524.

4. For the Public Debt, such sum as the public engagements may require; and which, during the year 1814, may be estimated as follows:

Interest on the public debt existing previously to the pre1,980,000 00

sent war,

Interest on the debt contracted during the present war, including the loans of the present year and Treasury Notes,

Reimbursement of principal, consisting of the annual reimbursement of the old six per cent. and deferred stocks, temporary loans payable during this year, and Treasury Notes reimbursable during the same period,

But for these purposes there had been advanced from the Treasury during the year 1813, to sundry Commissioners of Loans, beyond the demands upon them for the year 1813, and to the Treasurer of the United States as Agent for the Commissioners of the Sinking Fund, about

Leaving payable during the year 1814,

2,950,000 00

7,572,000 00

12,502,000 00

350,000 00

12,152,000 00

$47,270,172 46

The means by which this sum was to be provided, were the following: 1. Moneys receivable on account of the public revenue, and which were

estimated as follows:

6,500,000 00

600,000 00

3,800,000 00

50,000 00

10,950,000 00

2. Moneys receivable for the proceeds of loans, and for Treasury Notes to be issued, as follows: Amount payable into the Treasury during the year 1814, of the loan of seven and a half millions, made under the act of August 2, 1813,

Amount authorized to be borrowed by the act of March 24, 1814,

Amount authorized by the act of March 4, 1814, to be issued in Treasury Notes,

3,592,665 00

25,000,000 00

5,000,000 00

33,592,665 00

And it was estimated, that out of the balance of cash remaining in the Treasury on the 1st day of January, 1814, which amounted to $ 5,196,482 00, there might be applied a sum sufficient to cover the whole amount of the authorized expenditures, and which would be

2,727,507 46

$47,270,172 46

The accounts of the Treasury have as yet been made up only for the two first quarters of the year 1814, or to the 30th of June, of that year. The annexed statement, marked A., shows the receipts and expenditures at the Treasury for the fourth quarter of the year 1813, which have not before been communicated to Congress, and separately, those of the two first quarters of the year 1814.

By this statement, it appears that the payments from the Treasury during the first half of the present year, have been-.

For Civil, Diplomatic, and Miscellaneous expenses,

Military,
Naval,

Public Debt,

do.

do.

do.

1,444,062 60

11,210,238 00

4,012,899 90

3,026,580 77

19,693,781 27

And would leave payable during the remainder of the year, on those several accounts, the following sums: For Civil, Diplomatic, and Miscellaneous

The receipts into the Treasury during the first half of the present year,

have been as follows:

. For the proceeds of the Customs,

Public Lands, (including those in the Mississippi
Territory, the proceeds of which are now payable

to the State of Georgia,)

Internal Duties and Direct Tax,

Postage, and Incidental Receipts,

4,182,088 25

540,065 68 2,189,272 40

166,744 00

7,078,170 33

Loan of seven and a half millions, under the act of August 2, 1813,

3,592,665 00

And there remained cash in the Treasury, on the 1st of

To make up the sum, therefore, which will be wanted to meet the expenditures as above estimated, there must be obtained during the third and fourth quarters of the present year,

23,327,586 81

$47,270,172 46

And the further sum of 1,500,000 dollars; which is the least that ought at any time during a state of war, to be left in the Treasury, making

$24,827,586 81

Of this amount it is estimated that there will be derived from the various sources of existing revenue, the following sums, viz:

From the Customs,

It has not been practicable to prepare the statements of this and of the other branches of the revenue in the usual official form, to be communicated to Congress at this time. Some of these statements have been heretofore regularly given for periods terminating on the 30th of September; and to preserve the series unimpaired, their preparation is postponed until they can be made out terminating with that. day. They will hereafter be laid before Congress in the proper form. The amount of the custom. house duties which accrued during the year 1813, was 7,070,000 dollars. During the two first quarters of the present year they amounted to about 3,000,000 dollars; but, during the two last quarters, will not probably exceed one million. The amount receivable into the Treasury during the year 1814, from bonds outstanding at the commencement of the year, and from the duties accruing and which will become payable during that year, is estimated at 7,000,000 dollars; which is 500,000 dollars more than was heretofore estimated. Of this sum, $4,182,088 25, was paid during the first half of the year, and will leave payable during the remainder of the year, the sum here stated.

Sales of Public Lands-The proceeds of the public lands sold in the Mississippi Territory, which are now payable to the State of Georgia, are brought into the Treasury in the same manner as the moneys derived from the sales of other public lands. As the amount, when paid out of the Treasury to the State of Georgia, appears among the public expenditures, it is proper that these moneys should be placed among the receipts of the Treasury. Including the proceeds of the lands in the Mississippi Territory, the receipts during the year 1814 are estimated at 900,000 dollars, of which $540,065 68, having been received during the two first quarters of the year, there will be receivable during the two last quarters

Internal Duties and Direct Tax.-The receipts into the Treasury from these sources during the present year, will fully equal the estimate heretofore made. These taxes are paid readily and cheerfully. The direct tax is in collec

2,820,000 00

360,000 00

tion in more than three-fourths of the distriets, and will shortly be in the same state in all the districts except two or three, where the difficulty of obtaining competent persons to act as Assessors has produced some delay. In seve-. ral of the districts, the collection is already nearly completed. The amount estimated as receivable from these two sources, was 3,800,000 dollars. Of this sum, there was received prior to the 1st of July last, $2,189,272 40, and leaves to be received during the remainder of the year

Postage, and Incidental Receipts -These were estimated for the whole year, at 50,000 dollars. Including repayments, prize money, and the arrears of the former direct tax and internal duties, there was received, on these accounts, during the first half of the year, $166,744. These receipts are so casual and uncertain, that it is difficult to make any estimate of their amount. During the remainder of the year, they may perhaps be expected to produce

Total amount receivable for revenue,

1,610,000 00

50,000 00

$4,840,000 00

Under the act of the 24th of March, 1814, by which the President was authorized to borrow twenty-five millions of dollars, a loan was opened on the 2d of May, for ten millions of dollars, in part of that sum. A loan for ten millions of dollars was considered as more likely to prove successful, than if an attempt were made to obtain the whole amount of twenty-five millions at once. The sums offered for this loan amounted to 11,900,806 dollars; of which 2,671,750 dollars were at rates less than 88 per cent., and 1,183,400 dollars at rates less than 85 per cent. Of the sum of 9,229,056 dollars, which were offered at 88 per cent., or at rates more favorable to the United States, five millions were offered, with the condition annexed, that if terms more favorable to the lenders should be allowed for any part of the twenty-five millions authorized to be borrowed the present year, the same terms should be extended to those holding the stock of the ten million loan. Taking into consideration the expectation, then entertained, of an early return of peace, and the importance of maintaining unimpaired the public credit, by sustaining the price of stock in the meantime; and also, considering the measure was sanctioned by precedent, it was agreed to accept the loan with that condition. Had the sum to which the condition was annexed been rejected, the consequence would have been to reduce the amount obtained to less than five millions; a sum altogether inadequate to the public demands; or, by depressing the stock to 85 per cent., to have obtained only a little more than six millions, which would still have been insufficient to answer the purposes of government. Offers were subsequently made to this loan, of sums amounting to 566,000 dollars, which were accepted on the same terms as the original offers, and augmented the amount of the loan which was taken to 9,795,056 dollars.

The papers annexed under the letter B., exhibit the particulars relating to this loan.

There was paid into the Treasury on account of the loan of ten millions, prior to the 1st of July, $6,087,011; leaving to be paid after that day, $3,708,045. Of this sum, a failure of payment on the days fixed by the terms of the loan, of about 1,900,000 dollars, has taken place; and it is doubt

To make up the sum, therefore, which will be wanted to meet the expenditures as above estimated, there must be obtained during the third and fourth quarters of the present year,

23,327,586 81

$47,270,172 46

And the further sum of 1,500,000 dollars, which is the least that ought at any time during a state of war, to be left in the Treasury, making

$24,827,586 81

Of this amount it is estimated that there will be derived from the various sources of existing revenue, the following sums, viz:

From the Customs,

It has not been practicable to prepare the statements of this and of the other branches of the revenue in the usual official form, to be communicated to Congress at this time. Some of these statements have been heretofore regularly given for periods terminating on the 30th of September; and to preserve the series unimpaired, their preparation is postponed until they can be made out terminating with that day. They will hereafter be laid before Congress in the proper form. The amount of the custom. house duties which accrued during the year 1813, was 7,070,000 dollars. During the two first quarters of the present year they amounted to about 3,000,000 dollars; but, during the two last quarters, will not probably exceed one million. amount receivable into the Treasury during the year 1814, from bonds outstanding at the commencement of the year, and from the duties accruing and which will become payable during that year, is estimated at 7,000,000 dollars; which is 500,000 dollars more than was heretofore estimated. Of this sum, $4,182,088 25, was paid during the first half of the year, and will leave payable during the remainder of the year, the sum here stated.

The

Sales of Public Lands-The proceeds of the public lands sold in the Mississippi Territory, which are now payable to the State of Georgia, are brought into the Treasury in the same manner as the moneys derived from the sales of other public lands. As the amount, when paid out of the Treasury to the State of Georgia, appears among the public expenditures, it is proper that these moneys should be placed among the receipts of the Treasury. Including the proceeds of the lands in the Mississippi Territory, the receipts during the year 1814 are estimated at 900,000 dollars, of which $540,065 68, having been received during the two first quarters of the year, there will be receivable during the two last quarters

Internal Duties and Direct Tax. The receipts into the Treasury from these sources during the present year, will fully equal the estimate heretofore made. These taxes are paid readily and cheerfully. The direct tax is in collec

2,820,000 00

360,000 00