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loans, and on the treasury notes which will become payable 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 reimburseable 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 prosecution of the war, are believed to be the least sum 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 expenditure 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 years 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, ex
clusive of the additional force authorised by the acts passed during the year 1812, may be estimated at
$ 7,000,000 The interest on the public debt
during the year 1814, will be
as follows: On the old funded debt
$ 2,100,000 On 6 per cent. stock of 1812, in
cluding temporary loans received in part of the loan of eleven millions, which will remain unpaid in 1814
500,000 On 6 per cent. stock of 1813 1,090,000 On treasury notes which will be
reimbursable in 1814, say on 5,000,000 of dollars at 5 per cent.
On the loan for the year 1814, interest paya
ble within that year
The revenue now established, being estima.
ted to produce Would leave to be raised
To cover the above sum of
The internal taxes heretofore proposed, were
estimated to produce And the duty of 20 cents a bushel on salt im
ported, which, though estimated heretofore at only 400,000 dollars a vear, during a state of war, yet as the consumption considerably exceeds 2,000,000 of bushels, may be estimated to produce
Making the sum wanted
Although the taxes, if early laid, may be brought intu operation in the commencement of the year 1814, yet, as they cannot be expected to have their full effect during that year, some auxiliary resource 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 according to the existing engagements of the United States; this sum of $1,500,000 may be carried to the sinking fund for the year 18:4, and will be wanted in addition to the annual appropriation of $800,000, 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 1814, the laying of the internal taxes may be considered, with a view to that object, as essentially necessary; in the first place, to facilitate the obtaining of the loan, and secondly, for procuring it on favourable terms. It is ascertained that the terms of the loan, for the present year, would have been more favourable if the taxes had been previously laid ; and it is obvious enough, that, by affording a security for the regular pa ment of the interest and the eventual reimbursement o principal, more stable, and less liable to be weakened orci by the natural effects of war upon external commerce, revenue depending, as that of the United States now do
most wholly upon such external commerce, capitalists will advance with greater readiness, and at a lower rate of interest, the funds necessary for the prosecution of the war. fidence 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 of which is respectfully submitted.
Acting Secretary of the Treasury. Treasury Department, June 2d, 1813.
A. Receipts and expenditures at the Treasury of the United States
from 1st October, 1812, to 31st March, 1813. Cash in the treasury, subject to warrant, 1st October, 1812,
$ 2,362,652 69 Received for customs $ 4,720,001 44
arrears of direct
sold, and fund
1,984 96 5
munics advancent ced
4,781,500 Loan of 11 mil
lions, (1812) 4,337,487 50 Loan of 16 millions, (1813) 1,086,737 50
Expenditures, viz. :
on account of the civil de-
368,518 64 diplomatic do.
48,087 37 military department 9,039,275 49 naval
2,690,752 20 public debt
Cash in the treasury, subject to warrant,
March 31, 1813
$ 1,855,734 53
B. The United States' Loan of $16,000,000 has been taken up in
the following manner and proportions :
First subscription on the 12th and 13th of
only $10,161,800 could be received To which
be added the amount intended to be loaned by the state of Pennsylvania, VOL. I. PART I.
the proposal for which, not being received in time, could not be admitted
Being 81,944,200 more than the sum of 16,000,000 authorised by law, and actually borrowed.
That sum of 816,000,000 has been subscribed, and is payable at the following places : New Hampshire Portsmouth
40,000 Massachusetts, Portland
75,300 Rhode Island, Providence
67,800 New York, New York
283,500 Pennsylvania, Philadelphia
6,858,400 Maryland, Baltimore
1,950,800 Columbia, Washington
442,500 Virginia, Richmond
103,000 South Carolina, Charleston
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 authorised 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 expiration 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 necessary 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