State of the Finances. Connected with these statements it may be useful to add, that, of the appropriations granted prior to the 1st of January, 1816, there remained on that day, unexpended, the sum of For the Civil Department, foreign intercourse, and miscellaneous $7,972,277 86 $2,562,363 51 20,222 66 759,310 27 4,630,381 42 $7,972,277 86 And at the end of the year 1816, the appropriation for the Military Department, the Naval Department, and the public debt will probably be exhausted; but there will remain an unexpended balance of the appropriations for the Civil Department, foreign intercourse, and miscellaneous expenses, estimated at about the sum of $2,642,623 77 2d. Of the receipts into the Treasury in 1816. It is not within the scope of this report to enter into the details of that portion of the revenue which has accrued, but has not become payable, nor to distinguish between the amount produced under the old or war, or under the new or peace system of revenue. The main object is to exhibit the actual receipts of revenue at the Treasury from the 1st of January to the 1st of August, 1816, and which have arisen from the following sources: 1. From cash in the Treasury, (deducting an item of $6,692,407 55 in Treasury notes, which have been paid for duties and taxes,) as subject to the future settlement of the Treasurer's accounts, at 2. From revenue, including what was outstanding at the commencement of the year, to wit: Customs, (subject to a deduction for debentures paid during the same period, of Direct tax, (independent of the assumed quota,) $6,298,652 26 $21,354,743 74 3,050,000 00 365,320 38 Do. do. by Ohio 88,527 62 do. by South Carolina 129,119 66 by Georgia 80,696 02 3,713,963 68 Internal duties Postage and incidental receipts 3,864,000 00 Sales of public lands, excluding $211,440 50 received in the Mississippi Territory, but to be paid to Georgia 676,710 40 29,736,443 20 Total amount of receipts from the revenue and cash in the Treasury Seven per cent. stock, by the issue reissued, and sale of small Treasury notes which were funded Making the amount received into the Treasury, from the 1st January to 1st August, $45,825,920 67 State of the Finances. The sales of public lands, excluding the receipts in the Mississippi 676.710 40 $19 876,710 40 65,702,631 67 Making the whole of the estimated receipts for the year 1816, the sum of SUMMARY. First. 1. From the foregoing estimates and statements, it appears that the receipts into the Treasury, (including the cash on deposite at the commencement of the year 1816,) from the 1st of January to the 1st of August, 1816, may be stated, subject to such alterations as shall occur in the final settlement of the Treasurer's accounts, at 2. And that the payments at the Treasury for the same period may be stated at Making an excess of receipts beyond the payments at the Treasury, from 1st January to 1st August, 1816, at - $45,825,920 67 26,332,174 89 - $19,493,745 78 Second. 1. From the foregoing estimates and statements it appears that the receipts at the Treasury, as above stated, from the 1st of January to 1st of August, 1816, excluding the amounts in the Treasury at the first date, have amounted to 2. And that the probable receipts at the Treasury, from the 1st of August to the 31st of December, may be estimated at $39,527,268 41 19,876,710 40 Making the whole of the estimated receipts at the Treasury, for 1816, exclusive of 4. And that the demands on the Treasury, from the 1st of August to the 31st of December, 1816, are estimated at the sum of Making the whole of the estimated payments and demands at the Treasury, for 1816, the sum of And leaving an excess of the estimated receipts beyond the estimated payments and demands at the Treasury, for 1816, exclusive of the sum in the Treasury on the 1st of January, 1816, amounting to $59,403,978 81 A general statement of the sums paid monthly at the custom-houses for duties on merchandise imported into the United States, and of the sums repaid monthly upon debentures issued for the drawback of the duties on importation, has been prepared, embracing the period from March, 1815 to July, 1816, both months inclusive. From this document it appears, 1. That the aggregate of the duties received at all the custom-houses of the United States, during the above specified period, amounts to the sum of - $28,271,143 50 2. That the aggregate of the debentures paid during the same period, amount to the sum of Leaving the amount of duties, for the above specified period, (subject only to a 3. That the aggregate of the duties received at the custom-houses of the United States, Leaving the amount of duties for the last-mentioned period, (subject only to a deduction for the expenses of collection,) at the sum of 2,624,421 66 $25,646,721 84 $6,916,399 76 794,857 33 $6,121.542 43 5. That the aggregate of the duties received at all the custom-houses of the United States, from January to July, 1816, both months inclusive, amounts to the sum of $21,354,743 74 6. That the aggregate of the debentures, paid during the same period, amounts to the sum of Leaving the amount of duties for the last-mentioned period, (subject only to a deduction for the expenses of collection,) at the sum of 1,829,564 33 - $19,525,179 41 State of the Finances. The districts in the United States have contributed in very different proportions to the results, in the collection of the customs, which have been thus generally stated. The following abstract will afford a comparative view of the importations into some of the principal districts, (those whose importations have produced duties exceeding $400,000,) from March, 1815, to July, 1816, both inclusive. NOTI. This statement exhibits the amount of money actually paid into the Treasury at those ports, and not the amount of duties which accrued during that period. 3. Of the Public Debt. In a supplement to the annual Treasury report of December, 1815, made to the House of Representatives on the 28th of February, 1816, it appears that the balance of the whole of the public debt contracted prior to the late war amounted on the 12th of February, 1816, to - $38,335,832 58 The amount which has since been reimbursed of the principal of the old six per cent. and deferred stocks, besides the payments of the interests, is the sum of And at this time the balance of the whole of the public debt contracted before the late war amounts to the sum of In the same supplemental report it further appears that the estimated amount of the whole of the public funded debt, contracted in reference to the lats war, amounted on the 12th of February, 1816, to the sum of To this amount there has been since added the following items: 1. In six per cent. stock to pay the Bank of South Carolina, according to the contract for a loan made to General Pinckney, under the authority of the War Department, the amount being included in the appropriation for the military service 2. In six per cent. stock to pay the Union Bank of Charleston, South Carolina, according to the contract for a like loan, the amount being included in the appropriation for the military service 3. In six per cent. stock of 1815, in lieu of Treasury notes funded at 95 per cent. under the loan of 1815, and which thus operated to render the amount of the floating debt 4. In six per cent, stock, in lieu of Treasury notes funded at par, (as 5. In seven per cent. stock, in lieu of small Treasury notes funded at $43,956 04 43,956 04 335,447 90 9,200 31 4,289,089 00 Estimated amount of the whole of the funded debt at this time, contracted in reference to the late war In the same supplemental report it appears that the amount of the floating public 1. There have been issued and re-issued small Treasury notes, as is estimated at -$2,004,597 00 556,558 26 - $37,779,274 32 68,374,764 94 4,721,649 29 - $73,096,414 23 -816,920,115 41 State of the Finances. 2. There having been issued Treasury notes bearing interest, as estimated at 2,861,900 00 3. There have been obtained temporary loans from the banks in the District of Columbia, under the act providing for the reconstruction of the public buildings, in addition to the loan of $100,000 stated in the supplemental report 4. There has been obtained a temporary loan from the Farmers' Bank of Virginia to pay a warrant of the War Department in favor of the Governor of Virginia, to pay for militia expenses during the war $50,000 00 4,873,498 00 150,000 00 200,000 00 $21,993,612 41 But the floating debt has been diminished since the 12th of February, 1816, in the 1. By the subscription of Treasury notes to the six per cent. loan of · 2. By funding Treasury notes at par for six per cent. stock, as above stated 3. By funding small Treasury notes for seven per cent. stock, as above 4. By the payment in Treasury notes of duties and taxes estimated to $318,675 52 4,289,089 00 $7,217,853 58 7,367,853 58 $225,000 00 350,000 00 725,000 00 12,709,818 41 A more general view of the issues and reimbursements of Treasury notes has been presented by the Register, to show the amount outstanding on the 1st August, 1816; from which it appears1. That the issues have been, under the act of Congress of June 30, 1812 Total amount of issues of Treasury notes 2. That the reimbursements by payments, when the notes became due by subscription to the loan of 1815, and by satisfying duties and taxes, have amounted to Deduct estimated amount of interest, included therein $29,467,407 16 Leaving an outstanding balance of Treasury notes of every denomination, on the 1st of August, 1816, amounting to the sum of The amount reimbursed, as above stated, including interest, being 7,815,394 00 - $36,133,794 00 27,400,000 00 $8,733,794 00 $29,467,407 16 14th CoN. 2d SESS.-37 State of the Finances. Consists of Treasury notes cancelled, including interest thereon, and $29,467,407 16 The balance of $8,733,794, exclusive of interest thereon, is still subject to a reduction for the amount of Treasury notes in the hands of collectors and receivers, not deposited in the banks on the 1st of August, 1816. There can, therefore, be no doubt that, during the five subsequent months of the present year, the whole of the floating public debt in Treasury notes, as well as temporary loans, will be extinguished, agreeably to the anticipations which were expressed upon that subject. From the preceding estimate it appears that, at this time, the aggregate amount of the public debt is the sum of $120,159,482 55 Consisting of the following items: 1. Funded public debt before the late war 2. Funded public debt contracted since the late war 3. Floating public debt outstanding 123,630,692 93 $3,471,210 38 The aggregate amount of the public debt, as is estimated on the 12th February, 1816, being the sum of The aggregate reduction since that period, amounts to the sum of The funded public debt will, unavoidably, be augmented, as long as the disordered state of the currency shall compel the Treasury to make any of its payments in small Treasury notes, fundable at seven per cent.; and the necessity of issuing Treasury notes, bearing interest, from the same cause, will also, in some degree, augment the funded debt, while it retards the extinguishment of the floating debt, for which the revenue is otherwise ample. To render the funds of the Treasury as active as possible, however, they have been applied to pay off the temporary loans by anticipation; those obtained in Boston and Maine (making together $550,000) being the only loans for which the local currency could not be provided. It would have been desirable, indeed, to have employed some of the public funds in the purchase of the public stock where it has fallen below par; but, upon examination, it was found that the appropriation for the Sinking Fund did not admit of that operation, for The balance of the appropriation of the preceding year applicable to the Sinking Fund, and remaining on the 1st of January, 1816, was And the appropriation for the year 1816 was Of which there was expended to the 30th of June, 1816 $4,630.381 42 8,000,000 00 $12,630,381 42 And the probable demand to the 1st of January, 1817, inclusive, is 13,573,122 62 Leaving a deficit, which must be supplied as soon as the next session of Congress opens, amounting to $942.741 20 Another item will be added to the public debt by the creation of the five per cent. stock, in payment for the shares held by the Government in the capital of the Bank of the United States; and it may be proper to bring into view the Mississippi stock, created upon the settlement of what are usually called "the Yazoo claims," amounting, on the 30th of August, 1816, to the sum of $4,241,725 80. It will be observed, however, that the five per cent. stock is, in effect, an exchange for another capital, producing probably a higher rate of interest; and that the Mississippi stock bears no interest, and is only eventually reimbursable out of the proceeds of the sales of public lands. For the payment of the interest, both of the old and new debt, and for the reimbursement of the instalment of the principal of the old debt, due on the first of October next, provision has been made by the Treasury; remittances have also been made to the bankers of the United States in London and Amsterdam, for the payment of the interest on the Louisiana stock, payable at those places, respectively, on the 1st of July, 1816, and the 1st of January, 1817. And, so far as depends upon this Department, funds have been supplied to meet all the demands upon the Government of the United States, upon the various general accounts which are open there For the interest on the Louisiana stock; |