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Dividends on stock in the Bank of the U. States Arrears of internal duties and direct taxes, and incidental receipts Repayments of advances made in the War Department for services or supplies, prior to 1st July, 1816

Loan, under act of May 24, 1824, for paying the awards under the Florida treaty

13,372,268 80 768,805 10

350,000 00

97,321 37

42,498 69

5,000,000

And the actual receipts into the Treasury, during the fourth quarter of the year, including the moiety of the loan of five millions, authorized by the act of the 26th of May, 1824, for paying the 6 per cent. stock of 1812, are estimated at Making the total estimated receipts into the Treasury, during the year 1824, And, with the balance in the Treasury on the 1st of January, 1824, forming an aggregate of

The expenditures during the three first
quarters of the year 1824, are estimat-
ed to have amounted to
Viz:

Civil, diplomatic, and mis-
cellaneous
Military service, including
fortifications, ordnance,
Indian Department, Re-
volutionary and mili-
tary pensions, arming the
militia, and arrearages,
prior to 1st Jan. 1817
Naval service, including
the gradual increase of
the navy

Awards under the Florida

treaty

Public debt

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And leaving in the Treasury, on the 1st
of Jan. 1825, an estimated balance of

It is to be observed, however, that this balance is to be considered as subject to appropriation, as there about an equal amount of unsatisfied appropriation which, though not called for in the year 1824, are nec 19,630,893 96 sary for the objects for which they were severally mad and which are, therefore, an existing charge upon means of the Treasury.

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Making an aggregate of

And there was paid, in the reimburse. ment of deferred 6 per cent. stock

26,980,893 96 Reducing the funded debt on the 1st of January, 1824, to From that day to the 1st of October last,

Making an aggregate of During the same period The residue of the deferred 6 per cent. stock And, in purchasing the 7 per cent, stock

$16,597,318 5

73,854,545

90,451,864

716

90,452,580

274,565

90,178,0149

36,444,816 77

21,563,702 73

there was added, in four and a half per cent, stock, under the act of May 24, 1824

5,000,000 0

95,178,014

1,792,456 00

there was paid'

357,546 26

4,123,397 10

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18th CONGRESS, 24 SESSION.

Which will reduce the funded debt, unredeemed, on the 1st of Jan. 1825, (including $7,000,000 five per cent. stock subscription to the Bank of the U. States, for which the stock of the bank held by the Government is considered an equiva lent,) to

The amount of Treasury notes outstand ing on the 1st of October, 1824, is estimated, at

And the amount of Mississippi stock, unredeemed on that day, including awards not applied for, at

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September last, the value of domestic articles exported was $49,684,710; which exceeded, by $2,529,302, the amount exported in the preceding year; and that the value of foreign articles exported was $25,248,782; which was less, by $2,294,840, than the amount exported in the preceding year. The value of imports, during the 86.045,003 38 same period, is estimated at $78,516,183; which exceeds the imports of the preceding year by $936,916.

For three years past, the average annual value of imports has been $79,778,997; that of foreign articles ex19,756 00 ported 25,026,201; and that of domestic articles exported $48,904,732. The little fluctuation that has taken place in these years, and the improvement in the last year, may be regarded as indications that the commerce of the country is tending to a regular and sound state. If no extraordinary events should occur to interrupt it, it is reasonable to infer that there will be no material or unfavorable change in the ensuing year.

14,016 53

By the preceding exhibition of the fiscal operations of the year, it will be perceived that, if the expectations formed respecting the fourth quarter should be realized, the receipts will have exceeded the estimate presented at the last session of Congress, by about $800,000. The only failure has been in the proceeds of the public lands; and that has been the result of a disappointment in regard to the relinquished lands; great portions of which were supposed to offer strong inducements to purchasers, in their fertility, and situation, and other circumstances. But, not only has the quantity sold been less than was anticipated, but owing, it is believed, in a great measure, to combinations of capitalists, by which actual settlers were deterred from competition, the price has not, with few exceptions, exceeded the minimum price fixed by law. It is to be observed, however, that the actual receipts from that source of revenue during the present year, will exceed those of the preceding year; and it is estimated that those for the ensuing year will not be less.

The gross amount of duties on imports and tonnage, which accrued from the first of January to the 30th of September last, inclusive, is estimated at $19,000,000, and that of the whole year at $22,500,000. Of this sum, that portion which accrued in the first half of the year, exceeds, by about $630,000, and that in the three quar ters by about $1,200,000, the portions which accrued in the corresponding quarters of the preceding year.

The debentures issued during the three first quarters of the present year, amounted to $2,952,000; which is less by $460,000 than the amount issued during the corresponding period of the preceding year and the amount of debentures outstanding on the 30th of September last, and chargeable upon the revenue of 1825, was $1,004,000; which is less by $401,000 than was, on the same day in 1823, chargeable upon the revenue of

1824.

The amount of bonds in suit, on the 30th September last, was $2,909,000; which is $92,000 more than was in suit on the same day of the preceding year. Deduct. ing from the whole amount of duties outstanding on bonds and otherwise, on the 30th of September last, the debentures actually chargeable upon them and the bonds in suit, it is estimated, that the sum payable after the expiration of the present year, will be about $12,200,000. This amount, however, is subject to debentures which may still be issued; but, as an allowance has already been made for those which are now chargeable upon it, no considerable deduction on that account is to be expected. A portion of the amount, also, is not payable until 1826; but the residue, together with so much of the duties accruing in the 4th quarter of the present, and in the whole of the next year, as may be received during that year, will, after deducting the expenses of collection, constitute the receipts from the customs during the year 1825

The productiveness of the customs, however, depends upon the state of the foreign commerce of the nation. It is estimated that, in the year ending on the 30th of

For the two years ending on the 31st December, the average annual gross amount of duties on imports was $23,227,835. This sum, upon the annual average value of the whole importations for the three years ending on the 30th of September, 1824, was 29.12 per cent. ; and, upon the average amount of importations, after deducting the exports of foreign articles, it was $42.42 per cent. For the same two years, the average annual nett amount of duties, including tonnage, &c. was $18,758,931; and, for the reasons already stated, it may be presumed, that, independent of any influence which the new tariff may have upon the revenue, the amount which will be received into the Treasury from customs during the year 1825, will be about equal to that sum

The operation of the new tariff upon the revenue cannot, now, be correctly estimated. On one important branch of imports, those from beyond the Cape of Good Hope, its provisions will not take effect until the 1st of January next. As it is only since the 1st of July last that it has been in operation in regard to other importations, and as the collectors are allowed, by law, three months for rendering their accounts, the addition caused by the new tariff cannot, even for that portion of the imports, and for one quarter of the year, be stated with perfect accuracy. It is believed, however, that the investigation which has been made with a view to that object, affords data for estimating its effects with sufficient exactness for the present purpose. It has been found that, upon the whole importations (estimating their value at the rates adopted in forming the statistical report) in the three quarters of the year ending on the 30th of June, 1824, the gross amount of duties was $27.45 per cent. and that, if the rates of the present tariff had been applied to the same importations, the duties would have amounted to $30.30 per cent.; which is equal to an increase upon the amount of duties, of $10.39 per cent. It also appears, that, in eight of the principal ports of the United States, the rate of duties upon the whole amount of importations during the third quarter of the year 1823, was $28.36; and, during the corresponding quarter of the year 1824, it was $30.98 per cent. But, it is to be observed that, in the third quarter of 1824, the importations from beyond the Cape of Good Hope were not subjected to the increased rates of the new tariff. These, it is estimated, would have made the rate of duties in that quarter $31.40 per cent. ; which is equal to an increase, upon the amount of duties, of $7.57 per cent. The new tariff may, perhaps, have some effect upon the importation of those articles which pay high rates of duty, and for which articles of a lower rate may be substituted. But, as the value of the imports depends more upon the ability of the importing country to pay than upon the amount of duty levied upon the articles imported, it is not probable, that, under the present circumstances of the commerce of the United States, there will be any diminution in the

18th CONGRESS,

2d SESSION.

Annual Treasury Report.

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[Sen. and H. of R aggregate. Upon the whole, therefore, it is believed The same object might, perhaps, be accomplished or that the revenue derived from imports will be increased an exchange of the stock redeemable on the 1st of J by the operation of the new tariff in a ratio nearly equal nuary, 1826, for a 5 per cent. stock, redeemable in 1829 to that in which it is estimated to have been increased and 1830. But, it is believed that better terms may be during the third quarter of the present year in the ports obtained by a loan. A proposal for a loan invites com above mentioned-or, about 7 per cent. This in- petition from all the moneyed capitalists, including the crease, however, will produce less augmentation in the Bank of the United States: whereas an exchange of actual receipts into the Treasury during the year 1825 stock confines the demand for the new stock to the than in subsequent years. holders of the old stock, who constitute not only a small portion of the capitalists, but a portion interested in preventing the accomplishment of the exchange. More over, the experience of the government, during the last two years, justifies the preference for a loan. In 1822, law was passed authorizing an exchange of $26,000,000 of the 7 per cents, and of the 6 per cents of the year 1812, '13, '14, and '15, for a 5 per cent. stock, redeem ble in the years 1830, '31, '32, and '33, and only $56.70477 were exchanged: and, under the act of the last session authorizing an exchange of 15,000,000 dollars, of the per cents of 1813. only $3,308,307 45 were exchanged. Should the suggestion, herein offered, be adopted, for disposing of the excess of debt redeemable in 1826 and 1827, the amount of public debt, redeemable in each

With these views of the subject, the receipts into the
Treasury, during the year 1825, are estimated as fol-
lows:
Customs
Lands

Bank dividends

Miscellaneous and incidental

$20,000,000

1,000,000
350,000

150 000

Making together

21,500,000

And the residue of the loan authorized by the act of 26th of

May last

$2,450,000

Forming an aggregate of

23,950,000

The expenditures of the year are estimated as follows: year, will be as follows:
Civil, diplomatic, and Miscella-

neous

$1,685,026 76

Military service, including fortifications, ordnance, Indian Department, Revolutionary and Military pensions, arming the militia, and arrearages prior to the 1st of January, 1817

Naval service, including the

5,013,283 60

gradual increase of the navy 3,044,789 31 Public debt, including a payment of $7,654,570 93 of

principal

Making together

11,962,068 97

Which will leave in the Treasury, on the 1st of January, 1826, after satisfying all the demands of the year 1825, a surplus estimated at

-21,705,163 64

$2,244,836 36 On the first of January, 1826, a large amount of debt incurred by the late war, viz: $19,500,000 of the six per cent. stock of the year 1813, will be redeemable. As it is not probable that the surplus means of the year 1826 will more than equal the amount of the sinking fun for that year, only $7,000,000 of that stock can be discharged out of the ordinary revenues of the year. On the 1st of January, 1827, the 6 per cents of 1814, another portion of the war debt, amounting to $13,000,000, will become redeemable; and, in that year, also, it is probable that not more than $7,000,000 of the principal can be discharged. There will then remain in those two years $18,000,000, which cannot be paid out of the revenue of those two years. In 1828, the amount of principal redeemable will probably not exceed the means of the Treasury. In the years 1829 and 1830,no part of the public debt is redeemable,and,in 1831, less than $19,000. Policy would seem to suggest with a view both to the convenience of the government and the advantage of the community, that the excess of debt which cannot be discharged in 1826 and 1827, should be thrown in equal por tions upon those years in which nothing is payable. For the present, however, it may be sufficient to confine such an arrangement to the excess of the year 1826. From the state of the money market, and the high credit of the Government, no doubt is entertained that the $12,00 1,000 required to provide for the excess of the debt on the 1st of January, 1826, may be borrowed at 5 per cent. reimbursable in 1829, and 1830. And, if such an arrangement is approved, it is respectfully proposed that authority be given by law for that purpose.

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1833, 6,673,055 31, all at 4 per cent. except

$18,901 59, at 5 per cent. 1834, 1,654,153 73, at 44 per cent.

1835, 4,735,296 30, at 5 per cent. This includes all the public debt of the United States except 7,000,000 of 5 per cent. stock, subscribed to the capital of the Bank of the U. States, and $13,296,231 45, of 3 per cents; both of which are payable at the plea sure of the government. As, under the foregoing view of the debt, all that will be redeemable after the year 1828, will be at an interest of 5 per cent., or less and as the 5 per cent. stock, subscribed to the Bank, is reimburseable in such portions as the government may please, any surplusses which may remain in 1829, and subse quent years, after discharging the debt redeemable, and proposed to be made redeemable, in those years, may be applied to the payment of that stock; or, if it be deemed advisable to reserve any such surplusses for other ob jects, there is no doubt that a sum sufficient to pay off that stock, may be obtained at 44 per cent., or even at a lower rate of interest, reimburseable in 1834, in which year, it will be perceived, only a small sum is redeema ble.

According to this exhibition of the subject, reckon ing the principal and interest of the public debt, until its extinction, at about $111,000,000, independent of the stock subscribed to the Bank, which may always be con sidered as offset by the government shares in the Bank, it will be perceived that, by allowing 10,000,000 annual ly, with an additional million in the first year, the whole of the public debt of the United States will be extir guished by the end of the year 1835

In speaking of the public debt, it may be proper to notice the reduction that has been effected, during the last eight years, both in the amount of principal and rate of interest. On the 1st of January, 1817, the whole debt of the United States was $123,491,965 16; of which $115,257,805 48 were funded, bearing an average inte rest of $5.563 per cent. per annum. On the 1st Janua ry next, the whole debt will be $86,045,003 18, bearing an average interest of $5.234; which shews a reduction

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of $37,446,961 98 of principal, and of 0.364 in the average rate of interest.

[ H. of R.

applied to such objects, conducive to the common defence and general welfare of the nation, as may be within the constitutional powers of Congress, and as they, in their wisdom, may deem proper.

All which is respectfully submitted.

TREASURY DEPARTMENT,

WM. H. CRAWFORD.

December 31, 1824.

NOGOTIATIONS WITH FRANCE.

years, an annual surplus of about $3,000,000: which, after the extinction of the debt in the year 1835, will It is, also, deemed proper to state, that the loan of receive an annual addition of the $10,000,000 now ap$5,000,000 for the payment of the awards under the Flo-propriated to the public debt: which surplusses may be rida Treaty, and the loan of $5,000,000 for paying the 6 per cent. stocks of 1812, both of which were authorized at the last session of Congress, at 44 per cent. have been taken by the Bank of the United States, at par. The means of discharging the awards under the Florida Trea ty, were required so soon after the authority was given to make the loan, as not to leave time sufficient for receiving proposals from a distance; and the offer of the bank for the whole loan, at par, was accepted. For the subsequent loan, various proposals were received, amounting, in the whole, independently of that of the bank, to $2,554,586 37, at rates varying between par and 4 per cent. premium, and forming an average pre- To the House of Representatives of the United States: mium of 0.973 per cent. on the whole amount offered. I transmit, herewith, to the House, a report from the The proposal of the Bank was for the whole sum, at par. Secretary of State, with copies of the correspondence Although the individual offers are, apparently, more fa- with the government of France, requested by the resovorable than that of the bank, yet, taking into consider-lution of the House, of the 26th of May last. ation that the Government is the proprietor of one-fifth of the capital of the bank, and that a portion of the means of the bank, equal to the amount of the loan, would otherwise have been unemployed; the offer of the bank at par, was decidedly the most advantageous to the Government; being equal to an individual offer of 41 per cent. premium.

That, during the progress of the redemption of the public debt, a considerable amount may be applied, by a judicious management of the public revenue, to other than the ordinary objects of expenditure, is apparent, as well from a retrospect of what has been done, in the last eight years, as by a comparison between the probable receipts and expenditures in subsequent years.

For the eight years, commencing on the 1st of January, 1817, the total means of the Treasury, including a balance on hand, on that day, of $22,023,519 19, and the sum of $16,336,747 34, since derived from loans, may be estimated at $210,275,899 11 205,769,230 20

And the total expenditure, at

Of this amoun, nearly one half will have been applied to the payment of the principal and interest of the public debt, viz.

To the payment of claims under the Flo-
rida treaty

To the pensioners of the Revolution
To the erection of Fortifications
To the increase of the Navy
And, to the payment of demands arising
out of the late war, not less than
Leaving, for all other objects of expendi-
ture, including the civil list, inter-
course with foreign nations, army and
navy, pensions arming the militia,
building of light-houses, extinction of
Indian titles, and surveying of public
lands, &c. &c. &c.
Which sum, divided among the eight
years, is about

per annum

Washington, Dec. 23, 1824.

JAMES MONROE.

DEPARTMENT OF STATE, Washington, Dec. 23, 1824. The Secretary of State, to whom has been referred a resolution of the House of Representatives, of the 26th of May last, requesting that the President of the United States would lay before that House, at the then next ses sion, as early as the public interest would permit, the correspondence which might be held with the government of France, prior to that time, on the subject of injuries sustained by citizens of the United States, since the year 1805, has the honor of reporting to the President, copies of the documents requested by that resolu

tion.

JOHN QUINCY ADAMS.

Extract of a letter from Mr. Adams (No. 1,) to Mr.
Sheldon, dated Department of State, Washington, 13th
August, 1823.

"I have had the honor of receiving your despatches No. 1 and 2; the latter dated the 10th of June. Mr. Gal101,365,900 67 latin arrived, with his family, at New York, on the 24th

4,891,368 56
9,400,000 00
4,200,000 00
6,000,000 00

4,500,000 00

75,400,000 00

9,425,060 00

It will be perceived, that, excluding the loans, the annual average of receipts, in those years, may be estimat ed at $21,700,000 00; and, upon the data already shewn, the annual revenue, in subsequent years, may also be estimated at 21,500,000 00. Should no important change be made in the existing national establishments, the ordinary annual expenditures, exclusive of what may be required for the erection of fortifications, and the increase of the navy, may be estimated at about $18,500,000 00. Thus, after providing for the annual demands for the payment of the principal and interest of the public debt, and for all the ordinary expenses of the Government, there will remain, for the next eleven

of that month.

"I enclose, herewith, copies of the recent correspondence between the Count de Menou, the Charge d'Affaires, of France, and this Department, on various subjects, highly interesting to the relations between the two countries.

"With regard to the Count's note of the 11th of July, the President received, with great satisfaction, the testi monial of the Viscount de Chateaubriand, to the candor and ability with which Mr. Gallatin has performed the duties of his official station in France. The proposal to renew the negotiation, in behalf of the well-founded claims of our citizens upon the French government, in connection with a claim, on the part of France, to special privileges in the ports of Louisiana, which, after a very full discussion, had, in the views of this government, been proved utterly groundless, could neither be accepted, nor considered as evidence of the same concilia. tory spirit. The claims of our citizens are for mere justice. They are for reparation of unquestionable wrongs; for indemnity or restitution of property taken from them, or destroyed, without shadow or color of right. The claim under the 8th article of the Louisiana convention, has nothing to rest upon, but a forced construction of the terms of the stipulation, which the American go. vernment considered, and have invariably considered, as totally without foundation. These are elements not to be coupled together in the same negotiation, and, while we yet trust to the final sense of justice of France, for the adjustment of the righteous claims of

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our citizens, we still hope that their unquestionable character will, ultimately, secure to them a consideration unincumbered with other discussions. You will, respectfully, make this representation to the Viscount de Chateaubriand, with the assurance of the readiness of this government to discuss the question upon the Louisiana convention further, if desired by France, but of our final conviction that it is not to be blended with the claims of our citizens for mere justice."

Count De Menou to Mr. Adams.

[TRANSLATION.]

Legation of France to the United States,

WASHINGTON, July 11, 1823.

His excellency the Viscount de Chateaubriand, in announcing to me that Mr. Gallatin was about to leave France, expresses his regret at his departure, in such terms, that I should do him injustice, were I not to use his own expressions: "My correspondence with this mi nister," he remarks to me, has caused me to appreciate his talents, his ability, and his attachment to the system of friendship that unites the two powers. It is with regret that I suspend my communications with him."

I esteem myself happy, sir, in conveying to you such sentiments towards the representative of the U. States, in France; and I should have thought that I had but imperfectly apprehended the design of the Viscount de Chateaubriand, had I neglected to communicate them to the federal government.

The minister for foreign affairs reminds me also, on this occasion, that Mr. Gallatin, having frequently laid before him claims of Americans against the French government, he had shown himself disposed to enter upon a general negotiation, in which they should be comprehended with claims of French citizens against the federal government, at the same time with the arrangement relative to the execution of the 8th article of the treaty of Louisiana. The object of his excellency was to arrive at a speedy and friendly disposition of all difficulties that might subsist between the two powers, well as sured that France and the United States would be found to have the same views of justice and conciliation.

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and esteem with which he notices the character and con duct of that minister. The anxious desire of the Presi dent for the promotion of the good understanding be tween the United States and France, could not be more gratified than by the testimonial of his Most Christian Majesty's Government to the good faith and ability with which the minister of the United States at his court, has performed his official duties.

With regard to the assurance of His Excellency the Viscount de Chateaubriand's disposition to enter upon a negotiation with Mr. Gallatin, in the event of his return to France, or with Mr. Sheldon, during his absence, concerning the claims of citizens of the United States on the government of France, in connection with an ar rangement concerning the 8th article of the Louisiana treaty, I am directed to observe that those subjects rest upon grounds so totally different, that the Government of the United States cannot consent to connect them to gether in negotiation.

The claims of the citizens of the United States upon the French government, have been of many years standing; often represented by successive ministers of the United States, and particularly by Mr. Gallatin, dur ing a residence of seven years, with a perspicuity of statement, and a force of evidence, which could leave to the government of the United States no desire but that they should have been received with friendly attention, and no regret but that they should have proved ineffec tual. The justice of these claims has never been denied by France; and while the United States are still com pelled to wait for their adjustment, similar, and less forceful claims of the subjects of other nations, have been freely admitted and liquidated.

A long and protracted discussion has already taken place between the two governments, in relation to the claim of France, under the 8th article of the Louisiana convention; the result of which has been a thorough conviction on the part of the American Government that the claim has no foundation in the Treaty whatever. The reasons for this conviction have been so fully set forth in the discussion, that it was not anticipated a further examination of it would be thought desirable. As a subject of discussion, however, the American Government His excellency regrets that Mr. Gallatin, who, he says, are willing to resume it, whenever it may suit the views "has convinced him how pleasing and advantageous it is of France, to present further considerations relating to to negotitate with a statesman, who exhibits candor and it; but, while convinced that the claim is entirely with ability in his discussions," did not receive from his go- out foundation, they cannot place it on a footing of covernment, during his stay in France, the necessary pow-current negotiation with claims of their citizens, the ers for this double negotiation. But he informs me that the government of his Majesty remains always disposed to open it, either with Mr. Gallatin, should he return with these powers, or with Mr. Sheldon, if the federal government should think proper to confer them on him. I greatly desire, sir, to see these propositions acceded to by the federal government, and to be able to reply to his excellency, as he expresses his wish that an arrangement, putting an end to every subject of discussion, might soon be expected.

I pray the Secretary of State to receive the renewed assurance of my high consideration.

The Charge d'Affaires of France, near the U. States.

The Hon. Secretary of State.

Mr. Adams to Count De Menou.

MENOU.

DEPARTMENT OF STATE, Washington, 12th August, 1823. SIR: Your letter of the 11th of last month has been submitted to the consideration of the President of the United States, by whom I am directed to express the high satisfaction that he has felt, at the manner in which His Excellency the Viscount de Chateaubriand has noticed, in his correspondence with you, the temporary absence of Mr. Gallatin from France, and the terms of regard

justice of which is so unequivocal that they have not even been made the subject of denial.

From the attention which His Excellency the Viscount de Chateaubriand has intimated his willingness to give to the consideration of these claims, the President in dulges the hope that they will be taken into view upon their own merits; and in that hope the representative of the United States at Paris, will, at an early day, be in structed to present them again, to the undivided and un conditional sense of the justice of France.

I pray you, sir, to accept the renewed assurance of my distinguished consideration.

JOHN QUINCY ADAMS.

The COUNT DE MENOU,
Charge d'Affaires from France.

Extract of a letter from Mr. Sheldon, No. 11, to Mr.
Adams, dated Paris, 16th Oct. 1823.

"I took an early occasion, after the receipt of your despatch, No. 1 of the 10th August, to communicate the subjects of it, in a conversation I had with Viscount de Chateaubriand. His observations in relation to that of the claims, as connected with the pretensions of France, under the Louisiana treaty, were of a very gen eral nature, and amounted to little more than a repeti tion of his readiness to enter upon the consideration of whatever subjects of discussion might exist between the

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