18th Congress, _2d Session.

Military service, including fortifications, ordnance, Indian Department, Revolutionary and military pensions, arming the militia, and arrearages, prior to 1st January, 1817 5,258,294 77 Naval service.including the gradual increase of the navy 2,503,765 83 Public debt 5,530,016 41 Leaving a balance in the Treasury, on the 1st January, 1824, of The actual receipts into the Treasury during the three first quarters of the year 1824, are estimated to have amounted to Viz: Customs Public lands Dividends on stock in the Bank of the U. States Artears 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 5,000,000 And the actual receipts into the Treasury, during the fourth quarter of the year, ń. 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 estimated to have amounted to Wiz: Civil, diplomatic, and miscellaneous Military service, including fortifications, ordmance, Indian Department, Revolutionary and military pensions, arming the militia, and arrearages, prior to 1st Jan. 1817 Naval service, including the gradual increase of

13,372,268 80 768,805 10

350,000 00

[ocr errors]
[ocr errors]

1,792,456 00

[merged small][merged small][ocr errors]
[merged small][ocr errors][merged small][merged small][ocr errors][ocr errors][ocr errors][ocr errors][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small]
[blocks in formation]

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 equivalent,) to - - - - 86.045,003 38

The amount of Treasury notes outstanding on the 1st of October, 1824, is esti

mated, at - - - - 19,756 00

And the amount of Mississippi stock, unredeemed on that day, including awards not applied for, at - - 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, she receipts will have exceeded the estimate presented it the last session of Congress, by about $800,000. The only failure has been in the proceeds of the public ands; 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 cirhimstances. But, not only has the quantity sold been ess than was anticipated, but owing, it is believed, in a feat measure, to combinations of capitalists, by which ctual settlers were deterred from competition, the price has not, with few exceptions, exceeded the minimum ifice fixed by law. It is to be observed, however, that he actual receipts from that source of revenue during he present year, will exceed those of the preceding ear; and it is estimated that those for the ensuing year fill not be less. The gross amount of duties on imports and tonnage, thich accrued from the first of January to the 30th of eptember last, inclusive, is estimated at $19,000,000, od that of the whole year at $22,500,000. Of this sum, hat portion which accrued in the first half of the year, sceeds, by about $630,000, and that in the three quarits by about $1,200,000, the portions which accrued in corresponding quarters of the preceding year. The debentures issued during the three first quarters f the present year, amounted to $2,952,000; which is is by $460,000 than the amount issued during the cor


sponding period of the preceding year; and the mount of debentures outstanding on the 30th of Sepomber last, and chargeable upon the revenue of 1825, *$1,004,000; which is less by $401,000 than was, on

* day in 1823, chargeable upon the revenue of

The amount of bonds in suit, on the 30th September * was $2,909,000; which is $92,000 more than was **it on the same day of the preceding year. Deduct. * from the whole amount of duties outstanding on *ds and otherwise, on the 30th of September last, the *tures actually chargeable upon them and the bonds **t, it is estimated, that the sum payable after the ex'*ion of the present year, will be about $12,200,000. *amount, however, is subject to debentures which * “till be issued; but, as an allowance has already * made for those which are now chargeable upon it, "considerable deduction on that account is to be exected. A portion of the amount, also, is not payable *1836; but the residue, together with so much of * duties accruing in the 4th quarter of the present, "in the whole of the next year, as may be received * that year, will, after deducting the expenses of ollection, constitute the receipts from the customs durEthe year 1825 | * Productiveness of the customs, however, depends *the state of the foreign commerce of the nation. 's estimated that, in the year ending on the 30th of

[ocr errors]

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 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 exported 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 oc unfavorable change in the ensuing year. 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 cus. toms during the year 1825, will be about equal to that sum The operation of the new tariff upon the revenue can. not, 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 ob. ject, affords data for estimating its effects with sufficient exactness for the present purpose. It has been found that, upon the whole importations (estimating their va. lue 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 É. cent. ; and that, if the rates of the present tariff had een 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 im. porting 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

qf the United States, there will be any diminution in the


[Sen. and H. of R.

The same object might, perhaps, be accomplished an exchange of the stock redeemable on the 1st of J nuary, 1826, for a 5 per cent. stock, redeemable in 18) and 1830. But, it is believed that better terms maybe obtained by a loan. A proposal for a loan invites car. 2etition from all the moneyed capitalists, including the Bank of the United States: whereas an exchanged stock confines the demand for the new stock to the holders of the old stock, who constitute not only a smal portion of the capitalists, but a portion interested in preventing the accomplishment of the exchange. More

18th Congress, r
2d Session. { .ānnual Treasury Report.
aggregate. Upon the whole, therefore, it is believed
that the revenue derived from imports will be increased
by the operation of the new tariff in a ratio nearly equal
to that in which it is estimated to have been increased
during the third quarter of the present year in the ports
above mentioned—or, about 74 per cent. This in-
crease, however, will produce less augmentation in the
actual receipts into the Treasury during the year 1825
than in subsequent years. -
With these views of the subject, the receipts into the
Treasury, during the year 1825, are estimated as fol-

lows: over, the experience of the government, during the ho Customs $20,000,000 two years, justifies the preference for a loan. In 1823. Lands 1,000,000 law was passed authorizing an exchange of $25,000,o Bank dividends 350,000 of the 7 per cents, and of the 6 per cents of the yes Miscellaneous and incidental 150,000 1812, "13, 14, and '15, for a 5 percent stock, redeen, ble in the years 1830, 31, ’32, and’33, and only $56,7047

Making together 21,500,000 were exchanged: and, under the act of the last sess”

authorizing an exchange of 15,000,000 dollars, of the
per cents of 1813, only $3,308,307 45 were exchangel,
Should the suggestion, herein offered, be adopted, or
disposing of the excess of debt redeemable in 1826 ar.
1827, the amount of public debt, redeemable in eat.
year, will be as follows:
In 1825, $7,654,570 93 of 6 per cents.

And the residue of the loan au-
thorized 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:
Civil, diplomatic, and Miscella-

neous $1,685,026 76 1826, 7,002,356 62 6 per cents. Military service, including for- 1827, 7,001,437 63 6 per cents. tifications, ordnance, Indian 1828, 9,490,099 10 6 per cents. Department, Revolutionary 1829, 6,000,000 00, proposed to be at 5 percent and Military pensions, arm- 1830, 6000,000 00, the same. ing the militia, and arrear- 1831, 6,018,901 59, the same.


1832, 6,018,900 72, of which $1,018,000 72, it: at 5 per cent. and 5,000,so at 43 per cent. 6,673,055 31, all at 43 per cent, exces $18,901 59, at 5 percent 1834, 1,654,153 73, at 43 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

- ages prior to the 1st of Janu:
ary, 1817 5,013,283 60
Naval service, including the
dual increase of the navy 3,044,789 31
Public debt, including a pay-
ment of $7,654,570 93 of
principal 11,962,06897
-- Making together --



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

capital of the Bank of the U. States, and $13,296,231.4% of 3 per cents; both of which are payable at the pla: sure of the government. As, under the foregoing view

estimated at $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 por. tion 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 lower rate of interest, reimburseable in 1834, in which discharged. There will then remain in those two year, it will be perceived, only a small sum is redeemy years $18,000,000, which cannot be paid out of the reve- ble. nue of those two years. In 1828, the amount of principal According to this exhibition of the subject, recko redeemable will probably not exceed the means of the ing the principal and interest of the public debt, uno Treasury. In the years 1829 and 1830,po part of the public its extinction, at about $111,000,000, independent of the debt is redeemable,and,in 1831, less than $19,000. Policy stock subscribed to the Bank, which may always be co" would seem to suggest with a view both to the conve-|sidered as offset by the government shares in the Bank nience of the government and the advantage of the com- it will be perceived that, by allowing 10,000,000 anno munity, that the excess of debt which cannot be dischar- |ly, with an additional million in the first year, the whole ged in 1826 and 1827, should be thrown in equal por- of the public debt of the United States will be ext” tions upon those years in which nothing is payable. For guished by the end of the year 1835 the present, however, it may be sufficient to confine || In speaking of the public debt, it may be prope." such an arrangement to the excess of the year 1826. notice the reduction that has been effected, during the From the state of the money market, and the high credit last eight years, both in the amount of principal,” of the Government, no doubt is entertained that the rate of interest. On the 1st of January, 1817, the whol: $12,00,000 required to provide for the excess of the debt of the United States was $123,491,965 16, of which debt on the 1st of January, 1826, may be borrowed at $115,257,805 48 were funded, bearing an average * 5 per cent. reimbursable in 1829, and 1830. And, if rest of $5.563 per cent. per annum. "On the is Jolo. such an arrangement is approved, it is respectfully pro- |ry next, the whole debt will be $86,045,003 18, be"; posed that authority be given by law for that purpose. an average interest of $5.233; which shews a reduct"

of the debt, all that will be redeemable after the year 1828, will be at an interest of 5 percent, or less and s the 5 per cent. stock, subscribed to the Bank, is rio burseable in such portions as the government may please. any surplusses which may remain in 1829, and su's quent years, after discharging the debt redeemable, and proposed to be made redeemable, in those years, maybe applied to the payment of that stock; or, if it be deemed advisable to reserve any such surplusses for othero. jects, there is no doubt that a sum sufficient to pay of that stock, may be obtained at 4% per cent., or evenato 18th Congress, : 2d Session. of $37,446,961 98 of principal, and of 0.36% in the avengerate of interest. It is, also, deemed proper to state, that the loan of $5,000,000 for the payment of the awards under the Florida Treaty, and the loan of $5,000,000 for paying the 6percent stocks of 1812, both of which were authorized at the last session of Congress, at 4% per cent. have been taken by the Bank of the United States, at par. The means of discharging the awards under the Florida Trea ly, 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 *ankfor the whole loan, at par, was accepted. For the subsequent loan, various proposals were received, mounting, in the whole, independently of that of the bank, to $2,554,586 37, at rates varying between par and 43 per cent. premium, and forming an average premium of 0.97% per cent. on the whole amount offered. The proposal of the Bank was for the whole sum, at par. Ali. individual offers are, apparently, more faorable than that of the bank, yet, taking into consideration 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 * percent. premium. That, during the progress of the redemption of the Polic debt, a considerable amount may be applied, by *odicious management of the public revenue, to other on the ordinary objects of expenditure, is apparent, as well from a retrospect of what has been done, in the last out years, as by a comparison between the probable receipts and expenditures in subsequent years. For the eight years, commencing on the 1st of Januao, 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, to be estimated at $210,275,899 11 And the total expenditure, at 205,769,230 20 of this amoun, nearly one half will have been applied to the payment of the principal and interest of the public

debt, viz. 101,365,900 67 Rothebayment of claims under the Flofidutreat 4,891,368 56

9,400,000 00
4,200,000 00
6,000,000 00

4,500,000 00

In the pensioners of the Revolution
To the erection of Fortifications
to the increase of the Navy
*l, to the payment of demands arising
out of the late war, not less than
*aving, for all other objects of expendi-
ture, including the civil list, inter-
tourse with foreign nations, army and
**), pensions arming the militia,
olding of light-houses, extinction of
*lantitles, and surveying of public
ols, &c. &c. &c.
*h sum, divided among the eight
Wats, is about
Por annum
"will be perceived, that, excluding the loans, the an-
'alaverage of receipts, in those years, may be estimat
at $21,700,000 do; and, upon the data already
** the annual revenue, in subsequent years, may
* estimated at 21,500,000 00. Should no impor.
"ohange be made in the existing national establish-
"o the ordinary annual expenditures, exclusive of
only be required for the erection of fortifications,
otheincrease of the navy, may be estimated at about
*90000. Thus, after providing for the annual de-
or the payment of the principal and interest of
o Public debt, and for all the ordinary expenses of the
"ment, there will remain, for the next eleven

75,400,000 00
9,425,000 00

Negotiations with France.

[ocr errors]

years, an annual surplus of about $3,000,000: which, af.
ter the extinction of the debt in the year 1835, will
receive an annual addition of the $10,000,000 now ap-
propriated to the public debt: which surplusses may be
applied to such objects, conducive to the common de-
fence and general welfare of the nation, as may be with-
in the constitutional powers of Congress, and as they, in
their wisdom, may deem proper.
All which is respectfully submitted.
WM. H. Crawford.
December 31, 1824.


To the House of Representatives of the United States:
I transmit, here with, to the House, a report from the
Secretary of State, with copies of the correspondence
with the government of France, requested by the reso-
lution of the House, of the 26th of May last.
Washington, Dec. 23, 1824.

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 session, 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 1806, 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 ./lugust, 1823. “I have had the honor of receiving your despatches No. 1 and 2; the latter dated the 10th of June. Mr. Gallatin arrived, with his family, at New York, on the 24th of that month. “I enclose, herewith, copies of the recent correspondence between the Count de Menou, the Charge d'Af. faires, 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 conciliatory 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 government 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

[blocks in formation]

Count De .Menou to . Mr. .1dams.
Legation of France to the United States,
WashingtoN, July 11, 1823.

His excellency the viscount de Chateaubriand, in an- treaty, I am directed to observe that those subjects.”

nouncing 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

Negotiations with France.

[blocks in formation]

and esteem with which he notices the characterandcom
duct of that minister. The anxious desire of the Pres
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 upons
negotiation with Mr. Gallatin, in the event of his retu-
to France, or with Mr. Sheldon, during his absence, coo
cerning the claims of citizens of the United States a
the government of France, in connection with an at
rangement concerning the 8th article of the Louisian

upon grounds so totally different, that the Governmeo

of the United States cannot consent to connect them to

gether in negotiation.
The claims of the citizens of the United States upo

nister,” he remarks to me, “has caused me to appreciate the French government, have been of many o his talents, his ability, and his attachment to the system standing: often represented by successive o: o of friendship that unites the two powers. It is with re. the United States, and particularly by Mr. Gallo o gret that I suspend my communications with him.” |ing a residence of seven years, with a persout :

I esteem myself happy, sir, in conveying to you such statement, and a force of evidence, which could o s sentiments towards the representative of the U. States, in the government of the United States no desire buttoFrance; and I should have thought that I had but imper- they should have been received with friendly o: fectly apprehended the design of the Viscount de Cha- and no regret but that they should have proved in: o teaubriand, had I neglected to communicate them to the tual. The justice of these claims has never been demo

federal guvernment. 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 assured that France and the United States would be found to have the same views of justice and conciliation. , His excellency regrets that Mr. Gallatin, who, he says, “has convinced him how pleasing and advantageous it is to negotitate with a statesman, who exhibits candor and ability in his discussions,” did not receive from his government, during his stay in France, the necessary powers 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. MENOU.

[merged small][ocr errors][merged small][ocr errors]

ject of discussion, however, the American Governme"

justice of which is so unequivocal that they have *

| conditional sense of the justice of France.

by France; and while the United States are still copelled to wait for their adjustment, similar, and less forceful claims of the subjects of other nations, ho 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 Louisia” convention; the result of which has been a thoro conviction on the part of the American Governmento the claim has no foundation in the Treaty whatever. To reasons for this conviction have been so fully set fo in the discussion, that it was not anticipated afuto examination of it would be thought desirable. Asaso.

are willing to resume it, whenever it may suit the vie" of France, to present further considerations relating." it; but, while convinced that the claim is entirely wo out foundation, they cannot place it on a footing ofor current negotiation with claims of their citizens, ".

even been made the subject of denial. ** -...-asso

From the attention which His Excellency the Wisco" de Chateaubriand has intimated his willingness too to the consideration of these claims, the Presiden lor dulges the hope that they will be taken into view up" their own merits; and in that hope the represental". the United States at Paris, will, at an early day, b: o structed to present them again, to the undivided ano"

I pray you, sir, to accept the renewed assurance of my
distinguished consideration. -
The Count DE MENou,
Charge d'.Affaires from France.

Ertract of a letter from Mr. Sheldon, Joo. 11, to .M.
.Adams, dated Paris, 16th Oct. 1823.
“I took an early occasion, after the receipt of your
despatch, No. 1 of the 10th August, to communica:
the subjects of it, in a conversation I had with Wiscount
de Chateaubriand. His observations in relation to o
of the claims, as connected with the pretension”"
France, under the Louisiana treaty, were of a very o:
eral nature, and amounted to little more than a repet:
tion of his readiness to enter upon the consideration ot
whatever subjects of discussion might exist between tle

« ForrigeFortsett »