Loan of Eleven Millions of Dollars. Equal, at 5 francs per dollar, to Francs. 20,000,000 00 390,160 37 19,609,839 63 $3,676,844 93 15,210 76 3,992,055 69 an abstract, E, is herewith transmitted. From these it appears that $6.118.900 were subscribed in those two days, viz: $4,190.000 by banks, and $1,928,900 by individuals. This last sum is greater than the aggregate of all the loans at six per cent. ever before obtained by this Government from individuals in the United States ;* and, considering the price of stocks and various obstacles which at this time have impeded the subscriptions, the amount is as great as might have been expected within so short a period. The unsubscribed residue will now be apportioned among the several places, according to the apparent demand in each, and subscriptions will be received, or stock sold, until the sums thus respectively apportioned shall have been disposed of. sury notes, on the following principles, viz: It is confidently believed that the amount which remains unsubscribed for will thus be filled as early as the money will be wanted for the public service. In order, however, to prevent the possibility of disappointment, and to remove doubts and erroneous expectations, I beg leave to subThe evidence on which the above credit is admit the propriety of authorizing the issue of Treamitted, rests, principally, if not solely, on the lists of claims certified by the Minister of the French Treasury. This, on considering the terms of the convention, and the letter of the Secretary to Mr. Armstrong, dated September 4, 1809, is thought "sufficient; and, indeed, is all that could probably be obtained, as the documents belonging to each case appear to remain in possession of the French Government. 1. Not to exceed, in the whole, the amount which may ultimately not be subscribed to the loan; that is to say, that the amount received on account of the loan, and that of the Treasury notes, shall not, together, exceed eleven millions; which limits, therefore, the greatest possible amount of the Treasury notes to less than four millions nine hundred thousand dollars. 3. To become payable by the Treasury one year after the date of their respective issues. N. B. The balance due the United States, as 2. To bear an interest of five and two-fifths above, is the value of the francs, 81,124 02, drawn per cent. a year, equal to one and a half cent per in favor of D. B. Warden, and which is sus-day on a one hundred dollar note. pended until the titles of the parties, to whom it is stated to have been paid over, are more satisfactorily explained and established. AUDITOR'S OFFICE, September 1, 1810. P. FERRALL. COMPTROLLER'S OFFICE, October 5, 1810, ANDREW ROSS. LOAN OF ELEVEN MILLIONS OF DOLLARS. [Communicated to the House, May 18, 1812.] 4 To be, in the meanwhile, receivable in payment of all duties, taxes, or debts, due to the United States. I have the honor to be, &c. ALBERT GALLATIN. Hon. LANGDON CHEVES. A. Whereas, by an act of Congress, passed on the fourteenth day of March, in the year of our Lord one thousand eight hundred and twelve, the President of the United States is authorized to borrow, on the credit of the United States, a sum not exceeding eleven millions of dollars, at an interest not exceeding six per centum per annum, TREASURY DEPARTMENT, May 14, 1812. · SIR Subscriptions were opened on the first and second instant, to the loan of eleven millions of dollars, authorized by the act of 14th March last, in conformity with the enclosed notice, A. It was left optional with the banks which were disposed to subscribe, either to receive stock or The only two six per cent loans obtained from into loan the money by special contract. The endividuals in the United States by this Government, closed circular letters, B, C, D, show the instruc- are, 1st. On account of the loan of $5,000,000, au tions transmitted, and the manner in which the thorized by the act of 31st of May, 1796, one-half of proposals were made to the several banks. It which stock was advertised for sale for several weeks, was thought most eligible not to limit, in any last, only $80,000 were sold at private sale. 2d. The without any offer being received, and of which, at place, the amount of subscriptions to any specific Navy six per cent. loan, authorized by the act of June sum; for which reason, the loan was kept open 30, 1798, which made the money subscribed applica only for two days, in order that the general re-ble, on the spot, to a favorite object, and left the mansult might be ascertained, and a reduction, if agement and application of the funds in the hands of necessary, be made. the subscribers. The amount of this stock issued, in the whole, was $711,700. All the returns have now been received, and Loan of Eleven Millions of Dollars. payable quarter yearly, so, however, that no en-acting business at the said banks, for two days. gagement or contract shall be entered into, which If more than eleven millions of dollars, in the shall preclude the United States from reimburs- whole, shall be subscribed, the surplus shall be ing any sum or sums, thus borrowed, at any time deducted in proportion to the sums subscribed in after the expiration of twelve years from the first each place, respectively, by a reduction of the day of January, one thousand eight hundred and subscriptions exceeding four thousand dollars. thirteen: And, whereas, by the said act, so much 2. For every hundred dollars which may be of the funds constituting the annual appropriation subscribed, there shall be paid, at the time of subof eight millions of dollars, for the payment of scribing, the sum of twelve dollars and fifty cents. the principal and interest of the public debt of the and a like sum of twelve dollars and fifty cents United States, as may be wanted for that pur- on the fifteenth day of each of the ensuing months pose, after satisfying the sums necessary for the of June, July, August, September, October, Nopayment of the interest and such part of the prin- vember, and December, one thousand eight huncipal of said debt as the United States are now dred and twelve, respectively. Each subscriber, pledged annually to pay and reimburse, is pledged at the time of paying any of the above instal and appropriated for the payment of the interest, ments, after the first, may pay all or any number and for the reimbursement of the principal of the of subsequent instalments, and will be entitled to stock now to be created, and the faith of the Uni-receive interest, at the rate of six per centum per ted States is pledged to establish sufficient rev- annum, on the amount thus paid from the time enues for making up any deficiency that may of actual payment. hereafter take place in the funds now appropriated for paying the interest and principal as aforesaid: And, whereas, the President of the United States did, by an act or commission, under his hand, dated the thirtieth day of March, in the year one thousand eight hundred and twelve, authorize and empower the Secretary of the Treasury to borrow, on behalf of the United States, a sum not exceeding, in the whole, eleven millions of dollars, and to make the necessary contract 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, contract and engage, in manner following, to wit: 1. Books for receiving subscriptions to a loan of eleven millions of dollars, for the use of the United States, shall be opened on the first day of May next At Portsmouth, New Hampshire, at the Union Bank. At Salem, Massachusetts, at the Merchants' Bank. At Boston, Massachusetts, at the State Bank, Union Bank, and Massachusetts Bank. At Providence, Rhode Island, at the Roger Williams Bank. 3. On the failure of payment of any instalment of the sums subscribed according to the tenor of the second article, the next preceding instalment of twelve dollars and fifty cents, which shall have been paid for every hundred dollars subscribed, shall be forfeited to the United States. 4. If any subscriptions shall be reduced in consequence of a greater sum than eleven millions of dollars being subscribed, conformably to the first article, the amount of such reduction shall be forthwith returned to the subscribers from whom such reduction shall have been made. 5. Each subsequent instalment must be paid at the same bank at which original subscription was made, and where the first instalment was paid. 6. For such sums or number of shares of one hundred dollars, as may be subscribed, the Cashiers of the respective banks, within twenty days after the time of subscribing, shall 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 payments required by the tenor of the second article. 7. After the completion of the payments aforesaid, the proprietors of the certificates of the CashAt Hartford, Connecticut, at the Bank of Hart-iers, on which such payments have been comford. At the city of New York, at the Manhattan Company and Mechanics' Bank. At Philadelphia, at the Bank of Pennsylvania, and Farmers and Mechanics' Bank. At Baltimore, at the Bank of Baltimore and Commercial and Farmers' Bank. At the City of Washington, at the office of the pleted, on surrendering the same at the Loan office of the State in which the subscription and payments shall have been made, shall be entitled to receive from the Commissioner of Loans, certificates of funded capital stock, bearing an interest of six per centum per annum, from the time when the said instalments shall have been paid, respectively, and payable quarter yearly, at the several Loan offices, or at the Treasury of the United States, where the same may stand credited; which certificates of funded capital stock shall be issued in the sums of one hundred, four hundred, one thousand, four thousand, or ten thou Which books shall continue open for receiving sand dollars, at the option of the proprietor, subscriptions during the ordinary hours of trans-shall be transferable by the creditors, or their at Bank of Columbia. At Richmond, Virginia, at the Bank of Virginia. At Charleston, South Carolina, at the State Bank, and Planters and Mechanics' Bank. and Loan of Eleven Millions of Dollars. torneys, duly constituted, at the Treasury and Loan offices, respectively, 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, relative to the transfer of the said debt. 8. After the payment of the fifth instalment, such of the proprietors of the certificates of the Cashiers, of four 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 stock, of the description aforesaid, for the amount of the four first instalments, or one moiety of the sum | expressed in the subscription certificates. 9. After the last day of December, in, the year one thousand eight hundred and twenty-four, 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 stock shall be redeemable at the pleasure of the United States, by the reimbursement 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." tude to receive all the subscriptions likely to be made at your bank, to the first page of which one of the copies of the contract or terms of the loan,' herewith transmitted, signed by the Secretary of the Treasury, and sealed with the Treasury seal, is to be affixed. The subscribers will write, in words at length, against their names, the amount which they intend to subscribe: And, on the same lines, respectively, the eighth part of that sum, being the first instalment, is, as soon as paid, to be entered by your Cashier, in figures, in a column left for that purpose, at the right-hand side of each page. This entry will, it is presumed, be a sufficient receipt to the subscriber, until the Cashier's certificate, or scrip, shall be issued to him, which, according to the sixth article of the terms of the loan, will be within twenty days after the time of subscribing. Yet, if the parties, or any of them, should, at the time of subscribing, require receipts from the Cashier, they may be given in his name, in any form you may prescribe, and to be returned when the abovementioned certificates or scrip shall be delivered. The whole amount paid at the time of subscription, is to be credited to a distinct account, bearing that designation, and not to be carried to the credit of the Treasurer of the United States before the expiration of twenty days, as above give time for all the cashiers of the banks, where the subscriptions are received, to return to the Treasury an account of the sums subscribed, that it may be thus ascertained whether more than eleven millions, in the whole, shall have been subscribed, and a reduction of the larger subscriptions shall consequently become necessary, as provided for in the first article of the terms of the loan. 10. So much of the funds, constituting the an-stated. This period has been taken, in order to Dual 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 necessary for the regular payment of the interest, and for the reimbursement of the principal of the stock to be created under this contract, together with the faith of the United States for its due fulfilment, are hereby 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 thirty-first day of March, one thousand eight hundred and twelve. ALBERT GALLATIN, B. Immediately after the subscription is closed, on the second day of May, the Cashier is to transmit to the Secretary of the Treasury an account1. Of the total amount subscribed. 2. Of the portion of that amount subscribed in sums exceeding four thousand dollars, each. 3. A list of all the subscriptions exceeding four thousand dollars, each. As soon as these accounts from all the Cashiers of banks where subscriptions are received TREASURY DEPARTMENT, April 7, 1812. shall reach the Treasury, it will be ascertained SIR: I take the liberty of enclosing to you whether any reductions of subscriptions will be copies of the contract for raising, by loan, eleven necessary, and this will be immediately communimillions of dollars, pursuant to an act of Congress, cated to the Cashiers, who will then, in case of repassed on the 14th day of March last. Presum-duction, repay the excess to the subscribers, credit ing that your institution would be disposed to facilitate this operation, it has been named as one at which subscriptions to the loan would be received. I will thank you to apprize me immediately if, from any cause, it should be incompatible with your views to accede to this arrangement. the Treasurer of the United States for the residue, and issue the subscription certificates, which, together with forms for their entry and registry, will, in the mean time, be transmitted from the Treasury. As some of the banks may be disposed to become subscribers, provided the amount of their If the bank shall consent to receive the sub-subscription be deposited with themselves until scriptions in the manner proposed, it will be ne- drawn for, for public purposes, you will be pleased, eessary, in the first place, that a book, in which in case of any such subscription on the part of the subscribers may enter their names, and the a bank in your State, and in good credit, to enter sums to be loaned by them, should be provided. the same in a separate page of the subscription This will consist of a book of sufficient magni- I book, to consider the receipt of the Cashier of Loan of Eleven Millions of Dollars. such bank as sufficient evidence of the payment on account of the loan, and to enter the same accordingly in the book. I insert, at foot of this letter, the names of the banks in your State, which are known and considered at the Treasury as sufficient. To these, a circular letter, one of which you will also receive, will be written on that subject; and you may receive subscriptions, in like manner, from such others as, in your opinion, are perfectly responsible. A reasonable allowance for the expenses of stationery and extra labor of the Cashiers of the banks, where subscriptions to the loan are received, will be made from the Treasury. I have the honor to be, &c. The Presidents of the Union Bank of New Hampshire; Union Bank of Boston; Massachusetts Bank; State Bank, Boston; Roger Williams Bank; Bank of Hartford; Manhattan Company; Mechanics' Bank, New York; Bank of Pennsylvania; Farmers and Mechanics' Bank, Philadelphia; Bank of Baltimore; Commercial and Farmers' Bank, Baltimore; Bank of Columbia; Bankof Washington; Bank of Virginia; State Bank, Charleston; Planters & Mechanics' Bank, Charleston; Merchants' Bank, Salem. C. TREASURY DEPARTMENT, April 7, 1812. SIR: Having thought it probable that some of the banks might be disposed to subscribe to the loan of eleven millions of dollars, to be opened on the first day of May next, and that it would be an additional inducement to that measure if the sums to be paid on account of such subscription should be permitted to remain in deposite in the banks making the subscription, until wanted for the public service, I have taken this mode to notify the several banks that an arrangment of that kind will be allowed by the Treasury. If, therefore, it shall suit the views of your institution to subscribe for any part of the loan, the subscription may be made at the bank or banks in your State, where subscriptions, by the terms of the enclosed contract, are to be received, and the amount of each instalment, as it becomes payable, may remain in your bank to the credit of the Treasurer of the United States, until drawn for on account of the public service. A receipt, or certificate of your Cashier, that the amount of each instalment, as it becomes payable, is placed in your bank to the credit of the Treasurer of the United States, has been directed to be accepted at the banks where subscriptions are received, as sufficient evidence of the payment. If from the terms of your charter, or from any other cause, it should be deemed improper to subscribe to the loan, and receive stock therefor, and the bank should, nevertheless, be disposed to loan money to the United States, at a rate of interest not exceeding six per centum per annum, a special contract for the purpose may be formed. In this event, you will be pleased to communicate to the Secretary of the Treasury the amount proposed to be loaned; the time or times when the whole, or its portions, will be advanced; and the period when reimbursement from the United States will be expected. The same privilege will be allowed in this case, as in case of subscription to the loan, of permitting the amount which may be engaged to be advanced by the bank, to remain in the bank in deposite, till drawn for by the Treasurer for the current service. I have the honor to be, &c. ALBERT GALLATIN. To the Presidents of the Bank of New Hampshire, D. TREASURY DEPARTMENT, May 11, 1812. SIR: To my letter of the 7th instant, I beg leave institution to loan any sum of money to the Unito add, that, if it should suit the views of your ted States, at a rate not exceeding six per centum per annum-without, however, subscribing to the cial contract for the purpose may be formed. In proposed loan, and receiving stock therefor a spethis event, you will be pleased to communicate to the Secretary of the Treasury the amount proposed to be loaned; the time or times when the whole, when reimbursement from the United States will or its portions, will be advanced; and the period be expected. tution subscribing to the proposed loan, you would I also request, that, in the event of your insti inform me whether it would be your wish, in case of reduction, that that on your subscription should be made on the same principles as on all others, or whether you will leave it discretionary with me to reduce it to a less sum than your proportional share. My reason for this last inquiry is, that, in the event of a larger sum being subscrib ed, altogether, than eleven millions, it would be desirable to receive the whole amount from individuals, and to reserve, for some subsequent emergency, the resource of such loans as may be obtained from the several banks. I am, very respectfully, &c. To the Presidents of the Union Bank of New Hampshire, Union Bank of Boston, Massachusetts Bank, State Bank at Boston, Roger Williams' Bank, Hartford Bank, Manhattan Company, Mechanics' Bank of New York, Bank of Pennsylvania, Farmers and Mechanics' Bank, Bank of Baltimore, Commercial and Farmers' Bank, Bank of Virginia, State Bank at Charleston, Planters and Mechanics' Bank, Bank of Columbia, Bank of Washington, Merchants' Bank of Salem. Evasions of the Non-Importation Act. E. Statement of the amount obtained on the 1st and 2d of May, 1812, on account of the Loan of Eleven Millions of Dollars. * On special contract. + Stock or special contract, at the option of the Government. All the other banks receive stock. These banks are not usual places of deposite for public moneys. All the banks with which public deposites are made, subscribed; those of Massachusetts, Union, (Boston,) Saco, and Maine, excepted. EVASIONS OF THE NON-IMPORTATION ACT. [Communicated to the House, 2d of December, 1811.] TREASURY DEPARTMENT, Nov. 26, 1811. SIR: The evasions of the non-importation act appear to have principally arisen from three quarters. countries. This is believed to have been by far the most fruitful source of evasions, and appears to have been, as yet, confined to vessels coming with colonial produce from St. Bartholomew and Spanish ports. 2. Coasting vessels, chiefly from the Northern ports, have brought large quantities of plaster of 1. Vessels have arrived from ports not belong-paris, commonly taken on board in the waters of ing to Great Britain, with merchandise of British growth or manufacture, which has been entered as being of the growth or manufacture of other Passamaquoddy bay; and it is suggested that they have also occasionally received there, or from vessels at sea, other species of British merchandise. |