H. Articles of agreement between Albert Gallatin, Secretary of the Treasury of the United States, of the one part, and the President, Directors, and Company of the Bank of the United States, of the other part, made and concluded the thirtieth day of May, one thousand eight hundred and ten. Whereas, by the act, entitled "An act authorizing a loan of money for a sum not exceeding the amount of the principal of the public debt, reimbursable during the year one thousand eight hundred and ten," passed the first day of May, eighteen hundred and ten, the President of the United States is authorized and empowered to borrow, or cause to be borrowed of the Bank of the United States, a sum not exceeding the amount of the principal of the public debt, reimbursable during the year one thousand eight hundred and ten: And, whereas, the President of the United States, by his warrant, bearing date the twenty-eighth day of May, one thousand eight hundred and ten, and directed to the said party of the first part, did authorize and empower him to contract with the said parties of the second part, for a loan of three millions seven hundred and fifty thousand dollars, in conformity with the provisions of the act aforesaid: Now, therefore, these presents witness, that pursuant to the authority aforesaid, it hath been, and is hereby agreed, by and between the said parties of the first and second part, as followeth-viz: First--The said President, Directors, and Company, shall lend to the United States, the sum of three millions seven hundred and fifty thousand dollars, to be advanced at their Banking House in Philadelphia, on the thirty-first day of December, one thousand eight hundred and ten. Second-The said sum so to be advanced as aforesaid, shall bear interest at the rate of six per centum per annum, from the date before-mentioned, payable quarter yearly to the said parties of the second part, during the continuance of the said loan. ** Seal of the Third-The United States shall reimburse, or repay to the said Bank of the United States, the said sum of three millions seven hundred and fifty thousand dollars, with the interest which may be due thereon, on the thirtyfirst day of December, one thousand eight hundred and eleven; reserving, nevertheless, to the said parties of the second part, (in case they do not obtain a renewal of their charter at the next session of Congress,) the right to demand and receive re-payment at an earlier period, they giving three months previous notice to the party of the first part, of such their intention. In testimony whereof, the said Secretary of the Treasury hath caused the seal of the Treasury to be affixed to these presents, Seal of the Bank of the U. States. * ALBERT GALLATIN, Secretary of the Treasury. (Signed) D. LENOX, President of the Bank of the United States. I. Whereas, by an agreement between the Secretary of the Treasury of the United States, and the President, Directors, and Company of the Bank of the United States, dated the thirtieth day of May, one thousand eight hundred and ten, it was stipulated on the part of the President, Directors, and Company aforesaid, that they would lend to the United States the sum of three millions seven hundred and fifty thousand dollars, to be paid in Philadelphia, on the thirty-first day of December, one thousand eight hundred and ten: And, whereas, the two contracting parties have lately agreed that the amount of the loan stipulated to be made to the United States in the agreement before recited, shall be reduced: Seal of the Now, therefore, these presents witness, that the sum to be loaned to the United States by the President, Directors, and Company of the Bank of the United States, on the thirty-first day of December ensuing, shall be fixed at two millions seven hundred and fifty thousand dollars; any thing in the former agreement to the contrary notwithstanding. In testimony whereof, the Secretary of the Treasury hath caused the seal of the Treausry to be affixed to these presents, and hath * hereunto subscribed his hand; and the President, Directors, and Company of the Bank of the United States, have also caused the seal of the said Bank to be affixed to the same, this fifteenth day of October, one thousand eight hundred and ten. ALBERT GALLATIN, (Signed) Secretary of the Treasury. *Seal of the Bank of the U. States. ** (Signed) D. LENOX, President of the Bank of the United States. REPORT ON THE FINANCES. NOVEMBER, 1811 In obedience to the directions of the act supplementary to the act, entitled "An act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following report and estimates. RECEIPTS AND EXPENDITURES. "1. To the end of the year 1811.-The actual receipts into the Treasury, during the year ending on the 30th of September, 1811, have consisted of the following sums, viz: Customs, sales of lands, arrears, repayments, and all other branches of revenue, amounting together, as appears by the statement (E.) to Temporary loan of 31st December, 1810, Total amount of receipts, - $16,291,446 37 3,459,029 72 An aggregate of $19,750,476 09 The disbursements during the same year, have been as follows, viz: Civil Department, including miscellaneous expenses, and those incident to the intercourse with foreign nations, $1,360,858 98 Army, Fortifications, Arms, and Arsenals, Navy Department, Indian Department, Payments for interest on the public debt, Total current expenses, $2,129,000 tember, 1811,) Payments on account of the principal of the public debt, Amounting together, as will appear more in detail by the statement (E.) to And leaving in the Treasury, on the 30th of September, 1811, a balance of $13,541,446 37 2,750,000 00 4,407,725 00 2,225,800 93 $7,994,584 91 2,750,000 00 5,058,272 82 $15,802,657 73 3,947,818 36 $19,750,476 09 The actual receipts, arising from revenue alone, and exclusively of the temporary loan since reimbursed, appear, from this statement, to have exceed ed the current expenses, including therein the interest paid on the debt, by a sum of more than five millions and a half of dollars. But the payments on account of interest, during the year ending on the 30th of September, 1811, have, from an unavoidable delay in making the usual remittances to Holland, fallen short of the amount due during the same period; and the real excess of receipts arising from revenue, beyond the current expenses, including therein the interest accrued on the debt, amounts only to near 5,100,000 dollars. The receipts for the last quarter of the year 1811, are estimated at 3,300,000 dollars; and the expenditures (including the payments of arrears of interest and near 2,160,000 dollars on account of the principal of the public debt) at 4,300,000 dollars, which will leave, at the end of the year, a balance in the Treasury of near three millions of dollars. It will not, therefore, be necessary to resort for the service of the present year, to the loan authorized by the act of the last session of Congress. 2. Year 1812.-It is ascertained that the nett revenue arising from duties on merchandise and tonnage, which has accrued during the three first quarters of the year 1811, exceeds six millions of dollars; and it may, for the whole year, be estimated at about 7,500,000 dollars. The Custom-house bonds outstanding on the 1st day of January, 1812, and falling due in that year, are also estimated, after dedueting bad debts, at 7,500,000 dollars. This sum may therefore be assumed as the probable amount of receipts into the Treasury during the year 1812, on account of duties on merchandise and tonnage; the portion of the revenue arising from importations subsequent to the present year, which will be received in 1812, being considered sufficient to pay the debentures and expenses of collection of that year. The payments made by purchasers of public lands, north of the river Ohio, having, during the two last years, after deducting the expenses and charges on that fund, amounted to near 600,000 dollars a year, that branch of reve nue may, for the present, be estimated at that sum. Allowing one hundred thousand dollars for the other small items of revenue, which will consist principally of arrears and re-payments, the whole amount of actual receipts into the Treasury during the year 1812, may therefore be estimated at $8,200,000. The current expenses for the same year are estimated as followeth, viz: 1,260,000 1. Expenses of a civil nature, both domestic and foreign, Army (including 32,000 dollars for the Militia,) $2,581,000 Indian Department, 3. Interest on the public debt Amounting together to And exceeding, by 1,200,000 dollars, the probable amount of receipts. 614,000 2,500,000 220,000 5,915,000 2,225,000 $9,400,000 usual uncertainty, the propriety of authorizing a loan sufficient to supply that difference, and to defray such other extraordinary expenses as may be incurred during the year, is respectfully submitted. It must at the same time be observed, that the sum of 9,400,000 dollars, thus stated as the amount of current expenses for the year 1812, includes, in fact, a portion of extraordinary expenses arising from the present state of affairs For if the Military and Naval expenditure had been estimated at a sum not exceeding the amount actually expended for those objects during the year ending on the 30th of September, 1811, that is to say, at 4,400,000 instead of 5,900,000 dollars, the estimate of receipts would exceed that of current expenses. The disbursements on account of the Naval establishment have amounted, in the year ending on the 30th September, 1810, to And in the year ending on the 30th September, 1811, to 1,675,000 2,136,000 2,500,000 The disbursements on account of the Military establishment have amounted, in the year ending on the 30th September, 1810, to And in the year ending on the 30th September, 1811, to 2,309,000 2,129,000 3,195,000 But the detailed annual estimates of the year 1812, will show that they are predicated on the employment of almost the whole Naval force, and of the whole Military establishment of the United States, as authorized by law; covering, besides several other items, all the expenses of more than seventeen thousand effective men in the land and sea service. With respect to the payments on account of the principal of the debt, it is evident that an authority to borrow a sum equal to that which will be reimbursed during the year 1812, will be necessary. The payments, which, according to law, must be made during that year, on that account, consists of 1. Annual reimbursement of six per cent. and deferred stocks, 2. Reimbursement of the residue of the converted stock $1,570,000 00 565,318 41 $2,135,318 41 Amounting together, to This sum, and that payable for interest, amounting together to 4,360,000 dollars, leave, in order to complete the annual appropriation of eight millions, a balance of 3,640,000 dollars, which can be applied in no other manner than in purchases of stock at the prices limited by law. The amount which may be thus applied, is therefore uncertain. PUBLIC DEBT. It appears, by the statement (D.) that the payments on account of the principal of the public debt will, from the 1st of October, 1810, to the 31st December, 1811, have exceeded six millions four hundred thousand dollars. With the exception of the annual reimbursement of the six per cent. and deferred stocks, there will remain, at the end of the year 1811, no other portion of the public debt reimbursable at the will of the United States, than the residue of converted stock, amounting, as above stated, to 565,000 |
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