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Loan of Eleven Millions of Dollars. including sundry embargo cases, as per lists certi- an abstract, E, is herewith transmitted. From fied by the Minister of the French 'I'reasury, here these it appears that $6.118.900 were subscribed with, marked A No. 1, 2, and 3,
Francs. in those two days, viz: $4,190,000 by banks, and
20,000,000 00 $1,928, 900 by individuals. This last sum is
Deduct Amount of claims for which
greater than the aggregate of all the loans at six bills have not yet been
per cent. ever before obtained by this Governpresented, per statement
ment from individuals in the United States ;* and, marked B 309,036 35
considering the price of stocks and various obsta: Also this sum, in drafts, to
cles which at this time have impeded the subscrip. the order of D. B. War.
tions, the amount is as great as might have been den, held at the disposi.
expected within so short a period. The unsubtion of Gen. Armstrong,
scribed residue will now be apportioned among suspended for further ex
the several places, according to the apparent deplanation. (See statement
mand in each, and subscriptions will be received, marked C)
or stock sold, until the sums thus respectively ap390,160 37 | portioned shall have been disposed of.
It is confidently believed that the amount which
19,609,839 63 remains unsubscribed for will thus be filled as Equal, at 5f francs per dollar, to $3,676,844 93 early as the money will be wanted for the public Balance due the United States
15,210 76 service. In order, however, to prevent the possi3,992,055 69 bility of disappointment, and to remove doubts
and erroneous expectations, I beg leave to subThe evidence on which the above credit is ad- mit the propriety of authorizing the issue of Treamitted, rests, principally, if not solely, on the lists sury notes, on the following principles, viz: of claims ceriified by the Minister of the French
1. Not to exceed, in the whole, the amount Treasury. This, on considering the terms of the which may ultimately not be subscribed to the convention, and the letter of the Secretary to Mr. loan; that is to say, that the amount received on Armstrong, dated September 4, 1809, is thought account of the loan, and that of the Treasury sufficient;
and, indeed, is all that could probably notes, shall not, together, exceed eleven millions; be obtained, as the documents belonging to each which limits, therefore, the greatest possible case appear to remain in possession of the French amount of the Treasury notes io less than four Government.
millions nine hundred thousand dollars. 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
3. To become payable by the Treasury one is stated to have been paid over, are more satis- 1 year after the date of their respective issues. factorily explained and established.
4 To be, in the meanwhile, receivable in payAUDITOR'S OFFICE, September 1, 1810.
ment of all duties, taxes, or debts, due to the UniP. FERRALL. ied States. I have the honor to be, &c.
ALBERT GALLATIN. COMPTROLLER'S OFFICE, October 5, 1810,
Hon. LANGDON CHEVES.
A. LOAN OF ELEVEN MILLIONS OF DOLLARS.
Whereas, by an act of Congress, passed on the [Communicated to the House, May 18, 1812.)
fourteenth day of March, in the year of our Lord TREASURY DEPARTMENT, May 14, 1812.
one thousand eight hundred and i welve, the Pres
ident of the United States is authorized to borSIR: Subscriptions were opened on the firsi and second instant, to the loan of eleven millions row, on the credit of the United States, a sum not of dollars, authorized by the act of 14th March exceeding eleven millions of dollars, at an interlast, in conformity, with the enclosed notice, A.
est not exceeding six per centum per annum, 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 en-dividuals in the United States by this Government, closed circular leiters, B, C, D, show the instruc-are, Ist. On account of the loan of $5,000,000, autions 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 applicaonly for two days, in order that the general re ble, on the spot, to a favorite object, and left the man. salé 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 All the relurns have now been received, and the whole, was $711,700.
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 suns, 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 Siates, as may be wanied 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 instaland 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 appropri- 3. On the failure of payment of any instalment ated for paying the interest and principal as afore- of the sums subscribed according to the tenor of said: And, whereas, the President of the United the second article, the next preceding instalment States did by an act or commission, under his of iwelve dollars and fifty cents, which shall hand, dated the thirtieth day of March, in the have been paid for every hundred dollars subyear one thousand eight hundred and iwelve, au- scribed, shall be forfeited to the United States. ihorize and empower the Secretary of the Treas- 4. If any subscriptions shall be reduced in con. ury to borrow, on behalf of the United States, sequence of a greater sum than eleven millions of a sum not exceeding, in the whole, eleven mil. dollars being subscribed, conformably to the first lions of dollars, and to make the necessary con- article, the amount of such reduction shall be tract for the same, pursuant to the act of Con- forth with returned to the subscribers from whom gress above recired:
such reduction shall have been made. Now, therefore, the undersigned Secretary of 5. Each subsequent instalment must be paid the Treasury, in pursuance of the act of Con- at the same bank al which original subscription gress, and the authority from the President of the was made, and where the first instalment was United States. above-mentioned, doth hereby, on paid. behalf of the United States, contract and engage, .6. For such sums or number of shares of one in manuer following, to wii:
hundred dollars, as may be subscribed, the Cashie 1. Books for receiving subscriptions to a loan iers of the respective banks, within twenty days of eleven millions of dollars, for the use of the after the time of subscribing, shall give certificates
, United States, shall be opened on the first day of stating the sums subscribed and payment made, May next
and on which the payments of ihe subsequent At Portsmouth, New Hampshire, at the Union instalments, when made, shall be respectively enBank.
dorsed; which certificates shall be assignable, by At Salem, Massachusetts, at the Merchants' endorsement and delivery of the parties, in whose Bank.
favor they may be issued, until the completion of At Boston, Massachusetts, at the State Bank, the payments required by the tenor of the second Union Bank, and Massachusetts Bank.
article. At Providence, Rhode Island, at the Roger 7. After the completion of the payments, aforeWilliams Bank.
said, the proprietors of the certificates of the CashAt Hartford, Connecticut, at the Bank of Hart- iers, on which such payments have been comford.
pleted, on surrendering the same at the Loan office At the city of New York, at the Manhattan of the State in which the subscription and payCompany and Mechanics' Bank.
ments shall have been made, shall be entitled to At Philadelphia, at the Bank of Pennsylvania, receive from the Commissioner of Loans, certifiand Farmers and Mechanics' Bank.
cates of funded capital stock, bearing an interest Ai Balimore, at the Bank of Baltimore and l of six per centum per annum, from the time Commercial and Farmers' Bank.
when the said instalments shall have been paid, At the City of Washington, at the office of the respectively, and payable quarter yearly, at the Bank of Columbia.
several Loan offices, or at the Treasury of the At Richmond, Virginia, at the Bank of Vir- United States, where the same may stand creuginia.
ited; which certificates of funded capital stock Ai Charleston, South Carolina, at the State shall be issued in the sums of one hundred, four Bank, and Planters and Mechanics’ Bank. hundred, one thousand, four thousand, or ten thou.
Which books shall continue open for receiving sand dollars, at the option of the proprietor, and subscriptions during the ordinary hours of trans- I shall be transferable by the creditors, or their al
Loan of Eleven Millions of Dollars.
torneys, duly constituted, at the Treasury and rude to receive all the subscriptions likely to be Loan offices, respectively, in the same manner as made at your bank, to the first page of which one the present funded debt of the United States, and of the copies of the contract or terms of the loan, in pursuance of the rules which have been, or here with transmitted, signed by the Secretary of which may be, established, relative to the trans- the Treasury, and sealed with the Treasury seal, fer of the said debt.
is to be affixed. The subscribers will write, in 8. After the payment of the fifth instalment, words at length, against their names, the amount such of the proprietors of the certificates of the which they intend to subscribe: And, on the Cashiers, of four hundred dollars and upwards, same lines, respectively, the eighth part of that as may then be desirous of funding the same, may sum, being the first insialment, is, as soon as paid, on presenting them at the Loan office of the State to be entered by your Cashier, in figures, in a in which the subscription and payments shall column left for that purpose, at the right-hand have been made, receive from the Commissioner side of each page. This entry will, it is presumed, of Loans, certificates of funded capital stock, of be a sufficient receipt to the subscriber, until the the description aforesaid, for the amount of the Cashier's certificate, or scrip, shall be issued to four first instalments, or one moiety of the sum him, which, according to the sixth article of the expressed in the subscription certificates. terms of the loan, will be within twenty days af
9. Alter the last day of December, in the year ter the time of subscribing: Yet, if the parties, or one thousand eighi hundred and i wenty-four, and any of them, should, at the time of subscribing, after reasonable notice to the creditors, which require receipts from the Cashier, they may shall be given by an advertisement in some pub- be given in his name, in any form you may lic newspaper, printed at the seat of the Govern prescribe, and to be returned when the abovement of the United States, the said capital stock mentioned certificates or scrip shall be delivered. shall be redeemable at the pleasure of the United The whole amount paid at the time of subscripStates, by the reimbursement of the whole sum tion, is to be credited to a distinct account, bearwhich may, at that time, stand credited to any ing that designation, and not to be carried to the proprietor on the bcoks of the Treasury, or of the credit of the Treasurer of the United States beLoan offices, respectively.
fore the expiration of twenty days, as above 10. So much of the funds, constituting the an- stated. This period has been taken, in order to pual appropriation of eight millions of dollars, for give time for all the cashiers of the banks, where the payment of the principal and interest of the the subscriptions are received, to retuçn to the public debt of the United States. as may be ne- Treasury an account of the sums subscribed, that cessary for the regular payment of the interest, and it may be thus ascertained whether more than for the reimbur:ement of the principal of the eleven millions, in the whole, shall have been stock to be created under this contraci
, together subscribed, and a reduction of the larger subscripwith the faith of the United States for its due ful- tions shall consequently become necessary, as filment, are hereby pledged, in pursuance of, and provided for in the first article of the terms of according to, the terms and conditions of the act ihe loan. of Congress hereinbefore reciled.
Immediately after the subscription is closed, on Given under my hand, and the seal of the the second day of May, the Cashier is lo transTreasury of the United States, at Washington, mit to the Secretary of ihe Treasury an accountthis thiriy-first day of March, one thousand eight
1. Of the total ainount subscribed. hundred and twelve.
2. Of the portion of that amount subscribed in ALBERT GALLATIN, sums exceeding four thousand dollars, each. Secretary of the Treasury. 3. A list of all the subscriptions exceeding four
thousand dollars, each.
As soon as these accounts from all the CashB.
iers 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 institucion would be disposed to the Treasurer of the United States for the resifaciliiate this operation, it has been named as one due, and issue the subscription certificates, which, at which subscriptions to the loan would be re- together with forms for iheir entry and registry, ceived. I will thank you to apprize me imme- will, in the mean time, be transmitted from the diately if, from any cause, it should be incom- Treasury. patible with your views to accede to this ar- As some of the banks may be disposed to berangement.
come subscribers, provided ihe 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, cessary, in the first place, that a book, in wbich 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 ot
Loan of Eleven Millions of Dollars. such bank as sufficient evidence of the payment whole, or its portions, will be advanced; and the on account of the loan, and to enter the same ac- period when reimbursement from the United cordingly in the book. I insert, at foot of this states will be expected. The same privilege will letter, the names of the banks in your State, which be allowed in this case, as in case of subscription are known and considered at the Treasury as suf- to the loan, of permitting the amount which may ficient. To these, a circular letter, one of which be engaged to be advanced by the bank, to remain you will also receive, will be written on that sub- in the bank in deposite, till drawn for by the Treaject; and you may receive subscriptions, in like surer for the current service. manner, from such others as, in your opinion, are I have the honor to be, &c. perfectly responsible.
ALBERT GALLATIN. A reasonable allowance for the expenses of sta- To the Presidents of the Bank of New Hampshire, tionery and extra labor of the Cashiers of the Boston Bank, Maine Bank, Portland Bank, Saco banks, where subscriptions to the loan are re- Bank, Bank of Newburyport, Salem Bank, Bank ceived, will be made from the Treasury.
of Essex, Bank of Providence, Bank of Rhode I have the honor to be, &c.
Island, Bank of Bristol, Newport Bank, Bank of The Presidents of the Union Bank of New Hamp
New London, Bank of Middletown, Bank of New shire; Union Bank of Boston ; Massachusetts
Haven, Union Bank of New York, Bank of New Bank; State Bank, Boston ; Roger Williams
York, Merchants’ Bank of New York, State Bank Bank; Bank of Hartford ; Manhattan Company ;
at Albany, Philadelphia Bank, Bank of North Mechanics' Bank, New York; Bank of Pennsyl
America, Bank of Maryland, Union Bank of Maryvania; Farmers and Mechanics' Bank, Philadel- land, Mechanics' Bank of Baltimore, Farmers and phia ; Bank of Baltimore; Commercial and Farm
Mechanics' Bank of Baltimore, Franklin Bank of ers' Bank, Baltimore; Bank of Columbia ; Bank
Baltimore, Marine Bank of Baltimore, Farmers' of Washington ; Bank of Virginia ; State Bank,
Bank of Maryland, Union Bank of Georgetown, Charleston; Planters & Mechanics' Bank, Charles
Potomac Bank, Farmers' Bank of Alexandria, ton; Merchants’ Bank, Salem.
Bank of Alexandria.
TREASURY DEPARTMENT, May 11, 1812.
Sir: Tomy letter of the 7th instant, I beg leave Sır: Having thought it probable that some of institution to loan any sum of money to the Uni
to add, that, if it should suit the views of your the banks might be disposed to subscribe to the red States, at a rate not exceeding six per centum Joan of eleven inillions of dollars, to be opened on the first day of May next, and that it would per annum-without, however, subscribing to the be an additional inducement to that measure if | cial contract for the purpose inay be formed. In
proposed loan, and receiving stock therefor-a spe. the sums to be paid on account of such subscrip-Ithis event, you will be pleased to communicate to tion should be permitted to remain io deposite the Secretary of the Treasury the amount proposed in the banks making the subscription, until want
to be loaned; the time or times when the whole, ed for the public service, I have taken this mode to notify the several banks that an arrangment of when reimbursement from the United States will
or its portions, will be advanced; and the period that kind will be allowed by the Treasury. be expected.
Jl, therefore, it shall suit ihe views of your in-
I also request, that, in the event of your insti
would subscription may be made at the bank or banks inform me whether it would be your wish, in case in your State, where subscriptions, by the terms of reduction, that that on your subscription should of ihe enclosed contract, are to be received, and be made on the same principles as on all others, the amount of each instalment, as it becomes payable, may remain in your bank to the credit me to reduce it to a less sum than your propor
or whether you will leave it discretionary with of the Treasurer of the United States, until drawn tional share. My reason for this last inquiry is, for on account of the public service. A receipt, that, in the event of a larger sum being subscribor certificate of your Cashier, that the amount of ed, altogether, than eleven millions, it would be each instalment, as it becomes payable, is placed desirable to receive the whole amount from iodiin your bank to the credit of the Treasurer of the viduals, and to reserve, for some subsequent emerUnited States, has been directed to be accepted gency, 'the resource of such loans as may be at the banks where subscriptions are received, as obtained from the several banks. I am, very resufficient evidence of the payment. If from the terms of your charter, or from any
spectfully, &c. other cause, it should be deemed improper to sub
To the Presidents of the Union Bank of New Hampscribe to the loan, and receive stock therefor, and
shire, Union Bank of Boston, Massachusetts Bank,
State Bank at Boston, Roger Williams' Bank, the bank should, nevertheless, be disposed to loan
Hartford Bank, Manhattan Company, Mechanics' money to the United States, at a raie of interest
Bank of New York, Bank of Pennsylvania, Far. not exceeding six per centum per annum, a spe- mers and Mechanics' Bank, Bank of Baltimore, cial contract for the purpose may be formed. In Commercial and Farmers' Bank, Bank of Virginia, this event, you will be pleased to communicate to
State Bank at Charleston, Planters and Mechanthe Secretary of the Treasury the amount pro- ics' Bank, Bank of Columnbia, Bank of Washingposed to be loaned; the time or times when the ton, 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.
I 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, excepied.
EVASIONS OF THE NON-IMPORTATION ACT., countries. This is believed to have been by far
the most fruitful source of evasions, and appears [Communicated to the House, 2d of December, 1811.] 10 have been, as yet, confined to vessels coming
TREASURY DEPARTMENT, Nov. 26, 1811. with colonial produce from St. Bartholomew and Sir: The evasions of the non-importation act | Spanish ports. appear to have principally arisen from three
2. Coasting vessels, chiefly from the Northern quarters.
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 Passamaquoddy bay ; and it is suggested that they growth or manufacture, which has been entered have also occasionally received there, or from vesas being of the growth or manufacture of other sels at sea, other species of British merchandise.