The French Loans.

The United States have reimbursed the French Government, the full amount of the preceding, viz:

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Subscribed to the Loan opened for the

Foreign Debt, and for which certifi. cates of Domestic Debt were issued in favor of J. Swan, Esq., agent duly authorized by the Committee of Public Safety of the National Con

vention. Certificates bearing interest at 51 per

cent. per annum, from January 1, 1796, to the amount of one million eight hundred and forty-eight thou

sand nine hundred dollars Certificates bearing interest at 41 per

cent. per annum, from same period, one hundred and seventy-six thousand dollars

10,186,776 17 2

969,696 195

* 11,156,473 16 7a 18 15 2,024,900 00

Payment to the said agent by Treasury

warrant, No. 5132, dated July 22, 1795, for sixteen dollars and four cents, being the balance due the Re. public of France, on loan of money and other supplies obtained by the United States of the Government of France, during the late war

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This subscription is in discharge of the residuary instalments, which had not become due on the 31st of December, 1795, viz : Three of 1,500,000 each, of the Loan of eighteen millions, at 6 per cent. per annum

4,500,000 00 00 Six of 1,000,000 each, of the Loan of six millions, at 5 per cent. per

6,000,000 00 00


10,500,000 00 00 Deduct so much paid in advance, on account of the instalment becoming due on the 3d of September, 1796

313,223 02 10

10,186,776 17 03


One of 1,000,000, of the Loan of one million, at 4 per cent. per an-
Deduct so much paid in advance on account of the instalment becoming

1,000,000 00 00

due the 4th of November, 1796

30,303 007

969,696 195 11,156,473 16 07

TREASURY DEPARTMENT, January 16, 1796.

Statement of Exports-Estimates for 1796.


TREASURY DEPARTMENT, Jan. 25, 1796. Sir: I have the honor to transmit, herewith, a letter from the Commissioner of the Revenue, dated the 23d instant, with the statement of the exports of the United States therein mentioned.

I have the honor to be, with perfect respect, sir, your obedient servant,


Secretary of the Treasury. The Hon. the SPEAKER of the House of Representatives.


Revenue Office, Janaury 23, 1796. Sir: The returns of exports being received from the several custom-houses, with a few exceptions of very small amount, you will find in this enclosure a copy of a statement thereof, exhibiting the value which has been shipped annually from every port of the United States between the 1st day of October, 1790, to the 30th day of September, 1795.

This document has been so formed as to show likewise the annual exportations from each State, and from the United States, in order to afford a more complete view of this part of our foreign

None of the great and numerous interchanges of domestic and foreign commodities, which occur by water among the States, appear in this paper, nor could that part of the produce of the fisheries have any place in it, which is sold in foreign countries, without a previous importation into our ports.

In revising the custom-house returns for the years preceding the last, a few corrections and additions have been made, which occasion some inconsiderable variations from the former statements; these are, however, upon the whole, in favor of the United States.

I am, sir, with great respect, your most obedient servant,


Commissioner of the Revenue. The SECRETARY OF THE TREASURY.

Summary of the value of the exports from the several States for five years.

October 1, 1793, to October 1, 1794, to
October 1, 1790, to October 1, 1791, 10 October 1, 1792, to
September 30, 1791 September 30, 1792. September 30, 1793. September 30, 1794. September 30, 1795.

$229,426 99 7,117,907 28 1,222,916 85

819,465 45
10,304,580 78

130,814 34
11,538,260 00

158,041 21
5,811,379 55
3,490,040 50

492,161 23
5,998,492 49

695,985 77

47,989,472 44 TENCH COXE, Commissioner of the Revenue. $153,860 30 5,292,441 20

954,599 32

812,764 64 5,442,183 10

58,154 28
6,643,092 00

207,985 33
5,686,190 50
3,321,635 71

32.1,587 31
3,867,908 32

263,831 90
$198,204 38
3,755,846 99

616,432 03

770,254 50
2,932,370 00

54,178 75
6,958,836 00

93,559 45
3,665,055 50
2,987,097 94

365,414 03
3,191,867 15

520,955 42
$181,412 90
2,888,104 48

698,109 92

879,752 62
2,535,790 25

23,405 71
3,820,662 00

133,972 27
. | 19,012,040 58 20,753,097 95 26,109,572 14 33,026,233 91

2,623,808 33
3,552,824 58

527,899 55
2,428,249 79

459,105 55 $142,858 62 2,519,650 52

470,131 27

710,352 52
2,505,465 01

26,987 73
3,436,092 85

119,878 93
2,239,690 96
3,131,865 27

524,548 34
2,693,267 97

491,250 86
Revenue Office, January 28, 1796.
New Hampshire
Rhode Island
New York
New Jersey

North Carolina
South Carolina




[Communicated to the House of Representatives, De- The Secretary of the Treasury respectfully recember 14, 1795.]

ports to the House of Representatives: TREASURY DEPARTMENT, Dec. 14, 1795.

That, for the service of the year 1796, and for Sır: I have the honor to present, herewith, a making good deficiencies in former grants, the report and estimates of the appropriations which following appropriations, as detailed in the estiappear to be necessary for the service of the year mates herewith transmitted, appear to be neces1796, and for other purposes; also, statements in

sary : relation to the expenditure of certain sums, here- For the Civil List, or the support of Government, tofore appropriated.

including the incidental and contingent expenI have the honor to be, with perfect respect, sir,

ses of the several departments and offices, the your most obedient servant,

sum of

$485,971 12 OLIVER'WOLCOTT, Jr.,

For the payments of annuities and
Secretary of the Treasury. grants

3,157 73 The Hon. the SPEAKER

For the support of the Mint Estaof the House of Representatives.


52,464 00

Estimates for 1796.

For the support of light-houses,

In addition to the sums charged upon the revebeacons, buoys, and public piers, 24,000 00|nue, arising from imports and tonnage, and doFor satisfying certain miscellane

mestic distilled spirits, and stills, there are other ous claims and expenses

33,672 09 debts of the United States which will fall due in For the Department of War, com

the year 1796, and for which provision is deprising the following general ob

cessary jects of expenditure:

The following are of this decription : The support of the Army, including

A loan had of the Bank of New York, pursuant to the expenses in the clothing, hos

an act passed on the 20th of March, pital, ordnance, Quartermaster,

- $200,000 00 and 'Indian departments, the de

An instalment of $800,000, had of the fensive protection of the frontiers,

Bank of the United States, pursucontingencies, and the improve

ant to the same act

200,000 00 ment and completion of sundry fortifications $1,480,247

Amounting, together, to - $400.000 0 The Naval Department 73,934 The payment of milita

The interest of the loans before mentioned is ry pensions


secured by the existing revenues, but there is no

authority to reimburse the principal, except from Total estimate for War Department, $1,639,279 00 the proceeds of the duties upon carriages for the

conveyance of persons, licences for selling wines Amounting, together, to $2,238,543 94 and foreign distilled spirits, snuff mills, refined

sugar, and property sold at auction. The present In addition to the said estimates, the following state of these revenues does not justify a reliance sums are stated, on the presumption that laws au- that they will be sufficiently productive, in the thorizing the expenditure will be passed, during the year 1796, to admit of the reimbursement of the present session of Congress :

debts with which they are charged. The alternaFor defraying the expenses of the intercourse of tive which offers is, therefore, either an appropri

United States with foreign nations - $40,000 00ation of other revenues, or a payment from the For defraying the contingent expenses

proceeds of new loans. of the Government of the United

If it were certain that the exigencies of the States

20,000 00 United States would not require appropriations For the compensation of clerks in the

beyond the sums at present contemplated, and that several Loan offices, and for books

the revenue would equal the estimates, a sum sufand stationery

14,000 00 ficient to cover any deficiency of the appropriated

revenues might be safely charged upon the duties Amounting to

$74,000 00 arising from imports and tonnage ; but, in the

actual state of uncertainty which necessarily esThe funds out of which appropriations may be ists, it is deemed expedient to keep in view the made for the purposes before mentioned, are, 1st, auxiliary resource provided by the tenth section The sum of six hundred thousand dollars of the of the act, entitled " An act making provision for proceeds of duties on imports and tonnage, which the support of public credit, and for the redempwill accrue in the year 1796, which sum is annu- tion of the public debt.” ally reserved for the support of Government, by The following sums will, moreover, be required, the act, entitled “ An act making provision for the in the year 1796, for the payment of which the Debt of the United States ;": and 2d, The surplus laws contemplate no provision, except the proof revenue and income which will accrue to the ceeds of certain loans, which are authorized by end of the year 1796, after satisfying the objects the act last recited: for which appropriations have been heretofore 1st. An instalment of one million of guilders, made.

which will fall due in Arnsterdam, on the 1st of Subjoined to this report, is a statement, marked June ensuing, to pay which, with the charges A, which exhibits a prospective view of the re- thereon, according to the course of exchange venue and expenditure of the United States, for which has lately obtained, there will be necesthe ensuing year, by which it satisfactorily appears sary, the sum of

$414,100 00 that the proceeds of the duties on imports and ton-2d. An instalment of the loan of two nage, and on domestic distilled spirits, and on millions, had of the Bank of the stills, will be adequate to the discharge of the ap- United States, for stock of said propriations already made, including the reim- Bank, held by the United States, bursement of the domestic stock, bearing a present which instalment will fall due on interest of six per cent.; and also to the payment the last day of the present year 200,000 00 of the sums contained in the estimates, now pre- 3d. An instalment of the same loan, sented, for the current service.

which will fall due on the last day But, as a great proportion of the revenue arising of December, 1796

200,000 00 from imports, is subject to long credits, the customary anticipations, by means of loans, will con- Amounting to

$814,100 00 tinue to be necessary.

Estimates for 1796. There are other loans detailed in the annexed due in Amsterdam and Antwerp, could be restatement, which will also fall due to the Bank of loaned with the consent of the creditors. The the United States in the course of the ensuing experiment cannot yet be considered as fully year; but, as they are merely anticipations of the made; but the prospect of success is not encourrevenue, for refunding which there exist legal pro- aging. The objections against a mutation of the visions, they are introduced to show the course of contracts in the manner proposed, which have receipt and expenditure, and the extent to which been stated, are, generally, ist. That the proposed future anticipations will be requisite.

new stock will be redeemable at the pleasure of The view, now presented, of the expenditure the United States, by which condition the Goand revenue for the year 1796, authorizes the fol-vernment will possess the power of reducing the lowing conclusions :

rate of interest, or refunding the capital at peri1st. That, after making a liberal allowance for ods when the reimbursement may be difficult, or unforeseen demands which may require appro- disadvantageous to the creditors. 20. That the priations, and for deficiencies, the revenue will be proposed addition of one-half per centum per anadequate to the annual reimbursement of the six num to the rates of interest, does not afford an per cent. stock, bearing a present interest; to the equivalent for the expenses of agency, loss upon payment of the interest on the foreign and domes- the exchange, and the risk of remittances from tic debt; and to the discharge of the sums estima- America. And, 3d. That the facilities which atted for the current service.

tend the negotiation of bonds payable to bearer, 2d. That the anticipations of the revenue which over funds which can only be transferred at the may exist at the close of the present year, must Treasury or loan offices in the United States, renbe continued for the year ensuing:

der the obligations of foreign debt, in their preAnd, 3d. That the instalment of the foreign debt, sent form, particularly eligible for foreign crewhich will fall due on the 1st of June next, and ditors. certain instalments of domestic loans, before men- It is not yet ascertained that these objections tioned, must be re-loaned, or satisfied out of the will be conclusive in the minds of the creditors proceeds of new revenues.

against the proposed re-loan, and circumstances On this statement the Secretary takes the lib- are not unlikely to happen which may, in some erty to observe, that the act of the last session, degree, abate their force. Nevertheless, as the entitled "An act making further provision for object of converting the foreign debt into domesthe support of public credit, and for the redemp- tic stock is of real importance to the United tion of the public debt," contains the following States; as unprecedented difficulties attend remitprovisions :

tances at present; as similar difficulties will al1st. A proposal for re-loaning the whole of the ways exist, in a greater or less degree, in time of foreign debt, and converting the same into a fund war; and as, in proportion to their operation, they ed domestic stock, transferable at the Treasury, must endanger the public credit; the Secretary and the respective loan offices; the principal stock respectfully submits it to the House of Repreto be redeemable at the pleasure of the United sentatives to consider and determine whether some States, and the interest to be payable quarter- modification of the existing proposal be not expeyearly, with an additional interest of one-half per dient. centum per annum to the rates of interest secured Considering the actual state of Holland, and the by former contracts.

restrictions upon our intercourse with that coun2d. A power to the Commissioners of the Sink-try, it was deemed for the interest of the United ing Fund to borrow, with the approbation of the States to propose a postponement of the instalPresident of the United States, any sums requisite ment which fell due in the present year. It has, for the payment of any instalments, or parts of however, been conclusively ascertained that no principal as the same shall become due. It is, additional loans can be obtained in Holland; of however, provided that the interest of any loan course, that the United States must be provided so made, shall not exceed six per centum per an- to make the reimbursements stipulated in their num, and that the principal shall be liable to re- contracts. imbursement, at the pleasure of the United States. The measures adopted by this Department to

Agreeably to the proposal first mentioned, the effect a reimbursement, were seasonable, and such accounts subsisting between the United States as promised to be effectual; but, owing solely to and France have been finally adjusted to the sa- the war, and the stagnation of credit occasioned tisfaction of an authorized agent of the French by the Revolution, the instalment which fell due Republic; the instalments which fell due in the on the first of June, had not been paid at the date present year, have been paid at the Treasury, and of the last advices in August. the remainder of the debt has been subscribed to The causes of the delay were, however, well the proposed loan, and converted into funded do- understood by the creditors; and as they neither mestic stock, bearing interest at five and one-half originated with, nor could be controlled by, the and four and one-half per centum per annum. United States, and as the interest has been paid,

By this operation the debt, as due under former the public credit has as yet suffered no blemish. contracts, to the Republic of France, may con- li being rendered certain that funds to meet the sidered as discharged.

instalments of the foreiga debt, now annually fallMeasures have been, moreover, taken for as- ing due, must be remitted from the United States, certaining whether the residue of the foreign debt, I measures have been taken for ascertaining whe

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Estimates for 1796. ther the powers vested by law in the Commis- manner as that there may exist a certainty of obsioners of the Sinking Fund, contain an adequate taining the necessary funds, with that strict puncresource. As before mentioned, these powers li- tuality which it is necessary to observe in whatmit the rate of interest upon any loan to six per ever relates to the delicate concerns of public centum per annum, and, moreover, provide that credit. the capitals borrowed shall be redeemable at the

The annexed statement, marked B, exhibits a option of the Government.

summary view of the receipts and expenditures Though the rate of six per centum per annum at the Treasury, from the 1st of January to the may be justly considered as a liberal compensation 30th of September, 1795; and those marked C for the use of money, in ordinary times, yet, at the and D show, in detail, the expenditure of two present moment, when the demand for American sums granted by an act of Congress, passed on funds are greatly limited by the operation of the war the 2d of January, 1795, for discharging such dein Europe, and when a variety of new objects are mands on the United States, not otherwise propresented for the profitable employment of capital vided for, as should be ascertained and admitted in this country, it is found that the redeemable at the Treasury, and of a nature, according to the quality of the stock which the Commissioners of usages thereof, to require payment in specie. the Sinking Fund are authorized to constitute, will so far derogate from its value as to defeat unfunded Domestic Debt of the Únited States

The prolonged time for receiving on loan the the intention of the law. The Secretary is confident that the House of this debt, including what remains to be liquidated,

will expire on the last day of the present year; Representatives will appreciate fully all the ar

computed according to the principles which have guments in favor of an augmentation of the revenue, for the purpose of reimbursing the foreign of September, 1793, to $1,382,837 37, for which

governed former estimates, amounted, on the 30th debt ; and he, therefore, omits to make any com

some provision will be necessary. ments on the statement of facts now presented. But, it is his duty to observe, that, if it shall be de

All which is humbly submitted. termined to confine the reimbursement of the public

OLIVER WOLCOTT, Jr., debt to the scale now established by law, it will

Secretary of the Treasury. be necessary to enlarge the powers granted to the

TREASURY DEPARTMENT, Commissioners of the Sinking Fund, in such

December 14, 1795.

A.-An Estimate of the Expenditures and Revenue of the United States, for the year 1796.


For the Interest on the Foreign Debt. One year's interest on 29,500,000 guilders, being the debt due in Amsterdam and Antwerp: supposing

the instalment for 1795 to have been paid, calculated according to the different contracts, bearing

interest at four, four and one-half, and five per centum per annum, is, guilders $1,385,250 00 Commissions to the bankers for making the payments, at one per centum

13,852 10 Guilders

$1.399,102 10 Which sum of guilders, 1,399,102 10, calculated at 40 cents per guilder, is equal to

$559,641 00 But, supposing the exchange to be at 41 cents per guilder, which is

likely to be the case, there will be necsssary, to effect remittances, the further sum of

13,991 02

$573,632 For the interest on the Domestic Debt, iucluding the annuity neces

sary for redeeming the six per cent. stock, bearing a present in

terest, viz: Interest and redeeming annuity, for one year, on the six per cent.

stock, subscribed on the 30th September, 1795, calculated on the principle of the act of March 3, 1795, supposing no part of the balances due to certain States, to be subject to reimbursement

2,274,624 13 But, supposing the balances due to certain States to be transferred,

agreeably to the act authorizing transfers thereof, an additional annuity, to redeem the same, will be necessary, amounting to

46,901 12 For the interest on the three per cent. stock, subscribed on the 30th of

2,321,525 25 September, 1795, calculated for one year

587,097 28

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