 B. 
 
 trJ STATEMENT exhibiting the value and quantities, respectively , of 
 Merchandise on which duties actually accrued during the year 1809- 
 ( consisting of the difference between articles paying duty import, 
 ed,and those entitled to drawback, re-exported,) and also, the net I 
 Revenue which accrued during that year , from duties on Merchandise, 
 Tonnage, Passports and Clearances. 
 
 Goods faying duties ad valorem. 
 
 19,458,378 dollars at 12| per cent. - - - $2,432,297 25'.. 
 
 4,783,116 do 15 do '* ' '- 717,467 40 
 
 313,712 do 20 do ... 62,742 40 
 
 a Additional duty on $24,645,096 at 2| per ct. 61 6,127 40 
 
 24,555,206 ..--.. 3,828,634 45 
 
 b Spirits 4,644,469 gallons, at 28.6 cents (average) 1,327,058 58 
 
 c Sugar 12,381,320 pounds, at 2.2 cents do 273,925 03 
 
 d Wines 833,597 gallons, at 45.7 cents do 380,961 11 
 
 Coffee 6,649,293 pounds, at 5 cents 332,464 65 
 
 Molasses 5,336,686 gallons, at 5 cents 266,834 30 
 
 From which deduct the following, viz : 
 e Teas, being excess of exportations beyond 
 
 importations - - - 43,666 97 
 
 f Salt, being excess of bounties and allowances 
 in 1807, paid in 1809, beyond the duties 
 collected .... 48,897 00 
 
 6,409,878 12 
 
 92,563 97 
 
 6,317,314 15 
 s- All other articles ..... 61,621 92 
 
 6,3/8,936 07 
 
 Dedxict duties refunded, after deducting - therefrom duties 
 collected on merchandise, the particulars of which 
 could not be ascertained, and difference in calculation 30.050 96 
 
 6,348,885 31 
 
 3 J per cent, retained on drawbacks ------ 171,227 80 
 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels - 253,482 40 
 
 Nett amount of duties on merchandise .... 6,773,595 31 
 Duties on tonnage ----- 109,937 44 
 Light money ...... 42,045 69 
 
 151,983 13 
 
 Duties on passports and clearances - - - - - - 22,660 00 
 
 6,948,238 44 
 
 Sundry accounts not yet received, estimated at ... - 40,000 00 
 
 Gross revenue, asper statement A. ------ 6,988,238 44 
 
 Deduct expenses of collection - - - - - - 494,998 02 
 
 Nett revenue - - - ' - - - - 6,493,240 42 
 
 55 
 
428 
 
 REPORTS OF THE 
 
 Explanatory Statements and Notes. 
 
 [1810. 
 
 a Additional duty of 2^ per cent. - 
 
 3^ per cent, retained en drawbacks .... 
 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels 
 
 Spirits — 
 Grain 
 
 Deduct excess of exportations 
 beyond importations 
 
 Other materials 
 
 $616,127 40 
 
 3,413 88 
 
 15,752 36 
 
 635,293 64 
 
 1st proof 92,560 
 
 gallons. 
 
 at 28 cents 
 
 25,916 80 
 
 4th proof 386 
 
 do 
 
 34 cents 
 
 131 24 
 
 92,174 
 
 25,785 56 
 
 1st and 2d proof 956,124 
 
 do 
 
 25 cents 
 
 239,031 00 
 
 3d proof 2,219,211 
 
 do 
 
 28 cents 
 
 621,379 08 
 
 4th proof 1,373,359 
 
 do 
 
 32 cents 
 
 439,474 88 
 
 5th proof 3,355 
 
 do 
 
 38 cents 
 
 1,274 90 
 
 6th proof 246 
 
 do 
 
 46 cents 
 
 113 16 
 
 4,644,469 
 
 c Sugar—. I 
 
 Brown - - - - 
 
 White, deduct excess of exporta- 
 tions beyond importations 
 
 d Wines — 
 
 Madeira, 1st quality, 
 
 2d do 
 Sherry and St. Lucar, 
 Oporto and Lisbon 
 Burgundy and Champaign 
 Teneriffe, Fayal, and Malaga 
 
 1,311,054 
 Deduct excess of exportation 
 
 beyond importations, viz: 
 Other, in bottles, 24,643 gals, at 3 5 cts. - 
 do in casks, 452,814 do 23 cts. 
 
 19,502,914 pounds, at 2\ cents 
 7,121,594 do 3 cents 
 
 1 
 
 2,381,320 
 
 
 251,719 
 
 gallons. 
 
 at 58 cents 
 
 31,243 
 
 do 
 
 
 50 cents 
 
 334,801 
 
 do 
 
 
 40 cents 
 
 201,864 
 
 do 
 
 
 30 cents 
 
 210 
 
 do 
 
 
 45 cents 
 
 491,217 
 
 do 
 
 
 28 cents 
 
 8,625 05 
 104,147 22 
 
 477,457 
 
 833,59 7 
 
 g Teas — 
 
 Souchong, excess of exportations beyond importations, 
 850,012 pounds, at 18 cents 
 Deduct excess of importations 
 
 beyond exportations, viz: 
 Bohea 69,864 lbs. at 12 cts. - 
 Hyson 59,621 lbs. at 32 cts. - 
 Oth gr'n 403,025 lbs. at 20 cts. - 
 
 Extra duty on teas imported from other places than India - 
 532,510 
 
 8,383 68 
 19,078 72 
 80,605 00 
 
 1,411 79 
 
 Excess of exportations be 
 yond importations 
 
 318,302 
 
 1,32 7,058 58 
 
 487,572 85 
 213,647 82 
 273,925 03 
 
 145,997 02 
 15,621 50 
 
 133,920 40 
 
 60,559 20 
 
 94 50 
 
 137,540 76 
 
 493,733 38 
 
 112,772 27 
 380,961 11 
 
 153,146 16 
 
 109,479 19 
 43,666 97 
 
 / Salt- 
 Amount of bounties and allowances, $48,940 18, 
 
 reduced into bushels, at 5 bushels the dollar, 244,701 bushels, at 20 cents $48,940 20 
 •mported bushels of 56 pounds - 360 bushels, at 12 cents 43 20 
 
 244,341 48,897 00 
 
1810.] 
 
 SECRETARY OF THE TREASURY. 
 
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440 REPORTS OF THE ["1810. 
 
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 At a meeting of the Commissioners of the Sinking Fund, held on the 
 26th day of April, 1810. 
 
 Present — John Gaillard, President of the Senate, pro tempore. 
 Robert Smith, Secretary of State. 
 Albert Gallatin, Secretary of the Treasury 
 Cesar A. Rodney, Attorney General of the United States. 
 The Secretary of the Treasury reported to the Board — 
 
 " That the payments to be made during the present year, on account of 
 
 the interest of the debt, including the annual reimbursement of six per cent. 
 
 and deferrecLstocks, are estimated at - $4,100,000 
 
 Leaving a sum of - - - - 3,900,000 
 
 in order to complete the annual appropriation of - $8,000,000 
 
 Which the market price of stocks, being above the rate fixed by law for 
 purchases, can only be applied to the reimbursement of the six per cent. 
 exchanged stock, amounting to 3,751,125 -f^ dollars, in conformity with 
 the provisions of the act supplementary to an act, entiled " An act making 
 provision for the redemption of the whole of the public debt of the United 
 States." 
 
 Whereupon, resolved, That the residue of the exchanged six per cent, 
 stock be reimbursed during the present year, in conformity with the act last 
 mentioned. 
 
 Signed — JOHN GAILLARD, President of the Senate, pro tempore. 
 ROBERT SMITH, Secretary of State. 
 ALBERT GALLATIN, Secretary of the Treasury. 
 C. A. RODNEY, Attorney General of the United States. 
 Attest — Edward Jones, Secretary to the Commissioners of the Sink, 
 ing Fund. 
 
 G. 
 
 James Madison, President of the United States of America, to Albert 
 Gallatin, Secretary of the Treasury. 
 
 By virtue of the act, entitled " An act authorizing a loan of money for 
 a sum not exceeding the amount of the principal of the public debt, reim- 
 bursable during the year one thousand eight hundred and ten," passed on 
 the first day of May, one thousand eight hundred and ten. 
 
 I do hereby authorize and empower you, by yourself, or any other person 
 or persons, to borrow, on behalf of the United States, of the Bank of the 
 United States, any sum, not exceeding, in the whole, three millions seven 
 hundred and fifty thousand dollars, and to make, or cause to be made for 
 that purpose, such contract as shall be necessary, and for the interest of the 
 said States, pursuant to the act aforesaid. And for so doing, this shall be 
 your warrant. 
 
 Given under my hand, at Washington, this twenty-eighth day of May, in 
 the year of our Lord one thousand eight hundred and ten. 
 
 (Signed) JAMES MADISON. 
 
1810.] SECRETARY OF THE TREASURY. 441 
 
 H. 
 
 Articles of agreement between Albert Gallatin, Secretary of the Treasu- 
 ry of the United States, of the one part, and the President, Directors, and 
 Company of the Bank of the United States, of the other part, made and 
 concluded the thirtieth day of May, one thousand eight hundred and ten. 
 
 Whereas, by the act, entitled " An act authorizing a loan of money for a, 
 sum not exceeding the amount of the principal of the public debt, reimburs- 
 able during the year one thousand eight hundred and ten/' passed the first 
 day of May, eighteen hundred and ten, the President of the United States 
 is authorized and empowered to borrow, or cause to be borrowed of the 
 Bank of the United States, a sum not exceeding the amount of the principal 
 of the public debt, reimbursable during the year one thousand eight hun- 
 dred and ten: 
 
 And, whereas, the President of the United States, by his warrant, bear- 
 ing date the twenty-eighth day of May, one thousand eight hundred and 
 ten, and directed to the said party of the first part, did authorize and em- 
 power him to contract with the said parties of the second part, for a loan of 
 three millions seven hundred and fifty thousand dollars, in conformity with 
 the provisions of the act aforesaid: 
 
 Now, therefore, these presents witness, that pursuant to the authority 
 aforesaid, it hath been, and is hereby agreed, by and between the said par- 
 ties of the first and second part, as followeth — viz: 
 
 First — The said President, Directors, and Company, shall lend to the 
 United States, the sum of three millions seven hundred and fifty thousand 
 dollars, to be advanced at their Banking House in Philadelphia, on the thir- 
 ty-first day of December, one thousand eight hundred and ten. 
 
 Second — The said sum so to be advanced as aforesaid, shall bear interest 
 at the rate of six per centum per annum, from the date before-mentioned^ 
 payable quarter yearly to the said parties of the second part, during the con- 
 tinuance of the said loan. 
 
 Third — The United States shall reimburse, or repay to the said Bank of 
 the United States, the said sum of three millions seven hundred and fifty- 
 thousand dollars, with the interest which may be due thereon, on the thirty- 
 first day of December, one thousand eight hundred and eleven; reserving, 
 nevertheless, to the said parties of the second part, (in case they do not ob- 
 tain a renewal of their charter at the next session of Congress,) the ris;ht to 
 demand and receive re-payment at an earlier period, they giving three 
 months previous notice to the party of the first part, of such their intention. 
 In testimony whereof, the said Secretary of the Treasury hath 
 caused the seal of the Treasury to be affixed to these presents^ 
 and hath hereunto subscribed his hand; and the said Presi- 
 *********** dent, Directors, and Company, have also caused the seal of 
 
 * Sealofthe * the Bank of the United States to be affixed to the same, the 
 
 * ^easury. * day and year a f oreS aid. 
 
 *********** (Signed) ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 *********** 
 
 * Sealofthe* (Signed) D.LENOX, 
 -*■ Bank of the * 
 
 % U. States. % President of the Bank of the United States. 
 
 % -#- 
 
 X * * *- # * *- % * * # 
 
442 REPORTS OF THE [1810. 
 
 I. 
 
 "Whereas, by an agreement between the Secretary of the Treasury of the 
 United States, and the President, Directors, and Company of the Bank of 
 the United States, dated the thirtieth day of May, one thousand eight hun- 
 dred and ten, it was stipulated on the part of the President, Directors, and 
 Company aforesaid, that they would lend to the United States the sum of 
 three millions seven hundred and fifty thousand dollars, to be paid in Phila- 
 delphia, on the thirty-first day of December, one thousand eight hundred 
 and ten: 
 
 And, whereas, the two contracting parties have lately agreed that the 
 amount of the loan stipulated to be made to the United States in the agree- 
 ment before recited, shall be reduced: 
 
 Now, therefore, these presents witness, that the sum to be loaned to the 
 United States by the President, Directors, and Company of the Bank of the 
 United States, on the thirty-first day of December ensuing, shall be fixed at 
 two millions seven hundred and fifty thousand dollars; any thing in the 
 former agreement to the contrary notwithstanding. 
 
 In testimony whereof, the Secretary of the Treasury hath caused the 
 
 **$*£#**** sea l °f the Treausry to be affixed to these presents, and hath 
 
 * * hereunto subscribed his hand; and the President, Directors, 
 
 * &mI of the* an( j Company of the Bank of the United States, have also 
 
 * reasur y' * cau sed the seal of the said Bank to be affixed to the same, this 
 ********** fifteenth day of October, one thousand eight hundred and ten. 
 
 (Signed) ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 *********** 
 
 * Seal of the. % (Signed) D.LENOX, 
 
 * Sank of the * 
 
 % U. States. % President of the Bank of the United States. 
 
 * * 
 *********** 
 
1811.] SECRETARY OF THE TREASURY. 443 
 
 REPORT ON THE FINANCES. 
 
 NOVEMBER, 1811. 
 
 In obedience to the directions of the act supplementary to the act, entitled 
 "An act to establish the Treasury Department," the Secretary of the Trea- 
 sury respectfully submits the following report and estimates. 
 
 Receipts and Expenditures. 
 
 1. To the end of the year 1S11. — The actual receipts into the Treasury, 
 
 during the year ending on the SOth of September, 1811, have consisted of the 
 
 following sums, viz: 
 
 Customs, sales of lands, arrears, repayments, and all other branches of reve- 
 nue, amounting together, as appears by the statement (E.) 
 to ----- - - $13,541,446 37 
 
 Temporary loan of 31st December, 1810, - - 2,750,000 00 
 
 Total amount of receipts, - - -$16,291,446 37 
 
 Making, together with the balance in the Treasury on the 
 
 1st of October, 1810, and amounting to - 3,459,029 72 
 
 An aggregate of- - - - - - $ 1 9,750,476 09 
 
 The disbursements during the same year, have been as follows, viz: 
 
 Civil Department, including miscellaneous expenses, and those incident to 
 
 the intercourse with foreign nations, - $1,360,858 98 
 
 Army, Fortifications, Arms, and Arsenals, $2,129,000 
 
 Navy Department, - 2,136,000 
 
 Indian Department, - - - 142,725 
 
 4,407,725 00 
 
 Payments for interest on the public debt, - 2,225,800 93 
 
 Total current expenses, ----- $7,994,584 91 
 
 Reimbursement of the temporary loan (in March and Sep- 
 tember, 1811,) - - - - - - 2,750,000 00 
 
 Payments an account of the principal of the public debt, - 5,058,272 82 
 
 Amounting together, as will appear more in detail by the 
 
 statement (E. ) to - $15,802,657 73 
 
 And leaving in the Treasury, on the 30th of September, 
 
 1811, a balance of - - - - 3,947,818 36 
 
 19,750,476 09 
 
 The actual receipts, arising from revenue alone, and exclusively of the 
 temporary loan since reimbursed, appear, from this statement, to have exceed- 
 57 
 
444 REPORTS OF THE flSll. 
 
 ed the current expenses, including therein the interest paid on the debt, by 
 a sum of more than five millions and a half of dollars. Butjthe payments on 
 account of interest, during the year ending on the 30th of September, 1811, 
 have, from an unavoidable delay in making the usual remittances to Holland, 
 faiien short of the amount due during the same period; and the real excess of 
 receipts arising from revenue, beyond the current expenses, including there- 
 in the interest accrued on the debt, amounts only to near 5,100,000 dollars. 
 
 The receipts for the last quarter of the year 1811, are estimated at 
 3,300.000 dollars; and the expenditures (including the payments of arrears 
 of interest and near 2,160,000 dollars on account of the principal of the pub- 
 lic debt) at 4,300,000 dollars, which will leave, at the end of the year, a 
 balance in the Treasury of near three millions of dollars. It will not, there- 
 fore, be necessary to resort for the service of the present year, to the loan 
 authorized by the act of the last session of Congress. 
 
 2. Year 1812. — It is ascertained that the nett revenue arising from duties 
 on merchandise and tonnage, which has accrued during the three firstquarters 
 of the year 1811, exceedssix millions of dollars;, and it may, for the whole 
 year, be estimated at about 7,500,000 dollars. 
 
 The Custom-house bonds outstanding on the 1st day of January, IS 12, and 
 falling due in that year, are also estimated, after deducting bad debts, at 
 7,500,000 dollars. This sum may therefore be assumed as the probable 
 amount of receipts into the Treasury during the year 1812, on account of 
 duties on merchandise and tonnage; the portion of the revenue arising from 
 importations subsequent to the present year, which will be received in 1812, 
 being considered sufficient to pay the debentures and expenses of collection 
 of that year. 
 
 The payments made by purchasers of public lands, north of the river Ohio, 
 having, during the two last years, after deducting the expenses and charges 
 on that fund, amounted to near 600,000 dollars a year, that branch of reve- 
 nue may, for the present, be estimated at that sum. Allowing one hundred 
 thousand dollars for the other small items of revenue, which will consist prin- 
 cipally of arrears and re-payments, the whole amount of actual receipts into 
 the Treasury during the year 1812, may therefore be estimated at $S,200,000. 
 
 The current expenses for the same }^ear are estimated as followeth, viz: 
 
 1. Expenses of a civil nature, both domestic and foreign, 1,260,000 
 
 2. Military and Naval establishments, according to the esti- 
 mates of those two departments, and including the additional 
 permanent appropriations for the purchase of arms and for 
 Indian annuities, viz: 
 
 Army (including 32,000 dollars for the Militia,) $2,5S1,000 
 Arsenals, arms, and ordnance, - 614,000 
 
 Naval Department, - 2,500,000- 
 
 Indian Department, - - - 220,000 
 
 5,915,000 
 3. Interest on the public debt 2,225,000 
 
 Amounting together to ----- $9,400,000 
 
 And exceeding, by 1,200,000 dollars, the probable amount of receipts. 
 
 This deficit may be paid out of the sum of three millions of dollars in the 
 Treasury. But, under existing circumstances, it does not seem eligible to 
 exhaust that fund ; and the estimate of receipts being also liable to more than 
 
1811.] SECRETARY OF THE TREASURY. 445 
 
 usual uncertainty, the propriety of authorizing n loan sufficient to supply that 
 difference, and to defray such other extraordinary expenses as may be incur- 
 red during the year, is respectfully submitted. 
 
 It must at the same time be observed, that the sum of 9,400,000 dollars, 
 thus stated as the amount of current expenses for the year 1812, includes, in 
 fact, a portion of extraordinary expenses arising from the present state of af- 
 fairs For if the Military and Naval expenditure had been estimated at a sum 
 not exceeding the amount actually expended for those objects during the year 
 ending on the 30th of September, 1811, that is to say, at 4,400,000 instead 
 of 5,900,000 dollars, the estimate of receipts would exceed that of current 
 expenses. 
 
 The disbursements on account of the Naval establishment have amount- 
 ed, in the year ending on the 30th September, 1S10, to 1,675,000 
 
 And in the year ending on the 30th September, 1511, to 2.136,000 
 
 They are estimated for the year 1812, at - - 2,500,000 
 
 The disbursements on account of the Military establish- 
 ment have amounted, in the year ending on the 30th Septem- 
 ber, 1810, to - - - - - - 2,309,000 
 
 And in the year ending on the 30th September, 1811, to 2,129,000 
 
 They are estimated, for the year IS 12, at - - 3,195,000 
 
 But the detailed annual estimates of the year 1812, will show that they 
 are predicated on the employment of almost the whole Naval force, and of 
 the whole Military establishment of the United Slates, as authorized by 
 law; covering, besides several other items, all the expenses of more than 
 seventeen thousand effective men in the land and sea service. 
 
 With respect to the payments on account of the principal of the debt, it 
 is evident that an authority to borrow a sum equal to that which will be re- 
 imbursed during the year 1812, will be necessary. The payments, which, 
 according to law, must be made during that year, on that account, consists of 
 
 1. Annual reimbursement of six per cent, and deferred 
 
 stocks, ... . . _ . jg 1,570,000 00 
 
 2. Reimbursement of the residue of the converted stock 565,318 41 
 
 Amounting together, to - $2,135,31S 41 
 
 This sum, and that payable for interest, amounting together to 4,360,000 
 dollars, leave, in order to complete the annual appropriation of eight mil- 
 lions, a balance of 3,640,000 dollars, which can be applied in no othei? 
 manner than in purchases of stock at the prices limited by law. The 
 amount which may be thus applied, is therefore uncertain. 
 
 Public Debt. 
 
 It appears, by the statement (D. ) that the payments on account of the 
 principal of the public debt will, from the 1st of October, 1810, to the 31st 
 December, 1811, have exceeded six millions four hundred thousand dollars. 
 With the exception of the annual reimbursement of the six per cent, and 
 deferred stocks, there will remain, at the end of the year 1811, no other 
 portion of the public debt reimbursable at the will of the United States, 
 than the residue of converted stock, amounting, as above stated, to 565 ; 00O 
 
446 REPORTS OF THE ["1811. 
 
 dollars, and which will be paid in the year 1812. There being nothing 
 afterwards left, on which the laws passed subsequent to the year 1801, for 
 the redemption of the debt, can operate, a general view of the result and 
 effect of those laws will now be presented. 
 
 Exclusively of near three millions of unfunded debt since reimbursed, as 
 detailed in the report of the. 18th of April, 1808, the public debt of the 
 United States amounted, on the 1st of April, 1801, to $79,926,999, as will 
 appear by the statement (D d.) The whole amount of principal extin- 
 guished during the period often years and nine months, commencing on the 
 1st of April, 1801, and ending on the 31st of December, 1811, exceeds, 
 forty-six millions of dollars, viz: 
 
 Foreign debt, paid in full, - - $10,075,004 
 
 Eight per eent. , five and a half per cent., four 
 and a half per cent., and Navy six per cent. 
 stocks; and temporary loans due on the 1st of 
 April, 1801, to the Bank of the United States, all 
 paid in full, - - - - 12,657,700 
 
 Six per cent, and deferred stocks, including the 
 exchanged stock reimbursed, - - 20,820,744 
 
 Three per cent, stock, including converted 
 stock reimbursed, - - - 2,379,269 
 
 Registered debt, and debt due to foreign offi- 
 cers, - 90,093 
 
 : 46,022,810 
 
 Leaving the amount of old debt unredeemed on the 1st of 
 January, 1812, - - - - - . $33,904,189 
 
 and consisting of the following species, viz: 
 
 Six per cent, and deferred stocks, unredeemed 
 amount, - 17,067,096 
 
 Three per cent, stock, - 16,157,890 
 
 Converted stock - - 565,318 
 
 16,723,203 
 
 1796 six per cent, stock, - - 80,000 
 Registered debt, and debt due to foreign offi- 
 cers, ----- 33,8S5 
 
 $33,904,189 
 And to which, adding the Louisiana six per cent, stock, being 
 
 a new debt, contracted subsequent to the 1st of April, 1S01 11,250,000 
 
 Makes the whole amount of public debt, on the 1st of Janu- 
 ary, 1812 - - - - - ... 45,154,189 
 
 The annual interest on the public debt, due on the 1st April, 
 
 1801, amounts to - $4,180,463 
 
 The annual interest on the public debt, extinguished between 
 
 the 1st April, 1801, and the 1st January, 1812, amounted to 2,632,982 
 
 Leaving, for the amount of annual interest, on the old debt 
 
 unredeemed, on 1st January, 1812, - 1,547,481 
 
 The annual interest on the Louisiana stock is - - - 675,000 
 
 Making the annual interest on the whole debt, due on the 1st 
 January, 1812, - $2,222,481 
 
1811.1 SECRETARY OF THE TREASURY. 447 
 
 Which, subtracted from the annual interest on the debt due 
 
 on 1st April, 1801 ----- 4,180,463 
 
 Leaves for the difference between the amounts of interest re- 
 spectively, payable at those two dates, - * $1,967,942 
 
 The disposable national revenue, or that portion which alone is applica- 
 ble to defray the annual national expenses, consists only of the surplus of 
 the gross amount of revenue collected, beyond the amount necessary for 
 paying the interest on the public debt. A diminution of that interest is, 
 with respect to the ability of defraying the other annual expenses, a positive 
 increase of revenue, to the same amount. With an equal amount of gross 
 revenue^ the revenue applicable to defray the national expenses, is now, by 
 the effect of the reduction of the debt, two millions six hundred thousand 
 dollars greater than on the 1st day of April, 1801. Or, if another view of 
 the subject be thought more correct, the laws for the reduction of the debt 
 have, in ten years and nine months, enabled the United States to pay in full, 
 the purchase money of Louisiana, and increased their revenue near two mil- 
 lions of dollars. 
 
 If the amount of annual payments, on account of both the principal and 
 interest of the public debt, during the last eight years, be contrasted with 
 the payments hereafter necessary for the same purpose, the difference will be 
 still more striking. Eight millions of dollars have been annually paid, on that 
 account, during those eight years. The whole amount payable after the year 
 1812, including the annual reimbursement on the six per cent, and deferred 
 stocks, is 3,792,382 dollars; making an annual difference of more than four 
 millions two hundred thousand dollars, which will be liberated from that ap- 
 propriation. And this annual payment of about three millions eight hun- 
 dred thousand dollars, would have been sufficient, with some small varia- 
 tions, to discharge, in ten years, the whole of the residue of the existing 
 debt, with the exception of the three per cent, stock, the annual interest on 
 which, amounts only to four hundred and eighty-five thousand dollars. The 
 aspect of the foreign relations of .the United States forbids, however, the 
 hope of seeing the work completed within that short period. The redemp- 
 tion of principal has been effected without the aid of any internal taxes, 
 either direct or indirect, without any addition during the last seven years 
 to the rate of duties on importations, which, on the contrary, have been im- 
 paired by the repeal of that on salt, and notwithstanding the great diminu- 
 tion of commerce during the last four years. It therefore proves, decisively, 
 the ability of the United States, with their ordinary revenue, to discharge,, 
 in ten years of peace, a debt of forty-two millions of dollars; a fact which 
 considerably lessens the weight of the most formidable objection, to which 
 that revenue, depending almost solely on commerce, appears to be liable. 
 In time of peace, it is almost sufficient to defray the expenses of a war; in 
 time of war, it is hardly competent to support the expenses of a peace es- 
 tablishment. Sinking, at once, under adverse circumstances, from fifteen 
 to six or eight millions of dollars, it is only by a persevering application 
 of the surplus, which it affords in years of prosperity, to the discharge of 
 the debt, that a total change in. the system of taxation, or a perpetual accu- 
 mulation of debt can be avoided. But, if a similar application of such sur- 
 plus be hereafter strictly adhered to, forty millions of debt, contracted dur- 
 ing five or six years of war, may always, without any extraordinary exer- 
 tions, be reimbursed in ten years of peace. 
 
448 REPORTS OF THE [1811. 
 
 This view of the subject, has, at the present crisis, appeared necessary, for 
 the purpose of distinctly pointing out one of the principal resources, within 
 the reach of the United States. But to be placed on a solid foundation, it 
 requires the aid of a revenue, "sufficient, at least, to defray the ordinary 
 expenses of government, and to pay the interest on the public debt, includ- 
 ing that on new loans which may be authorized." 
 
 Provision for the ensuing Years* 
 
 The revenue is derived from two sources — the duties on importations, and 
 the sales of public lands. 
 
 The nett revenue, arising from duties on merchandise and tonnage, 
 which accrued- during the year 1S09, amounted to $6, 527,168. The nett 
 revenue, arising from the same sources, which accrued during the year 1810, 
 amounted, as will appear by the statements A. and B. to $12, 513,490; the 
 same revenue, for the year 181 1, is estimated, as has already been stated, at 
 $7,500,000. A portion of the revenue of this year, having been collected 
 on British merchandise, imported before the prohibition took effect, the per- 
 manent revenue, arising from dunes on tonnage and merchandise, will 
 not probably, at their present rate, and under existing circumstances, ex- 
 ceed - - - - - - $6,000,000 
 
 an estimate which is corroborated by the view of the subject exhibited in the 
 statement (B 2.) 
 
 The sales of the public lands north of the river Ohio, have, during the year 
 ending on the 30th September, 1811, amounted, as appears by the statement 
 (C. ) to 207,000 acres, and the payments by purchasers to 600,000 dollars. 
 It has already been stated that those payments on the average of the two last 
 years, amount, after deducting the expenses and charges on that fund, to the 
 annual sum of 600,000 dollars. 
 
 The sales in the Mississippi Territory, being in the first instance appro- 
 priated to the payment of 1,250,000 dollars to the State of Georgia, are 
 distinctly stated. 
 
 The permanent revenue or annual receipts, after the year 1812, calculated 
 on the existing state of affairs, may therefore be estimated at $ 6,600,000 
 
 Which, deducted from the annual expenditures calculated on 
 the same principle, and amounting by the preceding estimates 
 for the year 1812, to - 9,200,000 
 
 Leaves a deficiency to be provided for, of - $ 2,600,000 
 
 An addition of fifty per cent, to the present amount of duties, (together 
 with a continuance of the temporary duties heretofore designated by the 
 name of " Mediterranean Fund,") will be sufficient to 'supply that deficien- 
 cy, and is respectfully submitted. This mode appears preferable for the 
 present to any internal tax. With respect to the sales of public lands, be- 
 sides affording a supplementary fund for the ultimate redemption of the pub- 
 lic debt, they may, without anj) diminution of revenue, be usefully applied 
 as a bounty to soldiers enlisting in the regular service, and in facilitating the 
 terms of loans. But it does not appear that the actual receipts into the Trea- 
 sury, arising from the sales, can be materially increased, without a reduction 
 in the price, unless it be by an attempt to offer certain portions for sale in the 
 large cities of the Union. 
 
1811.1 SECRETARY OF THE TREASURY. 449 
 
 The same amount of revenue would be necessary, and with the aid of 
 Joans would, it is believed, be sufficient in case of war. The same increase 
 of duties would therefore be equally necessary in that event. Whether it 
 would be sufficient to produce the same amount of revenue, as under exist- 
 ing circumstances, cannot at present be determined. Should any defi- 
 ciency arise, it may be supplied without difficulty, by a further increase of 
 duties, by a restoration of that on salt, and a proper selection of moderate 
 internal taxes. To raise a fixed revenue of only nine millions of dollars, is 
 so much within the compass of the national resources, so much less in pro- 
 portion than is paid by any other nation, that under any circumstances it will 
 only require the will of the Legislature to effect the object. 
 
 The possibility of raising money by loans to the amount which may be 
 wanted, remains to be examined. For the fact that the United States may 
 easily, in ten years of peace, extinguish a debt of forty-two millions of dol- 
 lars, does not necessarily imply that they could borrow that sum during a 
 period of war. 
 
 In the present state of the world foreign loans may be considered as near- 
 ly unattainable. In that respect,. as in all others, the United States must 
 solely rely on their own resources. These have their natural bounds, but 
 are believed to be fully adequate to the support of all the national force that 
 can be usefully and efficiently employed. 
 
 The ability and will of the United States faithfully to perform their engage- 
 ments, are universally known; and the terms of loans will, in no shape what- 
 ever, be affected by want of confidence in either. They must, however, de- 
 pend not only on the State of public credit, and on the ability to lend, but 
 also on the existing demand for capital required for other objects. What- 
 ever this may be, the money wanted by the public must be purchased at its 
 market price. Whenever the amount wanted for the service of the year, or 
 the whole amount of stock in the market shall exceed certain limits, it may 
 be expected that legal interest will not be sufficient to obtain the sums re- 
 quired. In that case, the most simple and direct is also the cheapest and 
 safest mode. It appears much more eligible to pay at once the difference, 
 either by a premium in lands, or by allowing a higher rate of interest, than 
 to increase the amount of stock created, or to attempt any operation which 
 might injuriously affect the circulating medium of the country. This dif- 
 ficulty, and it is the only serious one which has been anticipated, will not in- 
 deed, if analyzed, appear very formidable. For to take an extreme case, and 
 supposing even forty millions of dollars to be borrowed at eight instead of 
 six per cent, a year, the only difference would consist in the additional pay- 
 ment of eight hundred thousand dollars a year, until the principal was reim- 
 bursed: a payment inconvenient, indeed, and to be avoided if practicable,, 
 but inconsiderable if compared either with the effects of other means of 
 raising money, or with some other branches of the public expenditure. 
 
 It appears from the preceding estimates, that nothing more ma)' be strictly 
 wanted for the defraying, during the year 1812, the expenses as yet author- 
 ized by law, than an authority to borrow a sum equal to that which may be 
 reimbursed on account of the principal of the public debt. 
 
 With a view to the ensuing years, and considering the aspect of public af- 
 fairs presented by the Executive, and the measures of expense which he has 
 recommended, it has been attempted to show — 
 
 1. That a fixed revenue of about nine millions of dollars is necessary, and 
 sufficient, both under the existing situation of the United States, and in the 
 event of their assuming; different attitude. 
 
450 REPORTS OF THE [1811, 
 
 2. That an addition to the rate of duties on importations is at present suf- 
 ficient for that purpose, although ,in the course of events, it may require some 
 aid from other sources of revenue. 
 
 3. That a just reliance may be placed on obtaining loans to a considerable 
 amount, for defraying the extraordinary expenses which may be incurred be- 
 yond the amount of revenue above stated. 
 
 4. That the peace revenue of the United States will be_sufficient, without 
 any extraordinary exertions, to discharge, in a few years, the debt which may 
 be thus necessarily incurred. 
 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN, 
 Treasury Department, 
 
 -November 22d, 181 L 
 
1811.] 
 
 SECRETARY OF THE TREASURY. 
 
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45£ REPORTS OF THE [1811. 
 
 B. 
 
 Ji STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise^ on which duties actually accrued during the year 1810, 
 {consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 Goods paying duties ad valorem. 
 
 $39/714,120 at 12^ per cent. - - $4,964,265 00 
 
 7,703,290 at 15 do 1,155,493 50 
 
 552,151 at 20 do - 110,430 20 
 Additional duty on $47,806,962, at 2§ 
 
 percent. - - - 1,195,174 05 
 
 47,969,561 
 
 b Spirits, 4,487,588 gallons, at 2S.3 
 
 c Sugar, 29,312,307 pounds, at 2.5 
 
 d Wines, 1,164,592 gallons, at 34.8 
 
 e Teas, 6,647,726 pounds, at 19.8 
 
 Coffee, 5,852,082 pounds, at 5 
 
 Molasses, 7,651,682 gallons, at 5 
 f All other articles, 
 
 From which deduct bounties and allowances paid in 
 1810, - - - - - 2,26S 05 
 
 Duties refunded, after deducting therefrom 
 duties collected on merchandise, the par- 
 ticulars of which could not be ascertain- 
 ed, and difference in calculation, 31,082 20 
 
 
 
 $7,425,362 75 
 
 cents 
 
 average, 
 
 1,272,063 44 
 
 do 
 
 do 
 
 743,656 08 
 
 do 
 
 do 
 
 405,024 41 
 
 do 
 
 do 
 
 1,314,091 17 
 
 cents 
 
 
 292,604 10 
 
 cents 
 
 
 382,584 10 
 
 - 
 
 - 
 
 660,276 89 
 
 $12,495,662 94 
 
 33,350 25 
 
 12,462,312 69 
 Three and a half per cent, retained on drawback, 139,489 33 
 Extra duty of 10 per cent, on merchandise im- 
 ported in foreign vessels, !._,__ 87,779 69 
 
 Nett amount of duties on merchandise, $12,689,5S1 71 
 
 Duties on tonnage, - 127,697 40 
 
 Light money, - 41,463 84 
 
 169,161 24 
 
 Duties on passports and clearances, - - 23,428 00 
 
 $12,882,170 95 
 Sundry accounts not yet received, estimated at 40,000 00 
 
 Gross revenue, as per statement A, - - - 12,922,170 95 
 
 Deduct expenses of collection, - - - - • 439,382 87 
 
 Nett revenue,- - $ 12,482, 78S 08 
 
 Treasury Department, Register's Office, Nov. 9th, 1811. 
 
 JOSEPH NOURSE, Hegister. 
 
1811.] 
 
 SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes. 
 
 453 
 
 « Additional duty of 2| per cent. 
 
 
 
 
 
 $ 1,195,174 05 
 
 3^ per cent, retained on drawback, - 
 
 - 
 
 - 
 
 - 
 
 3,832 51 
 
 Extra duty of 10 per cent, on m 
 
 erchandise imported in f< 
 19,292 gallons, at 28 
 
 n-eign 
 cents, 
 
 vessels 
 
 2,427 86 
 
 
 1,201,434 42 
 
 b Spirits — from grain, 1st proof, 
 
 5,401 76 
 
 2d do 
 
 921 do 
 
 29 
 
 
 . 
 
 267 09 
 
 3d do 
 
 85,954 do 
 
 31 
 
 
 - 
 
 26,645 74 
 
 4th do 
 
 31,064 do 
 
 34 
 
 
 - 
 
 10,561 76 
 
 5th do 
 
 1,756 do 
 
 40 
 
 
 . 
 
 702 40 
 
 Other materials, 1st & 2d do 
 
 969,569 do 
 
 25 
 
 
 . 
 
 242,392 25 
 
 3d do 
 
 2,389,980 do 
 
 28 
 
 
 - 
 
 669,194 40 
 
 4th do 
 
 982,362 do 
 
 32 
 
 
 . 
 
 314,355 84 
 
 5th do 
 
 6,690 do 
 
 38 
 
 its 
 
 
 
 2,542 20 
 
 
 4,487,588 
 
 1,272,063 44 
 
 c Sugar — Brown, 27,142,626 pounds, at 2£ cei 
 
 678,565 65 
 
 White, 2,169,681 do 3 
 
 is, a 
 
 t 58 cents, 
 
 65,090 43 
 
 29,312,: 
 
 07 
 
 743, 1 56 08 
 
 d Wines — Madeira, 1st quality, 
 
 238,354 galloi 
 
 138,245 32 
 
 do 2d do 
 
 31,222 do 
 
 
 50 
 
 
 15,611 00 
 
 Sherry and St. Lucar, 
 
 54,318 do 
 
 
 40 
 
 
 21,727 20 
 
 Oporto and Lisbon, 
 
 121,644 do 
 
 
 30 
 
 
 36,493 20 
 
 Burgundy and Champaign 
 
 , 932 do 
 
 
 45 
 
 
 419 40 
 
 Teneriffe, Fayal, and Malaga, 531,475 do 
 
 
 28 
 
 
 148,813 00 
 
 Other, in bottles, 
 
 6,554 do 
 
 
 35 
 
 
 2,293 90 
 
 do in casks, 
 
 180,093 do 
 
 
 23 
 
 
 41,421 39 
 
 
 1,164,592 
 
 405,024 41 
 
 e Teas — Bohea, 
 
 1,349,520 pounds, 
 
 at 
 
 12 cents, 
 
 161,942 40 
 
 Souchong, 
 
 2,248,102 do 
 
 
 18 
 
 
 404,658 36 
 
 Hyson, 
 
 972,099 do 
 
 
 32 
 
 
 311,071 68 
 
 Other green, - 
 
 2,178,005 do 
 
 
 20 
 
 
 435,601 00 
 
 Extra duty on teas import- 
 
 
 
 
 
 
 ed from other places 
 
 
 
 
 
 
 than India, 
 
 - 
 
 
 
 
 817 7i 
 
 
 6,747,726 
 
 1,314,091 17 
 
454 
 
 REPORTS OF THE r\ g 1 1 . 
 
 Explanatory Statements and Notes — Continued. 
 
 
 Quantities. 
 
 Rate of 
 
 _.| 
 
 1 1» 
 
 
 
 
 Excess ot 
 
 / All other articles. 
 
 Excess of 
 
 Excess of 
 
 duty. 
 
 duties over 
 
 drawback 
 
 
 importations 
 
 over expor- 
 
 tations. 
 
 exporta- 
 tion over 
 importa- 
 
 Cents. 
 
 drawback. 
 
 over duties. 
 
 
 
 tions. 
 
 
 
 
 Domestic spirits, 1st proof, galls. 
 
 144 
 
 
 7 
 
 10 08 
 
 
 2d do do 
 
 . 
 
 . 
 
 8 
 
 
 
 Beer, - - do 
 
 155,218 
 
 - 
 
 8 
 
 12,417 44 
 
 
 Cocoa, - — - pounds 
 
 ! 1,843,716 
 
 . 
 
 2 
 
 36,874 32 
 
 
 Chocolate, - - do 
 
 2,633 
 
 - 
 
 3 
 
 78 99 
 
 
 Sugar, candy, - - do 
 
 2,379 
 
 *. 
 
 Hi 
 
 273 58 
 
 
 loaf, - do 
 
 271 
 
 . 
 
 9 
 
 24 39 
 
 
 other, refined &, lump, do 
 
 I 32 
 
 . 
 
 6i 
 
 2 08 
 
 
 Almonds, - do 
 
 61,783 
 
 - 
 
 2 
 
 1,235 66 
 
 
 Currants, - do 
 
 28,829 
 
 . 
 
 2 
 
 576 58 
 
 
 Prunes and plums, - do 
 
 J 17,274 
 
 . 
 
 2 
 
 345 48 
 
 
 Figs, - - -do 
 
 336,258 
 
 - 
 
 2 
 
 6,725 16 
 
 
 Raisins, jar, - - do 
 
 | 412,217 
 
 - 
 
 2 
 
 8,244 34 
 
 
 other, - do 
 
 - 
 
 96,715 
 
 H 
 
 - 
 
 1,450 72 
 
 Candles, tallow, - do 
 
 ! 37,072 
 
 - 
 
 2 
 
 741 44 
 
 
 wax, or spermaceti, do 
 
 1,223 
 
 - 
 
 6 
 
 73 38 
 
 
 Cheese, - - do 
 
 36,277 
 
 - 
 
 7 
 
 2,539 39 
 
 
 Soap, - - -do 
 
 94,117 
 
 - 
 
 2 
 
 1,882 34 
 
 
 Tallow, - - - do 
 
 153,255 
 
 . 
 
 H 
 
 2,298 82 
 
 
 Mace, - - do 
 
 13,993 
 
 - 
 
 125 
 
 17,491 25 
 
 
 Nutmegs, - - do 
 
 14,990 
 
 . 
 
 50 
 
 7,495 00 
 
 
 Cinnamon, - do 
 
 540 
 
 . 
 
 20 
 
 108 00 
 
 
 Cloves, - - do 
 
 21,247 
 
 . 
 
 20 
 
 4,249 40 
 
 
 Pepper, - - do 
 
 988,856 
 
 . 
 
 6 
 
 59,33. 36 
 
 
 Pimento, - do 
 
 512,739 
 
 . 
 
 4 
 
 20,509 56 
 
 
 Chinese cassia, - do 
 
 190,599 
 
 - 
 
 ! 4 
 
 7,623 96 
 
 
 Tobacco, - - do 
 
 1,521 
 
 . 
 
 6 
 
 91 26 
 
 
 SnufF, - - do 
 
 1,633 
 
 . 
 
 10 
 
 163 30 
 
 
 Indigo, - - - do 
 
 - 
 
 33,048 
 
 25 
 
 . 
 
 8,262 00 
 
 Cotton, - - do 
 
 - 
 
 468,932 
 
 3 
 
 . 
 
 14,067 96 
 
 Powder, hair, - do 
 
 30 
 
 . 
 
 4 
 
 1 20 
 
 
 gun, - - do 
 
 21,768 
 
 - 
 
 4 
 
 870 72 
 
 
 Starch, - - - do 
 
 8,407 
 
 _ 
 
 3 
 
 252 21 
 
 
 Glue, - - do 
 
 81,127 
 
 . 
 
 4 
 
 3,245 08 
 
 
 Pewter plates and dishes, do 
 
 7,862 
 
 . 
 
 4 
 
 314 48 
 
 
 Iron, anchors and sheet, do 
 
 852,949 
 
 - 
 
 H 
 
 12,794 23 
 
 
 slit and hoop, - do 
 
 759,337 
 
 - 
 
 i 
 
 7,593 37 
 
 
 Nails, - - do 
 
 2,112,223 
 
 . 
 
 2 
 
 42,244 46 
 
 
 Spikes, - - do 
 
 280,215 
 
 . 
 
 1 
 
 2,802 15 
 
 
 Quicksilver, - do 
 
 1,966 
 
 . 
 
 6 
 
 117 96 
 
 
 Ochre, in oil, - - do 
 
 10,808 
 
 - 
 
 n 
 
 162 12 
 
 
 dry, - do 
 
 66,300 
 
 . 
 
 i 
 
 663 00 
 
 
 Spanish brown, - do 
 
 913,909 
 
 . 
 
 i 
 
 9,139 09 
 
 
 White and red lead, - do 
 
 2,525,273 
 
 - 
 
 2 
 
 50,505 46 
 
 
 Lead, - -" do 
 
 1,525,599 
 
 - 
 
 1 
 
 15,255 99 
 
 
 Seines, - - - do 
 
 2,482 
 
 . 
 
 4 
 
 99 28 
 
 
 Cordage, tarred, - - do 
 
 677,405 
 
 . 
 
 2 
 
 13,548 10 
 
 
 untarred, - do 
 
 90,188 
 
 - 
 
 n 
 
 2,254 70 
 
 
 Cables, - - do 
 
 104,213 
 
 . 
 
 2 
 
 2,084 26 
 
 
 Steel, y - - cwt. 
 
 11,043 
 
 . 
 
 100 
 
 11,043 00 
 
 
 Hemp, - - do 
 
 178,473 
 
 - 
 
 100 
 
 178,473 00 
 
 
 Twine, - - - do 
 
 2,925 
 
 400 
 
 11,700 00 
 
 
 Glauber salts, - - do 
 
 133 
 
 200 
 
 266 00 
 
 
 Coal, - ' - bushels 
 
 392,857 1 
 
 - 
 
 5 
 
 19,642 85 
 
 
1811.] SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes — Continued. 
 
 455 
 
 / All other articles — continued. 
 
 Malt, 
 
 Fish, dried, 
 Pickled salmon, - 
 
 mackerel, 
 
 other. 
 
 bushels 
 
 quintals 
 
 barrels 
 
 - do 
 
 do 
 
 Glass bottles, (black quart) gross 
 Window, not above 8 by 10, lOOsq.ft 
 do do 10 by 12 do 
 all above 10 by 12 do 
 Segars, - - - M. 
 
 Lime, ... casks 
 Boots, ... pairs 
 Shoes, silk, - - do 
 
 kid and morocco, do 
 other, - do 
 
 Cards, wool and cotton, dozens 
 playing, • packs 
 
 Quantities. 
 
 Excess of 
 
 importations 
 
 over expor- 
 
 tations. 
 
 107 
 
 7,333 
 
 4,398 
 
 4.377 
 
 1,905 
 
 20,104 
 
 19,906 
 
 4,449 
 
 4,669 
 
 15,263 
 
 52 
 
 1,095 
 
 1,754 
 
 10,289 
 
 723 
 
 5 
 
 1,928 
 
 Excess of 
 exports 
 tions over 
 importa 
 tions. 
 
 Rate of 
 duty. 
 
 Cents, 
 
 10 
 
 50 
 
 100 
 
 60 
 
 40 
 
 60 
 
 160 
 
 175 
 
 225 
 
 200 
 
 50 
 
 75 
 
 25 
 
 15 
 
 10 
 
 50 
 
 25 
 
 Excess of 
 duties over 
 drawback. 
 
 10 70 
 
 3,666 50 
 
 4,398 00 
 
 2,626 20 
 
 762 00 
 
 12,062 40 
 
 31,849 60 
 
 7,785 75 
 
 10,505 25 
 
 30,526 00 
 
 26 00 
 
 821 25 
 
 438 50 
 
 1,543 35 
 
 72 30 
 
 2 50 
 
 482 00 
 
 684,057 57 
 23,780 68 
 
 660,276 89 
 
 Excess of 
 drawback 
 over duties. 
 
 23,780 68 
 
456 
 
 REPORTS OF THE 
 
 [1811. 
 
 B 2. 
 
 t/2 STATEMENT of the Duties which accrued on the principal articles 
 imported from Great Britain and her dependencies, during the year 
 1810, with an estimate of the debentures issued on the same articles, 
 deduced from a comparison ivith the whole amount of duties accruing, 
 and debentures issiced, during the same year, on all articles of the 
 same description, imported from all countries. 
 
 9 
 
 Ad valorem. 
 
 Spirits. 
 
 Cotton, 
 
 spices, & 
 
 Indigo 
 
 Sundries. 
 a. 
 
 Gross amount of duties on ar- 
 ticles imported from all coun- 
 tries - - dolls. 
 
 Deduct gross amount of de- 
 bentures issued on the ex- 
 portation of such articles 
 
 8,121,337 
 
 656,773 
 
 1,315,085 
 33,323 
 
 681,414 
 563,601 
 
 283,778 
 10,700 
 
 Nett revenue, dolls. 
 
 7,464,564 
 
 1,281,762 
 
 117,813 
 
 273,078 
 
 Gross amount of duties on 
 such of the same articles as 
 were imported from Great 
 Britain and dependencies - 
 
 Deduct estimated amount of 
 debentures on the exporta- 
 tion of such of the said arti- 
 cles as were of British im- 
 portation - 
 
 6,174,510 
 
 499,510 
 
 561,893 
 14,893 
 
 192,710 
 159,710 
 
 244,244 
 9,244 
 
 Estimated nett revenue on ar- 
 ticles imported from Great 
 Britain and dependencies • 
 
 5,675,000 
 
 547,000 
 
 33,000 
 
 236,000 
 
 Nett revenue, as per statement A, for 1810 
 Deduct do do on articles imported from Great 
 Britain and dependencies, viz: 
 
 On merchandise ad valorem - $5,675,000 
 
 spirits ... 547,000 
 
 cotton, spices, and indigo - 33,000 
 
 sundries - - - 236,000 
 
 $12,513,000 
 
 Nett revenue, after deducting that arising from British im- 
 portations - 
 
 6,491,000 
 $ 6,022,000 
 
 a Consisting of beer, pewter, anchors, sheet, slit, and hoop iron, nails and spikes, paints, 
 lead, and manufactures of lead, steel, twine, and packthread, glass, coal, and fish. Some 
 small items, not exceeding $10,000, are omitted. 
 
 jjote. — Sugar, coffee, and molasses, are not included, as the whole quantity wanted for do- 
 mestic consumption will be supplied from other countries. 
 
1811.] 
 
 SECRETARY OP THE TREASURY. 
 
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1811.] 
 
 SECRETARY OF THE TREASURY. 
 
 465 
 
 Notes to Statement D d. 
 
 a Interest extinguished on $2,379,269 34, at3 per cent. $ 71,378 08 
 Deduct interest increased, 3 per cent, on 3-565,318 41 
 
 converted 6 per cent, stock outstanding-, - - 16, 959 55 
 
 Diminution of interest on three per cent stock, - 54,418 53 
 
 b Six per cent, and deferred stocks, 1st Jan. 1801: 
 Nominal amount, exclusive of the Sinking- Fund, - 
 The previous reimbursements by the accounts of 
 
 receipts and expenditures, amounted to - 
 Deduct for an error, inserted in the ac'ts for the year 1803, 
 
 But of that reimbursement there had been paid on 
 stock transferred to the Sinking- Fund, a sum of - 
 
 Leaving for the reimbursement on the above stated 
 nominal amount, - - - - 
 
 And making for the unredeemed amount, as per 
 
 report of April, 1808, 
 The reimbursement paid on 31st March, 1801, was 
 Unredeemed6 per cent, and deferred, on 1st April, 1801, 
 The payments of principal from 1st April, 1801, to 
 Jtmuary 1st 1812, are as follows: 
 1. Annual reimbursements from 1st Jan. 1801, to 1st 
 Jan. 1811, per pi-inted accounts of Receipts and Ex- 
 penditures, ..... 
 Deduct reimbursement for 1st q'r. of 1801, as above, 
 
 3,976,239 84 
 
 24,210 31 
 
 37952,029 53 
 
 4,177 72 
 
 13,012,741 19 
 59,617 66 
 
 Reimbursement of the year 1811, estimated at 
 
 2. Paid in for Lands and purchased, viz: 
 
 For lands, unredeemed amount, as stated in the seve- 
 ral estimates marked D, - - 61,282 10 
 
 Deduct on account of the nominal am't 
 instead of the unredeemed amount, 
 having been inserted in those esti- 
 mates prior to 30th Sept., 1805, 
 
 12,953,123 53 
 1,499,000 00 
 
 14,452,123 53 
 
 Purchased in 1806, - 
 
 Exchanged stock, reimbursed in full, 
 
 4,229 90 
 
 57,062 20 1 
 
 17,517 615 
 
 74,569 81 
 6,294,051 12 
 
 Unredeemed amount on 1st January, 1811, - - 18,566,096 08 
 
 Deduct reimbursement of 1811, estim'd as per above, at 1,499,000 00 
 
 c. 3 per cent, stock on 1st January, 1801, (including 
 Higgins' stock, 17. 18, stated subsequently in the ac- 
 counts) per report of April, 1808, 
 
 Do. issued subsequent thereto, 
 
 Total outstanding 1st April, 1801, 
 Reimbursements : 
 
 1. Surrendered in exchange for converted stock, 
 
 2. Paid in for lands, - 
 
 Outstanding on 1st January, 1812, - 
 
 From the above amount of reimbursements, - 
 Deduct outstanding converted stock, on 1st Jan. 1812, 
 
 Makes the reimbursement on 3 per cent, stock ^includ- 
 ing cpnverteJ) from 1 Apr. 1801, to 1 Jan. 1812, 
 
 Viz — Difference between 3 per ct. surrendered and con- 
 verted stock, issued under the act of Feb. 11th, 1807, 
 
 Three per cent, stock paid in for lands, 
 
 Converted do do do 
 
 Do do to be reimbursed on the 31st 
 
 December, 1811, - 
 
 2,861.309 15 
 83,278 70 
 
 2,944,587 85 
 565,318 41 
 
 1,001,458 45 
 
 83,278 70 
 
 80 00 
 
 1,294,452 29 
 
 41,895,310 01 
 
 3,947,851 81 
 
 37,947,458 20 
 
 59,617 66 
 
 37,887,840 54> 
 
 20,820,744 46 
 
 17,067,096 08 
 
 13,093,902 21 
 ■ 8,575 68 
 
 19,102,477 89 
 
 2,94 4,587 85 
 16,15^890 U4 
 
 2,379,269 44 
 
 2,379,269 44 
 
466 
 
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1811.] 
 
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468 REPORTS OF THE 
 
 [1812, 
 
 REPORT ON THE FINANCES. 
 
 DECEMBER, 1812. 
 
 In obedience to the directions of the " Act supplementary to the act, en- 
 titled "An act to establish the Treasury Department," the Secretary of the 
 Treasury respectfully submits the following report and estimates. 
 
 1. To the end of the year 1812. — The actual receipts into the Treasury 
 during the year ending on the 30th of September, 1812, have consisted of 
 the following sums, viz: 
 
 Customs, sales of lands, arrears, repayments, and all other 
 branches of revenue, amounting together, as will appear 
 more in detail by the statement (E.) to $10,934,946 90 
 
 On account of the loan of eleven millions of dollars autho- 
 rized by the act of March 14th, 1812, - - 5,847,212 50 
 
 Total amount of receipts, -----. 16,782,159 40 
 Making, together with the balance in the Treasury on the 
 
 1st of October, 1811, and amounting to - 3,947,818 36 
 
 An aggre gate of - - - - * - - - 20,729,977 76 
 
 The disbursements during the same year have been as- follows, viz: 
 
 Civil Department, including miscellaneous expenses, and 
 
 those incident to the intercourse with foreign nations, - 1,823,069 35 
 
 Army, militia, volunteers, fortifications, arms, and arsen- 
 als, - - - - 7,770,300 00 ^ 
 
 Navy Department, - - 3,107,50154 V- 11,108,776 54 
 
 Indi.n Department, - - 230,975 00) 
 
 Interest on the public debt, - 2,498,013 19) _ 
 
 On account of the principal of do'. 2,938,465 99 $ __?_ _\ 
 
 Amounting together, as will appear more in detail by 
 
 the statement (E. ) to 18,368,325 07 
 
 And leaving in the Treasury, on the 30th September, 1S12, 
 
 a balance of - 2,361,652 69 
 
 820,729,977 76 
 
 The statement (E e.) exhibits in detail the payments made by the Treasu- 
 ry Department, for the several branches of the Military and Naval expendi- 
 ture during the same year, (from 1st October, 1811, to 30th September, 
 1812,) and also during the two last months, (October and November, 1812.) 
 
 The receipts for the last quarter of the year 1812, on account of both reve- 
 nue and loans, are estimated at 9,000,000 dollars; and the expenditures (in- 
 
1812.] 
 
 SECRETARY OF THE TREASURY. 459 
 
 eluding about 1,500,000 dollars on account of the principal of the public 
 debt, and 1,000,000 for the militia) at nearly the same sum. 
 
 The sums obtained or secured on loan during this year, amount, so far as 
 has been ascertained at the Treasury, to - a$l 3,100,200 00 
 
 Of which there was received prior to 1st 
 
 October, 1812, as above stated, - - 5,847,212 50 
 Received, or to be received, prior to 1st 
 
 January, 1813, - 6,202,987 50 
 
 To be received in January and February, 
 
 1813, 1,050,000 00 13,100,200 00 
 
 It will also appear by the statement (F.) that this sum was obtained on the 
 following terms, viz: 
 
 For six per cent, stock, irredeemable till 1st January, 
 1825, and afterwards redeemable at the pleasure of the 
 
 United States, - - - 7,415,200 00 
 
 On temporary loans, at the rate of six per cent, a year, 
 and reimbursable, as follows, viz: 
 
 In 1813, 1,350,000 00 
 
 In 1814, 750,000 00 
 
 In 1817, 50,000 00 2,150,000 00 
 
 For. Treasury Notes, bearing an annual interest of 5| per 
 
 cent, and reimbursable one year after date, - 3,535,000 00 
 
 .3,100,200 00 
 
 From the present demand, it appears probable, that the residue of the 
 Treasury Notes authorized by the act of 30th June last, and amounting to 
 $1,465,000, will be disposed of prior to the 1st of March Tiext. 
 
 It may be proper also to state, that, notwithstanding the addition thus made 
 to the public debt, and although a considerable portion has been remitted 
 from England and brought to market in America, the public stocks, which 
 had at first experienced a slight depression, have been for the last three 
 months, and continue to be, at par. 
 
 2. Year 1813.— The nett revenue, arising from duties on merchandise 
 and tonnage, which accrued during the year 1810, amounted to $12,513,490 
 
 The nett revenue, arising from the same sources, which accrued during 
 the year 1811, amounted, as will appear by the statements (A.) and (B.) to 
 $7,902,560. 
 
 The same revenue, for the year 1812, is estimated at 12.500,000 dollars; 
 of which sum, about 5,500,000 dollars arise from duties on the late importa- 
 tions from Great Britain. 
 
 The Custom-house bonds outstanding on the first day of January, 1313, 
 and falling due in that year, are estimated, after deducting bad "debts, at 
 11,250,000 dollars: and it is believed that the probable amount of receipts 
 from thatsource into the Treasury, during the year 181 3, may be safely esti- 
 mated at 11,500,000 dollars. 
 
 The sales of public lands north of the river Ohio, during the year ending 
 on the 30th September, 1811, and after deducting the lands which have re- 
 
 a The amount was stated in the President's message, at the commencement of the session, 
 at eleven millions of dollars. The other two millions have been contracted for, subsequent to 
 its date. 
 
470 REPORTS OF THE [1812. 
 
 verted to the United States, have amounted, as appears by the statement (C.) 
 to 390,000 acres: and the payments by the purchasers to 790,000 dollars. 
 The Indian wars may affect the sales, and perhaps, to a certain extent, the 
 amount of payments. It is however believed, that that branch of revenue 
 may, together with some other small items, be estimated for the ensuing 
 3^ear at 500,000 dollars: making the whole amount of probable receipts into 
 the Treasury forthe year 1813, (exclusively of loans,) 12,000,000 dollars. 
 The expenditures for that year are estimated, as follows, viz: 
 
 1. Expenses of a civil nature, both foreign and do- 
 mestic, ------ $ 1,500,000 
 
 2. Public debt, viz: 
 
 Interest, including that on new loans of the years 
 
 lS12andI813, - 3,300,000 
 
 Reimbursement of six per cent, and deferred stocks, 
 and of temporary Joans and Treasury Notes falling 
 due in 1813, and estimated amount of purchases 
 of stock, - - - - - 5,200,000 
 
 8,500,000 
 
 3. Military Establishment: 
 The estimates of the Secretary of War are, with 
 respect to the army, predicated on the employ- 
 ment of the whole force authorized by law, and 
 amounting to 36.700 men of every description. 
 Adding to this the expense incident to the service 
 of volunteers and militia, and also the increase of 
 pay of the army, the appropriation for arming the 
 militia, and 400,000 dollars of the unexpended 
 balance for fortifications, the whole contemplated 
 expense may be estimated as follows: 
 Army — pay, subsistence,bounties, clothing, and hos- 
 pitals, ------ 9,350,000 
 
 Ordnance and armories, - 1,S50,000 
 
 Quartermaster's department, and contingencies, - 2,500,000 
 Fortifications, - - - - 900,000 
 
 Arming the militia, - 200,000 
 
 Volunteers and militia in actual service, - - 2,000,000 
 
 Indian Department, - 200,000 
 
 4. Naval Establishment: 
 
 The estimates of the Secretary of the Navy are predi- 
 cated on the employment of the following force, 
 viz: 
 
 Commissioned and warrant officers, - - S71 
 
 Petty officers, seamen, and boys, viz: 
 
 For nine frigates and nine smaller vessels, - 3,620 
 
 For two hundred gun-boats and other vessels, - 7,000 
 
 Marines, including officers, - 1,869 
 
 Total, 13,360 
 
 17,000,00$ 
 
1812.] 
 
 SECRETARY OF THE TREASURY. 471 
 
 And the expense is estimated as followeth, viz: 
 
 Pay, provisions and medicine, - $3,290,000 
 
 Ordinance - 100,000 
 
 Repairs, contingencies, and navy yards, adding 
 the annual appropriation of 200,000 dollars for 
 timber, - - - - - 1,125,000 
 
 Marine Corps, - - - - 410,000 
 
 $ 4,925,000 
 
 Amounting altogether to - - - - g 3 1,925,000 
 
 The receipts on account of the revenue having been esti- 
 mated at - - - - - 12,000,000 
 
 Leaves a balance to be provided for by loans, of - $ 19,925,000 
 
 Of this sum, more than one million is already contracted for, and there 
 remains on hand a balance of about a million and a half in Treasury Notes, 
 not yet disposed of. An authority to issue new Notes for about two millions 
 and a half more, being the amount reimbursable in 1813, will still keep 
 the whole amount issued, at five millions, and reduce the amount of the 
 loan to about fifteen millions of dollars. 
 
 In order to facilitate the loan 3 and perhaps to improve its terms, it may, 
 however, be eligible to leave some discretion in the Executive, as to the, 
 respective amounts of stock and notes to be issued ; which may be advan- 
 tageously varied, according to circumstances, without increasing the aggre- 
 gate of both. 
 
 The preceding estimates do not embrace the expense incident to the pro- 
 posed increase of the navy, nor any other expenditure, not yet authorized 
 by law. In order to meet any new expense which may thus be authorized 
 by Congress, it will therefore be necessary to increase the loan to a corre- 
 sponding amount. 
 
 The sums received, or to be received, on loan, during the calendar year 
 1812, have been stated at - $12,950,200 
 
 The payments on account of the principal of the debt, dur- 
 ing the same year, though not yet precisely ascertained, may 
 be estimated (so far as ascertained on the 1st of December at 
 the Treasury) at _____ 2,350,200 
 
 Making the actual increase of debt during that year - $ 10,600,000 
 
 It appears, according to the preceding estimate, that the whole sum to be 
 borrowed during the year 1813, will amount to about 20 millions of dol- 
 lars; and that the payments on account of the principal of the public debt 
 will exceed five millions; making the actual increase of debt, during that 
 year, - - - - - - $ 15,000,000 
 
 Of the revenue which will accrue during the year 1813, and on which 
 the receipts of the year 1814 will principally depend, it is not practicable 
 at this moment to form a correct estimate. So far as may be inferred from 
 the experience of the short period which has elapsed, since the declaration 
 of war, it is not probable that the revenue derived from customs, will ex- 
 ceed the amount of $ 5,000,000, at which it had been estimated in a for 
 
47a REPORTS OF THE [1812. 
 
 mer communication. The duties accrued, or which will accrue during the 
 last six months of this year, after deducting drawbacks and expenses of col- 
 lection, are estimated at less than $ 9,000,000; which, deducting about 
 5,500,000 dollars on account of duties on the late importations from Great 
 Britain, and one million for the duties on importations from Calcutta and 
 China, would not leave more than 2,500,000 dollars for the ordinary reve- 
 nue on those branches of commerce which are permitted by law, and from 
 which the United States will not be nearly excluded by the war. 
 All which is respectfully submitted. 
 
 ALBERT GALLATIN. 
 
 Treasury Department, December 1st, 1812. 
 
1812.] 
 
 SECRETARY OF THE TREASURY. 
 
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474 REPORTS OF THE [1812. 
 
 B. 
 
 *# STATEMENT exhibiting the value and quantities, respectively , of 
 Merchandise on which duties actually accrued during the year 1811, 
 {consisting of the difference between articles paying duty, imported, 
 and those entitled to drawback, re-exported,) and, also, the nett 
 revenue which accrued, during that year, from duties on Merchan- 
 dise, Tonnage, Passports, and Clearances. 
 
 Goods paying duties ad valorem. 
 
 $15,951,507, at 12§ per cent. - $1, 993,938 38 
 
 2,524,551, at 15 do - 378,682 65 
 
 131,114, at 20 do - 26,222 80 
 
 1S,607,172 
 
 a Additional duty on $18,604,453, at 2\ per ct. 46 5, 1 1 1 32 
 
 2,863,955 15 
 b Spirits, 3,447,873 galls, at 27.6 cts. av. 950,603 86 
 c Sugar, 55,332,314 lbs. at 2.5 do 1,391,731 56 
 
 d Wines, 1,614,654 galls, at 31.3 do 505,11135 
 
 e Teas, 2,557,329 lbs. at 21.1 do 540,594 24 
 
 Coffee, 17,468,398 lbs. at 5 cts. 873,419 90 
 
 Molasses, 8,500,019 galls, at 5 cts. 425,000 95 
 
 / All other articles, - - - 543,292 02 
 
 From which deduct bounties 784 13 
 
 Duties refunded, after deduct- 
 ing; therefrom duties collect- 
 ed 
 
 ed on merchandise, the par- 
 ticulars of which could not be 
 ascertained, and difference in 
 calculation - - 42,468 59 
 
 8,093,709 03 
 
 43,252 72 
 
 8,050,456 31 
 
 3| per cent, retained on drawback - - 80,952 67 
 Extra duty of 10 per cent, on merchandise 
 
 imported in foreign vessels - - - : 48,947 50 
 
 Nett amount of duties on merchandise - 8,180,356 48 
 Duties on tonnage - 105,890 43 
 Light money - - - 18,472 87 
 
 ■ 124,363 30 
 
 Duties on passports and clearances - - 19,737 70 
 
 Gross amount of revenue, as per statement A, 8,324,457 48 
 
 Deduct expenses on collection - - - 440, .';24 46 
 
 Nett revenue, 7,883,533 02 
 
 Treasury Department, Register's Office, Nov. 18th, 1812. 
 
 JOSEPH NOURSE, Register, 
 
1812.] 
 
 SECRETARY OF THE TREASURY. 
 
 475 
 
 Explanatory Statements and Notes. 
 
 Additional duty of 2^ per cent. - 
 
 3^ per cent, retained on drawbacks » 
 Extra duty of 10 per cent, on merchandise imported in foreign vessels 
 
 $465,111 32 
 
 Dollars, 
 
 b Spirits — 
 
 
 
 
 
 
 Grain - 1st proof, 
 
 37", 63 8 g 
 
 allons, 
 
 at 
 
 28 
 
 cent 
 
 Deduct excess of exportation 
 
 
 
 
 
 
 beyond importation, 3d proof, 
 
 1,180 
 
 36^458 
 
 do 
 
 at 
 
 31 
 
 do 
 
 Other materials, 1st & 2d do 
 
 1,286,132 
 
 do 
 
 
 25 
 
 do 
 
 3d do 
 
 1,524,309 
 
 do 
 
 
 28, 
 
 do 
 
 4th do 
 
 599,977 
 
 do 
 
 
 32 
 
 do 
 
 5th do 
 
 997 
 
 do 
 
 
 38 
 
 do 
 
 3,447,873 
 
 Dollars, 
 
 Sugar- 
 
 Brown, 
 
 White, 
 
 53,647,571 pounds, at 2£ cents 
 1,684,743 do 3 do 
 
 55,332,314 
 
 Dollars, 
 
 Wines — 
 
 Madeira, 1st quality, 
 
 2d do 
 Sherry and St. Lucar, 
 Oporto and Lisbon, 
 Burgundy and Champaign, 
 Teneriffe, Fayal, and Malaga, 
 Other, jgi bottles, 
 Do in casks, 
 
 e i Teas — 
 
 Bohea, 
 
 Souchong, - 
 
 Hyson, - 262,921 
 
 Deduct excess of exporta- 
 tion beyond importation, * 379 
 
 Other green, 
 
 Extra duty on teas imported from 
 other places than India^ 
 
 218,018 gallons, at 58 cents 
 
 48,673 
 
 do 
 
 50 
 
 do 
 
 4,515 
 
 do 
 
 40 
 
 do 
 
 111,653 
 
 do 
 
 30 
 
 do 
 
 835 
 
 do 
 
 45 
 
 do 
 
 653,512 
 
 do 
 
 28 
 
 do 
 
 23,753 
 
 do 
 
 35 
 
 do 
 
 553,695 
 
 do 
 
 23 
 
 do 
 
 1,614,654 
 
 Dollars, 
 
 54,313 pounds, at 12 cents 
 456,154' do 18 do 
 
 262,542 
 1,784,320 
 
 do 
 do 
 
 32 
 20 
 
 do 
 do 
 
 2,557,329 pounds, Dollars, 
 
 2,857 
 
 y4 
 
 1,752 
 
 66 
 
 469,721 
 
 92 
 
 10,538 
 
 64 
 
 365 
 
 80 
 
 10,172 
 
 84 
 
 321,533 
 
 00 
 
 426,526 
 
 52 
 
 191,992 
 
 64 
 
 378 
 
 68 
 
 950,603 
 
 86 
 
 1,341,189 
 
 27 
 
 50,542 
 
 29 
 
 1,391,731 
 
 55 
 
 126.450 44 
 
 24,336 
 
 50 
 
 1,806 
 
 00 
 
 33,495 
 
 90 
 
 375 
 
 75 
 
 182,983 
 
 36 
 
 8,313 
 
 55 
 
 127,349 
 
 85 
 
 505,111 
 
 35 
 
 6,517 
 
 56 
 
 82,107 
 
 72 
 
 84,013 
 
 44 
 
 356,864 00 
 
 11,091 
 
 52 
 
 540,594 
 
 24 
 
 Hyson tea imported from other places than India— rate of duty 50 cents. 
 
 61 
 
476 REPORTS OF THE [1812- 
 
 Explanatory Statements and Notes — Continued. 
 
 
 
 Quantity. 
 
 
 
 
 
 
 
 
 Rate of 
 
 duty. 
 
 Excess of 
 duties over 
 
 Excess of 
 
 t 
 
 
 
 drawback 
 
 f All other articles. 
 
 
 Excess of 
 
 Excess of 
 
 
 drawback . 
 
 over du- 
 
 
 
 importation 
 over ex- 
 
 exporta- 
 tion over 
 
 Cents. 
 
 
 ties. 
 
 
 
 portation. 
 
 importa- 
 
 
 
 
 • 
 
 
 tion. 
 
 
 
 
 Domestic spirits, 1st proof 
 
 gallons 
 
 337 
 
 
 7 
 
 23 59 
 
 
 Do 3d do 
 
 do 
 
 41 
 
 . 
 
 15 
 
 6 15 
 
 
 Beer, ale, and porter - 
 
 do 
 
 42,103 
 
 _ 
 
 8 
 
 3,368 24 
 
 
 Cocoa ... 
 
 pounds 
 
 678,895 
 
 . 
 
 2 
 
 13,577 90 
 
 
 Chocolate - 
 
 do 
 
 1,844 
 
 . 
 
 3 
 
 55 32 
 
 
 Sugar, candy 
 
 .do 
 
 1,700 
 
 . 
 
 U* 
 
 195 50 
 
 
 loaf "- 
 
 do 
 
 94 
 
 . 
 
 9 
 
 8 46 
 
 
 other, refined, 
 
 do 
 
 1,099 
 
 
 6* 
 
 71 43 
 
 
 Almonds ... 
 
 do 
 
 240,971 
 
 - 
 
 2 
 
 4,819 42 
 
 
 C u "rants ... 
 
 do 
 
 104,330 
 
 . 
 
 2 
 
 2,086 60 
 
 
 Prunes and plums 
 
 do 
 
 43,237 
 
 . 
 
 2 
 
 864 74 
 
 
 Figs 
 
 do 
 
 268,101 
 
 . 
 
 2 
 
 5,162 02 
 
 
 Raisins, jar 
 
 do 
 
 809,460 
 
 . 
 
 2 
 
 16,189 20 
 
 
 other ' - 
 
 do 
 
 765,918 
 
 •_ 
 
 H 
 
 ll,-i88 76 
 
 
 Candles, taliow 
 
 do 
 
 31,631 
 
 . 
 
 2 
 
 632 62 
 
 
 wax, or spermaceti 
 
 do 
 
 8,165 
 
 . 
 
 6 
 
 489 90 
 
 
 Cheese - 
 
 do 
 
 7,512 
 
 - 
 
 7 
 
 525 84 
 
 
 Soap ... 
 
 do 
 
 322,272 
 
 - 
 
 2 
 
 6,445 44 
 
 
 Tallow - 
 
 do 
 
 1,058,716 
 
 - 
 
 1| 
 
 15,880 74 
 
 
 Spices — Mace 
 
 do 
 
 - 
 
 1,991 
 
 125 
 
 - 
 
 2,488 75 
 
 Nutmegs 
 
 do 
 
 55,942 
 
 - 
 
 50 
 
 27,971 00 
 
 
 Cinnamon - 
 
 do 
 
 12 136 
 
 . 
 
 20 
 
 2,427 20 
 
 
 Cloves 
 
 do 
 
 37,056 
 
 - 
 
 20 
 
 7,411 20 
 
 
 Pepper 
 
 do 
 
 - 
 
 458,480 
 
 6 
 
 - 
 
 27,508 80 
 
 Pimento 
 
 do 
 
 358,788 
 
 . 
 
 4 
 
 14,351 52 
 
 
 Cassia 
 
 do 
 
 153, S88 
 
 - 
 
 4 
 
 6,155 52 
 
 
 Tobacco - 
 
 do 
 
 17,404 
 
 . 
 
 6 
 
 1,044 24 
 
 
 Snuff 
 
 do 
 
 804 
 
 - 
 
 10 
 
 80 40 
 
 
 Indigo - 
 
 do 
 
 342,176 
 
 . 
 
 25 
 
 85,544 00 
 
 
 Cotton ... 
 
 do 
 
 .186,515 
 
 - 
 
 3 
 
 5,595 45 
 
 
 Powder, gun 
 
 do 
 
 3,944 
 
 - 
 
 4 
 
 157 76 
 
 
 Starch - - - 
 
 do 
 
 4,483 
 
 - 
 
 3 
 
 134 49 
 
 
 Glue 
 
 do 
 
 14,334 
 
 - 
 
 4 
 
 573 36 
 
 
 Pewter plates and dishes 
 
 do 
 
 3,880 
 
 . 
 
 4 
 
 155 20 
 
 
 Iron, anchors, and sheet 
 
 do 
 
 286,286 
 
 
 H 
 
 4,294 29 
 
 
 slit and hoop 
 
 do 
 
 175,856 
 
 . 
 
 l 
 
 1,758 56 
 
 
 Na ; .ls - 
 
 do 
 
 212,389 
 
 - 
 
 2 
 
 4,247 78 
 
 
 Spikes ... 
 
 do 
 
 48,808 
 
 - 
 
 1 
 
 488 08 
 
 
 Quicksilver 
 
 do 
 
 14,316 
 
 . 
 
 6 
 
 858 96 
 
 
 Ochre, in oil 
 
 do 
 
 700 
 
 . 
 
 ii 
 
 10 50 
 
 
 dry 
 
 do 
 
 136,247 
 
 - 
 
 l 
 
 1,362 47 
 
 
 Spanish brown 
 
 do 
 
 7,802 
 
 - 
 
 l 
 
 78 02 
 
 
 White and red lead 
 
 do 
 
 863,207 
 
 - 
 
 2 
 
 17,264 14 
 
 
 Lead 
 
 do 
 
 1,336,196 
 
 - • 
 
 1 
 
 13,361 96 
 
 
 Cordage, tarred 
 
 do 
 
 825,754 
 
 - 
 
 2 
 
 16,515 08 
 
 
 untarred - 
 
 d<> 
 
 111,545 
 
 - 
 
 2£ 
 
 2,788 62 
 
 
 Cables ".'."'" 
 
 do 
 
 84,365 
 
 - 
 
 2 
 
 1,687 30 
 
 
 Steel ... 
 
 cwt. 
 
 3,411 
 
 . 
 
 100 
 
 3,411 00 
 
 
 Hemp . - - 
 
 do 
 
 218,705 
 
 - - 
 
 100 
 
 218,705 00 
 
 
 Untarred yam 
 
 do 
 
 o 
 
 - 
 
 225 
 
 4 50 
 
 
 Twine - 
 
 do 
 
 1,204 
 
 . - 
 
 400 
 
 4,816 00 
 
 
 Rlauber salts 
 
 do 
 
 - 
 
 1 32 
 
 200 
 
 - 
 
 64 00 
 
1812.] SECRETARY OF THE TREASURY. 477 
 
 Explanatory Statements and Notes — Continued. 
 
 
 
 Quantity. 
 
 
 
 
 \ 
 
 
 
 Rate of 
 
 Excess of 
 
 Excess of 
 
 
 
 
 duty. 
 
 duties over 
 
 drawback 
 
 / All other articles — Continued. 
 
 Excess of 
 
 Excess of 
 
 
 drawback. 
 
 over du- 
 
 
 
 importation 
 over ex- 
 
 exporta- 
 tion over 
 
 Cents. 
 
 
 ties. 
 
 
 
 portation. 
 
 importa- 
 tion. 
 
 
 
 
 Coal 
 
 bushels 
 
 96,512 
 
 
 5 
 
 4,825 60 
 
 
 Malt 
 
 do 
 
 40 
 
 '- 
 
 10 
 
 4 00 
 
 
 Fish, dried - 
 
 quintals 
 
 1,175 
 
 - 
 
 50 
 
 587 50 
 
 
 pickled salmon 
 
 barrels 
 
 296 
 
 - - ' 
 
 100 
 
 296 00 
 
 
 mackerel 
 
 do 
 
 3,155 
 
 ■ 
 
 60 
 
 1,893 00 
 
 
 all other 
 
 do 
 
 274 
 
 - 
 
 40 
 
 109 60 
 
 
 Glass, black quart bottles - 
 
 gross 
 
 3,071 
 
 - 
 
 60 
 
 1,8*2 60 
 
 
 window, not above 8 by 10 
 
 100 sq.ft. 
 
 3,867 
 
 - 
 
 160 
 
 6,187 20 
 
 
 do do 10 12 
 
 do 
 
 3,008 
 
 - 
 
 175 
 
 5,264 00 
 
 
 do all above 10 12 
 
 do 
 
 649 
 
 - 
 
 225 
 
 1,460 25 
 
 
 Segars ... 
 
 M. 
 
 11,833 
 
 - 
 
 2'0 
 
 23,666 00 
 
 
 Boots 
 
 pairs 
 
 342 
 
 - 
 
 75 
 
 256 50 
 
 
 Shoes, silk 
 
 do 
 
 3,880 
 
 . 
 
 25 
 
 970 00 
 
 
 kid and morocco 
 
 do 
 
 5,117 
 
 - 
 
 15 
 
 767 55 
 
 
 other 
 
 do 
 
 203 
 
 . 
 
 10 
 
 20 30 
 
 
 Cards, wool and cotton 
 
 dozens 
 
 44 
 
 . 
 
 50 
 
 22 00 
 
 
 playing-- 
 
 packs 
 
 144 
 
 
 • 25 
 
 36 00 
 
 
 
 573,353 57 
 
 30,061 55 
 
 
 
 
 
 
 30,061 55 
 
 
 
 543,292 02 
 
 
 Treasury Department, 
 
 Register's Office, November 18th, 1812. 
 
 JOSEPH NOURSE, Register, 
 
REPORTS OF THE 
 
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1812.] 
 
 SECRETARY OF THE TREASURY. 
 
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 REPORTS OF THE 
 
 F. 
 
 [1812. 
 
 STATEMENT of the amount of Moneys obtained on loan, by the 
 United States, during the year 1812, so far as ascertained at the Trea- 
 sury, on the 1st December, 1812. 
 
 
 For stock 
 
 By special 
 
 For Trea- 
 
 
 Places. 
 
 bearing an 
 interest of 6 
 per cent. 
 
 contract, at 
 6 per cent, 
 interest. 
 
 sury Notes. 
 
 Total. 
 
 Portsmouth, New Hampshire 
 
 17,600 
 
 
 
 17,600 
 
 Portland, Maine • -»- - 
 
 - 
 
 50,000 
 
 - 
 
 50,000 
 
 Boston and Salem, Massachusetts - 
 
 744,100 
 
 1,000,000 
 
 400,000 
 
 2,144,100 
 
 Providence, Rhode Island - 
 
 94,200 
 
 . 
 
 . 
 
 94,200 
 
 Hartford, Connecticut ... 
 
 6,200 
 
 . 
 
 . 
 
 6,200 
 
 New York .... 
 
 1,733,000 
 
 - 
 
 1,600,000 
 
 3,333,000 
 
 Philadelphia .... 
 
 2,502,300 
 
 400,000 
 
 1,295,000 
 
 4,197,300 
 
 Baltimore - 
 
 1,117,700 
 
 200,000 
 
 90,000 
 
 1,407,700 
 
 Washington .... 
 
 498,600 
 
 100,000 
 
 150,000 
 
 748,600 
 
 Richmond, Virginia ... 
 
 326,100 
 
 250,000 
 
 . 
 
 576,100 
 
 Charleston, South Carolina 
 
 375,400 
 
 150,000 
 
 - 
 
 525,400 
 
 
 7,415,200 
 
 2,150,000 
 
 3,535,000 
 
 13,100,200 
 
 Of the above sum, there was loaned, by individuals, 
 
 by banks, 
 
 $ 3,970,200 
 9,130,000 
 
 $13,100,200 
 
 In manner following, viz : 
 
 BY INDIVIDUALS. 
 
 Places. 
 
 For 6 per cent, 
 stock . 
 
 For Treasury 
 Notes. 
 
 Total. 
 
 Portsmouth .... 
 Boston and Salem .... 
 Providence .... 
 Hartford ..... 
 
 New York - 
 
 Philadelphia - - 
 
 Baltimore - 
 
 Washington .... 
 
 Richmond - 
 
 Charleston - 
 
 17,600 
 724,100 
 
 14,200 
 
 6,200 
 
 473,000 
 
 1,457,300 
 
 547,700 
 
 73,600 
 126,100 
 
 75,400 
 
 265,000 
 90,000 
 
 17,600 
 724,100 
 
 14,200 
 
 6,200 
 
 473,000 
 
 1,722,300 
 
 637,700 
 
 73,600 
 126,100 
 
 75,400 
 
 
 3,515,200 
 
 355,000 
 
 3,870,200 
 
SECRETARY OF THE TREASURY: 
 
 STATEMENT F— Continued. 
 
 BY BANKS. 
 
 487 
 
 
 
 
 By special contract, reim- 
 
 For Trea- 
 
 
 Places where 
 
 Names of Banks. 
 
 For 6 per 
 ct. stock. 
 
 bursable in the years 
 
 sury 
 
 Notes. 
 
 Total. 
 
 subscribed. 
 
 
 
 
 
 
 
 
 1813. 
 
 1814. 
 
 1817. 
 
 
 
 Portland 
 
 Cumberland 
 
 
 
 . 
 
 50,000 
 
 
 50,000 
 
 Salem 
 
 Merchants 3 - 
 
 20,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 20,000 
 
 Boston 
 
 State 
 
 - 
 
 500,000 
 
 500,000 
 
 - 
 
 400,000 
 
 1,400,000 
 
 Providence 
 
 Bristol 
 
 50,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 .50,000 
 
 
 Roger Williams 
 
 20,000 
 
 - 
 
 - 
 
 .- 
 
 - 
 
 20,000 
 
 
 Newport 
 
 10,000 
 
 - 
 
 - 
 
 .r 
 
 - 
 
 10,000 
 
 New York 
 
 State, (Albany) 
 
 60,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 60,000 
 
 
 Manhattan - 
 
 600,000 
 
 - 
 
 - 
 
 - . 
 
 1,000,000 
 
 1,600,000 
 
 
 Mechanics' - 
 
 600,000 
 
 - 
 
 - 
 
 
 600,000 
 
 1,200,000 
 
 Philadelphia 
 
 Pennsylvania 
 
 500,000 
 
 - 
 
 - 
 
 
 800,000 
 
 1,300,000 
 
 
 Farmers & Mechanics' 
 
 300,000 
 
 - 
 
 - 
 
 - 
 
 200,000 
 
 500,000 
 
 
 Philadelphia 
 
 100,000 
 
 400,000 
 
 - 
 
 - 
 
 - 
 
 500,000 
 
 
 North America 
 
 100,000 
 
 
 - 
 
 - 
 
 - 
 
 100,000 
 
 
 Trenton 
 
 20,000 
 
 - 
 
 - 
 
 - 
 
 30,000 
 
 50,000 
 
 
 Newbern 
 
 25,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 25,000 
 
 Baltimore 
 
 Baltimore 
 
 50,000 
 
 100,000 
 
 100,000 
 
 - 
 
 - 
 
 250,000 
 
 
 Union, of Maryland - 
 
 250,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 250,000 
 
 
 Mechanics' - 
 
 50,000 
 
 - 
 
 - 
 
 
 - 
 
 50,000 
 
 
 Marine 
 
 50,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 50,000 
 
 
 Commer'l & Farmers' 
 
 120,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 120,000 
 
 
 Farmers & Merchants' 
 
 20,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 20,000 
 
 
 Franklin 
 
 20,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 20,000 
 
 
 Maryland 
 
 10,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 10,000 
 
 Washington 
 
 Columbia 
 
 200,000 
 
 - 
 
 - 
 
 " 
 
 - 
 
 200,000 
 
 
 Washington 
 
 50,000 
 
 - 
 
 - 
 
 - 
 
 ■ - 
 
 50,000 
 
 
 Union, of Georgetown 
 
 75,000 
 
 - 
 
 -. 
 
 - 
 
 50,000 
 
 125,000 
 
 
 Farmers' of Alexandria 
 
 - 
 
 100,000 
 
 - 
 
 - 
 
 100,000 
 
 200,000 
 
 
 Alexandria - 
 
 100,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 100,000 
 
 Richmond 
 
 Virginia 
 
 200,000 
 
 250,000 
 
 - 
 
 - 
 
 - 
 
 450,000 
 
 Charleston 
 
 State - . 
 
 100,000 
 
 - 
 
 150,000 
 
 - 
 
 - 
 
 250,000 
 
 
 Planters & Mechanics' 
 
 200,000 
 
 " 
 
 
 
 ■ 
 
 200,000 
 
 
 3,900,000 
 
 1,350,000 
 
 750,000 
 
 50,00C 
 
 3,180,000 
 
 9,230,000 
 
REPORTS OF THE 
 
 488 REPORTS UF THK T1S13. 
 
 REPORT ON THE FINANCES. 
 
 JUSfS, 1813. 
 
 In obedience to the act, supplementary to the act, entitled " An act to es- 
 tablish tbe Treasury Department," the Acting Secretary of the Treasury 
 respectfully submits the following report. 
 The receipts~into the Treasury, from the 1st of October, 
 
 1S12, to the 31st March, lcl3, have amounted to $15,412,416 25 
 
 The balance in the Treasury, on the 30th September, 1812, 
 
 was ----- - 2,362,652 69 
 
 Making together, - $17,775,06S 94 
 
 The expenditures, from the 1st October, 1S12, to the 31st 
 
 March, 1813, have amounted to - - $15,919, 334 41 
 
 Leaving a balance in the Treasury, on the 1st of April, 
 
 1813, of - 1,855,734 53 
 
 17,775,068 94 
 
 The enclosed Statement (A.) shows, in detail, the several sources from 
 which the receipts were derived, and the branches of expenditure to which 
 the disbursements from the Treasury were applied. 
 
 Pursuant to the act of Sth February last, subscriptions for a loan of sixteen 
 millions of dollars, were opened on the 12th, and again on the 25th of March 
 last. But, although a thirteen years' annuity of one per cent, was offered, 
 in addition to a six per cent, stock at par, for the money which might be 
 subscribed, it being apparent, from the result of the first subscription, that 
 the whole amount could not be obtained on those terms, proposals in writing 
 were invited. Offers, exceeding by about a million of dollars the amount 
 wanted, were received, sorne demanding a thirteen years' annuity of one 
 and a half per cent, in addition to six per cent, stock at par, but most of 
 them requiring a six per cent, stock, at the rate of 88 per cent. On these 
 terms, leaving to the subscribers the option, the loan was effected. 
 
 In conformity with the public notification, the same terms were extended 
 to those persons who had subscribed on the first opening of the subscription, 
 and they have the same option; which, if the stock at the rate of 88 per 
 cent, be taken, is equivalent, precisely, to a premium of thirteen dollars six- 
 ty-three cents and seven-elevenths of a cent, for each hundred dollars loaned 
 to the government. 
 
 Theenclosed papers, under the letter B, are copies of the several public 
 notices given on the subject, and a statement of the moneys respectively 
 obtained by open subscriptions, and by written proposals, and showing also, 
 the sums obtained and payable in each place where subscriptions were opened. 
 
 Of that sum of sixteen millions of dollars, thus obtained on loan, there 
 was paid into the Treasury, prior to the 1st of April, 1813, the sum of 
 
1813.] SECRETARY OF THE TREASURY. 439 
 
 1,086,737 50, which makes a part of the moneys received previous^ to that 
 day, as stated in the statement A. 
 
 The resources for the residue of the year 1813, consist of the following 
 items, viz: 
 
 1. The remainder of the loan above-mentioned, - $14,913,262 50 
 
 2. The sums payable on account of customs, and of the 
 
 sales of public lands, estimated at 9,320,000 00 
 
 3. The five millions of dollars in Treasury Notes, authoriz- 
 ed by the act of February 25th, 1813, - 5,000,000 00 
 
 Say $29,230,000 00 
 
 The expenses for the last nine months of the present year, are calculated 
 as followeth, viz: 
 
 1. Civil list, and all expenses of a civil nature, both for- 
 eign and domestic, - - - - - $ 900,000 00 
 
 2. Payments on account of the principal and interest of the 
 
 public debt, as per estimate C, herewith - 10,510,000 00 
 
 3. Expenses on account of the War and Navy Departments, 17,820,000 00 
 
 •§29,230,000 00 
 
 Of the sum of $1,855,734 53, remaining in the Treasury on the 1st of 
 April last, a small part may be considered as applicable to such extraordinary 
 expenses, already authorized, as may arise during the remainder of the year; 
 and for the same object, the sum of 1 ,000,000 of dollars, authorized by an 
 act of the State of Pennsylvania, to be loaned to the United States, but 
 which was not offered in time to be accepted as a part of the loan of sixteen 
 millions, may be considered as a resource. 
 
 In this estimate, the whole sum of five millions of dollars, authorized to 
 be issued in Treasury Notes, is taken as a part of the resources of the present 
 year. But, as it is not deemed eligible to increase the amount of Treasury 
 Notes in circulation, and as three millions only, of those authorized by the 
 act of 1812, were issued in that year, and are reimbursable in the course of 
 the present year, it is respectfully suggested, that in lieu of issuing two mil- 
 lions of the five millions authorized by the act of February, 1813, Congress 
 should authorize an additional loan for the same amount; it being made a 
 condition of such loan, that its terms should not be higher than those of the 
 loan of sixteen millions, already effected. 
 
 The provision already considered, is for the service of the present year 
 only; that which will be necessary for the year 1814, requires an early at- 
 tention. It is difficult to estimate, with accuracy, the sum which will be 
 received into the Treasury from the revenue as now established. 
 
 During a state of war, the customs, at the present rate of duties, have been 
 heretofore estimated to produce five millions of dollars. The additional 
 tonnage duty, imposed upon foreign vessels, by the act of 1st July 1812, 
 producing about 200,000 dollars a year, is not included in that sum. 
 
 It is believed, that during the year 1814, a greater sum than five millions 
 two hundred thousand dollars, ought not to be relied upon, as receivable 
 into the Treasury, from custom house duties. The sum arising from sales of 
 public lands, may be estimated at six hundred thousand dollars, making 
 together 5,800,000 dollars. The interest alone, on the public funded debt, 
 on temporary loans, and on the Treasury Notes, which will become payable 
 
490 REPORTS OF THE [1813. 
 
 in that year, will amount to four millions four hundred thousand dollars. 
 The other engagements, on account of the principal of the funded debt, of 
 temporary loans, and of Treasury Notes, which will become reimbursable in 
 that year, amount to 7,150,000 dollars; exceeding, together, by more than 
 five millions seven hundred thousand dollars, the estimated amount of the 
 receipts into the Treasury, derived from the revenue as now established. 
 
 This view of the subject is sufficient to evince the necessity of a speedy 
 and effectual provision for the service of that and the ensuing years. The 
 mode and the extent to which this provision should be carried, have been 
 heretofore suggested, from this Department to Congress, and have received 
 the consideration of that body. 
 
 The expenses of the Peace Establishment of the United States, and the 
 interest on the public debt, including that on the loans made for the prose- 
 cution of the war, are believed to be the least sums that ought, under any 
 circumstances, to be raised within each year." These, if the expenses of the 
 Peace Establishment are taken at the sum necessary for the ordinary expen- 
 diture of the United States, previously to the additional armaments made 
 in the year 1812, with a view to an approaching state of war, and including 
 the interest on the loans of the year 1812 and 1813; and also of that which 
 will probably be necessary in the year 1814, will amount, during that year, 
 to eleven millions four hundred thousand dollars, viz: 
 
 The expense of the Peace Establishment, exclusive of the additional 
 force authorized by the acts passed during the j^ear 1812, may be estimated 
 at ------ - $7,000,000 
 
 The interest on the public debt, during the year 1814, will be 
 
 as follows: 
 On old funded debt - - - #2,100,000 
 
 On 6 percent, stock of 1812, including temporary 
 
 loans, received in part of the loan of eleven 
 
 millions, which will remain unpaid in 1814, 500,000 
 
 On 6 percent, stock of 1813, - - 1,090,000 
 
 On Treasury Notes, which will be reimbursable in 
 
 1S14, say on 5,000,000 dollars, at 5-| per cent 270,000 
 
 3,960,000 
 
 On the loan for the year 1814, interest payable 
 
 within that year - 440,000 
 
 SI 1,400,000 
 
 The revenue, as now established, being estimated to produce $5,SOO,000 
 Would leave to be raised - 5,600,000 
 
 To cover the above sum of - $11,400,000 
 
 The internal taxes heretofore proposed, were estimated to 
 
 produce - - - ".'.". $5,000,000 
 
 And the duty of 20 cents a bushel on salt imported, which, 
 though estimated heretofore at only 400,000 dollars a year, 
 during a state of war, yet, as the consumption considerably 
 exceeds 2,000,000 of bushels, may be estimated to produce 600,000 
 
 Making the sum wanted ----- g5,600,000 
 
1813.] SECRETARY OF THE TREASURY. 491 
 
 Although the taxes, if early laid, may be brought into operation in the 
 commencement of the year 1814, yet as they cannot be expected to have 
 their full effect during that year, some auxiliary lesource will be required. 
 This may be found in the sum of 1,500,000 dollars, which is the excess of 
 the Sinking Fund for the present year, over the demands on that fund, ac- 
 cording to the existing engagements of the United States. This sum of 
 1,500,000 dollars, may be carried to the Sinking Fund, for the year 1814, 
 and will be wanted, in addition to the annual appropriation of 8,000,000 of 
 dollars, to meet the engagements on account of the public debt, which must 
 be fulfilled during that year. 
 
 As reliance must be had upon a loan, for the war expenses of the year 1S14, 
 the laying of the internal taxes may be considered, with a view to that ob- 
 ject, as essentially necessary: in the first place, to facilitate the obtaining of 
 the loan; and secondly, for procuring it on favorable terms. 
 
 It is ascertained that the terms of the loan, for the present year, would 
 have been more favorable, if the taxes had been previously laid; and it is 
 obvious enough, that by affording a security for the regular payment of the 
 interest, and the eventual reimbursement of the principal, more stable, and 
 less liable to be weakened or cut off by the natural effects of war, upon ex- 
 ternal commerce, than a revenue, depending as that of the United States now 
 does, almost wholly upon such external commerce. Capitalists will advance 
 with the greater readiness, and at a lower rate of interest, the funds necessary 
 for the prosecution of 1 he war; public confidence will be ensured, and the 
 means afforded, of preserving the public credit unimpaired: a measure of 
 the utmost importance, in a country like ours, where, from the lightness of 
 the demands made upon the people, during the continuance of peace, the 
 extraordinary expenses of a state of war can be supplied only by a resort 
 to that credit. 
 
 The resources of the country are ample, and if the means now proposed, 
 and those heretofore recommended from this Department, are adopted, it is 
 believed they may be fairly and fully brought into action. 
 
 All which is respectfully submitted. 
 
 W. JONES, Acting Secretary 
 
 of the Treasury, 
 
 TreAvSurt Department, June 2d, 1813. 
 
 63 
 
49g REPORTS OF THE [1813' 
 
 A. 
 
 Receipts and expenditures at the Treasury of the United States, from 
 the 1st of October, 1812, to the 3lst of March, 1813. 
 
 Cash in the Treasury, subject to warrant, . $2,362,652 69 
 
 Received for Customs, - - - $4,720,001 44 
 
 arrears of Direct Tax, - 105 52 
 
 sales of Public Lands, - 450,596 95 
 
 cents coined at the Mint, 2,780 00 
 
 fees on Letters Patent, - 3,060 00 
 
 postage of Letters, - 39 70 
 Seamen ; s stores sold, and fund 
 
 - for relief of Seamen, 284 45 
 
 fines, penalties and forfeitures, 1,984 96 
 
 repayments of moneys advanced, 20,892 51 
 prize money for Navy Pension 
 
 Fund, .... 3,645 72 
 
 interest on Treasury Notes, 300 00 
 
 5,203,691 25 
 Treasury Notes, (actof 1812,) 4,752,500 00 
 do. (act of 1813,) 32,000 00 
 
 4,784,500 00 
 Loan of 11 millions, (1812,) 4,337,4S7 50 
 Loan of 16 millions, (1813,) 1,086,737 50 
 
 10,208,725 00 
 
 Expenditures, viz.: — 
 
 On account of the Civil Department, 440,473 76 
 
 Miscellaneous expenses, 36S,518 64 
 
 Diplomatic do. 48,087 37 
 
 Military Department, 9,039,275 49 
 
 Naval do. 2,690,752 20 
 
 Public Debt, 3,332,226 95 
 
 15,412,416 25 
 17,775,068 94 
 
 15,919,334 41 
 
 Cash in the Treasury, subject to warrant, March 31, 1813, $1,855,734 55 
 
 B, 
 
 The United States' loan of 16,000,000 dollars, has been taken up in the 
 following manner and proportions: 
 
 First subscription on the 12th and 13th March, 1813, $3,956,400 00 
 
 Second subscription, 25th to 31st March, 1813, 1,881,800 00 
 
 Proposals made on the 5th of April, of which only 
 
 $10, 16 1,800 could be received, - 11,106,000 00 
 
1813.] 
 
 SECRETARY OF THE TREASURY. 
 
 498 
 
 To which may be added the amount intended to be 
 loaned by the State of Pennsylvania, the proposals 
 for which, not being received in time, could not be 
 admitted, ___----- 
 
 1,000,000 00 
 
 
 
 
 
 
 $17,944,200 00 
 
 Being 1,944,200 dollars more than the sum 
 
 of 16,000,000 authorized by 
 
 law, and actually 
 
 borrowed. 
 
 
 
 
 
 That sum of $16,000,000 has been subscribed, 
 
 and 
 
 is payable at the fol- 
 
 lowing places: 
 
 
 
 
 
 
 New Hampshire, 
 
 - 
 
 Portsmouth, 
 
 
 - 
 
 . $ 40,000 
 
 Massachusetts, 
 
 - 
 
 Portland, 
 
 
 - 
 
 120,000 
 
 
 
 Salem, 
 
 
 - 
 
 183,600 
 
 
 
 Boston, 
 
 
 - 
 
 75,300 
 
 Rhode Island, 
 
 - 
 
 Providence, 
 
 
 - 
 
 67,800 
 
 New York, 
 
 - 
 
 New York, 
 
 
 - 
 
 5,437,100 
 
 
 
 Albany, 
 
 
 - 
 
 283,500 
 
 Pennsylvania, 
 
 - 
 
 Philadelphia, 
 
 
 - 
 
 6,858,400 
 
 Maryland, 
 
 - 
 
 Baltimore, 
 
 
 - 
 
 1,950,800 
 
 Columbia, - 
 
 - 
 
 Washington, 
 
 
 - 
 
 442,500 
 
 Virginia, 
 
 - 
 
 Richmond, 
 
 
 - 
 
 49,000 
 
 
 
 Petersburg, 
 
 
 - 
 
 35,000 
 
 
 
 Norfolk, 
 
 
 - 
 
 103,000 
 
 South Carolina, 
 
 
 Charleston, 
 
 
 
 354,000 
 
 
 16,000,000 
 
 B. 1. 
 
 Whereas, by an act of Congress passed on the eighth day of February, 
 one thousand eight hundred and thirteen, the President of the United 
 States is authorized to borrow, on the credit of the United States, a sum 
 not exceeding sixteen millions of dollars, so however that no engagement 
 or contract shall be entered into, which shall preclude the United States 
 from reimbursing any sum or sums thus borrowed, at any time after the ex- 
 piration of twelve years from the first day of January, one thousand eight 
 hundred and fourteen. And whereas, by the said act, so much of the funds 
 constituting the annual appropriation of eight millions of dollars, for the 
 payment of the principal and interest of the public debt of the United 
 States, as may be wanted for that purpose, after satisfying the sums neces- 
 sary for the payment of the interest, and such part of the principal of said 
 debt as the United States are now pledged annually to pay and reimburse, 
 is pledged and appropriated for the payment of the interest, and for the 
 reimbursement of the principal of the stock now to be created, and the 
 faith of the United States is pledged to establish sufficient revenues for 
 making up any deficiency that may hereafter take place in the funds now 
 appropriated for paying the interest and principal as aforesaid. And where- 
 as the President of the United States did, by an act or commission under 
 his hand, dated the seventeenth day of February, one thousand eight hun- 
 
494 REPORTS OF THE [1813. 
 
 tired and thirteen, authorize and empower the Secretary of the Treasury to 
 borrow, on behalf of the United States, a sum not exceeding in the whole 
 sixteen millions of dollars, and to make the necessary contracts for the 
 same, pursuant to the act of Congress above recited: 
 
 Now, therefore, the undersigned, Secretary of the Treasury, in pursuance 
 of the act of Congress, and the authority from the President of the United 
 States above-mentioned, doth hereby, on behalf of the United States, con- 
 tract and engage in manner following, to wit: 
 
 1. Books for receiving subscriptions to a loan of sixteen millions of dol- 
 lars, for the use of the United States, shall be opened on the twelfth day of 
 March next, 
 
 At Portsmouth, N. H. At the New Hampshire Union Bank. 
 
 At SalemTIVlass. At the Merchants' Bank. 
 
 At Boston, Mass. At the State Bank. 
 
 At Providence, R. I. At the Roger Williams* Bank. 
 
 At the City of New York, At the Manhattan Company, and 
 
 the Mechanics' Bank. 
 At Albany, At the New York State Bank, and 
 
 the Mechanics and Farmers' Bank. 
 At Philadelphia, At the Bank of Pennsylvania, 
 
 the Farmers' and Mechanics' Bank, and 
 the Philadelphia Bank. 
 At Baltimore, At the Bank of Baltimore, 
 
 the Commercial and Farmers 5 Bank, and 
 the Union Bank of Maryland. 
 At the City of Washington, At the Bank of Washington, and 
 
 the Office of the Bank of Columbia. 
 At Richmond, Va. At the Bank of 'Virginia. 
 
 At Charleston, S. C. At the State Bank, and 
 
 the Planters and Mechanics' Bank. 
 And at any other incorporated Bank; in any of the above named cities or 
 towns, which shall open books for receiving subscriptions as aforesaid, and 
 give stated notice thereof. 
 
 W T hich books shall continue open for receiving subscriptions during the 
 ordinary hours of transacting business at the said banks, on Friday, the 
 twelfth, and Saturday, the thirteenth day of March next. If more than six- 
 teen millions of dollars in the whole, shall be subscribed, the surplus shall 
 be deducted in proportion to the sums subscribed in each place respectively, 
 by a reduction of the subscriptions exceeding four thousand dollars. But 
 no reduction shall be made, of the subscriptions made by any persons or bo- 
 dies corporate, holders (at the time of subscribing) of stock issued under 
 the act of March 14, 1812, called "six per cent, stock of 1S12;" unless 
 the aggregate of their subscriptions should exceed sixteen millions of dollars; 
 in which case the surplus shall be deducted by a reduction of the proportion- 
 ally highest subscriptions. If any subscription shall be thus reduced, the 
 amount of such reduction shall be forthwith returned to the subscriber from 
 whom such reduction shall have been made. 
 
 2. No subscriptions will be received for a sum less than one hundred 
 dollars, nor for a fractional part of a hundred dollars. 
 
 3. For every hundred dollars which may be subscribed, there shall be 
 paid at the time of subscribing, twelve dollars and fifty cents, and a like 
 sum of twelve dollars and fifty cents on the first day of each of the ensuing 
 
1813.] SECRETARY OF THE TREASURY. 495 
 
 months of April, May, June, July, August, September and October, one 
 thousand eight hundred and thirteen, respectively. Each subscriber, at the 
 time of paying any of the above instalments, after the first, may pay all or 
 any number of the subsequent instalments, and will be entitled to receive 
 interest, at the rate of six per centum, per annum on the amount thus paid, 
 from the time of actual payment. 
 
 4. On the failure of payment of any instalment of the sums subscribed, 
 according to the tenor of the third article, the next preceding instalment of 
 twelve dollars and fifty cents, which shall have been paid for every hundred 
 dollars subscribed, shali be forfeited to the United States. 
 
 5. Each subsequent instalment must be paid at the same bank at which 
 the original subscription was made, and where the first instalment was paid. 
 
 6. The cashiers of the respective banks where subscriptions are received, 
 shall, within twenty days after the time of subscribing, give certificates 
 stating the sums subscribed and payment made, and on which the payments 
 of the subsequent instalments, when made, shall be respectively endorsed; 
 which certificates shall be assignable by endorsement and delivery of the 
 parties in whose favor they may be issued, until the completion of the pay- 
 ments required by the tenor of the third article. 
 
 7. After the completion of the payments aforesaid, the proprietors of the 
 certificates of the cashiers, on which such payments have been completed, 
 on surrendering the same at the loan office of the State in which the sub- 
 scription and payments shall have been made, shall be entitled to receive 
 from the Commissioner of Loans, certificates of funded capital stock for the 
 amount thus subscribed and paid, bearing an interest of six per centum per 
 annum from the time when the said instalments shall have been paid re- 
 spectively, and payable quarter yearly at the several loan offices, or at the 
 Treasury of the United States, where the same may stand credited: And 
 shall, moreover, receive from the Commissioner of Loans, a certificate en- 
 titling such proprietor to an annuity or annual sum, payable quarter yearly, 
 for thirteen years, commencing on the first day of January, one thousand 
 eight hundred and thirteen, of one dollar on every hundred dollars thus 
 subscribed and paid; which certificates of annuity shall constitute a separate 
 and distinct stock, and may be sold, assigned, and transferred to and from 
 the books of the Treasury, or of the several loan offices, separately and dis- 
 tinctly from the aforesaid funded capital six per cent, stock. And the said 
 funded capital stock, and the said annuities shall be transferable by their 
 respective proprietors in person, or by their attornies duly constituted, in 
 the same manner as the present funded debt of the United States, and in 
 pursuance of the rules which have been, or which may be established, rela- 
 tive to the transfer of the said debt. 
 
 8. After the payment of the fifth instalment, such oi the proprietors of 
 the certificates of the cashiers, of two hundred dollars and upwards, as may 
 then be desirous of funding the same, may, on presenting them at the loan 
 office of the State in which the subscription and payments shall have been 
 made, receive from the Commissioner of Loans, certificates of funded capital 
 six per cent, stock, for the amount of the four first instalments, or one moiety 
 of the sum expressed in the certificates of the cashiers; and also certificates 
 for one moiety of the thirteen years' annuity of one dollar on the hundred 
 dollars subscribed. But no certificate of funded capital six percent, stock, 
 including a fractional part of a hundred dollars, or certificate of annuity in- 
 cluding a fractional part of a dollar, will be issued. 
 
496 REPORTS OF THE [181S. 
 
 9. After the last day of December, in the year one thousand eight hun- 
 dred and twenty-five, and after reasonable notice to the creditors, which 
 shall be given by an advertisement in some public newspaper, printed at the 
 seat of the government of the United States, the said capital six per cent. 
 stock shall be redeemable at the pleasure of the United States, by the reim- 
 bursement of the whole sum which may at that time stand credited to any 
 proprietor on the books of the Treasury or of the loan offices respectively. 
 And the payments of the said annuities for thirteen years, shall cease and 
 determine on the first day of January, one thousand eight hundred and 
 twenty-six, when the certificates of the same shall be surrendered up and 
 cancelled. 
 
 10. So much of the funds constituting the annual appropriation of eight 
 millions of dollars for the payment of the principal and interest of the pub- 
 lic debt of the United States, as may be necessary for the regular payment 
 of the interest, and for the reimbursement of the principal of the stock, and 
 for the regular payment of the annuities to be created under this contract, 
 together with the faith of the United States for its due fulfilment, are here- 
 by pledged in pursuance of, and according to the terms and conditions of the 
 act of Congress herein before recited. 
 
 Given under my hand and the seal of the Treasury of the United States, 
 at Washington, this twentieth day of February, one thousand eight 
 hundred and thirteen. 
 
 Secretary of the Treasury. 
 
 B. 2. 
 UNITED STATES' LOAN. 
 
 Treasury Department, March 18th, 1813. 
 
 Notice is hereby given, that the books for receiving subscriptions to the 
 Loan, authorized by the act of Congress, of February 8th, 1813, will again 
 be opened on the 25th day of this month, on the same terms and conditions 
 as heretofore, and continue so open till the 31st day of this month, unless 
 sooner closed by public notice, at the following places, and for the following 
 sums respectively, that is to say: 
 
 At New York, for five millions of dollars, at the Manhattan Company, 
 Mechanics' Bank, City Bank, Merchants' Bank, Bank of America. 
 
 At Philadelphia, for five millions of dollars, at the Bank of Pennsylvania, 
 Farmers and Mechanics' Bank, Philadelphia Bank, Stephen Girard's Bank. 
 
 At Baltimore, for one million seven hundred thousand dollars, at the 
 Bank of Baltimore, Commercial and Farmers' Bank, Union Bank of Mary- 
 land, Mechanics' Bank, Marine Bank. 
 
 At Washington, for three hundred thousand dollars, at the Bank of Wash- 
 ington, office of the Bank of Columbia. 
 
 Proposals will also be received by the Secretary of the Treasury, until the 
 fifth clay of April next, from any person or persons, body or bodies corpo- 
 rate, who may offer for themselves or others, to subscribe for the whole or 
 part of the residue of the Loan aforesaid, which may not have been sub- 
 scribed for prior to the 1st day of April next. The proposals must distinctly 
 Mate the amount offered to be loaned, the species of stock or stocks, which 
 
1813.] SECRETARY OF THE TREASURY. 497 
 
 the parties wish to obtain, and the price they will allow for the same. Unless 
 a different modification should be asked in the proposal, it will be understood 
 that the amount loaned will be paid into the Treasury, in four equal instal- 
 ments; viz: on the 15th days of April, June, August, and October next; and 
 that the stock issued will be irredeemable till the 31st day of December, 1825. 
 
 If proposals shall be made amounting together to a greater sum than that 
 required, the preference will, on equal terms, be given to stockholders of 
 the six per cent, stock of 1812. 
 
 If any proposals differing in terms from one another, or from those on 
 which subscriptions have already or may be made prior to the 1st day of 
 April next, should be accepted, all the parties, including those who have 
 already subscribed, or may subscribe prior to the 1st day of April next, shall 
 be placed on the same footing, by giving to all the option either of the terms 
 offered by them, or on which they have subscribed, or of those offered by 
 any other persons, and which shall have been accepted. 
 
 No proposal will be received for a sum less than one hundred thousand 
 dollars. But a commission of one quarter per cent, will be allowed to any 
 person collecting subscriptions for the purpose of incorporating them in one 
 proposal, to the amount of one hundred thousand dollars or upwards; provided 
 that such proposal shall be accepted. 
 
 All the proposals must be transmitted by duplicates, one directed to the 
 City of Washington, and the other (under cover of the Cashier of the Bank 
 of Pennsylvania,) to Philadelphia. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 B. 3. 
 
 UNITED STATES' LOAN. 
 
 Treasury Department, April 1 5th, 1813. 
 
 Those persons who have subscribed to the United States' Loan of Sixteen 
 millions of dollars, prior to the 1st day of the present month of April, are 
 hereby notified, that terms different from those under which they made their 
 subscriptions have been allowed to the persons who have taken the remain- 
 der of the said Loan of sixteen millions; and that, conformably to the public 
 notification from this Department, of the ISth of March last, those who sub- 
 scribed prior to the 1st of April have the privilege of taking the terms thus 
 subsequently allowed; and which terms are as follows, viz: 
 
 1st. That the subscriber shall receive a six per cent, stock, the interest 
 payable quarter yearly, redeemable at the pleasure of the United States, at 
 any time after the end of the year 1825, at the rate of eighty-eight per cent; 
 or 100 dollars in stock for 88 dollars in money. 
 
 Or, 2d. That the subscriber, for every hundred dollars in money shall 
 receive one hundred dollars in the same species of six per cent, stock, and 
 an annuity for thirteen years from the 1st da} r of January last, of one dollar 
 and fifty cents, payable quarter yearly. 
 
 The subscribers who may wish to avail themselves of these terms, will 
 present their scrip-certificates to the Cashier of the Bank, by whom they 
 were issued, and will express, in writing, on the face of the same, which of 
 the above terms they will elect to accept, and will receive from the Cashier 
 
498 REPORTS OF THE . [1813. 
 
 new scrip-certificates conformably thereto; the payments upon which, and 
 funding whereof, are to be effected in the same manner as before. 
 
 Such subscribers as have already completed their payments, and obtained 
 certificates of funded stock and annuities on the terms originally proposed, 
 are to surrender the same to the Commissioner of Loans, or to the Register 
 of the Treasury, by whom they were issued, expressing their election in the 
 same manner; and will receive from him certificates of funded stock, and of 
 annuities, as the case may be, in conformity with the election they may thus 
 make. 
 
 ALBERT GALLATIN, 
 
 Secretary of the Treasury. 
 
 c. 
 
 View of the Sinking Fu?id, for the year 1813. 
 
 The balance belonging to this fund, remaining unapplied 
 on the 31st December, 1812, (per report of Commissioners, 
 to Congress, of February 6, 1813,) was - $3,550,369 11 
 
 The annual appropriation for the year 1S13, - - 8,000,000 00 
 
 Making together, - 11,550,369 11 
 
 There was applied, during the first quarter of the year 1813, 1,036,868 28 
 
 Leaving to be applied, in the three last quarters of that year $10,513,500 83 
 
 The manner in which the amount will be applied in the 
 year 1813, is as follows: 
 
 Interest and reimbursement of old six and deferred stocks, 
 estimated at ------ 2,160,00000 
 
 Interest on exchanged six per cent, stock of 1812, - 180,000 00 
 
 Ditto on three per cent, stock, - 485,000 00 
 
 Ditto on 1796 six per cent, stock, - 5,000 00 
 
 Ditto on Louisiana stock, and charges, - - 680,000 00 
 
 Ditto on six per cent, stock of 1812, including tempo- 
 rary bank loans and some arrearages, - 700,000 00 
 Interest on new stock of 1813, - 470,000 00 
 Principal of temporary loans reimbursable in 1813, - 1,350,000 00 
 Treasury Notes, including those payable on the 1st and 
 11th January, 1S14, which must be provided for by the 31st 
 December, 1 SI 3, - - - 3,804,500 
 Interest on the same, - 205,443 
 
 say 4,010,000 00 
 
 10,040,000 00 
 There was paid on account of the above, in the 1st quar- 
 ter of 1813, ---.._ 1,036,868 28 
 
 Leaving payable in the three last quarters of that year, say 9,000,000 00 
 And wiil leave to be applied to the purchase of stock, or 
 to be carried to the Sinking Fund, for the year 1814, 1,513,500 83 
 
 10,51 S,500 83 
 
1813.] SECRETARY OF THE TREASURY. 499 
 
 REPORT ON THE FINANCES. 
 
 DECEMBER, 1813. 
 
 In obedience to the directions of the " Act supplementary to the act en- 
 titled < An act to establish the Treasury Department," the actino- Secretary 
 of the Treasury respectfully submits the following report and estimates. 
 
 The moneys actually received into the Treasury during the year ending 
 on the 30th September, 1813, have amounted to - - $37,544,954 93 
 
 Viz: Proceeds of the customs, sales of lands, small branch 
 ofrevenue, and repayments, - - 13,568,042 43 
 
 Proceeds of loans, viz: 
 Loan of eleven millions under the act of March, 
 
 14th, 1812, - - 4,337,4S7 50 
 
 Loan of sixteen millions, under 
 
 the act of February 8, 1813, 14,4S8,125 00 
 TreasuryNotes under the acts of 
 
 June 30, 1812, and February 
 
 25, 1813, - - 5,151,300 00 
 
 23,976,912 50 
 
 As will appear by the annexed statement E., $ 37,544,954 93 
 
 Making, together with the balance in the Treasury on the 
 1st of October, 1812, which was - 2,362,652 69 
 
 An aggregate of - - - - $ 39,907,607 62 
 
 The payments from the Treasury during the same period, 
 have amounted to - 32,928,855 19 
 
 Viz: For Civil, Diplomatic, and Miscellaneous expenses, 
 both foreign and domestic, - 1,705,916 35 
 
 Military Department, including militia and 
 volunteers, and the Indian Department, 18,484,750 49 
 
 Navy, including the building of new ships, 
 and the marine corps, - - 6,420,707 20 
 
 Public Debt: 
 
 On account of interest, 3,120,379 08 
 
 Principal reimbursed, 3,197,102 07 
 
 6,317,481 15 
 
 As will also appear by the annexed statement E., 32,928,855 19 
 
 And left in the Treasury, on the 30th of September last, 6,978,752 43 
 
 g39,907,607 62 
 
 64 
 
500 REPORTS OF THE [1813. 
 
 The accounts for the fourth quarter of the year 1813, have not yet been 
 made up at the Treasury; but the receipts and expenditures, during that quar- 
 ter, have been nearly as follows: 
 
 Receipts from the customs, sales of lands, and small branches of the re- 
 venue, about - - - - - - 3,300,000 00 
 
 Loan of sixteen millions,- _ _ _ _ 1,500,000 00 
 
 Loan of seven and a half millions, - 3,850,000 00 
 
 Treasury Notes, - 3,680,000 00 
 
 12,330,000 00 
 Making, with the balance in the Treasury, on the 1st of 
 October, 1813, of - - - - - 6,9 78, 752 43 
 
 An aggregate of about - §19,309,000 00 
 
 The disbursements have been, for Civil, Diplomatic, and 
 
 Miscellaneous expenses, about - 400,000 00 
 
 Military Department, -'■'■ - - - 5,887,747 00 
 
 Naval do - - - ... 1,248,145 10 
 
 Public Debt, (of which near 6,000,000, was on account of 
 
 the reimbursement of principal,) - 7,087,994 95 
 
 And leaving in the Treasury, on the 31st. Dec'r, 1S13, about 4,685,112 95 
 
 $ 19,309,000 00 
 
 Of the sums obtained on loan during the year 1813, and included in the 
 receipts above stated, an account of the terms on which they were made, has 
 been laid before Congress, excepting as to the Treasury Notes issued under 
 the act of February 25, 1813, and the loan of seven and a half millions ob- 
 tained under the authority contained in the act of the 2d of August, 1813. 
 The annexed statement, marked F., will show the whole amount received 
 for Treasury Notes during the year 1S13, and at what places they were sold 
 or disposed of. Three millions eight hundred and sixty-five thousand one 
 hundred dollars, of the notes issued under the act of June 30th, 1812, be- 
 came due in the course of the year 1813, or in the present month of Janua- 
 ry, and have been paid off, or the funds placed in the hands of the Commis- 
 sioners of Loans for that purpose. 
 
 The papers under the letter G., will show the measures taken under the 
 act of August 2d, 1813, authorizing a loan of seven millions five hundred 
 thousand dollars, and the manner in which that loan was obtained. The 
 terms were eighty-eight dollars and twenty-five cents in money for one 
 hundred dollars in stock, bearing an interest of six per cent. ; which is equi- 
 valent to a premium of thirteen dollars thirty-one cents and four-ninths of a 
 cent, on each hundred dollars in money loaned to the United States." Of 
 this sum of 7,500,000 dollars, about 3,850,000 dollars were paid into the 
 Treasury during the year 1813, and the remainder is payable in the months 
 of January and February, 1814. 
 
 For the year 1814, the expenditures, as now authorized by law, are esti- 
 mated as follows : 
 
 1. Civil, Diplomatic, and Miscellaneous expenses, $1,700,000 
 
 2. Public Debt, viz: 
 
 Interest on the debt existing previous to the war, 2,100,000 
 
1813.] SECRETARY OF THE TREASURY. 5qj 
 
 Interest on debt contracted since the war, in- 
 cluding Treasury Notes, and loan for the year 1814, 2,950,000 
 
 5,050,000 
 
 Reimbursement of principal, including the old 
 six and deferred stocks, temporary loans and Trea- 
 sury Notes, - - - - - 7,150,000 
 
 12,200,000 
 
 3. Military establishment, estimated by the Secretary of 
 War, for a full complement, (including rangers, seafencibles, 
 and troops of all descriptions,) of 63,422 officers and men, 
 and including ordnance, fortifications, and the Indian Depart- 
 ment, and the permanent appropriations for Indian treaties, 
 
 and for arming and equipping the militia, - - 24,550,000 
 
 4. Navy, estimated for 15,787 officers, seamen and boys, 
 and for 1,869 marines, and including the service of two 74 
 ships for four months, and three additional frigates for six 
 months of the year 1S14, and the expenses of flotillas on the 
 
 coast and on the lakes, - - - - - - 6,900,000 
 
 Amounting altogether, to - $ 45,350,000 
 
 The ways and means already provided by law, are as follows: 
 
 1. Customs and sales of public lands. The nett revenue accruing from 
 the customs during the year 1812, amounted, as will appear by the annexed 
 statements A and B., to 13,142,000 dollars. Of this sum, about 4,300,000 
 dollars was produced by the additional duties imposed by the act of July 1, 
 1812. The duties which have accrued during tiie year 1813, are estimated 
 at 7,000,000 dollars. The custom-house bonds outstanding on the 1st Janu- 
 ary, 1814, after making a due allowance for insolvencies and bad debts, are 
 estimated at 5,500,000 dollars; and it is believed that 6,000,000 dollars may 
 be estimated for the receipt of the customs during the year 1814. The sales 
 of public lands, during the year ending September 30, 1813, have amounted 
 to 256,345 acres, and the payments by purchasers to 706,000 dollars, as 
 will appear by the annexed statement C. It is estimated that 600,000 dol- 
 lars will be received into the Treasury from this source, during the year 
 1814. The sum, therefore, estimated as receivable from customs and lands, 
 is - - - - - " . - - 6,600,000 
 
 2. Internal revenues and direct tax: from the credits allow- 
 ed by law on some of the internal duties, and from the de- 
 lays incident to the assessment and collection of the direct 
 tax, it is not believed that more ought to be expected to come 
 
 into the Treasury during the year 1814, than the sum of 3,500,000 
 
 3. Balance of the loan of seven and a half millions alrea- 
 dy contracted for - - - - - - 3,650,000 
 
 4. Balance of Treasury Notes already authorized, - 1,070,000 
 
 5. Of the balance of cash in the Treasury, on the 31st De- 
 cember, 1813, amounting, as above stated, to about 4,680,000 
 
 There will be required to satisfy appropriations 
 made prior to that day, and then undrawn, at least 3,500,000 
 
5 Q2 REPORTS OF THE {"1813. 
 
 And leaving applicable to the service of the year 1814, $1 ,180,000 
 
 16,000,000 
 So that there remains to be provided by loans, the sum of 29,350,000 
 
 $45,350,000 
 
 Although the interest paid upon Treasury Notes, is considerably less 
 than that paid for the moneys obtained by the United States on funded stock, 
 yet the certainty of their reimbursement at the end of one year, and the fa- 
 cilities they afford for remittances and other commercial operations, have 
 obtained for them a currency which leaves little reason to doubt that they 
 may be extended considerably beyond the sum of five millions of dollars, 
 hitherto authorized to be annually issued. It will perhaps be eligible to 
 leave to the Executive, as was done last year, a discretion as to the amount 
 to be borrowed upon stock or upon Treasury Notes, that one or the other 
 may be resorted to, within prescribed limits, as shall be found most advan- 
 tageous to the United States. 
 
 The amount estimated to have been reimbursed of the principal of the 
 public debt, during the year ending on the SOth September last, including 
 Treasury Notes and temporary loans, will appear, by the estimate marked 
 D., to have been 3,201,368 dollars. As the payments on account of the 
 loan of sixteen millions had not then been completed, and the stock had 
 consequently not been issued therefor, it is not practicable to state with pre- 
 cision the amount added to the public debt during that year; but' after de- 
 ducting the above-mentioned reimbursement of 3,200,000 dollars, this ad- 
 dition will not fall short of 22,500,000 dollars. 
 
 The plan of finance proposed at the commencement of the war, was to 
 make the revenue during each year of its continuance equal to the expenses 
 of the peace establishment and of the interest on the old debt then existing 
 and on the loans which the war might render necessary, and to defray the 
 extraordinary expenses of the war out of the proceeds of loans to be ob- 
 tained for that purpose. 
 
 The expenses of the peace establishment as it existed previous to the ar- 
 maments of 1812, made in contemplation of war, but including the eio-ht 
 regiments added to the military establishment in the year 1808, and,the 
 augmentation of the navy in actual service, authorized in 1809, amounted, 
 after deducting some casual expenses of militia and other incidental items, 
 to about ----__ $7,000,000 
 
 The interest on the public debt payable during the year 1814, 
 will be: on the old debt, or that existing prior to the present 
 war > " 2,100,000 
 
 On the debt contracted since the commencement of 
 the war, including Treasury Notes, and allowing 
 560,000 dollars for interest on the loan which must be 
 made during the year 1814, a sum as small as can be 
 estimated for this object, - . . 2,950,000 
 
 5,050,000 
 
 Making $12,050,000 
 
1813.] SECRETARY OF THE TREASURY. 503 
 
 The actual receipts into the Treasury from the revenue, as now established, 
 including the internal revenues and direct tax, ore not estimated for the year 
 1814, at more than -'. - - - -. 10,100,000 
 
 Viz: from customs and puhlic lands, - 6,600,000 
 
 Internal revenues and direct tax, - 3,500,000 
 
 10,100,000 
 
 If to this sum be added that part of the balance in the Treasu- 
 ry on the 31st December, 1813, which has been estimated above, 
 to be applicable to the expenses of the year 1814, and which, 
 upon the principle above stated, may be considered as a surplus 
 of revenue beyond the expenses of the peace establishment, and 
 of the interest on the public debt for the year 1813, and there- 
 fore applicable to the same expenses for the year 1814, which 
 sum is estimated at - J, 180,000 
 
 and making together ----- 11,280,000 
 
 there will still remain to be provided, new revenues capable of 
 producing ------ 770,000 
 
 $12,050,000 
 
 But as the internal revenues and direct tax, when in full operation, will 
 produce, in the year 1815, probably 1,200,000 dollars more than is esti- 
 mated to be received from them in the year 1814, it will rest with Congress 
 to decide whether it is necessary that new and additional revenues should 
 now be established. 
 
 To what extent the existing embargo may reduce the receipts into the 
 Treasury from the customs during the year 1815, it is difficult to estimate, 
 as the operation of the war had reduced the receipts from the customs near- 
 ly one half from that which was received during the year preceding the 
 war. 
 
 The former embargo reduced the revenue from the customs nearly one- 
 half the amount of that which was received during the year preceding its 
 full operation. In this case, however, the transition was from the full re- 
 ceipt of a peace revenue to the entire suspension of exportation and of fo- 
 reign commerce in American bottoms. It is not, therefore, to be presumed, 
 that the existing embargo will cause a reduction of the war revenue in the 
 proportion Of the peace revenue: moreover, the effect of the act prohibiting 
 the importation of certain articles, necessarily increases the demand and 
 enhances the value of those which may be lawfully imported; and the high 
 price they bear will produce extraordinary importations, and in part com- 
 pensate for the prohibition to export any thing in return; to this may be 
 added the duty on salt, the operation of which is yet but partial. 
 
 To the amount of the defalcation of the revenue caused by the embargo, 
 whatever it may be, must be added the difference between the amount of 
 the interest payable in the year. 1814 on the loan of that }^ear, and the 
 whole amount of the interest on the said loan payable in the year 1S15, 
 as well as that part of the interest which may be payable in the year 
 1815 on the loan of that year. The sum of these items will be required 
 
504 REPORTS OF THE [1813. 
 
 for the year 1815, in addition to the revenues now established, except 
 430,000 dollars, being the difference between the estimated increase in the 
 receipt of the internal revenues and direct taxes and the 770,000 dollars re- 
 maining to be provided for in the foregoing estimate. 
 
 With these considerations it is submitted, whether it may not be expe- 
 dient and prudent to provide new revenues, capable of producing either the 
 whole or such part of the 770,000 dollars unprovided for, as may appear 
 necessary to fulfil the public engagements, and secure to the financial opera- 
 tions of the government the confidence, stability, and success which is due 
 to its fidelity and to the ample resources of the country. 
 
 All which is respectfully submitted. 
 
 W. JONES, 
 
 tdcting Secretary of the Treasury. 
 
 Treasury Department, January Sth, 1814. 
 
1813.] 
 
 .SECRETARY OF THE TREASURY. 
 
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506 
 
 REPORTS OF THE 
 
 [1813. 
 
 B. 
 
 A STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise on ivhich duties actually accrued during the year 1812, 
 (consisting of the difference between articles paying duty import- 
 ed, and those entitled to drawback, re-exported, J and also, the nett 
 Revenue ivhich accrued during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances. 
 
 Goods faying duties ad valohem. 
 
 3,576,643 dollars, at 12^ per cent. 
 
 . 
 
 $ 447,080 38 
 
 14,844,367 do 25 " do 
 
 . 
 
 3,711,091 75 
 
 893,846 do - — 15 do 
 
 . 
 
 134,076 90 
 
 4,354,056 do 30 do 
 
 - 
 
 1,306,216 80 
 
 49,506 do 20 do 
 
 = 
 
 9,901 20 
 
 108,996 do 40 do 
 
 . . 
 
 43,598 40 
 
 a Additional duty on $23,827,414, 
 
 at 2\ per ct, 
 
 595,685 35 
 
 23,827,414 - - - - 
 
 . 
 
 6,247,650 78 
 
 b Spirits 2,764,135 gallons, at 27.6 cents i 
 
 iverage 
 
 761,721 68 
 
 Do 1,338,593 do 56.6 
 
 do 
 
 758,760 78 
 
 e Sugar 38,647,755 pounds, at 2.5 cents 
 
 do 
 
 979,552 48 
 
 Do 21,518,327 do ' 5. 
 
 do 
 
 1,078,569 25 
 
 d Wines 789,413 gallons, at 29.4 cents 
 
 do 
 
 232,040 97 
 
 Do 662,499 do 58.3 
 
 do 
 
 385,958 82 
 
 e Teas 2,258,514 pounds, at 21.4 cents 
 
 do 
 
 484,541 32 
 
 Do 385,815 do 44.9 
 
 do 
 
 173,068 30 
 
 Coffee 10,994,700 pounds, at 5 cents 
 
 
 549,735 00 
 
 Do 5,155,476 do 10 do 
 
 - 
 
 515,547 60 
 
 Molasses 5,651,471 gallons, at 5 do 
 
 . 
 
 282,573 55 
 
 Do 1,721,977 do 10 do 
 
 - 
 
 172,197 70 
 
 f All other articles ... 
 
 
 488,131 88 
 
 - 
 
 13,110,050 11 
 
 To which add — Duties collected on merchandise, the par- 
 ticulars of which could not be ascertained, after de- 
 ducting therefrom duties refunded and difference in 
 calculation, - - - - - 85,085 63 
 
 "2 per cent, retained on drawback 
 
 Extra duty of 10 per cent, on merchandise imported in 
 
 foreign vessels ..... 21,278 65 
 
 Extra duty of 15J per cent, on merchandise imported in 
 
 foreign vessels - - - r - 144,168 63 
 
 Nett amount of duties oh merchandise - - - 
 
 Duties on tonnage ...... 131,325 01 
 
 Light money ------ 24,027 99 
 
 Duties on passports and clearances - 
 
 Gross revenue, as per statement A. - - - ... 
 
 Deduct expenses on collection ..... 
 
 Nett revenue - - 
 
 13,195,135 74 
 55,974 97 
 
 165,447 28 
 13,416,557 99 
 
 155,353 00 
 14,928 00 
 
 13,586,838 99 
 475,838 95 
 
 $13,111,000 04 
 
1813.] 
 
 SECRETARY OF THE TREASURY. 
 
 507 
 
 Explanatory Statements and Notes. 
 
 a Additional 
 
 duty of 2§ per cent. 
 
 . 
 
 - 
 
 - 
 
 $595,685 35 
 
 3$ per cent 
 
 . retained on drawback 
 
 . 
 
 - 
 
 786 54 
 
 Extra duty 
 
 of 10 
 
 per cent, on 
 
 merchandise 
 
 imported in foreig 
 
 ;n vessels 
 
 1,143 00 
 
 
 597,614 89 
 
 h Spirits — 
 
 
 
 
 Grain 
 
 - 
 
 - 
 
 1st proof 
 
 55,253 
 
 gallons, 
 
 at 28 cents 
 
 15,471 40 
 
 Grain 
 
 . 
 
 . 
 
 1st proof 
 
 16,427 
 
 do 
 
 56 cents 
 
 9,199 12 
 
 Grain 
 
 . 
 
 . 
 
 2d proof 
 
 114 do 
 
 29 cents 
 
 33 06 
 
 Other materials 
 
 : - 1st and 2d proof 1,116,696 do 
 
 25 cents 
 
 279,174 00 
 
 Do 
 
 
 * 1st and 2d proof 
 
 464,531 
 
 do 
 
 50 cents 
 
 232,265 50 
 
 Do 
 
 
 - 
 
 3d proof 
 
 1,063,759 
 
 do 
 
 28 cents 
 
 297,852 52 
 
 Do 
 
 
 - 
 
 3d proof 
 
 417,126 do 
 
 56 cents 
 
 233,590 56 
 
 Do 
 
 
 - 
 
 4th proof 
 
 527,246 do 
 
 32 cents 
 
 168,718 72 
 
 Do 
 
 
 - 
 
 4th proof 
 
 425,677 do 
 
 64 cents 
 
 272,433 28 
 
 Do 
 
 
 - 
 
 5th proof 
 
 224 do 
 
 38 cents 
 
 85 12 
 
 Do 
 
 
 - 
 
 5th proof 
 
 14,832 do 
 
 76 cents 
 
 11,272 32 
 
 Do 
 
 
 
 6th proof 
 
 841 
 
 do 
 gallons 
 
 46 cents 
 
 386 86 
 
 
 4,102,728 
 
 $1,520,482 46 
 
 c Sugar — 
 
 
 
 
 Brown 
 
 - 
 
 - 
 
 35,976,034 pounds, 
 
 at 2J cents 
 
 899,400 85 
 
 Brown 
 
 - 
 
 - 
 
 20,253,037 do 
 
 5 cents 
 
 1,002,651 85 
 
 White 
 
 - 
 
 - 
 
 ' - 
 
 2,671,721 do 
 
 3 cents 
 
 80,151 63 
 
 White 
 
 
 
 6' 
 
 1,265,290 
 
 do 
 
 6 cents 
 
 75,917 40 
 
 
 0,166,082 j 
 
 pounds. 
 
 $2,058,121 73 
 
 d Wines — > 
 
 
 
 
 Madeira, 
 
 1st quality, 
 
 - 
 
 53,175 
 
 gallons, 
 
 at 58 cents 
 
 30,842 08 
 
 Do 
 
 
 do 
 
 - 
 
 53,116 
 
 do 
 
 116 cents 
 
 61,614 56 
 
 Do 
 
 2d quality, 
 
 - 
 
 21,166 
 
 do 
 
 50 cents 
 
 10,583 00 
 
 Do 
 
 
 do 
 
 - 
 
 3,619 
 
 do 
 
 100 cents 
 
 3,619 00 
 
 Burgundy 
 
 ' and Champaign 
 
 - 
 
 1,052 
 
 do 
 
 45 cents 
 
 473 40 
 
 Do 
 
 
 do 
 
 - 
 
 514 do 
 
 90 cents 
 
 462 60 
 
 Sherry and St. '. 
 
 Lucar, 
 
 - 
 
 16,153 do 
 
 40 cents 
 
 6,461 20 
 
 Do 
 
 
 do 
 
 - 
 
 11,073 do 
 
 80 cents 
 
 8,858 40 
 
 Claret, &c. in 
 
 bottles, - 
 
 - 
 
 15,536 do 
 
 35 cents 
 
 5,437 60 
 
 Do 
 
 
 do 
 
 . 
 
 8,339 do 
 
 70 cents 
 
 5,837 30 
 
 Lisbon, Oporto, 
 
 , &c. 
 
 - 
 
 38,733 do 
 
 30 cents 
 
 11,619 90 
 
 Do 
 
 do 
 
 - 
 
 . 
 
 52,287 do 
 
 60 cents 
 
 31,372 20 
 
 Teneriffe, 
 
 Fay a 
 
 1, and Malaga 
 
 » 
 
 371,925 do 
 
 28 cents 
 
 104,139 00 
 
 Do 
 
 do 
 
 do 
 
 
 287,613 do 
 
 56 cents 
 
 161,063 28 
 
 All other, 
 
 in casks, 
 
 - 
 
 271,673 do 
 
 23 cents 
 
 62,484 79 
 
 Do 
 
 do 
 
 
 : 
 
 245,938 
 
 do 
 
 gallons. 
 
 46 cents 
 
 113,131 48 
 
 
 1,451,912 g 
 
 $617,999 79 
 
 e Teas — 
 
 
 
 
 Bohea, 
 
 - 
 
 - 
 
 . 
 
 90,544 pounds, 
 
 at 12 cents 
 
 10,865 28 
 
 Do 
 
 . 
 
 - 
 
 . 
 
 41,342 do 
 
 24 cents 
 
 9,922 08 
 
 Souchong 
 
 t 
 
 - , 
 
 . 
 
 45,691 do 
 
 18 cents 
 
 8,224 38 
 
 Do 
 
 . 
 
 - 
 
 . 
 
 40,380 do 
 
 36 cents 
 
 14,536 SO 
 
 Hyson, 
 
 - 
 
 • 
 
 . 
 
 303,708 do 
 
 32 cents 
 
 97,186 56 
 
 Do 
 
 - 
 
 - 
 
 . 
 
 112,169 do 
 
 64 cents 
 
 71,788 16 
 
 Other green, 
 
 - 
 
 . 
 
 1,818.571 do 
 
 20 cents 
 
 363,714 20 
 
 Do 
 
 - 
 
 - 
 
 . 
 
 191,924 do 
 
 40 cents 
 
 76,769 60 
 
 Extra duty on 
 
 teas imported from 
 
 other 
 
 
 
 
 places than '. 
 
 [ndia, 
 
 
 
 - 
 
 pounds. 
 
 
 4,602 56 
 
 
 2,644,329 
 
 $657,609 62 
 
 65 
 
508 REPORTS OF THE [1813. 
 
 Explanatory Statements and Notes — Continued. 
 
 
 
 Quantity. 
 
 Rate of 
 
 Excess of 
 
 
 
 
 Excess of 
 
 Excess of 
 
 
 
 Excess of 
 
 duty. 
 
 duties over 
 
 drawback 
 
 / All other articles. 
 
 
 importation 
 over expor- 
 tation. 
 
 exporta- 
 tion over 
 importa- 
 
 Cents. 
 
 drawback. 
 
 over duties. 
 
 
 
 
 tion. 
 
 
 
 
 Domestic Spirits, 1st proof, 
 
 galls. 
 
 28 
 
 
 7 
 
 1 96 
 
 
 Do do 1st proof, 
 
 do 
 
 1,219 
 
 - 
 
 14 
 
 170 66 
 
 
 Do do 4th proof, (from 
 
 
 
 
 
 
 molasses^ 
 
 galls. 
 
 233 
 
 - 
 
 34 
 
 79 22 
 
 
 Beer, Ale, and Porter, 
 
 do 
 
 496 
 
 - 
 
 8 
 
 39 68 
 
 
 Do do 
 
 do 
 
 46,039 
 
 , 
 
 16 
 
 7,366 24 
 
 
 Cocoa, - - P 
 
 ounds 
 
 28,624 
 
 . 
 
 2 
 
 572 48 
 
 
 Do - 
 
 do 
 
 748,637 
 
 . . 
 
 4 
 
 29,945 48 
 
 
 Chocolate, 
 
 do 
 
 837 
 
 * 
 
 3 
 
 25 11 
 
 
 Do - 
 
 do 
 
 81 
 
 . 
 
 6 
 
 4 86 
 
 
 Sugar candy, 
 
 do 
 
 179 
 
 - 
 
 iii 
 
 20 59 
 
 
 Do 
 
 do 
 
 52 
 
 . 
 
 23 
 
 11 96 
 
 
 Almonds, 
 
 do 
 
 338,205 
 
 - 
 
 2 
 
 6,764 10 
 
 
 Do - 
 
 do 
 
 61,022 
 
 - 
 
 4 
 
 2,440 88 
 
 
 Fruits — Currants, 
 
 do 
 
 33,562 
 
 . 
 
 2 
 
 671 24 
 
 
 Do 
 
 do 
 
 134,495 
 
 . 
 
 4 
 
 5,379 80 
 
 
 Prunes and plums, 
 
 do 
 
 44,090 
 
 . 
 
 2 
 
 881 80 
 
 
 Do 
 
 do 
 
 1,694 
 
 -■ 
 
 4 
 
 67 76 
 
 
 Figs, - 
 
 do 
 
 237,178 
 
 . 
 
 2 
 
 4,743 56 
 
 
 Do - 
 
 do 
 
 13,741 
 
 . 
 
 4 
 
 549 64 
 
 
 Raisins, in jars, &c. 
 
 do 
 
 402,288 
 
 . 
 
 2 
 
 8,045 76 
 
 
 Do do - 
 
 do 
 
 42,066 
 
 - 
 
 4 
 
 1,682 64 
 
 
 Do ail other, 
 
 do 
 
 448,615 
 
 - 
 
 H 
 
 6,729 22 
 
 
 Do do - 
 
 do 
 
 1,475 
 
 . 
 
 3 
 
 44 25 
 
 
 Candles — Tallow, 
 
 do 
 
 - 
 
 4,492 
 
 2 
 
 - 
 
 W 84 
 
 Wax or sperm., 
 
 do 
 
 4,318 
 
 . 
 
 6 
 
 259 08 
 
 
 Do do 
 
 do 
 
 2,088 
 
 . 
 
 12 
 
 250 56 
 
 
 Cheese, 
 
 do 
 
 14,713 
 
 
 7 
 
 1,029 91 
 
 
 Do - 
 
 do 
 
 8,221 
 
 . 
 
 14 
 
 1,150 94 
 
 
 Soap, - - - 
 
 do 
 
 107,236 
 
 . 
 
 2 
 
 2,144 72 
 
 
 Do - 
 
 do 
 
 184,196 
 
 . 
 
 4 
 
 7,367 84 
 
 
 Tallow, 
 
 do 
 
 492,991 
 
 . 
 
 ii 
 
 7,394 86 
 
 
 Do - 
 
 do 
 
 128,669 
 
 - 
 
 3 
 
 3,860 07 
 
 
 Spices — Mace, 
 
 do 
 
 
 3,750 
 
 125 
 
 - 
 
 4,687 50 
 
 Nutmegs, 
 
 do 
 
 - 
 
 12,369 
 
 50 
 
 - 
 
 6,184 50 
 
 Cinnamon, 
 
 do 
 
 - 
 
 15,022 
 
 20 
 
 - 
 
 3,004 40 
 
 Cloves, 
 
 do 
 
 48,236 
 
 - 
 
 40 
 
 19,294 40 
 
 
 Pepper, 
 
 do 
 
 69,681 
 
 - 
 
 6 
 
 4,180 86 
 
 
 Do 
 
 do 
 
 132,138 
 
 - 
 
 12 
 
 15,856 56 
 
 
 Pimento, 
 
 do 
 
 94,639 
 
 - 
 
 4 
 
 3,785 56 
 
 
 Do 
 
 do 
 
 53,345 
 
 - 
 
 8 
 
 4,267 60 
 
 
 Cassia, 
 
 do 
 
 166,596 
 
 . 
 
 4 
 
 6,663 84 
 
 
 Do 
 
 do 
 
 50,228 
 
 - 
 
 8 
 
 4,018 24 
 
 
 Tobacco, manufact'ed, other 
 
 
 
 
 
 
 than snuff and cigare, 
 
 do 
 
 2,172 
 
 . 
 
 6 
 
 130 32 
 
 
 Do do do 
 
 do 
 
 5,077 
 
 . 
 
 12 
 
 609 24 
 
 
 Snuff, - 
 
 do 
 
 38 
 
 . 
 
 10 
 
 3 80 
 
 
 Do - 
 
 do 
 
 355 
 
 . 
 
 20 
 
 71 00 
 
 
 Indigo, 
 
 do 
 
 9,663 
 
 - 
 
 25 
 
 2,415 75 
 
 
 Do - 
 
 do 
 
 67,734 
 
 . 
 
 50 
 
 33,867 00 
 
 
 Cotton, 
 
 do 
 
 35,386 
 
 . 
 
 3 
 
 1,061 58 
 
 
 Do - 
 
 do 
 
 859,192 
 
 . 
 
 6 
 
 51,551 52 
 
 
 Starch, 
 
 do 
 
 389 
 
 . 
 
 3 
 
 11 67 
 
 
 Do - 
 
 do 
 
 4,179 
 
 - 
 
 6 
 
 250 74 
 
 
1813.1 SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes — Continued. 
 
 509 
 
 
 Quantity. 
 
 Rate of 
 
 Excess of 
 
 
 
 
 Excess of 
 
 Excess of 
 
 
 Excess of 
 
 duty. 
 
 duties over 
 
 drawback 
 
 / All other articles 
 
 importation 
 over expor- 
 tation . 
 
 exporta- 
 tion over 
 importa- 
 tion. 
 
 Cents. 
 
 drawback. 
 
 over duties. 
 
 Gunpowder, - - pounds 
 
 6,414 
 
 . 
 
 8 
 
 513 12 
 
 
 Glue, do 
 
 9,608 
 
 - 
 
 4 
 
 384 32 
 
 
 Do - - - do 
 
 42,130 
 
 - 
 
 8 
 
 3,370 40 
 
 
 Iron — Anchors and sheet do 
 
 101,659 
 
 . 
 
 n 
 
 1,524 88 
 
 
 Do do do 
 
 404,491 
 
 - 
 
 3 
 
 12,134 73 
 
 
 Slit and hoop, - do 
 
 176,131 
 
 ■ 
 
 1 
 
 1,761 31 
 
 
 Do do - do 
 
 423,422 
 
 . 
 
 2 
 
 8,468 44 
 
 
 Pewter, plates and dishes, do 
 
 4,430 
 
 . 
 
 8 
 
 354 40 
 
 
 Nails, do 
 
 739,462 
 
 . 
 
 4 
 
 29,578 48 
 
 
 Spikes, do 
 
 94,874 
 
 
 2 
 
 1,897 48 
 
 
 Quicksilver, - - do 
 
 74,386 
 
 - 
 
 6 
 
 4,463 16 
 
 
 Do do 
 
 9,579 
 
 - 
 
 12 
 
 1,149 48 
 
 
 Paints — Ochre, in oil, do 
 
 336 
 
 - 
 
 3 
 
 10 08 
 
 
 dry, yellow do 
 
 91,573 
 
 - 
 
 1 
 
 915 73 
 
 
 Spanish brown, do 
 
 4,533 
 
 - 
 
 1 
 
 45 33 
 
 
 Do - do 
 
 22,135 
 
 . 
 
 2. 
 
 442 70 
 
 
 White and red lead, do 
 
 87,751 
 
 . 
 
 2 
 
 1,755 02 
 
 
 Do do do 
 
 1,133,148 
 
 
 4 
 
 45,325 92 
 
 
 Lead, and manufact's of lead, do 
 
 405,271 
 
 . 
 
 1 
 
 4,052 71 
 
 
 Do do do do 
 
 826,955 
 
 . 
 
 2 
 
 16,539 10 
 
 
 Seines, do 
 
 686 
 
 - 
 
 8 
 
 54 88 
 
 
 Cordage — Tarred, - do 
 
 83,969 
 
 - 
 
 2 
 
 1,679 38 
 
 
 Do do 
 
 153,786 
 
 - 
 
 4 
 
 6,151 44 
 
 
 JJntarred, - do 
 
 46,139 
 
 - 
 
 n 
 
 1,153 47 
 
 
 Do - do 
 
 23,184 
 
 - 
 
 5 
 
 1,159 20 
 
 
 Cables, - - do 
 
 - 
 
 33,557 
 
 2 
 
 - 
 
 671 14 
 
 Steel, - - - cwt. 
 
 2,332,223 
 
 - 
 
 100 
 
 2,332 71 
 
 
 Do - - - do 
 
 5,626,212 
 
 - 
 
 200 
 
 11,253 21 
 
 
 Hemp, do 
 
 17,529,323 
 
 
 100 
 
 17,529 96 
 
 
 Do - - - do 
 
 293,300 
 
 • 
 
 200 
 
 587 50 
 
 
 Twine, - - do 
 
 125,221 
 
 - 
 
 400 
 
 502 75 
 
 
 Do - - - do 
 
 566,303 
 
 . 
 
 800 
 
 4,534 21 
 
 
 Glauber salts, do 
 
 6,306 
 
 - 
 
 400 
 
 27 21 
 
 
 Coal, - bushels 
 
 4,737 
 
 - 
 
 5 
 
 236 85 
 
 . 
 
 Do - - - do 
 
 96,456 
 
 . 
 
 10 
 
 9,645 60 
 
 
 Malt, - - - do 
 
 6 
 
 - 
 
 20 
 
 1 20 
 
 
 Fish — Dried or smoked, quintals 
 
 1 
 
 . 
 
 50 
 
 50 
 
 / 
 
 Do do - do 
 
 9,095 
 
 - 
 
 100 
 
 9,095 00 
 
 
 Pickled salmon, barrels 
 
 690 
 
 - 
 
 200 
 
 1,380 00 
 
 
 mackerel, do 
 
 86 
 
 . 
 
 120 
 
 103 20 
 
 
 all other, do 
 
 73 
 
 . 
 
 40 
 
 29 20 
 
 
 Do - do 
 
 380 
 
 . 
 
 80 
 
 304 00 
 
 
 Glass— black quart bottles, gross 
 
 925 
 
 • 
 
 60 
 
 555 00 
 
 
 Do do - do 
 
 2,470 
 
 - 
 
 120 
 
 2,964 00 
 
 
 window, not above 8 by 10, 
 
 
 
 
 
 
 100 sq. ft. 
 
 1,413 
 
 - 
 
 160 
 
 2,260 80 
 
 
 Do do do do 
 
 3,952 
 
 - 
 
 320 
 
 12,646 40 
 
 
 Do do 10 by 12, do 
 
 151 
 
 - 
 
 175 
 
 264 25 
 
 
 Do do do do 
 
 282 
 
 - 
 
 350 
 
 987 00 
 
 
 all above do do 
 
 26 
 
 
 225 
 
 58 50 
 
 
 Do do do do 
 
 463 
 
 . 
 
 450 
 
 2,083 50 
 
 
 Cigars, . - M 
 
 7,745 
 
 - 
 
 200 
 
 15,490 00 
 
 
 Do - - - do 
 
 2,668 
 
 [i 
 
 400 
 
 10,672 00 
 
 
510 
 
 REPORTS OF THE [1813. 
 
 Explanatory Statements and Notes — Continued. 
 
 
 
 Quantity. 
 
 Rate of 
 
 Excess of 
 
 
 
 
 Excess of 
 
 Excess of 
 
 
 
 Excess of 
 
 duty. 
 
 duties over 
 
 drawback 
 
 / All other articles. 
 
 
 importation 
 over expor- 
 tation. 
 
 tion over 
 importa- 
 tion. 
 
 Cents. 
 
 drawback. 
 
 over duties. 
 
 Boots, - 
 
 pairs 
 
 414 
 
 . 
 
 150 
 
 621 00 
 
 
 Do - 
 
 do 
 
 1 
 
 - 
 
 75 
 
 75 
 
 
 Shoes and Slippers — Silk, 
 
 do 
 
 3,692 
 
 - 
 
 25 
 
 923 00 
 
 
 Do 
 
 do 
 
 581 
 
 - 
 
 50 
 
 290 50 
 
 
 Kid & Mor 
 
 do 
 
 6,943 
 
 . 
 
 15 
 
 1,041 45 
 
 
 Do do 
 
 do 
 
 5,144 
 
 - 
 
 30 
 
 1,543 20 
 
 
 Children's 
 
 do 
 
 53 
 
 - 
 
 10 
 
 5 30 
 
 
 Do 
 
 do 
 
 105 
 
 - 
 
 20 
 
 21 00 
 
 
 Cards — Wool and cotton, dc 
 
 zens 
 
 3 
 
 - 
 
 50 
 
 1 50 
 
 
 Paints — Ochre, dry yellow, 
 
 lbs. 
 
 7,765 
 
 
 2 
 
 155 30 
 
 
 
 502,769 26 
 
 14,637 38 
 
 Deduct excess of drawback 
 
 over 
 
 
 
 
 
 
 duties. 
 
 
 
 
 $ 
 
 14,637 38 
 
 
 
 488,131 88 
 
 
 Tkeasury Department, 
 
 Register's Office, December 9th, 1813. 
 
 JOSEPH NQURSE. 
 
1813.] 
 
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518 REPORTS OF THE [1813. 
 
 F. 
 
 STATEMENT of Moneys received into the Treasury during the year 
 
 1813, for Treasury Notes, bearing interest, at the rate of 5-| per cent, 
 per annum. 
 
 Notes issued under the act of June 30th, 1812: 
 
 Received aTthe State Bank, Boston, - $400,000 00 
 
 Manhattan Bank, NewYork, - - 400,000 00 
 
 Mechanics' Bank, do. - - 600,000 00 
 
 New York State Bank, Albany, - 179,800 00 
 
 Bank of Pennsylvania, Philadelphia, - 185,600 00 
 
 Bank of Columbia, Washington, - 100,000 00 
 
 Union Bank, Georgetown, Columbia, - ., 50,000 00 
 
 Bank of Chillicothe,Chillicothe, - 49,100 00 
 
 Miami Exporting Company, Cincinnati, 100,000 00 
 
 Bank of Kentucky, Frankfort, - 100,000 00 
 
 2,164,500 00 
 
 Notes issued under the act of February 25th, 1813: 
 
 Received at the Cumberland Bank, Portland, - - $ 100, 000 00 
 
 Merchants' Bank, Salem, - - 30,000 00 
 
 State Bank, Boston, - 1,000,000 00 
 
 Manhattan Bank, New York, - - 250,000 00 
 
 Mechanics' Bank, do. - - 750,000 00 
 
 Bank of Troy, Troy, (New York,) - 100,000 00 
 
 Bank of Pennsylvania, Philadelphia, - 1,000,000 00 
 
 Bank of Columbia, Washington, - 200,000 00 
 
 Farmers' Bank of Alexandria, - 200,000 00 
 
 Planters' Bank, Savannah, - - 300,000 00 
 
 $3,930,000 00 
 
1813.] SECRETARY OF THE TREASURY. 519 
 
 G. 
 
 LOAN OF SEVEN MILLION FIVE HUNDRED THOUSAND 
 
 DOLLARS. 
 
 The annexed notification, marked G a., was issued on the 30th of August, 
 1813; and in pursuance thereof, proposals were received on the 25th of Sep- 
 tember, for loaning money to the United States, on a 6 per cent., to be re- 
 ceived by the lenders at various rates, amounting in the whole to 12,791,500 
 dollars. A copy of one of these proposals is annexed, marked Gb., the 
 others were substantially of the same form. After rejecting those least fa- 
 vorable to the United States, and apportioning, by an equal rule, among those 
 that were accepted, the sum that was to be received on loans the following 
 proposals for the sums annexed to each were accepted, by a letter addressed 
 to each of the persons making the proposals, in substance, the same as that 
 annexed, marked G c. viz: 
 
 Jonathan Smith, of Philadelphia, - - $2,152,000 00 
 
 Jacob Barker, of New York, ... 1,435,00000 
 
 Ralph Higinbotham, of Baltimore, - 1,435,000 00 
 
 Quintin Campbell, of Philadelphia, - - - 468,000 00 
 
 Fitz G. Halleck, of New York, - - - 288,000 00 
 
 Thomas W. Bacot, of Charleston, S. C. - - 221,000 00 
 
 William Cochran, of Boston, - 151,000 00 
 
 George T. Dunbar, of Baltimore, - 147,000 00 
 
 G. B. Vroom, of New York, - 144,000 00 
 
 Henry Kuhl, of Philadelphia, ... 144,000 00 
 
 Isaac McKim, of Baltimore, - 144,000 00 
 
 Whitehead Fish, of New York, - 118,000 00 
 
 John Duer, of Baltimore, - 118,000 00 
 
 William G. Cochran, of Baltimore, - 110,000 00 
 
 Jacob G. Koch, of Philadelphia, - 10S,000 00 
 
 William Whann, of Washington, - 73,000 00 
 
 James Cox, of Baltimore, - - - - 72,000 00 
 
 Thomas Gumming, of Augusta, Georgia., - - 72,000 00 
 
 The Navy Pension Fund, - 100,000 00 
 
 7,500,000 00 
 
 And the aforesaid sum of §7, 500,000 was made payable at the folio wing- 
 places, viz: 
 
 At Wiscasset, Maine, - 75,000 00 
 
 New York, ----- 2,025,000 00 
 
 New Brunswick, N. J. - - - 36,000 00 
 
 Philadelphia, - - - - 2,384,000 00 
 
 Baltimore, - - - - - 2,514,000 00 
 
 Washington, ----- 73,000 00 
 
 ! Washington, Navy Pension Fund, - - 100,000 00 
 
 Charleston, S. C. - - - - 221,000 00 
 
 Augusta, Georgia, - 72,000 00 
 
 $7,500,000 00 
 
520 REPORTS OF THE [1813. 
 
 Get. 
 
 NOTICE. 
 
 Treasury Department, 
 
 .August 30th, 1813. 
 
 Whereas, by an act of Congress, passed on the 2d day of August, 1813, 
 the President of the United States is authorized to borrow, on the credit of 
 the United States, a sum not exceeding seven millions five hundred thousand 
 dollars: And whereas, the President of the United States did, by an act or 
 commission under his hand, dated the 7th day of August, 1813, authorize 
 and empower__the acting Secretary of the Treasury to borrow, on behalf of 
 the United States, the aforesaid sum of seven millions five hundred thousand 
 dollars, pursuant to the act of Congress above recited: 
 
 PUBLIC NOTICE IS THEREFORE HEREBY GIVEN, 
 
 That proposals will be received by the acting Secretary of the Treasury, 
 until the twenty-fifth day of September next, from any person or persons, bo- 
 dy or bodies corporate, who may offer, for themselves or others, to loan to the 
 United States, the whole or any part, not less than one hundred thousand 
 dollars, of the aforesaid sum of seven millions five hundred thousand dollars. 
 
 The stock to be issued for the money loaned, will bear an interest of six 
 per cent, per annum, payable quarter yearly, and the proposals must dis- 
 tinctly state the amount of money offered to be loaned, and the rate at which 
 the aforesaid stock will be received for the same. 
 
 The amount loaned is to be paid into a bank or banks authorized by the 
 Treasury, in instalments, in the following manner, viz: 
 
 One-eighth part, or twelve dollars and fifty cents on each hundred dollars, 
 on the 15th day of October next. 
 
 One-eighth part, on the 15th day of November next. 
 
 One fourth part, or twenty-five dollars on each hundred dollars, on the 
 15th day of each of the ensuing months of December, January, and Februa- 
 ry next. 
 
 The proposals must specify the place where the money is to be paid. 
 
 If proposals differing in terms from one another should be accepted, the 
 option will be allowed to any persons whose proposals may be accepted, of 
 taking the terms allowed to any other person whose proposals may be ac- 
 cepted. 
 
 No proposals will be received for a sum less than one hundred thousand 
 dollars; but a commission of one-eighth of one percent, will be allowed to any 
 person collecting subscriptions for the purpose of incorporating them in one 
 proposal, to the amount of one hundred thousand dollars or upwards, pro- 
 vided that such proposal shall be accepted. 
 
 A commission of one-eighth of one per cent, will also be allowed to the 
 Cashiers of the Banks where the payments shall be made ; who will issue 
 scrip-certificates to the persons making the payments, and will endorse 
 thereon the payments of the several instalments when made. 
 
 On failure of payment of any instalment, the next preceding instalment 
 to be forfeited. 
 
 The scrip-certificates will be assignable by endorsement and delivery ; 
 and will be funded after the completion of the payments, upon presentation 
 
1813.] SECRET ARY OF THE TREASURY. 52 1 
 
 by the proprietor to the Commissioner of Loans for the State where the pay- 
 ments have been made. 
 
 The funded stock to be thus issued, will be irredeemable till the 31st day 
 of December, 1525; will be transferable in the same manner as the other 
 funded stock of the United States; and will be charged for the regular and 
 quarterly payment of its interest, and for the eventual reimbursement of its 
 principal, upon the annual fund of eight millions of dollars appropriated for 
 the payment of the principal and interest of the debt of the United States, 
 in the manner pointed out in the aforesaid act of the 2d of August, 1813. 
 
 W. JONES, 
 Acting Secretary of the Treasury. 
 
 Gb. 
 
 City of Washington, September 25, 1S13. 
 
 Sir: Having, agreeably to the terms of your public notice of the 30th of 
 August last, collected subscriptions for the purpose of incorporating them in 
 one proposal, I hereby propose to take of the loan of seven millions five 
 hundred thousand dollars, the sum of three million of dollars, payable at the 
 Bank of Pennsylvania on the following terms, viz: for every hundred dol-> 
 lars in six per cent, stock, I will give eighty-eight dollars and twenty-five 
 cents in money, or for the privilege of paying the balance at any subsequent 
 instalment after the first, I will give for every hundred dollars of the afore- 
 said stock, eighty-eight dollars and fifty cents in money. 
 I have the honor to be, 
 
 With great respect, sir, 
 
 Your obedient servant, 
 
 JONA: SMITH. 
 The Hon. the Secretary of the Treasury. 
 
 G c. 
 
 Treasury Department, September 25, 1S13. 
 
 Sir: More than twelve millions and a half of dollars were this day offer- 
 ed for the loan of seven and a haif millions. The rate at which the loan is 
 taken, is eighty-eight dollars and twenty-five cents in money for each hun- 
 dred dollars in stock. Your proposal for three millions of dollars of the 
 loan, having been at this rate, has been accepted; but in consequence of the 
 large surplus offered, it has been necessary to reduce the amount allowed to 
 you to two millions one hundred and fifty-two thousand dollars. Upon 
 completing the payment of this sum in the proportions and at the periods 
 stated in the public notification relating to this loan, of the 30th of August 
 last, you will be entitled to receive stock at the rate above-mentioned. 
 
52% REPORTS OF THE [1813. 
 
 If you shall desire, or any of the persons in whose behalf your proposal 
 was made, to obtain the certificates of funded stock before the 15th of Feb- 
 ruary next, the day on which the last instalment of the loan will be payable 
 it may be effected, by paying on any day fixed for the payment of an instal- 
 ment, after the first, all the subsequent instalments; but interest will in such 
 case be allowed only as if each instalment had been paid on the day fixed in 
 the public notification of the 30th of August. You will be pleased, on receipt 
 of this letter, to state to me the Bank or Banks in which the money will be 
 paid; and if more than one, the precise sum payable at each; and on or be- 
 fore the 15th of October, will furnish the Cashier or Cashiers of such Bank 
 or Banks, with the names of the persons in whose behalf your proposal has 
 been made, and the sums payable by each. 
 
 The commission of one-eighth per cent, will be paid from the Treasury, 
 after the payment of the first instalment on the 15th of October next. 
 I am, respectfully, sir, 
 
 Your obedient servant, 
 
 W. JONES, 
 Acting Secretary of the Treasury. 
 Jonathan Smith, Esq. Philadelphia. 
 
1814.] SECRETARY OF THE TREASURY. 533 
 
 REPORT ON THE FINANCES. 
 
 DECEMBER, 1814. 
 
 The Secretary of the Treasury, in obedience to the act lt supplementary 
 to the act, entitled an act to establish the Treasury Department," has the 
 honor respectfully to submit to Congress the following report and estimates. 
 
 The sums authorized by Congress to be expended during the year 1814, 
 and for which appropriations have been made, are as follows: 
 
 1. For Civil, Diplomatic, and Miscellane- 
 ous expenses, - - - 82,245,355 59 
 
 To this sum is to be added, the amount 
 which may be payable on the following ac- 
 counts, viz: 1. The amount of fines, penal- 
 ties, and forfeitures actually received into the 
 Treasury, which is appropriated for defray- 
 ing the expenses of courts of the United 
 States. 2. The sums received by the Collec- 
 tors of the Customs for the Marine Hospital 
 Fund and Privateer Pension Fund, which are 
 paid into the Treasury with the other moneys 
 derived from the customs, but are exclusive- 
 ly applicable to the. two objects here men- 
 tioned, respectively. 3. The moneys receiv- 
 ed into the Treasury for the United States' 
 moiety of prizes captured by public vessels, 
 which belong exclusively to the Navy Pen- 
 sion Fund. These items are contingent and 
 uncertain, until the accounts for the year are 
 made up, and their amount ascertained. As 
 they appear among the receipts into the Trea- 
 sury, they must also be placed among its ex- 
 penditures. They may be estimated for the 
 year IS 14, at - - - 200,000 00 
 
 - . 2,445,355 59 
 
 2. Military expenses, including the Indian Department, 
 and the permanent appropriation of 200,000 dollars annu- 
 ally, for arming and equipping the whole body of the mili- 
 tia" of the United States, - - - - 24,502,906 00 
 
 3. Naval expenses, including 200,000 dollars for the 
 purchase of timber, appropriated by the act of March 30, 
 
 1812, .._..- 8,169,910 87 
 
 67 
 
524 REPORTS OF THE [1814. 
 
 4. For the Public Debt, such sum as the public engage- 
 ments may require; and which, during the year 1814, may 
 be estimated as follows: 
 
 Interest on the public debt existing previously to the pre- 
 sent war, - - - 1,980,000 00 
 
 Interest on the debt contracted during the 
 present war, including the loans of the pre- 
 sent year and Treasury Notes, - 2,950,000 00 
 
 Reimbursement of principal, consisting of 
 the annual reimbursement of the old six per 
 cent, and deferred stocks, temporary loans 
 pa)^able during this year, and Treasury Notes 
 reimbursable -during the same period, 7,572,000 00 
 
 12,502,000 00 
 But for these purposes there had been ad- 
 vanced from the Treasury during fhe year 
 1813, to sundry Commissioners of Loans, 
 beyond the demands "upon them for the year 
 1813, and to the Treasurer of the United 
 States as Agent for the Commissioners of the 
 Sinking Fund, about - - 350,000 00 
 
 Leaving payable during the year 1814, - - . 12,152,000 00 
 
 47,270,172 46 
 
 The means by which this sum was to be provided, were the following: 
 1. Moneys receivable on account of the public revenue, and which were 
 estimated asfoilows: 
 
 From the Customs, - - 6,500,000 00 
 
 Sales of Public Lands, - 600,000 00 
 
 Direct Tax and Internal Duties, 3,S00,000 00 
 
 Postage, and Incidental Receipts, 50,000 00 
 
 2. Moneys receivable for the proceeds of loans, and for 
 Treasury Notes to be issued, as follows : 
 
 Amount payable into the Treasury during 
 the year 1814, of the loan of seven and a 
 half millions, made under the act of August 
 2, 1813, - - - 3,592,665 00 
 
 Amount authorized to be borrowed by the 
 act of March 24, 1814, - - 25,000,000 00 
 
 Amount authorized by the act of March 4, 
 1814, to be issued in Treasury Notes, 5,000,000 00 
 
 10,950,000 00 
 
 33,592,665 00 
 
 And it was estimated, that out of the balance of cash re- 
 maining in the Treasury on the 1st day of January, 1814, 
 which amounted to $ 5,196,4S2 00, there might be applied 
 a sum sufficient to cover the whole amount of the authoriz- 
 ed expenditures, and which would be - - 2,727 507 46 
 
 $47,270,172 46 
 
1814.] SECRETARY OF THE TREASURY. 535 
 
 The accounts of the Treasury have as yet been made up only for the two 
 first quarters of the year 1814, or to the 30th of June, of that year. The 
 annexed statement, marked A., shows the receipts and expenditures at the 
 Treasury for the fourth quarter of the year 1813, which have not before 
 been communicated to Congress, and separately, those of the two first quar- 
 ters of the year 1814. 
 
 By this statement, it appears that the payments from the Treasury during 
 the first half of the present year, have been- — 
 
 For Civil, Diplomatic, and Miscellaneous expenses, 1,444,062 60 
 
 Military, - - - do. - 11,210,238 00 
 
 Naval, - - - do. - 4,012,899 90 
 
 Public Debt, - - - do. 3,026,580 77 
 
 19,693,781 27 
 And would leave payable during the remainder of the- 
 year, on those several accounts, the following sums: 
 
 For Civil, Diplomatic, and Miscellaneous 
 
 expenses, - - "' ' - - 1,001,292 99 
 
 Military expenses - . - 13,292,668 00 
 
 Naval, do. - - 4,157,010 97 
 
 Public Debt, do. .- - 9,125,419 23 
 
 27,576,391 19 
 
 '47,270,172 46 
 
 The receipts into the Treasury during the first half of the present year, 
 have been as follows: 
 
 For the proceeds of the Customs, - - 4,182,088 25 
 
 Public Lands, (including those in the Mississippi 
 
 Territory, the proceeds of which are now payable 
 
 to the State of Georgia,) - - - 540,065 68 
 
 Internal Duties and Direct Tax, - - 2,189,272 40 
 
 Postage, and Incidental Receipts, - - 166,744 00 
 
 7,078,170 33 
 Loan of seven and a half millions, under the act of Au- 
 gust 2, 1S13, -. - - 3,592,665 00 
 
 Loan of ten millions, (part of 25 millions,) 
 under the act of March 24, 1814, - 6,087,011 00 
 
 9,679,676 00 . 
 Treasury Notes, issued under the act of 
 February 25, 1813, - 1,070,000 00 
 
 Treasury Notes, issued under 
 the act of March 4, 1814, 1,392,100 00 
 
 2,462,100 00 
 
 12,141,776 00 
 
 19,219,946 33 
 And there remained cash in the Treasury, on the 1st of 
 
 July, 1814, - - - - - - 4,722,639 32 
 
 $ 23,942,585 65 
 
52G REPORTS OF THE [1814. 
 
 To make up the sum, therefore, which will be wanted to 
 meet the expenditures as above estimated, there must be ob- 
 tained during the third and fourth quarters of the present 
 year, - - - - - 23,327,586 81 
 
 47,270,172 46 
 
 And the further sum of 1,500,000 dollars, which is the least that ought at 
 any time during a state of war, to be left in the Treasury, 
 making - - .'■* - - $ 24,827, 586 81 
 
 Of this amount it is estimated that there will be derived from the various 
 sources of existing revenue, the following sums, viz: 
 
 From the Customs, - - - 2,820,000 00 
 
 It has not been practicable to prepare the statements of 
 this and of the other branches of the revenue in,.the usual 
 official form, to be communicated to Congress at this time. 
 Some of these statements have been heretofore regularly 
 given for periods terminating on the 30th of September; 
 and to preserve the series unimpaired, their preparation is 
 postponed until they can be made out terminating with that 
 day. They will hereafter be laid before Congress in the 
 proper form. The amount of the custom, house duties 
 which accrued during the year 1813, was 7,070,000 dollars. 
 During the two first quarters of the present year they 
 amounted to about 3,000,000 dollars; but, during the two 
 last quarters, will not probably exceed one million. . The 
 amount receivable into the Treasury during the year 1814^, 
 from bonds outstanding at the commencement of the year, 
 and from the duties accruing and which will become payable 
 during that year, is estimated at 7,000,000 dollars; which 
 is 500,000 dollars more than was heretofore estimated. 
 Of this sum, $4,182,088 25, was paid during the first half 
 of the year, and will leave payable during the remainder 
 of the year, the sum here stated. 
 
 Sales of Public Lands. — The proceeds of the public lands 
 sold in the Mississippi Territory, which are now payable to 
 the State of Georgia, are brought into the Treasury in the 
 same manner as the moneys derived from the sales of other 
 public lands. As the amount, when paid out of the Trea- 
 sury to the State of Georgia, appears among the public ex- 
 penditures, it is proper that these moneys should be placed 
 among the receipts of the Treasury. Including the pro- 
 ceeds of the lands in the Mississippi Territory, the receipts 
 during the year 1814 are estimated at 900,000 dollars, of 
 which $540,065 68, having been received during the two 
 first quarters of the year, there will be receivable during 
 the two last quarters _'_'._,.„ 360,000 00 
 
 Internal Duties and Direct Tax. — The receipts into the 
 Treasury from these sources during the present year, will 
 fully equal the estimate heretofore made. These taxes are 
 paid readily and cheerfully. The direct tax is in collec- 
 
1S14.] 
 
 SECRETARY OF THE TREASURY. 507 
 
 tion in more than three-fourths of the districts, and will 
 shortly be in the same state in all the districts except two 
 or three, where the difficulty of obtaining competent per- 
 sons to act as Assessors has produced some delay. In seve- 
 ral of the districts, the collection is already nearly comple- 
 ted. . The amount estimated as receivable from these two 
 sources, was 3,800,000 dollars. Of this sum, there was- 
 received prior to the 1st of July last, '$ 2,189,272. 40, and 
 leaves to be received during the remainder of the year 1,610.000 00 
 
 Postage, and Incidental Receipts — These were esti- 
 mated for the whole year, at 50,000 dollars. Including re- 
 payments, prize money, and the arrears of the former direct 
 tax and internal duties, there was received, on these ac- 
 counts, during the first half of the year, $ 166,744. These 
 receipts are so casual and uncertain, that it is difficult to 
 make any estimate of their amount. During the remainder 
 of the year, they may perhaps be expected to produce 50,000 00 
 
 Total amount receivable for revenue, - - $ 4,840,000 00 
 
 Under the act of the 24th of March, 1814, by which the President was 
 authorized to borrow twenty-five millions of dollars, a loan was* opened on 
 the 2d of May, for ten millions of dollars, in part of that sum. A loan for 
 ten millions of dollars was considered as more likely to prove successful, 
 than if an attempt were made to obtain the whole amount of twent3'-five 
 -millions at once. The sums offered for this loan amounted to 11,900,806 
 dollars; of which 2,671,750 dollars were at rates less than 88 per cent., and 
 1,183,400 dollars at rates less than 85 per cent: Of the sum of 9,229,056 
 dollars, which were offered at 88 per cent., or at rates more favorable to the 
 United States, five millions were offered, with the condition annexed, that 
 if terms more favorable to the lenders should be allowed for any part of the 
 twent}^-five millions authorized to be borrowed the present year, the same 
 terms should be extended to those holding the stock of the ten million loan. 
 Taking into consideration the expectation, then entertained, of an early re- 
 turn of peace, and the importance of maintaining unimpaired the public cre- 
 dit, by sustaining the price of stock in the meantime; and also, considering 
 the measure was sanctioned by precedent, it was agreed to accept the loan 
 with that condition. Had the sum to which the condition was annexed been 
 rejected, the consequence would have been to reduce the amount obtained to 
 less than five millions; a sum altogether inadequate to the public demands; 
 or, by depressing the stock to 85 per cent., to have obtained only a little 
 more than six millions, which would still have been insufficient to answer 
 the purposes of government. Offers were subsequently made to this loan, 
 of sums amounting to 566,000 dollars, which were accepted on the same 
 terms as the original offers, and augmented the amount of the loan which 
 was taken to 9,795,056 dollars. 
 
 The papers annexed under the letter B., exhibit the particulars relating to 
 this loan. 
 
 There was paid into the Treasury on account of the loan of ten millions, 
 prior to the 1st of July, $6,087,011; leaving to be paid after that day, 
 $3,708,045. Of this sum, a failure of payment on the, days fixed by the 
 terms of the loan, of about 1,900 ? 000 dollars, has taken place; and it is doubt* 
 
528 REPORTS OF THE [1814. 
 
 ful whether the payment will be effected. No more, therefore, can be relied 
 on towards the supply necessary for the third and fourth quarters of the year 
 1814, than what has already been paid, and amounting to about $1 ,800,000. 
 
 Proposals were again invited on the 22d of August, for a loan of six mil- 
 lions of dollars, in further execution of the power contained in the act of 
 the 24th of March, for borrowing twenty-five millions. The whole amount 
 offered was only 2,823,300 dollars, of which 100,000 dollars were at rates 
 less than 80 per cent., and 2,213,000 dollars were at the rate of 80 dollars in 
 money for 100 dollars of six per cent, stock. The remaining sum of 
 510,300 dollars was offered at various rates, from 80 to 88. Notwithstand- 
 ing the reduced rate at which the greater part of the above sum was pro- 
 posed, yet as the market price of stock hardly exceeded 80 per cent; as 
 there was no-prospect of obtaining the money on better terms; and as it was 
 indispensable for the public service, it was deemed advisable to accept the 
 sums offered at that rate. Including the sums offered at rates more favorable 
 to the United States than that here stated, the whole amount of the propo- 
 sals accepted was 2,723,300 dollars; and a further sum of 207,000 dollars 
 has been since accepted at the same rate; making the whole amount taken of 
 this loan 2,930,300 dollars.'. 
 
 The annexed papers under the letter C. relate to this loan. 
 
 Some of the persons who originally made proposals for this loan, which, 
 were accepted, have since given notice that, they could not carry their pro- 
 posals into execution. The sums in relation to which this failure has taken 
 place, amount to 410,000 dollars; and there can, therefore, be relied on for 
 the proceeds of this loan, only $2,520,300. 
 
 Moneys having been heretofore obtained by the United States on loan in 
 Europe upon favorable terms, and the punctuality and fidelity with which they 
 were repaid, having established their credit there on a firm and respectable 
 footing; it was determined, in consequence of the difficulties experienced in ob- 
 taining at home the sums requisite for the public service, to try the market 
 in that quarter. To effect this purpose, the requisite powers and instructions 
 have been given for negotiating a loan for six millions of dollars as a further 
 part of the loan of twenty-five millions authorized by the act of the 24th of 
 March lost; and in order to facilitate this object, 6 per cent, stock to that 
 amount has been constituted and transmitted, with directions for its sale, if 
 that shall be found the most advantageous mode for obtaining the money. 
 The result, however, of this experiment, is not certain; and the proceeds, in 
 case it should be successful, will not probably come into the Treasury in the 
 course of the present year; they cannot, therefore, be placed among the 
 resources of tills year. But as this sum forms a part of that which was au- 
 thorized to be borrowed, and which will be necessary for the service of the 
 present year, further' authority will be required from Congress for obtaining 
 this sum, by loan or otherwise; in which case, the proceeds of the negotiation 
 undertaken in Europe, will be applicable to the service of the ensuing year. 
 
 With a view to avoid the inconvenient increase of stock in the market, and 
 its consequent depreciation, an effort was made to obtain temporary loans 
 from the banks by special contracts; but the attempt was not attended with 
 success. 
 
 The amount of Treasury Notes issued prior to the 1st of July last, under 
 the act of the 4th of March, 1814, was §1,392,100. Those since issued 
 amount to$l,512,300. The annexed statement marked E., shows the par- 
 ticulars relating to these notes; and in the paper marked D. an account is 
 
1814.] SECRETARY OF THE TREASURY. 529 
 
 given of those Treasury Notes issued under the act of the 25th of February, 
 1S13, which have not been heretofore reported to Congress. 
 
 There are now in circulation near 8,000,000 of dollars in Treasury Notes; 
 of which, during the fourth quarter of the present year, notes for more than 
 four millionsof dollars will become reimbursable. A part of them may, perhaps, 
 be replaced by new notes; but it is not believed that, upon their present foot- 
 ing, more than two millions and a half of dollars can thus be replaced. This 
 would still leave more than six millions of dollars of notes in circulation; 
 which the experience of two years has shown to be nearly as large a sum, 
 while the other circulating paper medium of the country remained unembar- 
 rassed, and maintained itself in the public confidence, as can, in their present 
 shape, be freely and easily circulated. Notes of a smaller denomination than 
 those heretofore issued have been prepared, and will probably, by passing 
 into a more numerous and extensive class of the money transactions of indi- 
 viduals, carry a greater quantity into circulation: there having been already 
 issued, since the 1st of July, Treasury Notes amounting to 1,500,000 dollars, 
 and it being estimated that a further sum of 2,500,000 dollars may be put in 
 circulation previously to the end of the present year, the amount estimated 
 to be derived from this source during the third and fourth quarters of the 
 year, will be §4,000,000. 
 
 The means, then, for meeting the demands upon the Treasury during the 
 last half of the present year, as now ascertained, are estimated as follows: 
 
 From the revenue, - - - - - $4,840,000 
 
 Loans under the 25 million act, viz: 
 
 Loan of 10 millions, - 1,800,000 
 
 Loan of 6 millions, - - - - 2,520,000 
 
 4,320,000 
 
 9,160,000 
 Treasury Notes, - - - - - 4,000,000 
 
 13,160,000 
 And leave still to be obtained - - 11,660,000 
 
 $24,820,000 
 
 The difficulties already experienced in obtaining loans, and the terms on 
 which it has been found necessary to accept them, sufficiently show the pro- 
 priety of Congress adopting effective measures for procuring the sums still 
 required for the service of the residue of the present, as well as for that of 
 the ensuing year. • 
 
 The suspension of payments irt specie, by many of the most considerable 
 banks in the United States, and of those most important in the money ope- 
 rations of the Treasury, has produced, and will continue to cause difficulties 
 and embarrassments in those operations. The circulating medium of the 
 country, which has consisted principally of bank notes, is placed upon a new 
 and uncertain footing; and those difficulties and embarrassments will extend 
 in a greater or less degree into the pecuniary operations of the citizens in 
 general. The powers of' Congress, so far as they extend, will be required 
 to be exerted in providing a remedy for these evils; and in placing, if prac- 
 ticable, the currency of the country on a more uniform, certain, and stable 
 footing. 
 
530 REPORTS OF THE [1814. 
 
 If further reliance must be had on loans, it is respectfully suggested, that 
 additional inducements should be offered to capitalists to advance their 
 money, by affording an ample and unequivocal security for the regular pay- 
 ment of the interest, and reimbursement of the principal of such loans as 
 may be obtained. This may be effected by establishing an adequate revenue, 
 and pledging the same specifically for that purpose. 
 
 It is also submitted for the consideration of Congress, whether Treasury 
 Notes might not, by augmenting the rate of interest they now bear, and se- 
 curing its payment, as well as their eventual reimbursement, by an adequate 
 revenue pledged for that purpose, be placed on a footing better calculated 
 than at present, to sustain their credit, encourage their circulation, and answer 
 with more certainty the purposes of government. 
 
 The estimates for the service of the year IS 15 have not yet been prepared. 
 Tt is certain, however, if the war continues, that a sum will be required at 
 least equal to that demanded for the present year; and under the head of Public 
 Debt, an additional sum, sufficient for the payment of the interest on the 
 loans made in the meantime. 
 
 By the plan of finance which was adopted at the commencement of the 
 present war, this additional sum would be all that would be required to be 
 raised by new taxes during the year 1815, except what might be necessary 
 to make good a deficiency in any of the existing revenues. According to 
 that plan of finance, the expenditures to be covered by the revenue during 
 the year 18.15, would be as follows: 
 
 Expense of the Peace Establishment - - - §7,000,000 
 
 Interest on the debt existing prior to the war - 1,900,000 
 
 Interest on the debt contracted since the war, 
 including Treasury Notes, and including the in- 
 terest which will become pa}^able during the year 
 1815, on debt contracted within that year. 4,600,000 
 
 . ■ 6,500,000 
 
 §13,500,000 
 
 The revenues, as now established, are estimated to produce during the year 
 1815, the following sums, viz: 
 
 Customs. — While the whole navy of the enemy is disposable for the 
 
 interruption of our trade, this source of revenue cannot be very productive. 
 
 From bonds which will be outstanding at the commencement of the year 
 
 1815, and from the duties, which will accrue during that year, it. is estimated 
 
 that there will be received into the Treasury - 4,000,000 
 
 Sales of public lands - . - - - - . 800,000 
 
 Internal Duties.— These will all bring their full amounts 
 
 into the Treasury during the year 1815, and will, it is believed, 
 
 produce a nett sum of - ; - - - - 2,700,000 
 
 Arrears of direct tax of 1S14, which will be received in 1815 600,000 
 
 Postage, and other incidental receipts • - - - 100,000 
 
 Total amount - - - ' - ' "- - S,200,000 
 
 And leaving to be provided. - 5,300,000 
 
 813,500,000 
 
iS14J 
 
 SECRETARY OF THE TREASURY. 531 
 
 Towards making up this sum of 5,300,000 dollars, a continuance of the 
 direct tax will, it is believed, be necessary; but at its present rate it will not 
 produce, nett to the Treasury, more than 2,600,000 dollars. 
 
 In order to provide the remaining sum of 2,700,000 dollars, as well as 
 such other sums as may be deemed requisite for the objects herein before 
 suggested, it will be for Congress to consider how far it would be expedient 
 to increase this tax, as well as the present internal duties; and, also, what new 
 objects of taxation may for that purpose be most advantageously resort- 
 ed to. 
 
 But the plan of finance above referred to, assumed, as one of the grounds 
 upon which it depended, that loans might be annually obtained during the 
 continuance of the war, for the amount of the extraordinary expenditures 
 occasioned by it. The experience of the present year furnishes ground to 
 doubt whether this be practicable, at least in the shape in which loans have 
 been hitherto attempted. Nor is it even certain that the establishing and 
 pledging of revenues adequate to the punctual payment of the interest and 
 eventual reimbursement of the principal of the sums which will be required 
 for the service of the year 1815, would enable the Treasury to obtain them 
 through the medium of loans effected in the ordinary way. 
 
 With this view of the subject, it is respectfully submitted, whether it 
 would not be expedient to extend the provisions to be made for the service 
 of the ensuing year, beyond those contemplated in this plan of finance, 
 hitherto pursued for carrying on the war; so as to provide, by means other 
 than loans, for at least a portion of the extraordinary expenditures occasioned 
 thereby. This would have a tendency to ensure public confidence, and pre- 
 serve and confirm the public credit. 
 
 The present state of our country, growing out of the unjust policy of the 
 enemy, as well as the unusual manner in which he prosecutes the war, calls 
 for new and extraordinary exertions on the part of the nation; and the means 
 requisite to meet the expenditures which these may occasion, ought to be 
 provided. 
 
 The resources of the nation are not exhausted; they are ample, and the 
 occasion requires they should be brought into full activity. 
 
 The very expenditures which render necessary the imposition of addi- 
 tional taxes, will themselves have increased in the community the ability 
 to discharge them. 
 
 The promptitude and cheerfulness with which the present taxes are paid, 
 afford the best pledges of the spirit with which the people will meet such 
 demands as the interest and safety of the country may require. A people 
 who have not only tasted, but enjoyed in their full extent, the blessings of 
 liberty and independence, for more than thirty years, cannot consider any 
 sacrifices too great, which are found indispensable to preserve them inviolate. 
 
 Those sacrifices, however, which may be demanded by the present crisis 
 in our affairs, will be of a temporary nature only; for while we may fairly 
 calculate, that, with the termination of the present contest, the duration of 
 which will be shortened in proportion to the vigor and unanimity with 
 which it is sustained on our part, will cease the expenditures consequent on 
 a state of war, and render no longer necessary a continuance of those extra- 
 ordinary revenues established to provide the supplies requisite for that 
 object; we may with equal confidence rely that the growing revenue arising 
 from the commerce of a few prosperous years of peace, will be found suffi- 
 cient to redeem the pledges which may have been made to the pubfic 
 68 
 
532 REPORTS OF THE [181 4, 
 
 creditors, and thus relieve the people from those burthens which times of 
 danger and of difficulties rendered indispensable. 
 All which is respectfully submitted. 
 
 a. W. CAMPBELL. 
 
 Treasury Department, September 23, 1814. 
 
 A. 
 
 STATEMENT of Receipts and Payments at the Treasury of the 
 United States, from the 1st of October to the 31st of December, 1813. 
 
 Receipts. 
 
 Cash in the Treasury, subject to warrant, 1st October, 1813 $6,978,752 43 
 
 Received for the proceeds of the customs 3,238,043 58 
 
 Arrears of internal revenues - - 380 68 
 
 Fees on patents - 1,470 00 
 
 Postage of letters - 35,000 00 
 
 Nett proceeds of prizes captured - - 129,458 06 
 
 Rent of the United States' Saline - 6,350 00 
 
 Fines, penalties, and forfeitures - - 1,003 75 
 
 Sales of public lands - - - 263,049 06 
 
 Repayments - 3,810 13 
 
 Loan of 16,000,000, per act of 8th Febru- 
 ary, 1813 - - - 1,511,875 00 
 
 Loan of 7,500,000 per act of 
 
 2d August, 1813 - - - 3,907,335 00 
 
 Treasury Notes, per act of 30th 
 
 June, 1812 - - 101,700 
 
 Do per act of 25th Feb. 1813 3,677,000 
 
 3,778,700 00 
 
 3,678,565 26 
 
 9,197,910 00 
 .9,855,227 69 
 
 Payments. 
 
 Civil and Miscellaneous Expenses, both Foreign and Domestic. 
 
 Civil Department, proper - - $125,478 66 
 Grants and miscellaneous claims - - 23,552 03 
 Military pensions - 675 24 
 Light-house establishment - - 7,104 15 
 Marine Hospital establishment - - 12,S69 58 
 Public buildings in Washington, and furni- 
 ture for the President's House - 7,000 00 
 Prisoners of war - 54,000 00 
 Road from Cumberland to the Ohio - 11,880 03 
 
1814.] SECRETARY OF THE TREASURY. 533 
 
 Prize money - 112,668 25 
 
 Mint establishment - 4,516 41 < 
 
 Trading houses with the Indians - - 1,125 00 
 
 Ascertaining land titles in Louisiana - 1,735 00 
 
 Surveys of public lands - 12,176 62 
 
 Diplomatic department - 19,017 91 
 
 Relief and protection of American seamen 31,017 50 
 
 Treaties with Mediterranean powers - 10,000 00 
 
 434,866 3S 
 
 Military Expenses, viz: 
 Military Department - 5,887,747 00 
 
 Naval Expenses, viz: 
 Naval Department, Marine Corps, &c. - - - 1 24s 145 10 
 
 Public Debt, viz : 
 
 Interest and charges - 1,563,762 35 
 
 Reimbursement of principal - - 5,524,232 60 
 
 7,087,994 95 
 
 Balance in the Treasury, subject to warrant, 31st Dec. 1813 5,196 474 26 
 
 $19,855,227 69 
 
 STATEMENT of Receipts and Payments at the Treasury of the United 
 States, from the 1st of January to the 30th June, 1S14. 
 
 Receipts. 
 
 Cash in the Treasury, subject to warrant, 1st January, 1814 $5,196,474 26 
 
 Received for the proceeds of the customs 4,182,0SS 25 
 
 Arrears of internal revenues and direct taxes 4,505 32 
 
 New internal revenue and direct tax 2,189,272 40 
 
 Fees on patents - 3,720 00 
 
 Postage of letters - 45,000 00 
 
 Nett proceeds of prizes captured - - 83,261 79 
 
 Fines, penalties, and forfeitures - - 1,230 97 
 
 Nett proceeds of property seized, supposed 
 
 to belong to A. Burr - - 448 00 
 
 Sales of public lands ... 540,065 68 
 Repayments - 28,577 92 
 
 Loan of seven and a half millions, per act 
 
 of 2d August, 1813 - - - 3,592,665 00 
 
 Do of ten millions, per act of 24th 
 
 March, 1814 - - 6,087,011 00 
 
 - 7,078,170 33 
 
534 REPORTS OF THE 
 
 Treasury Notes, per act of 25th February, 
 
 1813 - - 1,070,000 00 
 
 Do 4th March, 1814 1,392,100 00 
 
 [1814. 
 
 2,462,100 00 
 12,141,776 00 
 
 $24,41 6,420 59 
 
 Payments. 
 
 Civil and Miscellaneous Expenses, both Foreign and Domestic. 
 
 Civil Department, proper - - $571,706 91 
 
 Grants and miscellaneous claims - - 144,194 99 
 
 Military pensions - - - 47,424 27 
 
 Light-house establishment - - 66,469 12 
 
 Marine Hospital establishment - - 24,697 89 
 
 Furniture for the President's House - 2,000 00 
 
 Prisoners of war - 199,000 00 
 
 Road from Cumberland to the Ohio - 26,924 57 
 
 Prize money - 10S,089 50 
 
 Mint Establishment - - -' 8,125 44 
 
 Trading houses with the Indians - - 8,044 86 
 
 Ascertaining land titles in Louisiana - 2,757 67 
 
 Surveys of public lands - - - 6,167 07 
 
 Survey of the Coast of the United States - 3,127 50 
 
 Payment to Georgia for Mississippi lands 96,222 94 
 Bounty to the owners, &c.of private armed 
 
 vessels - - - - 4,300 00 
 
 Privateer pension fund - 50,000 00 
 
 Diplomatic Department - 37,149 26 
 
 Relief and protection of American seamen 14,015 26 
 
 Treaties with Mediterranean powers - 8,300 00 
 
 Contingent expenses of foreign intercourse 12,720 35 
 
 Claims on France - - 2,625 00 
 
 ■ 1,444,062 60 
 
 Military Expenses, viz: 
 
 Military Department ----- 11,210,23800 
 
 Naval Expenses, viz: 
 
 Naval Department, Marine Corps, &c. - - - 4,012,899 90 
 
 Public Debt, viz: 
 
 Interest and charges - - - 1,539,080 09 
 
 Reimbursement of principal - - 1,487,500 6S 
 
 3,026,580 77 
 
 Balance in the Treasury, subject to warrant, 30th June, 1814 4,722,639 32 
 
 $24,416,420 59 
 
1814.] SECRETARY OF THE TREASURY. £35 
 
 B. 
 
 NOTICE. 
 
 Treasury Department, April Ath, 1814. 
 
 Whereas, by an act of Congress, passed on the 24th day of March, 1814, 
 the President of the United States is authorized to borrow, on the credit of 
 the United States, a sum not exceeding twenty-five millions of dollars; and 
 whereas the President of the United States did, by an act or commission, 
 under his hand, dated the 26th day of March, 1814, authorize and empower 
 the Secretary of the Treasury to borrow, on behalf of the United States, the 
 aforesaid sum of twenty-five millions of dollars, or any part thereof, pursu- 
 ant to the act of Congress above recited: 
 
 Notice is therefore hereby given, 
 
 That proposals will be received, by the Secretary of the Treasury, until 
 the 2d day of May next, from any person or persons, body or bodies corpo- 
 rate, who may offer, for themselves or others, to loan to the United States, 
 on account and in part of the aforesaid sum of twenty-five millions of dollars, 
 the sum of ten millions of dollars, or any part thereof, not less than twenty- 
 five thousand dollars. 
 
 The stock to be issued for the money loaned, will bear an interest of six 
 per cent, per annum, payable quarter yearly ; and the proposals must distinctly 
 state the amount of money offered to be loaned, and the rate at which the 
 aforesaid stock will be received for the same. 
 
 The amount loaned is to be paid into a bank or banks authorized by the 
 Treasury, in instalments, in the following manner, viz: 
 
 One-fourth part, or twenty-five dollars on each hundred dollars, on the 
 twenty-fifth day of May next. 
 
 And one-fourth part on the twenty-fifth day of each of the ensuing months 
 of June, July, and August next. 
 
 On the day fixed for the payment of any instalment after the first, all the 
 remaining instalments may be paid. . 
 
 The sum loaned is to be paid into such bank or banks as may be mutually 
 convenient to the lender and to the government, in the State where the lender 
 resides, if desired by him. The proposals must state the bank or banks into 
 which the lender may desire to make the payments. 
 
 If proposals, differing in terms from one another, should be accepted, the 
 option will be allowed to any persons whose proposals may be accepted, of 
 taking the terms allowed to any other person whose proposals may be ac- 
 cepted. 
 
 No proposals will be received for a sum less than twenty-five thousand 
 dollars; but a commission of one-fourth of one per cent, will be allowed to 
 any person collecting subscriptions for the purpose of incorporating them in 
 one proposal, to the amount of twenty -five thousand dollars, or upwards, 
 provided such proposal shall be accepted. 
 
 If proposals shall be made, amounting together to a greater sum than that 
 required, the preference will, on equal terms, be given to those made by per- 
 sons who were subscribers to the loan of eleven millions, in the year 1812. 
 On failure of payment of any instalment, the next preceding instalment to 
 be forfeited. 
 
536 REPORTS OF THE [1814. 
 
 Scrip-certificates will be issued by the cashiers of the banks where the 
 payments shall be made, to the persons making the payments; and the said 
 cashiers will endorse on these certificates the payments of the several instal- 
 ments, when made. 
 
 The scrip-certificates will be assignable by endorsement and delivery; and 
 will be funded after the completion of the payments, upon presentation by the 
 proprietor, to the Commissioner of Loans for the State where the payments 
 have been made. 
 
 The funded stock to be thus issued, will be irredeemable till the 31st day 
 of December, 1826; will be transferable in the same manner as the other 
 funded stock of the United States; and will be charged for the regular and 
 quarterly payment of its interest, and for the ultimate reimbursement of its 
 principal, uponThe annual fund of eight millions of dollars, appropriated for 
 the payment of the principal and interest of the debt of the United States, in 
 the manner pointed out in the aforesaid act of the 24th of March, 1814. 
 
 GEO. W. CAMPBELL, 
 
 Secretary of the Treasury. 
 
 Ba. 
 
 Washington, 4th Mo. 30th, 1814. 
 
 Respected Friend: I will loan to the government of the United States 
 five millions of dollars, receiving one hundred dollars six per cent, stock for 
 each eighty-eight dollars paid; and will pay the money in the proportions, 
 and at the periods, mentioned in thy advertisement of the 4th April, to 
 their credit, in such banks in the United States as may be agreeable to thee. 
 On the payment of each instalment, and satisfactory assurances for the pay- 
 ment of the others, funded stock to be issued. It being understood and 
 agreed, that, if terms more favorable to the loaners be allowed for any part of 
 the twenty-five millions authorized to be borrowed the present year, the same 
 terms are to be extended to this contract. 
 
 The commission of one quarter of one per cent, mentioned in thy adver- 
 tisement, to be allowed me on the amount loaned. 
 
 With great respect and esteem, I am 
 Thy assured friend, 
 
 JACOB BARKER. 
 The Hon. George' W. Campbell, 
 
 Secretary of the Treasury. 
 
 B b. 
 
 Treasury Department, May 2d y 1814. 
 
 Sir: The terms upon which the loan has been concluded, are as follows, 
 viz: 
 
 Eighty-eight dollars in money for each hundred dollars in stock; and the 
 United States engage, if any part of the sum of twenty-five millions of dol- 
 lars, authorized to be borrowed by the act of the 24th of March, 1814, is bor- 
 
1814.] 
 
 SECRETARY OF THE TREASURY. 
 
 537 
 
 rowed upon terms more favorable to the lenders, the benefit of the same 
 terms shall be extended to the persons who may then hold the stock, or any 
 part of it, issued for the present loan often millions. 
 
 Your proposal of the 30th of April, 1814, for $5,000,000 of the loan, having 
 been at the above rate, or at a rate more favorable than the above to the United 
 States, has been accepted; and you will please to pay, or cause to be paid, on 
 the 25th day of the present month, into the bank or banks you have named, 
 or into such as you shall name to the Secretary of the Treasury, on the re- 
 ceipt of this letter, twenty -five per cent., or one-fourth part of the sum above 
 stated, pursuant to the notification from this department, of the 4th of April 
 last, and the remaining instalments on the days fixed in the said notification. 
 You will be pleased, afso, on or before the 25th of May, to furnish the cashier 
 or cashiers of the bank or banks where the payments under your proposal 
 are to be made, with the names of the persons in whose behalf the proposal 
 has been made, and the sums payable by each. 
 
 The commission of one-fourth of one per cent, will be paid from the Trea- 
 sury after the payment of the first instalment, on the 25th day of the present 
 month. 
 
 I am, respectfully, Sir, 
 
 Your obedient servant, 
 
 G. W. CAMPBELL, 
 
 Secretary of the Treasury. 
 Jacob Barker, Esq. New York. 
 
 A similar letter was addressed to the persons under-mentioned, who made 
 proposals for the sums set against their names respectively: 
 
 Peleg Tallman, 
 
 Bath, Maine, 
 
 $25,000 
 
 Levi Cutter, 
 
 Portland, do 
 
 94,000 
 
 John Woodman, 
 
 do 
 
 50,000 
 
 Henry S. Langdon, 
 John W. Treadwell, 
 
 Portsmouth, New Hampshire, 
 Salem, Massachusetts, 
 
 40,000 
 416,156 
 
 Thomas Perkins, 
 
 do 
 
 25,000 
 
 William Gray, 
 Samuel Dana, 
 Jesse Putnam, 
 Amos Binney, 
 
 Boston, 
 do 
 do 
 do 
 
 197,000 
 25,000 
 67,900 
 35,000 
 
 Nathan Waterman, Jr. 
 
 Providence, Rhode Island, 
 
 35,300 
 
 James D'Wolf, 
 
 Bristol, 
 
 100,000 
 
 John R. Shearman, 
 Elisha Tracy, 
 
 Newport, 
 
 Norwich, Connecticut, 
 
 35,000 
 30,000 
 
 Michael Shepard, 
 Abraham Bishop, 
 
 Hartford, do 
 New Haven, do 
 
 25,000 
 25,000 
 
 John Tayler, 
 Alamon Douglas, 
 
 Albany, 
 Troy, 
 
 150,000 
 50,000 
 
 Smith and Nicoll, 
 
 New York, 
 
 80,000 
 
 Harmon Hendricks, 
 
 do 
 
 42,000 
 
 G. B. Vroom, 
 Samuel Flewwelling, 
 
 do 
 do 
 
 500,000 
 257,300 
 
 Jacob Barker, 
 
 do 
 
 5,000,000 
 
 Whitehead Fish, 
 
 do 
 
 250,000 
 
 Guy Bryan, 
 Thomas Newman, 
 
 Philadelphia, 
 do 
 
 50,000 
 108,000 
 
»3S 
 
 Reports of the 
 
 [I8i4. 
 
 Samuel Carswell, 
 Paul Beck, Junior, 
 Wm. Patterson & Sons 
 George T. Dunbar, 
 James Cox, 
 Dennis A. Smith, 
 Samuel Eliot, Junior, 
 Alexander Kerr, 
 
 Philadelphia, 
 do 
 Baltimore, 
 do 
 do 
 do 
 Washington, 
 do 
 
 W. Jones, (for Navy and Privateer Pension Funds) do 
 
 William Whann, 
 Anthony C. Cazenove, 
 Charles B. Cochran T 
 David Alexander, 
 John Lukins, 
 Thomas W. Bacot, 
 James Taylor, 
 
 Washington, 
 
 Alexandria, 
 
 Charleston, South Carolina, 
 
 do do 
 
 do do 
 
 do do 
 
 Newport, Kentucky, 
 
 28,000 
 50,000 
 50,000 
 
 191,000 
 71,900 
 
 200,000 
 
 100,000 
 33,000 
 
 200,000 
 42,500 
 30,000 
 
 250,000 
 60,000 
 70,000 
 
 115,000 
 25,000 
 
 $9,229,056 
 
 There was subsequently offered, and accepted, proposals by the under- 
 mentioned persons, for the following sums, viz: 
 
 William Whann, 
 
 Washington, 
 
 190,000 
 
 Do 
 
 do 
 
 200,000 
 
 Robert C. Jennings, 
 
 Richmond, Virginia, 
 
 176,000 
 
 $566,000 
 
 
 C. 
 NOTICE. 
 
 Treasury Department, July 25, 1814. 
 
 Notice is hereby given, That proposals will be received by the Secretary 
 of the Treasury, until the 22d day of August next, for loaning to the United 
 States the sum of six millions of dollars, or any part thereof, not less 
 than twenty-five thousand dollars, the same being in part of the sum of twen- 
 ty-five millions of dollars authorized to be borrowed by the act of Congress 
 of the 24th day of March last 
 
 The stock to be issued for the money loaned, will bear an interest of six 
 per cent, per annum, payable quarter yearly; and the proposals must dis- 
 tinctly state the amount of money offered to be loaned, and the rate at which 
 the aforesaid stock will be received for the same. 
 
 The amount loaned is to be paid into a bank or banks authorized by the 
 Treasury, in instalments in the following manner, viz: 
 
 One-fourth part, or twenty-five dollars on each hundred dollars, on the 
 tenth day of September next. 
 
 And one-fourth part on the tenth day of each of the ensuing months of 
 October, November, and December next. 
 
1814.] SECRETARY OF THE TREASURY. 53$ 
 
 On the day fixed for Ihe payment of the first, or any other instalment, all 
 the remaining instalments may be paid, at the option of the lender. 
 
 The proposals must state the bank or banks into which the lender may de- 
 sire to make his payments; and he will be allowed to make them according 
 to his wishes, thus expressed, in all cases where the convenience of the Trea- 
 sury will permit. 
 
 The same terms will be allowed to all whose proposals are accepted. 
 
 No proposals will be received for a sum less than twenty-five thousand 
 dollars; but a commission of one-fourth of one per cent, will be allowed to any 
 person collecting subscriptions for the purpose of incorporating them in one 
 proposal to the amount of twenty-five thousand dollars, or upwards, provided 
 such proposal shall be accepted. 
 
 On failure of payment of any instalment, the next preceding instalment to 
 to be forfeited. 
 
 All the instalments must be paid at the same bank as that at which the first 
 instalment shall be paid. 
 
 Scrip-certificates will be issued by the cashiers of the banks where the 
 payments shall be made, to the persons making the payments; and the said 
 cashiers will endorse on these certificates the payments of the several instal- 
 ments when made. 
 
 The scrip certificates will be assignable by endorsement and delivery, and 
 will be funded after the completion of the payments, upon presentation to 
 the Commissioner of Loans, for the State where the payments have been 
 made. 
 
 Certificates of funded stock will also be issued, if the holders of scrip-cer- 
 tificates shall desire it, for the amount of any instalment paid, after the pay- 
 ment of the next succeeding instalment. 
 
 The funded stock to be thus issued, will be irredeemable till after the 31st 
 day of December, 1826; will be transferable in the same manner as the other 
 funded stock of the United States; and will be charged for the regular and 
 quarterly payment of its interest, and for the ultimate reimbursement of its 
 principal, upon the annual fund of eight millions of dollars appropriated for 
 the payment of the principal and interest of the debt of the United States, in 
 the manner pointed out in the aforesaid act of the 24th of March, 1814. 
 
 G. W. CAMPBELL, 
 Secretary of the Treasury, 
 
 Ca. 
 
 Baltimore, August 22d, 1814. 
 
 Sir: I will take eighteen hundred thousand dollars of the six millions 
 loan, at the rate of eighty per cent. The periods of payment to be in con- 
 formity with your advertisement for proposals; and the banks into which 
 the payments shall be made, are the Bank of Pennsylvania and the Me- 
 chanics' Bank of Baltimore. 
 
 I am, Sir, with great respect, 
 
 Your obedient servant, 
 
 D. A. SMITH. 
 G. W. Campbell, Esq. 
 
 Secretary of the Treasury. 
 60 
 
540 REPORTS OF THE [1814. 
 
 Cb. 
 
 Treasury Department, August 3\st, 1814. 
 
 Sir: That part of the loan of six millions of dollars for which the propo- 
 sals were accepted, has been taken at the rate of eighty dollars, in money, 
 
 for one hundred dollars in stock. Your proposal for dollars being 
 
 at that rate, or at one more favorable for the United States, has been accept- 
 ed, and you will be pleased to make your payments into the bank or banks 
 specified in your proposal, in the manner, and at the times stated in the 
 public notification. But as some delay, the cause of which is doubtless 
 known to you, has unavoidably taken place in advising you of the acceptance 
 of your proposal^ the first payment may, if your convenience shall require it, 
 be made on the 20th instead of the 10th of September, as required by the 
 public notification. This, however, will not affect the subsequent instal- 
 ments, which are, nevertheless, to be paid on the days already fixed, viz: 
 the 10th day of the months of October, November, and December. 
 
 The same causes which have occasioned a delay in advising you of the ac- 
 ceptance of your proposal, will perhaps render it impossible to place the 
 scrip-certificates in the hands of the cashiers of the banks where the pay- 
 ments are to be made, by the time at which the first instalment will be pay- 
 able. If this should be the case, you will please to receive from the cashier 
 his receipt for the amount which you may pay, to be subsequently exchanged 
 for a scrip-certificate, when those papers shall be ready for delivery. 
 I am, respectfully, Sir, 
 
 Your obedient servant, 
 
 G. W. CAMPBELL, 
 Secretary of the Treasury. 
 
 The above letter was addressed to the following persons, who made pro- 
 posals for the sums affixed to their names respectively, viz: 
 
 William Rice, Portsmouth, New Hampshire, $ 43,000 
 
 Henry S. Langdon, do 35,000 
 
 Amasa Stetson, Boston, 37,000 
 
 Jesse Putnam, do 15,000 
 
 Nathan Waterman, Jr. Providence, Rhode Island, 10,000 
 
 John S. Shearman, Newport, do 25,000 
 
 John Savage, Philadelphia, 240,000 
 
 William W. Smith, do 100,000 
 
 William Patterson and Sons, Baltimore, 70,000 
 
 Dennis A. Smith, do 1,SOO,000 
 
 James L. Hawkins, do 15,000 
 
 John P. Van Ness, and others, Washington, 201,000 
 
 David English, Georgetown, 35,000 
 
 John Lukcns, Charleston, 47,300 
 
 George M. Deadcrick, Nashville, 50,000 
 
 $2,723,300 
 
1814.] 
 
 SECRETARY OF THE TREASURY. 
 
 541 
 
 There has been subsequently offered, and accepted, proposals from the un- 
 der-mentioned persons, for the following sums, viz: 
 
 George T. Dunbar, Baltimore, 120,000 
 
 Clement Smith, Georgetown, 87,000 
 
 $207,000 
 
 Of the persons who originally made proposals, the following have given 
 notice that they could not carry them into effect: 
 
 John Savage, Philadelphia, $240,000 
 
 William W. Smith, do 100,000 
 
 William Patterson and Sons, Baltimore, 70,000 
 
 8410,000 
 
 D. 
 
 STATEMENT of the amount of Treasury Notes issued during the 
 first quarter of the year 1814, under the act of the 25th of February, 
 1813. 
 
 
 Reimbursable 
 
 AT 
 
 : - : 3 
 
 Total. 
 
 
 Boston. 
 
 New York. 
 
 Philadel- 
 phia. 
 
 Dollars. 
 
 1815, January 1, 
 « 11, 
 " 21, 
 February 1, 
 « 11, 
 « 21, 
 
 100,000 
 220,000 
 
 400,000 
 100,000 
 
 40,000 
 
 50,000 
 
 100,000 
 60,000 
 
 450,000 
 100,000 
 100,000 
 320,000 
 40,000 
 60,000 
 
 
 320,000 
 
 540,000 
 
 210,000 
 
 1,070,000 
 
542 
 
 REPORTS OF THE 
 
 [1814. 
 
 E. 
 
 STATEMENT of the amount of Treasury Notes issued during the se- 
 cond quarter of the year 1814, under the act of theAth of March, 1814. 
 
 
 
 Reimbursable at 
 
 
 When 
 
 
 
 
 
 Total. 
 
 reimDursable. 
 
 
 
 
 
 
 Dollars. 
 
 
 New 
 York. 
 
 Philadel- 
 phia. 
 
 Balti- 
 more. 
 
 Wash- 
 ington. 
 
 Savanah. 
 
 
 1815 
 
 
 
 
 
 
 
 March 11, 
 
 150,000 
 
 - 
 
 - 
 
 - 
 
 - 
 
 150,000 
 
 April 1, 
 
 - 
 
 - 
 
 - 
 
 - 
 
 211,000 
 
 211,000 
 
 " 11, 
 
 - 
 
 - 
 
 - 
 
 56,000 
 
 - 
 
 56,000 
 
 " 21, 
 
 125,000 
 
 5,500 
 
 - 
 
 144,000 
 
 - 
 
 274,500 
 
 May 1, 
 
 - 
 
 1,000 
 
 - 
 
 50,000 
 
 75,000 
 
 126,000 
 
 " 11, 
 
 74,700 
 
 145,000 
 
 - 
 
 - 
 
 - 
 
 219,700 
 
 " 21, 
 
 - 
 
 29,500 
 
 - 
 
 100,000 
 
 - 
 
 129,500 
 
 June 1, 
 
 - 
 
 6,200 
 
 100,000 
 
 - 
 
 - 
 
 106,200 
 
 " H 3 
 
 - 
 
 24,500 
 
 - 
 
 25,000 
 
 - 
 
 49,500 
 
 " 21, 
 
 25,000 
 
 19,700 
 
 - 
 
 25,000 
 
 - 
 
 69,700 
 
 
 374,700 
 
 231,400 
 
 100,000 
 
 400,000 286,000 
 
 1,392,100 
 
1814.] SECRETARY OF THE TREASURY. 543 
 
 Treasury Department, February "id, 1815. 
 
 Sir: In the report made to Congress from this Department, on the 23d 
 day of September last, it was stated, that the papers exhibiting a view of 
 the revenues of the United States, not having been, at that time, prepared, 
 owing to the early meeting of Congress, would be laid before that body at 
 a subsequent day. 
 
 I have now, therefore, the honor to transmit two statements, marked A, 
 and B. showing the amount of duties which accrued on merchandise im- 
 ported, on the tonnage of vessels, passports and clearances, during the years 
 1812 and 1813, and the particular articles of merchandise subject to duty, 
 imported in the year 1813; and two statements marked C. and C a. showing 
 the quantity of public lands sold, and the receipts therefor, in the State of 
 Ohio, Indiana, and Illinois Territories, and in the Mississippi Territory,, 
 during the year ending on the 30th of September, 2814; the whole pre- 
 pared in the form in which these statements have usually been presented, 
 in the annual report on the state of the finances made to Congress, from this 
 Department. 
 
 I have the honor to be, 
 
 Very respectfully, Sir, 
 
 Your most obedient servant, 
 
 A. J. DALLAS. 
 
 The Hon. the President of the Senate. 
 
544 
 
 REPORTS OF THE 
 
 [1814. 
 
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1814.] 
 
 SECRETARY OF THE TREASURY. 
 
 145 
 
 B. 
 
 A STATEMENT exhibiting the value and quantities, respectively, of 
 Merchandise, on which duties actually accrued during the year 1813, 
 [consisting of the difference between articles paying duties, imported, 
 and those entitled to drawback, re-exported^) and, also, of the nett re- 
 venue which accrued, during that year, from duties on Merchandise, 
 Tonnage, Passports, and Clearances* 
 
 Goods paying duties ad valorem. 
 
 
 
 23,928 10 dollars, at 12£ per cent., - $2,99101 
 
 
 5,825,316 54 do at 25 do - 1,456,329 
 
 13 
 
 
 470 87 do at 15 do - 70 
 
 63 
 
 
 1,095,287 75 do at 30 do - 328,586 
 
 33 
 
 
 30,116 06 do at 40 do - 12,043 
 
 35 
 
 
 6,975,119 32 
 
 
 a Additional duty, at 2 J do - 174,377 
 
 59 
 
 
 1,974,398 
 
 04 
 
 
 b Spirits, - 1,017,608 galls, at 60.1 average per cent. 611,913 
 
 64 
 
 
 c Sugar, - 31,364,276 lbs. at 5.2 do do 1,619,565 
 
 02 
 
 
 d Wines, - 604,029 galls, at 56.2 do do 339,521 
 
 15 
 
 
 e Teas, - 524,888 lbs. at 43.5 do do 228,338 
 
 12 
 
 
 / Coffee, - 8,202,072 lbs. at 10. do do 860,253 
 
 10 
 
 
 Molasses, - 3,220,710 galls, at 10. do do 322,071 
 
 00 
 
 
 g All other articles, .'.... 429,70451 
 
 
 6,385,764 
 
 58 
 
 
 Deduct duties refunded, after deducting therefrom duties col- 
 
 
 
 lected on merchandise, the particulars of which could not be 
 
 
 
 ascertained, and difference in calculation, - - 125,898 
 
 68 
 
 
 
 
 6,259,865 90 
 21,017 73 
 
 3^ per cent, retained on drawback, - 
 
 
 Extra duty of 10 per cent, on merchandise imported in for. ves. 2,513 
 
 48 
 
 
 Do do 15£ do do do do 483,630 
 
 06 
 
 
 
 
 486,143 54 
 
 
 
 Nett amount of duties on merchandise, - 
 
 6,767,027 17 
 
 Duties on tonnage, ------ 259,002 
 
 87 
 
 
 Light money, ------- 56,635 
 
 13 
 
 315,638 00 
 3,640 00 
 
 Duties on passports and clearances, - 
 
 
 Gross revenue, per statement A., - - 
 
 7,086,305 17 
 
 Deduct expenses on collection, - 
 
 
 410,483 94 
 
 Nett revenue, - - - . - 
 
 $6,675,821 23 
 
546 
 
 REPORTS OF THE 
 
 Explanatory Statements and Notes. 
 
 [1814. 
 
 a Additional duty — 
 
 1\ per cent, on 6,975,119 32 dollars, - 174,377 98 
 
 Deduct excess of exportation, 15 35 do - 39 
 
 3| per cent, retained o 
 Extra duty of 10 per c> 
 
 n drawback 
 
 strt. on merchandise in 
 
 1st proof, 2 
 3d do 97 
 2d do 163,457 
 3d do 209,533 
 4th do 644,635 
 5th do 173 
 6th do 300 
 
 nported in f 
 
 gallons, at 
 do at 
 do at 
 do at 
 do at 
 do at 
 do at 
 
 do 
 
 do at 
 
 do 
 
 2^ cents, 
 5 cents,- 
 
 2$ cents, 
 
 5 cents, 
 
 3 cents, 
 
 6 cents, 
 
 3 cents, 
 6 cents, 
 
 oreign vessels, 
 Dollars, 
 
 56 cents, 
 62 cents, 
 50 cents, 
 56 cents, 
 64 cents, 
 76 cents, 
 92 cents, 
 
 32 cents, 
 
 - $ 278 13 
 1,457,331 15 
 
 174,377 59 
 
 78 76 
 
 2,496 01 
 
 
 176,952 36 
 
 b Spirits — 
 
 From Grain, 
 Do do — 
 Do other materials, 
 Do do 
 Do do 
 Do do 
 Do do 
 
 1 12 
 
 , 60 14 
 
 81,728 50 
 
 117,338 48 
 
 412,566 40 
 
 131 48 
 
 276 00 
 
 Deduct exported, 
 
 1,018,197 
 .589 
 
 612,102 12 
 188 48 
 
 
 1,017,608 
 
 $611,913 64 
 
 c Sugar — 
 
 Brown, &c. Imported, 
 Do do 
 
 11,125 lbs. 
 29,146,623 do 
 
 at 
 at 
 
 at 
 at 
 
 at 
 at 
 
 at 
 at 
 
 
 
 29,157,748 
 
 1,457,609 28 
 
 
 - 
 
 278 15 
 
 47,244 20 
 
 Brown, &c. Exported, 
 Do do 
 
 11,126 do 
 944,884 do 
 
 
 
 956,010 lbs. 
 
 47,522 35 
 
 
 . ; 
 
 2,731 62 
 322,518 90 
 
 Nett, 
 
 28,201,738 do 
 
 $ 1,410,086 93 
 
 White, clayed, hd. Impo: 
 Do do do 
 
 rted, 91,054 lbs. 
 5,375,315 do 
 
 
 
 5,466,369 lbs. 
 
 325,250 52 
 
 
 - 
 
 22,457 43 
 93,315 00 
 
 White, clayed, Stc. Expor 
 Do do do 
 
 •ted, 748,581 do 
 1,555,250 do 
 
 
 
 2,293,831 lbs. 
 
 115,772 43 
 
 
 1,410,086 93 
 209,478 09 
 
 Nett, 
 
 3,162,538 do 
 
 $209,478 09 
 
 Brown, clayed, &c. Nett, 
 W r hite, do do 
 
 28,201,738 lbs. 
 3,162,538 do 
 
 
 
 31,364,276 lbs. 
 
 $ 1,619,565 02 
 
 
 
 
1814.] SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes — Continued. 
 
 547 
 
 d Wines — 
 
 
 
 
 
 
 
 
 
 
 
 Malmsey, Madeira, &c. 
 
 . 
 
 10,493 
 
 gallons, 
 
 at 
 
 116 
 
 cents, 
 
 „ 
 
 $ 12,171 
 
 88- 
 
 Other Madeira, &c. 
 
 
 . 
 
 1,881 
 
 do 
 
 at 
 
 100 
 
 cents, 
 
 . 
 
 1,881 
 
 00 
 
 Burgundy, Champaig 
 
 n, &c. 
 
 - 
 
 1,701 
 
 do 
 
 at 
 
 90 
 
 cents, 
 
 . 
 
 1,530 
 
 90 
 
 Sherrv and St. Lucar 
 
 , &c. 
 
 - 
 
 78,746 
 
 do 
 
 at 
 
 80 
 
 cents, 
 
 - 
 
 62,996 
 
 80 
 
 Claret, in bottles, &c 
 
 
 . 
 
 22,048 
 
 do 
 
 at 
 
 70 
 
 cents, 
 
 - 
 
 15,433 
 
 60 
 
 Lisbon, Oporto, &c. 
 
 
 - 
 
 23,784 
 
 do 
 
 at 
 
 60 
 
 cents, 
 
 . 
 
 14,270 
 
 40 
 
 Teneriffe, Fayal, Mai 
 
 aga, 8cc. 
 
 155,141 
 
 do 
 
 at 
 
 56 
 
 cents, 
 
 - 
 
 86,878 
 
 96 
 
 All other, not specifii 
 
 ;d, 
 
 
 317,550 
 611,344 
 
 do 
 gallons, 
 
 al 
 
 46 
 
 cents, 
 
 
 146,073 
 
 00 
 
 
 §341,236 54 
 
 Deduct exportations, 
 
 viz: 
 
 
 
 
 
 
 
 
 
 
 Burgundy, 7 galls. 
 
 at 45 
 
 cents, 
 
 
 . 
 
 . 
 
 
 - $3 15 
 
 
 
 Sherry, 28 do 
 
 at 40 
 
 cents, 
 
 
 . 
 
 . 
 
 
 11 
 
 20 
 
 
 
 Claret, 222 do 
 
 at 35 
 
 cents, 
 
 
 . 
 
 .- 
 
 
 77 70 
 
 
 
 All other, 7,058 do 
 
 at 23 
 
 cents, 
 
 7,315 
 604,029 
 
 gallons, 
 do 
 
 
 
 - 1,623 
 
 34 
 
 1,715 
 
 39 
 
 . 
 
 
 
 
 
 $339,521 
 
 15 
 
 e Teas — 
 
 Souchong, - 
 Hyson, 
 
 Other green, - 
 
 Extra duty on importations from other 
 places than India, 
 
 Deduct — 
 
 Exported Bohea, 151 lbs. at 24 cents, 
 Do Hyson, 311 do at 32 cents, 
 
 118,743 pounds, at 36 cents, 
 
 92,339 do at 64 cents, 
 
 314,268 do at 40 cents, 
 
 525,350 pounds, 
 
 36 24 
 99 52 
 
 462 pounds, 
 524,888 do 
 
 42,747 48 
 
 59,096 96- 
 
 125,707 20 
 
 922 24 
 
 §228,473 88 
 
 135 76 
 
 / Coffee- 
 
 9,002,990 pounds, at 10 cents, 
 Deduct exported, 800.918 do at 5 cents, 
 
 8,202,072 pounds, 
 
 $ 228,338 12 
 
 900,299 00 
 40,045 90 
 
 $860,253 10 
 
 70 
 
54S 
 
 REPORTS OF THE [1814. 
 
 Explanatory Statements and Notes — Continued. 
 
 All other articles. 
 
 Spirits, domestic distilled gallons 
 
 do do do 
 
 Beer, ale, and porter. do 
 
 Cocoa - - ' - pounds 
 
 Chocolate do 
 
 Do - - do 
 
 Sugar, candy , , - - do 
 
 loaf do 
 
 other, refined and lump do ' 
 
 Almonds do 
 
 Fruits — Currants do 
 
 Prunes and plums - do 
 
 Figs - -• do 
 
 Raisins, muscatel - do 
 
 do other - do 
 
 Candles, tallow - - do 
 
 wax, and spermaceti do 
 
 Cheese ... do 
 
 Soap do 
 
 Do do 
 
 Tallow " - - do 
 
 Spice — Mace - - do 
 
 Nutmegs - - do 
 
 Cinnamon do 
 
 Cloves do 
 
 Pepper - - do 
 
 do - - do 
 
 Pimento do 
 
 Cassia - - do 
 
 do do 
 
 Tobacco do 
 
 Snuff do 
 
 Indigo do 
 
 Cotton do 
 
 Do do 
 
 Powder, hair - - do 
 
 gun do 
 
 do do 
 
 Starch do 
 
 Glue - do 
 
 Pewter plates and dishes - do 
 
 Iron, anchors, and sheet - do 
 
 slit and hoop - - do 
 
 Nails do 
 
 Spikes - - ' do 
 
 Quicksilver - - do 
 
 Paints — Ochre, in oil - do 
 
 Do dry, yellow - do 
 
 Spanish brown - do 
 
 White and red lead do 
 
 Lead do 
 
 Quantities. 
 
 Excess of 
 importation 
 over ex- 
 portation. 
 
 134 
 
 32 
 
 11,633 
 
 109,873 
 
 34 
 
 562 
 
 473 
 
 1,426 
 
 351 
 
 301,461 
 
 40,392 
 
 92,347 
 
 75,607 
 
 956,854 
 
 738,692 
 
 29,163 
 
 725 
 
 12,089 
 
 350,497 
 254 
 632 
 157 
 
 523,750 
 
 48,275 
 42,240 
 
 2,925 
 
 427 
 
 219.042 
 
 22,356 
 
 735,705 
 
 110 
 
 557 
 
 196,206 
 
 1,665 
 
 43,985 
 
 38 
 
 226,865 
 
 183,739 
 
 206,771 
 
 23,115 
 
 2,744 
 
 1,458 
 
 123,328 
 
 26,698 
 
 411,275 
 
 68,320 
 
 Excess of 
 exporta- 
 tion over 
 importa- 
 tion. 
 
 48,279 
 22,763 
 
 28,537 
 5,841 
 
 9,806 
 
 Rate of 
 duty. 
 
 Cents. 
 
 Excess of 
 duties over 
 drawback. 
 
 7 
 
 14 
 
 16 
 
 4 
 
 3 
 
 6 
 
 23 
 
 18 
 
 13 
 
 4 
 
 4 
 
 4 
 
 4 
 
 4 
 
 3 
 
 4 
 
 12 
 
 14 
 
 4 
 
 2 
 
 3 
 
 250 
 
 100 
 
 40 
 
 40 
 
 12; 
 
 6 
 
 4 
 12 
 20 
 50 
 
 3 
 2 
 4 
 2 
 12 
 
 9 38 
 
 4 48 
 
 1,861 28 
 
 4,394 72 
 
 1 02 
 
 33 72 
 
 108 79 
 
 256 68 
 
 45 63 
 
 12,058 44 
 
 1,615 68 
 
 3,693 88 
 
 3,024 28 
 
 38,274 16 
 
 22,16076 
 
 1,166 52 
 
 87 00 
 
 1,692 46 
 
 10,514 91 
 
 635 00 
 
 632 00 
 
 62 80 
 
 62,499 54 
 3,862 00 
 2,986 96 
 
 35100 
 
 85 40 
 
 109,521 00 
 
 670 68 
 
 44,142 30 
 
 8 80 
 
 22 28 
 
 15,696 48 
 
 99 90 
 
 3,518 80 
 
 3 04 
 
 6.805 95 
 
 3,674 78 
 
 8,270 84 
 
 462 30 
 
 329 28 
 
 43 74 
 
 2,476 56 
 
 533 96 
 
 16,461 00 
 
 l,36o 40 
 
 Excess of 
 drawback 
 over du- 
 ties. 
 
 1,931 16 
 
 455 26 
 
 11,414 80 
 
1814.] SECRETARY OF THE TREASURY. 
 
 Explanatory Statements and Notes — Continued. 
 
 549 
 
 ' 
 
 
 Quantities. 
 
 
 
 
 
 
 
 Rate of 
 duty. 
 
 Excess of 
 duties over 
 
 Excess of 
 
 
 
 
 drawback 
 
 g All other articles — Continued. 
 
 Excess of 
 
 Excess o. 
 
 
 drawback. 
 
 over du- 
 
 
 
 importation 
 
 exporta- 
 
 
 
 ties. 
 
 
 
 over ex- 
 
 tion over 
 
 Cents. 
 
 
 
 
 
 portation. 
 
 importa- 
 tion. 
 
 
 
 
 Seines 
 
 - pounds 
 
 83 
 
 _ 
 
 8 
 
 6 44 
 
 
 Cordage, tarred 
 
 do 
 
 - 
 
 14,358 
 
 4 
 
 - 
 
 574 32 
 
 do 
 
 do 
 
 - 
 
 3,607 
 
 2 
 
 . 
 
 72 14 
 
 untarred - 
 
 do 
 
 o3,561 
 
 - 
 
 5 
 
 1,678 05 
 
 
 Cables 
 
 do 
 
 149,684 
 
 - 
 
 4 
 
 5,987 36 
 
 
 Steel 
 
 cwt. 
 
 5,424 
 
 - 
 
 200 
 
 10,848 60 
 
 
 Twine 
 
 do 
 
 494 
 
 - 
 
 800 
 
 3,950 93 
 
 
 Glauber salts 
 
 do 
 
 23 
 
 - 
 
 400 
 
 91 93 
 
 
 Coal 
 
 - - bushels 
 
 148 
 
 - 
 
 5 
 
 7 40 
 
 
 Do 
 
 do 
 
 25,183 
 
 - 
 
 10 
 
 2,518 30 
 
 
 Fish, dried or smoked 
 
 • quintals 
 
 1,381 
 
 - 
 
 100 
 
 1,381 00 
 
 
 pickled salmon 
 
 barrels 
 
 365 
 
 - 
 
 200 
 
 730 00 
 
 
 mackerel 
 
 do 
 
 199 
 
 - 
 
 120 
 
 238 80 
 
 
 other - 
 
 do 
 
 2,507 
 
 - 
 
 80 
 
 2,005 60 
 
 
 Glass, bottles 
 
 gross 
 
 1,879 
 
 - 
 
 120 
 
 2,254 80 
 
 
 window, 8 by 10 
 
 100 sq.ft. 
 
 1,883 
 
 - 
 
 320 
 
 6,025 60 
 
 
 do 10 by 12 
 
 do 
 
 722 
 
 - 
 
 350 
 
 2,527 00 
 
 
 do above 10 by 12 
 
 do 
 
 188 
 
 - 
 
 450 
 
 846 00 
 
 
 Cigars 
 Do 
 
 M. 
 
 do 
 
 3,448 
 
 65 
 
 400 7 
 2OO5 
 
 13,662 00 
 
 
 Foreign lime 
 
 casks 
 
 393 
 
 - 
 
 100 
 
 393 00 
 
 
 Boots 
 
 - ' pair 
 
 146 
 
 - 
 
 150 
 
 219 00 
 
 
 Shoes and slippers, silk 
 
 do 
 
 1,576 
 
 - 
 
 50 
 
 788 00 
 
 
 morocco, &c. 
 
 do 
 
 4,814 
 
 - 
 
 30 
 
 1,444 20 
 
 
 for children - 
 
 do 
 
 1,063 
 
 - 
 
 20 
 
 212 60 
 
 
 Cards, wool and cotton 
 
 dozens 
 
 92 
 
 - 
 
 100 
 
 92 00 
 
 
 playing 
 
 packs 
 
 540 
 
 - 
 
 25 
 
 135 00 
 
 
 do 
 
 do 
 
 72 
 
 - 
 
 50 
 
 36 00 
 
 
 Wax 
 
 - pounds 
 
 
 1,442 
 
 10 
 
 - 
 
 144 20 
 
 ' 
 
 444,296 39 
 
 14,591 88 
 
 Deduct excess of draw 
 
 back, 
 
 
 
 i 
 
 14,591 88 
 
 
 
 429,704 51 
 
 
 Treasury Department, 
 
 Register's Office, January 30th, 1815. 
 
 JOSEPH NOURSE, Register, 
 
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I]\ r DEX. 
 
 A. 
 
 Agriculture, the effect of funding the public debt on, 6. 
 
 productiveness of, contrasted with manufactures, 78. 
 promoted by manufactures, 88, 92, 104. 
 Alloy, proportion of, used in gold and silver coinage, 135, 141. 
 
 why it is used in coinage, 142. 
 Annuity proposed as'a plan for funding the public debt, 17, 43, 99. 
 Army expenses of 1802, estimated, 222. 
 of 1803, estimated, 253. 
 of 1804, do 263. 
 
 of 1805, do 286. 
 
 of 1806, do 298. 
 
 from 1st April, 1801, to 31st March, 1805, 326, 
 of 1807, estimated, 331. 
 of 1808, do 358. 
 
 paid, 374. 
 of 1809, estimated, 375, 392. 
 paid, 399. 
 from 1802 to 1807, 420. 
 of 1810, estimated, 400. 
 
 paid, 421. 
 of 1811, estimated, 423. 
 paid, 443, 466. 
 of 1812, estimated, 444. 
 paid, 468, 484. 
 of 1813, estimated, 470, 489. 
 paid, 490, 492, 499. 
 of 1814, estimated, 500. 
 paid, 523, 532. 
 of 1815, estimated, 530. 
 
 B. 
 
 ±5. 
 
 Balances m the Treasury, in 1801, 223, 224. 
 
 1802, 255. 
 
 1803, 263. 
 
 1804, 287. 
 
 1805, 298. 
 
 1806, 332. 
 
 1807, 357. 
 
 1808, 374. 
 
 1809, 391, 399- 
 
 1810, 422. 
 
 1811, 443. 
 
 1812, 468. 
 
 1813, 488, 499.. 
 
 1814, 525. 
 
554 INDEX. 
 
 Bank, plan of a national, proposed, 54, 72. 
 
 capital stock, of what amount, and how composed, 72. 
 the United States may be a stockholder, 75. 
 Bank of the United Si ales, a renewal of the charter of, recommended, 35$. 
 Bank shares, dividends on, in 1801, 221. 
 sold, 254. 
 proceeds of, 317. 
 Banks, benefits resulting from, 55, 97. 
 
 number of, in the United States in 1790, 65. 
 objections to, considered, 57. 
 slock of, how composed, 59. 
 favor the increase of the precious metals, 61. 
 tend to-Lower the rate of interest, 67. 
 Bounties considered as a mean of encouraging manufactures, 110, 130. 
 
 c. 
 
 Claims of American citizens against France, amount of assumed and paid, 
 
 264, 266, 288. 
 Coffee, additional duty on, proposed, 22. 
 
 imported and consumed from 1790 to 179S, quantity of, 241. — See 
 
 Merck a ndi.se i mported. 
 Coins, foreign, comparative value of, 135, 142. 
 
 circulation of, to be prohibited, 155. 
 Coins of the United States, of what to be composed, and how denominated., 
 
 152. 
 Commercial restrictions, effects of on the revenue in 1807-8. 398, 409. 
 Commerce, benefited by funding the public debt, 5. 
 promoted by manufactures, 90, 104. 
 how affected b) the French and British decrees, 376. 
 Compensation of officers of government in 1790, 45. 
 Connecticut, claim of, in 178y, 35. 
 Creditors of the United States, not expedient to discriminate between the 
 
 classes of the, 7. 
 Credit. — See Public Credit. 
 Customs, where paid, and the amount, from 1st April, 1801, to 31st March,, 
 
 1805, 319. 
 
 D. 
 
 Debt, amount of interest on the domestic, from 1776 to 1791, 33. 
 Debt— See Public Debt. 
 
 Debts due to States, to be assumed by the United States, 10, 28. 
 supposititious, .account of the, 30. 
 statement of the, 35. 
 provision for liquidating, 164. 
 Direct taxes, collected in 1801, 221. 
 arrears of, in 1803, 263. 
 receipts from, in 1801 to 1805, 317. 
 receipts from, in 1814, 524, 526. 
 an increase of the, recommended, 531. — See Revenue, fyc. 
 
INDEX, 655 
 
 Drawback of duties, considered in reference to the encouragement of man- 
 ufactures, 114. 
 
 amount of, from 1790 to 1799, 239. 
 system of, proposed to be modified, 378. — See Mer- 
 chandise imported. 
 Duties, additional, proposed on wines, spirits, teas, and coffee, 22. 
 Duties on Imports, tariff of, proposed to be modified, 2 IS, 227. 
 cost of collecting the, 218, 227. 
 
 an increase of, proposed, 219, 242, 378, 401, 424, 448. 
 Duties on Imports and Tonnage, estimated for 1790, 53. 
 
 for 1795, 170. 
 Duties. — See Internal Duties, Protecting Duties, Imports, Merchandise., 
 Dutch debt, created in 1790, 166. 
 
 amount of, in 1794, 206. 
 
 amount of, in 1802, 225. 
 
 instalments payable to 1809, 250. 
 
 difficulties in remitting instalments of the, 254, 260. 
 
 amount of the, in 1803, 276. 
 
 E. 
 
 Embargo, its effects upon the revenue considered, 377, 503. 
 Estimates of receipts and expenditures for 1791, 45, 53. 
 
 1795, 170, 185,214. 
 
 1801-2, 222. 
 
 1802-3, 253. 
 
 1803-4, 263. 
 
 1804-5, 286. 
 
 1805-6, 298. 
 
 1806-7, 331. 
 
 1807-8, 357. 
 
 1808-9, 375. 
 
 1809-10, 399. 
 
 1810-11, 422. 
 
 1811-12, 444, 448. 
 
 1812-13, 469. 
 , 1813-14, 488, 500. 
 
 1814-15, 526, 530. 
 Exemption of materials for manufactures from duty, effect of, 113, 
 Expenditures. —See Receipts and Expenditures* - 
 Exportation. — See Re-exportation. 
 
 F. 
 
 Finances, the effects of a National Bank in administering the, considered^, 54. 
 Finances, state of the, in 1801, 216. 
 
 1802, 252. 
 
 1803, 262. 
 
 1804, 285. 
 
 1805, 297. 
 
 1806, 331. 
 
 1807, 356. 
 
 1808, 373. 
 
 1809, (June,) 39L 
 76 
 
556 INDEX. 
 
 Finances, state of the, in 1S10, (December.) 398. 
 1810. 4.21. 
 1811^ 443. 
 
 1812, 468. 
 
 1813, (June,) 488. 
 
 1813, {December ) 499. 
 
 1814, 523. 
 'Fisheries, benefited by manufactures, 107. 
 
 Florida, imports and exports to and from, for the years 1799 to 1802, 265, 
 
 281 to 284. 
 Foreign intercourse, expenses of, from 1801 to 1805, 325. — See Receipts 
 
 and Expenditures. 
 Foreign Officers, provision made in 1792, for paying certain, 166. 
 France, claims Irgainst, assumed by the United States and paid, 264-6, 288. 
 F ands on the revenue, how prevented, 23. 
 Funding system established in 1790, 165. 
 
 G. 
 
 Gold and Silver, amount of increased by establishing banks, 55. 
 
 proportion of, in the United States, in 1790, estimated, 141. 
 
 I. 
 
 Imported articles, and the duty on each. — See Merchandise imported. 
 Imports from Great Britain in 1810, duties accrued on, 456. 
 
 a table of duties chargeable on in 1801, 227. 
 Imports, value and quantity of, from 1790 to 1800, 229 to 238. 
 amount of duties accrued on, from 1790 to 1799, 239. 
 quantity of consumed in the United States from 1790 to 1798, 241. 
 duties accrued on, from October 1S00, to October 1802, 259, 268. 
 duties accrued on, in the years 1802 and 1S03, 290. > 
 
 1S01 to 1804, 297, 302, 311. 
 1804 and 1805, 337. 
 1S05 and 1806, 362. 
 
 1806 and 1807, 379. 
 
 1807 and 1808, 403. 
 1S08 and 1809, 426. 
 1809. and 1810, 451. 
 
 1810 and 1811, 478. 
 
 1811 and 1812, 505. 
 
 1812 and 1813, 544.— See Merchan- 
 dise imported. 
 
 Incidental revenues received from 1st April, 1801, to 31st March,. 1805*322. 
 
 — See Revenue. 
 Internal duties created in 1794, 159. 
 Internal duties, receipts from in 1800, 218, 243. 
 
 cost of collection, 219. 
 
 receipts from, in 1801 to 1805, 317. 
 
 outstanding, amount of in 1803, 263. 
 
 proposed to be increased, 531. — See Revenue. 
 Internal improvements, surplus revenue may be applied to, 359. 
 Inventions and discoveries, promote manufactures, 114- 
 
INDEX. 557 
 
 L. 
 
 Lands. — See Public Lands. 
 
 Laws creating revenue, and providing for the public debt, reviewed, 157. 
 
 Limitation act, passed in 1793, 167. 
 
 Loan recommended to supply a deficiency in the receipts, 392, 400, 423, 448, 
 
 471,491. ' 
 Loans, foreign, amount of on 31st December, 1789, 31. 
 Loans preferred to taxes to meet the exigencies of a war, 377, 401. 
 Loans, amount received from, in 1810, 443. 
 
 1812, 468. 486. 
 1S13, 488, 492,499, 516. 
 1814, 524, 527. — See Revenue. . 
 Loans, terms on which they were obtained, 441, 491, 492 to 498; 519 to 
 
 522, 528; 535 to 540. 
 Louisiana, provision for the purchase of, 264. 
 
 imports and exports to and from, for the years 1796 to 1802, 
 265, 281 to 284. 
 
 M. 
 
 Manufactures benefited by funding the public debt, 6. 
 expediency of encouraging, 78. 
 advantages of, 85. 
 encourage emigration, 87. 
 effects of, on commerce and agriculture, 90. 
 objections to encouraging, considered, 91, 103, 107. 
 progress of, in the United States, 102. 
 necessary to the independence of a country, 106. 
 sectional jealousies on the subject of, considered, 107. 
 how to be protected, 109. 
 
 materials for, exempted from duty, effect of, 113. 
 articles of, requiring particular encouragement, 118. 
 Massachusetts, amount due to, in 1789, 35. 
 
 Mediterranean fund, created and estimated product of the, for 1805, 286. 
 duties constituting the, cease 1st January, 1809, 356. 
 a continuation of the, recommended, 378,401,424,448. 
 annual amount of. — See Merchandise imported, and 
 Revenue. 
 Merchandise imported and consumed, from 1790 to 1S00, 237, 241. 
 (paying ad valorem duties) in 1795 to 1800, 234. 
 (the quantity re-exported deducted) in 1801, 312. 
 
 1802, 270. 
 
 1803, 291. 
 
 1804, 303. 
 
 1805, 338. 
 
 1806, 368. 
 1S07, 380. 
 1808, 404. 
 
 re-exported in 1807 and 1808, 409. 
 
 imported, (the quantity re-exported deducted,) in 1809, 427. t 
 
 1810, 452. 
 
 1811, 474. 
 1S12, 506. 
 1813, 545. 
 
558 INDEX. 
 
 Mint, plan for the establishment of a, 133. 
 
 expenses of a, how defrayed, 143, 150. 
 organization .of a, 156; 
 Molasses, imported and consumed from 1790 to 179S, quantity of, 241. — 
 See Merchandise imported. 
 
 N. 
 
 National bank proposed to be established, 54. 
 Navy expenses of 1S02, estimated, 222. 
 
 1503, 253. 
 
 1504, 263. 
 ._1805, 286. 
 
 1806, 298. rj U T 
 
 from 1st April, lS01,to 31st March, 1805, 327. 
 of 1807, estimated, 3,31. 
 1808, 358. 
 
 paid, 374. 
 1S09, estimated, 375, 392. 
 paid, 399. 
 from 1802 to 1807, 420. 
 of 1810, estimated, 400. 
 paid, 421. 
 
 1811, estimated, 423-. 
 paid, 443, 466. 
 
 1812, estimated, 444. 
 paid, 468, 484. 
 
 1S13, estimated, 470, 489. 
 paid, 490, 492, 499. 
 
 1814, estimated, 500. ' ' 
 paid, 523, 532. 
 
 1815, estimated, 530. 
 New Jersey, claim of, in 1789,, 35. 
 New York, claim of, in 1789, 35. 
 
 Non- importation act, modification of the, proposed, 425. 
 
 o. 
 
 Officers of government, compensation allowed to the, in 1790, 45. 
 
 Paper money, the expediency of emitting, considered, 64. 
 
 Passports and clearances, amount of revenue derived from, in 1790 to 
 
 1798, 241. — See Merchandise imported. 
 Penalties and forfeitures for infractions of the revenue laws, to be distributed 
 
 to informers and custom-house officers, 425. — See Revenue. 
 Postage of letters, receipts from, in 1801 to 1805, 317. — See Revenue. 
 Post Office, revenue derived from the, to be applied to the Sinking Fund, 27 
 
 review of the law establishing the, 159. 
 Premiums, effect of granting, on agriculture and manufactures, 113. 
 
INDEX. 559 
 
 Protecting duties on imports, considered as a bounty on domestic fabrics, 109. 
 the constitutional power to levy, considered, 112. 
 Prohibitions of imports and exports may be resorted to for the encourage- 
 ment and protection of manufactures, 109. 
 Public credit, plans for the support of, 3, 157, 172. 
 
 a national bank necessary to the support of, 54. 
 essential to the prosperity of the nation, 197. 
 denned, 198. 
 Public debt, advantages of funding the, 5, 98. 
 
 nature of the provisions for funding the, 7, 161. 
 
 of what it consists, 14, 16S, 347. 
 
 plans for funding the, 17, 43, 45, 161. 
 
 plans for redeeming the, 22, 27, 165. 
 
 may constitute a part, of the capital of a national bank, 72., 
 
 75, 157. 
 laws relating to the, reviewed, 157. 
 plan for completing the system for liquidating the, 173. 
 revenues pledged for the payment of the, 168. 
 amount of foreign and domestic, in 1790, 14, 22, 31, 33. 
 
 1795, 169, 201 to 210. 
 1802, 223, 248, 250, 279. 
 when it may be redeemed, estimated, 172, 225, 251, 354. 
 amount paid, in 1802, 254. 
 
 1803, 264,276. 
 
 1804, 288,296. 
 
 1805, 299,310. 
 
 from 1st April, 1801, to 31st March, 1S05, 328, 329, 333. 
 in 1S06, 333, 345. 
 plan for consolidating the, proposed, 333, 347 to 355. 
 amount of the, in 1806, 349. 
 
 estimated amount that may be paid in 1809 to 1824, 354, 355. 
 amount paid in 1807, 358,371. 
 in 1808, 373, 389. 
 amount paid from 1st April, 1801, to Oct. 1809, 399,415to41S. 
 
 1810, 423, 436. 
 amount paid in 1811, 445, 461. 
 
 amount paid from 1st April, 1801, to 1st January, 1812, 463. 
 amount on 1st January, 1812, 446, 464. 
 amount paid in 1812, 46S, 480. 
 
 1813, 492, 499, 514. 
 ' 1814, 534. 
 Public lunds, not taxable nor liable to sequestration, 192, 196. 
 Public lands, may be applied, in part, to the payment of the public debt, 
 17, 18. 
 proposed as a premium on loans, 449. 
 estimated quantity and product of the, in 1795 and 1S01, 161, 
 
 219, 244. 
 proceeds of the, pledged for the public debt, 163. 
 sold in 1801, 220,246. 
 intrusions on the, to be prevented, 221, 
 sold in 1802, 252, 257. 
 
560 INDEX, 
 
 Publie lands, sold in 1803, 262, 274. 
 
 1804, 285, 294, 315. 
 
 1805, 297, 308. 
 
 receipts from, in 1801 to 1805, 317. 
 sold in 1806, 331, 348. 
 
 1807, 356, 368. 
 
 1808, 373, 385. 
 
 1809, 398, 411. 
 
 sold from 1S00 to 1810, 421, 432. 
 
 in 1811J 448. 
 may be applied as a bounty to soldiers enlisting, 448. 
 — sold in 1812, 478. 
 1813, 511. 
 1S14, 550. t 
 
 Public vessels sold, 222. 
 
 R. 
 
 Receipts and expenditures, estimated for 1790, 45, 53. 
 
 1795, 170. 
 comparative view of the, for 1795, 214. 
 in 1801, 216. 
 
 1802, 252. 
 
 1803, 262. 
 
 1804, 2S5, 
 
 1805, 297. 
 
 from 1st April, 1801, to 31st March, 1805, 317 
 
 to 330. 
 in 1806, 331. 
 
 1807, 356. 
 
 1808, 373. 
 
 1809, 391, 395, 398, 419. 
 
 1810, 421, 438. 
 1811,443, 466. 
 
 1812, 46S, 482, 486. 
 
 1813, 488, 492,499, 516, 532. 
 
 1814, 523, 533. 
 Re-exportation of foreign merchandise in 1S07 and 180S, 409. 
 Revenue, frauds of the, how to be prevented, 23. 
 
 plan for increasing the, 24. 
 
 laws relating to, reviewed, 157. 
 
 for what purposes pledged, 168. 
 
 how to be increased in the event of war, 361, 378. 
 
 anincreaseof proposed, 219, 242, 378, 401, 424, 448, 504. 
 
 from what sources derived, and the amount in 1795, 157, 167. 
 
 1801, 216. 
 
 1S01 to 1805, 317, 
 322. 
 
 1508, 395. 
 
 1509, 419. 
 1810, 43S. 
 1811,466. 
 
INDEX. 561 
 
 Revenue, from what sources derived, and the amount in 1812, 482,492. 
 
 1813,492,516,518. 
 1814, 532-3. 
 See Receipts and Expenditures. 
 
 s. 
 
 Salt imported and exported from 1790 to 1800, 233. 
 
 and consumed from 1790 to 1798, quantity of, 241. — See 
 Merchandise imported. 
 Salt duty expires 1st January, 180b, 356. 
 
 a renewal of the, recommended, 449, 490. — See Merchandise 
 imported. 
 Sinking Fund, plan of a, proposed, 27. 
 
 established in 1790, 165, 171. 
 made permanent in 1792, 166, 169. 
 operations of the, to 1st January, 1795, 167 ? 171, 211. 
 proceedings of the, in 1802, 260. 
 state of the, in 1806, 346. 
 in 1810, 440. 
 in 1813, 498. 
 South Carolina, claim of, in 1789, 36. 
 Specie increased by the operation of banks, 35. 
 Specie payments suspended by banks, 529. 
 Spirits imported in 1792 to 1799, quantity of, paying; duties, 235. 
 
 and consumed in 1790 to 1798, quantity of, 241. — See 
 Merchandise imported. 
 Spirits, foreign and domestic, additional, duties proposed on, 22. 
 Stamp duties expire 4th March, 1803, 218, 221. — See Revenue. 
 State debts, ought to be assumed by the Union, 14, 28, 30. 
 i amount of, estimated, 35, 36. 
 provision for liquidating the, 164. 
 Stocks of the United States, not taxable, 192. 
 Sugar imported .and consumed in 1790 to 1798, quantity of, 241. — See 
 
 Merchandise imported. 
 Surplus revenues, may be applied to internal improvements, 359. 
 
 T. 
 
 Taxes internal, proposed to be levied, 449, 490. — See Direct Taxes. 
 Teas, additional duties on, proposed, 22. 
 
 imported in 1790 to 1800, quantity of, paying duties, 236. 
 estimated quantity of, consumed during the years 1790 to 1798, 241 , 
 — See Merchandise imported. 
 Tonnage, amount of American and foreign, from 1790 to 1799, 240. 
 
 1800 to 1802, 269. 
 in 1S03, 290. 
 
 1804, 302. 
 
 1805, 337. 
 
 1806, 362. 
 1S07, 379. 
 
 ? 1808, 394, 403. 
 
562 INDEX. 
 
 Tonnage, amount of American and foreign, in 1809, 426. 
 
 1810, 451. 
 1811,473. 
 
 1812, 505. 
 
 1813, 544. 
 Tontine, proposed as a plan for funding the public debt, 20, 45. 
 Treasury Notes, amount authorized in 1812, 469, 492. 
 
 1813. 492, 499, 51S. 
 
 1814, 525, 528, 532, 541-2. 
 in circulation in 1814, 529. 
 
 ■ an increase of the rate of interest on, proposed, 53<h 
 
 V. 
 
 Virginia, claims of, in 1789, 36. 
 
 w. 
 
 Wines, additional duties proposed on, 22. 
 
 imported and consumed, quantity of, from 1790 to 1798, 241. — See 
 Merchandise imported. 
 
 END OF THE FIRST VOLUME. 
 
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