24,502,906

12,152,000

47,267,172 46

The means by which this sum was to be provided were the following:

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

Public lands (including those in the Missisippi territory, the proceeds of which are now payable to the state of Georgia) Internal duties and direct tax Postage and incidental receipts

4,182,088 25

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 on terminating with that day. They will hereafter be laid before congress in the proper form. The amount of the customhouse duties which accrued during the year 1813 was 7,070,000 dollars. During the two first quarters of the present year they amounted to 3,000,000 dollars but during the 7,078,170 33 two last quarters will not probably exceed one million.

540,065 68 2,189,272 40 166,744

12,141,776

4,722,639 32

$23,942,585 65

The amount receivable into the treasury during the year 1814, from bonds outstanding at the commencement of the year, and from the duties aceruing, 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 dollars, was paid during the first half of the year, and will leave payable during the remainder of the year the sums here stated,

Sales of public lands. The proceeds of public lands sold in 19,219,946 33 the Missisippi territory, which are now payable to the state of Georgia, are brought into the treasury in the same manner as the money derived from the sales of other public lands. As the amount when paid out of the treasury to the state of Georgia, appears among the public expenditures, it is proper that these moneys should be placed among the receipts of the treasury. Including the proceeds of the lands in the Missisippi territory, the receipts during the year 1814 are estimated at

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 dur-$900,000, of which $540,065 68, ing a state of war to be left in the treasury, having been received during the making $24, 827,586 81 two first quarters of the year, Of this amount it is estimated that there there will be receivable during will be derived from the various sources of ex- the two last quarters. isting revenue, the following sums, viz: From the customs

It has not been practicable to prepare the statement of this and of the other branches of the revenue in the usual officia form, to be communicated to

2,820,000

Internal duties and direct tax. The receipts into the treasury from these resources during the present year, will fully equal the estimate heretofore made. These taxes are paid readily and cheerfully. The direct tax is in

360,000

collection 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 persons to act as assessors has produced some delay. In several of the districts the collection is already nearly completed. The amount estimated as receivable from these two sources was $3,000,000. Of this sum, there was received prior to the first of July last $2,189,272 40, and leaves to be received during the remainder of the year

Postage & incidental receipts. These were estimated for the whole year at fifty thousand dollars. Including repayments, prize money, and the arrears of the former direct tax and internal duties, there was received, on these accounts, 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

lic demands; or by depressing the stock to 85 per cent., to have obtained only a little more that 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, 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.

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 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 terms of the 1,610,000 loan, of about 1,900,000 dollars has taken place: and it is doubtful 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 been already paid, and amounting to about

50,000

$1,800,000

Proposales were again invited on the 22d of August for a loan of six millions of dollars in further execution of the power contained in the act of the 24th Marchi, for borrowing 25 millions. The whole amount offered was only $2,823.300, of which 100,000 dollars were at rates less than 80 per cent. and 2,213,000 were at the rate of 80 dollars in money for 100 dollars of 6 per cent. stock. The remaining sum of 510,300 dollars was offered at various rates from 80 to 88. Notwithstanding the reduced rate at which the greater part of the above sum was proposed, 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 indispensa ble for the public service, it was deemed advisable to accept the sums offered at that rate. Including the sums offered at rates more favourable to the United States, than that here stated, the whole amount of the proposals 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.

Total am't receivable for revenue $4,840,000 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 was made to obtain the whole amount of 25 n. hous at once. The sums offered for this Joan amounted to $11,900,206; of which $71,750 were at rates less than 88 per cent, and $1,13,400 at rates less that 85 per cent. Of the sum of $9,229,056 which were offered at so per cent, or at rates more favourable to the United States, 5 millions were offered with the condition annexed that if' terms more favourable to the lenders should be allowed for any part of the 25 millions authorized to The annexed papers under the letter C rebe borrowed the present year, the same terms late to this loan. Should be extended to those holding the stock Some of the persons who originally made of the ten million loan. Taking into consi-proposals for this loan, which were accepted. deration the expectation entertained of an early return of peace and the importance of maintaining unimpaired the public credit, by Sustaining the price of stock in the mean time: and also considering the measure was sanctioned by precedent, it was agreed to accept the loan with that condition. Had the sum to Moneys having been heretofore obtained by which the condition was annexed been reject-the United States on loan in Europe, upon faed, the consequence would have been to re-vourable terms; and the punctuality and dnce the amount obtained to less than 5 mil-fidelity with which they were repaid having kons, a sum altogether inadequate to the pub-established their credit there, on a firm and

have since given notice that they could not carry their proposals 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.

and it being estimated that a further sum of $2,500,000 inay 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 dollars.

respectable footing, it was determined, in ving been already issued since the 1st of July, consequence of the difficulties experienced in treasury notes amounting to 1,500,000 dollars, obtaining at home the sums requisite for the public service, to try the market in that | quarter. To effect this pupose the requisite powers and instructions have been given for negotiating a loan of six millions of dollars; as a further part of the loan of 25 millions authorized by the act of the 24th of March last; The means then, for meeting the demands and in order to facilitate this object, six per upon the treasury during the last half of the cent stock to that amount has been consti-present year, as now ascertained, are estimatuted and transmitted, with directions for its ted as follows: sale, if that shall be found the most advanta-From the revenue, geous mode of 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

Loans under the 25 million act, viz:
Loan of 10 millious
Loan of 6 millions

resources of the present year; but as this sum Treasury notes forms a part of that which was authorized to

be borrowed, and which will be necessary

4,840,000

1,800,000 2,520,000

-4,320,000

9,160,000

4,000,000

13,160,000

11,660,000

24,820,000

for the service of the present year, further Aud leave still to be obtained 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 difficulties already experienced in obthe service of the ensuing year. taining loans, and the terms on which it has With a view to avoid the inconvenient in-been found necessary to accept them, suffi crease of stock in the market, and its conse-ciently show the propriety of congress adoptquent depreciation, an effort was made to ob-ing effective measures for procuring the sums tain temporary loans from the banks by spe- still required for the service of the residue of cial contracts; but the attempt was not at- the present, as well as for that of the ensuing tended with success. year.

viding a remedy for these evils; and in placing, if practicable, the currency of the conntry on a more uniform, certain and stable footing.

The amount of treasury notes issued prior l'he suspension of payments in specie by to the 1st of July last, under the act of the many of the most considerable banks in the 4th of March 1814, was 1,392,100 dollars. United States, and of those most important in Those since issued, amount to 1,512,300 do the money operations of the treasury, has lars. The annexed statement marked E produced, and will still continue to cause diffishows the particulars relating to these notes: culties and embarassments in those operaand in the paper marked D, an account is gi-tions. The circulating medium of the country, ven of those treasury notes issued under the|which has consisted principally of bank notes, act of the 25th of February, 1813, which have is placed upon a new and uncertain footing; not been heretofore reported to congress. and those difficulties and embarrassments will There are now in circulation near 8 mil-extend in a greater or less degree into the pe Hons of dollars in treasury notes; of which,cuniary operations of the citizens in geneduring the fourth quarter of the present year, ral. The powers of congress, so far as they notes for more than four millions of dollars extend, will be required to be exerted in prowill become reimbursable. A part of them may perhaps be replaced by new notes, but it is not believed that upon their present footing, more than two millions and a half of dollars can thus be replaced. This would still leave If further reliance must be had on loans, it more than six millions of dollars of notes in is respectfully suggested, that additional incirculation, which the experience of two years ducements should be offered to capitalists to has shown to be nearly as large a sum, while advance their money by affording so ample the other circulating paper medium of the and unequivocal security for the regular paycountry remained unembarrassed, and main-ment of the interest, and reimbursement of tained itself in the public confidence, as can the principal of such loans as may be obtainin their present shape be freely and easily ed. This may be effected by establishing an eirculated. Notes of a smaller denomination adequate revenne and pledging the same spethan those heretofore issued, have been pre-cifically for that purpose. pared, and will probably, by passing into a more numerous and extensive class of the money transactions of individuals, carry a greater quantity into circulation. There ha

It is also submitted for the consideration of congress, whether treasury Hotes might not by augmenting the rate of interest they now bear, and securing its payment as well as their

eventual reimbursement, by an adequate reve- | is believed, be necessary; but at its present nue pledged for that purpose, be placed ou a rate, it will not produce net to the treasury footing better calculated than at present to more than 2,600,000 dollars. sustain their credit, encourage their circula- In order to provide the remaining sum of tion, and answer with more certainty the pur-2,700,000 dollars, as well as such other sums as poses of government. may be deemed requisite for the objects here

The estimates for the service of the year in before suggested, it will be for congress to 1815 bave not yet been prepared. consider how far it would be expedient to in

It is certain however, if the war continues, crease this tax, as well as the present interthat a sum will be required, at least equal|nal duties, and also what new objects of taxto that demand for the present year; and un-ation may for that purpose be most advantader the head of public debt, an additional sumgeonsly resorted to. sufficient for the payment of the interest on the loans made in the mean time.

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 fiHance, the expenditures to be covered by the revenue during the year 1815, would be as follows:

Expenses of the peace esta

blishment

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 oceasioned 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 revennes adequate to the punctual payment of the interest and eventual reimbursement of the principal of the sums 7,000,000 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 beyoud 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 6,500,000 portion of the extraordinary expenditures occasioned thereby. This would have a tendency to insure public confidence and preserve and confirm public credit.

13,500,000 The revenues as now established, are estimated to produce during the year 1815, the following sums, viz:

The present state of our country, growing Customs. While the whole navy of the one-as the unusual manner in which he prosecutes out of the unjust policy of the enemy, as well my is disposable for the interruption of our trade, this source of revenue cannot be very productive. From bonds which will be out standing at the commencement of the year 18 5, and from the duties which will accrus during that year, it estimated that there will be received into the treasury

Sales of public lands

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 4,000,000 | requires they should be brought inte full ac800,000 tivity.

Internal duties. These will all bring their full amounts into the treasury during the year 1815, and will, it is be lieved, produce a net sum of

2,700,000

Arrears of direct tax of 1814, which will be received in 1815,

Postage and other incidenta! receipts

Total amount and leaving to be provided

The very expenditures which render necessary the imposition of additional taxes will themselves have increased in the community, the ability to discharge them.

The promptitude and cheerfulness with which 600,000 the present taxes are paid, afford the best pledges of the spirit with which the people will, 100,000 meet such demands as the interest and safety of the country may require.

8,200,000 A people who have not only tasted, but en5,300,000 | joyed in their full extent, the blessings of lìberty and independence for more than thir13,500,000 ty years, cannot consider any sacrifices too

Towards making up this sum of 5,300,000 great which are found indispensable to pre

dollars, a continuance of the direct tax will, it serve them inviolate.