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; ... : :;-'. - REPORT, 2.11, 27j Committee of 'nays c.rd Meats wyo'vere ' - instructed to e quiie into the- expediency of ' discontinuing the Office- of Commissioner of ' - Loans',- $.ie different state, , ''". ' " Rkf Ort ,,.."'' ' That dir.ccivinoj this establishment may be considered 'as a part of the contract between .' the public and' its creditors, whidi is contained in t!ia net,;" making provisibn for the debtof thii United States," passed the 4th tlay of Au , gi ;t, 1790 believing that the abolition of the loan o;Scsi , by impeding the f$Uity 'of trans- ' frrincj(the debt, may tendm ome egrte ,s to impair its value; unwilling'to advi&e a mea- wmui jinay, niany , maimer, .nowever from the treasury foih'erafc'of.the UivteJ. States and its severalQees at Boston, Nfw. York, Philadelphia, Baltimore, Norfolk, Char lsstoo, and Savannah, by whom the dividends' . will be paid as heretofore, withoutafiy expense to the public. ;A similararranjeraentmay be, ! made with bank incorporated by the states . in the states .fit Delaware; .NeT-HampshJre, j 'sure ., ' rennte, affect the public credit, fir which' mar ' be cotistnicdnio abreach of the public faith . th committee respectfully 'recommend, the .. following resolution. Jy; ''.r ' Resolved, That it is inexpedient to discon tinue ;he office oi commissioner of louT.s in the several stales, , ' t ' . - ' , TREASURY DEPARTMENT, -' " " . 2Sth November, 1803. : :: SIR,;' v r-i-r, r:'fP ; . la conformity With your letter of the ,1 9 th Inst.--1 have, th? honor to submit the follow ing facts and observations respecting the prac- - rcabihty and expediency of discontinuing the . Office of Commissioner of Loans in. the dif ferent states, and.of transferring tjie duties of that Officerto the Treasury Departments" There is a Commissioner of Loans n each 1 t)f the, thirteen states, which composed the . Union on the 4th day pfAugust,! 1790, when, 'the act making provision for the debt of the . United States was enacted ? and the whole of the domestic debt of the United States is credited , to the Stockholders fop 'the 'sums ' to which they are respectively entitled on v Hooks kept either by one ; of the, commis sioners aforesaid or by the , Register of the Treasury. .x.s vu,;- ...:,:,'. 'J The debt is transferable oahr on the Books f. the Treasury or of the said Commissioners" ; respectively, upon which the, credit for the . same etfstvat the time o( transfer,' by the . : .stockholder or his -Attorney s and the interest ;. ., is paid and the reimbursement of the princi- -pal effected wheresoever the credit for the; . stock exists at the time when such Interests becomes due or such relmburscmentjs made." ' But the. interest and reimbursement which may remain.unfclaimcd for nine months, are ; afterwards payable only at the treasury : And the proprietor may at any time have iheir , "atocktranferred from the books of one Corn- 1 missioner to those of another Commissioner) . or to those of the Treasury, and from those ; 'of the Treasury to those of a Commissioner. , Durinj the last fourteen day s of every quar ' ; ter, all the ahovementloned books are shut) v and no transfer whatever can be effected ; that 'period beinj? employed ifi calculating the af ' mount of interest and reimbursement payable on the first day of the succeeding" quarter to i each stockholder, arid in transcribinjthearte '. ' on whit aro called the "dividend books" for '. t that quarter. The sum payable on the trea- ; vary book U then, together with the dividend I s books relative to it, deposited in and paid at theoHke of the Bank of the United State at ; Washington, to the proprietors, that part ex -' i cepted which is ;p.iy;ible to Stock.holders , (principally foreigners) who have fdven p-r-mm-nt powers of Attorney to the Bank of the United States, and whfch is remitted to. . thai Institution at Philadelphia. The Com-( , miiMoners of Loans of the States of Miry-' land, Dilaware and rcnr.sylvania, have Rene , raUy, thaJgh not always, completed thir caU ' editions and communicated the result tothe Treasury, early enough to enabls the Secre -" ' tarf to remit, ta ibem the precise amount wanted, befjre the firt day of the quarter To every Comrumioner,who! rcounti not . received, a autn estimv-J suflkient to dis charge the amount p.iyabhs is rrmlttrd in ' tirai to. meet thdy of payment. iheCom minioneri or Maksichusetts, N". York, Penn sylvania. Smth-Candina and Georgia, deposit , th-jmincy remitted to them, together with their dividend books, in the Titk of the U 1 iiUslSiita..' Dd Jnjt i.tnj:.? pcctively wherrf the dividends arc paid. The, flier , Commissioners, reiiding at places where ; , tliere is ni e.Tice of the Bank of the United , i Ststrs, keep tle specie and piy the dividends thenmlves. Th amount of dividends on the tacks of the sev'-nl Coran.'mioner's which re main unclaimed for nin months, is from timi to tlmr, as the same is asccrtnined, paid by the Treasury the office r( lha bank at the scat of government, and deducted from the utimate of a:!vnces to be made td the rt spitiire co'ii;niinnrri. It rstuHs from tlrnra t!sit the ilitlcs of the Coinmisionera r.f f.Tii com'nt in entering on thrjr looks, tl.c tran'.fcrs resulting cither from laics or fi?n ti jnsfrrs of stock from one office loan . t'Uer, itiiiMiirg new certificates hi conformi ty wiili such transfers in cslculatin j and Iranv.rihing on proper books, for every quar tf r, the dividends uyaWe on the stock then Standing on" their lKoks, and In those plsces where the Bank of the United States has oct an office, in paying the diTldenda. If the office shall be diicont'riucd, and th tl ttTct tliticof tracifcrd to the trrsiuryi ti . infers Must aecesiarily be made only at the e t u( Kovcrnr.iunt tut for the p oncimnce of the stockholders, the drndencis psvalle to thrne wl ""? stock no stnt!s cn the bV)kltf (he scvcr4 tmim'isicr.eri, insy, slihmtgh calriit i Mineucii iff, su.i ie pni m lac several I'a'i-i rj'cctivily s and the jlace of irn"r.t !'crrd S I Tf te're r'i the sppl'Kt infifft' u I'f.r thstpvirpne tin pre tiff r.t i f r,i Writ rVi'?t niT r' ', f f.4 if.a Civ'.icr.i bVa L trar si"!.!tu4 Connecticut and Rhode-Island. The di vidends . and dividend books for the states of NcJer ; sey and North-Carolina may be sent to, some oRicer of the United States in those respective states;'; ind as the whole amount of dividends - $ annually payable on the stock standing on the; books of the commis s.ionefs of loans of those. ' two states does not exceed "40,000 dollarsy ' commission of two per cent. on the payment?, made there, , would cost only eight hundred dollars annually. - , ' - 'In order, however, to Vive the.time sufljei- " ent for calculating the dividends on the whole cleht, and for remitting the amount in time to the most distant, tates,the period assigned mj inui uj);:riiuun, anuuunn jynicnine dooks " shall be: 'shut,;; and hp transfer can be effected, must be extended from fourteen to at least . twenty-ohe, and. probably twenty -eight days. , Thi hit mber, of additional clerks wanted at ..the treasury to pejrform the duties transferred trom the commissioners ot loans, must be cal culated" not from th: amount, of stock now . standing on their books,"but frorri the number f persons holdinjj that stock; as tt is that;' number which regulates both the number of transfer, entries ahd . oew certificates, v and r t thM' of the dividends. The ntfraher of Stockholders oft the treasu- ry books, is now Si 52, and on the books of the, , several commissioners ot loans, 12,034., Three clerks are necessary to prepare, with in the last fourteen days of the quarter, the dividend books for the stock standing on the books ofthe treasury ; but as that period must be extended, and a's there are now thre other clerks In the 'several offices of the treasury, whosv duties relating principally to the loan ' omces, woulo cease under the proposed ar angetnents ) these, & eight additional clerks 'whose Compehsatiori ""shall hot exffeed 6000 'dollars, will certainly be sufficient to execute all the duties now performed at the expence "of 26,000 dollars, bj vthe -1 3 commissioners, and the 2 1 clerks allowed to them. v An alter iition in the distribution of the duties now as ligned t6 the several clerks. In the treasury or, in the mode of, preparing the dividend books, may perhaps, if the nrrangement shall be adopted, and after Its optration shall be fully understood, render hereafter a smaller addition necessar; for the, transfer would Wt alone employ the-whole of the timetf eight clerks during the two first months of each quarter. The Register does not think it prudent however to undertake at first with a less number,' the performance of the additi onal duties which will this be transferred to hi office - . . . It appears from t'henct: thatH'ne proposed arrangement is practicable, and that it will u- nite the advantages, by concentrating at the treasury all the transfer account and pay ments relative tolhc pubDc debt, or aecuiihg more comnletelv the nublic from anv nossi- ble danger of fraud or delinquency, and by the suppression of .offices, of saving an annual expence of 20,000 dollars. But although the stockholders maj receive their interest with, the same convenience a heretofore, it Is rot beL'cvfd that any node can be devised which will not be productive of some Inconvenience and delay in cases of transfers. .-, . . '- As the transfer must he made at the trea ury whenever a sale of stock shall be ef ' fected at a dklsnce from the seat of govern taient, it must be done in the same hiinner as when Amevictio stock is old in foreign coun tries, or in the United States out of the cilica where the lonn "offices are kept; that is to say, the stockholder who intend to sell tnurt exe cute a powirnf attorney In the name of some person residing in the city of Washington, and to be designsted by the purchaser, autho ring him to transfer the stock to the credit of ihepurchfticri The power, and certiEcate of the tlebt being delivered to that purchaser and by himtrantmiUed to the ittrtiey at the seal of government, will enablo that attorney to have the transfer effected, and to obtain a TieVcertTRcate in Hie name "of the purcTarr," who will therclore receive the evidence of tie debt a few days later than if the transfer had been effected on books kept at the place of his residence , , , , This, however, appears tn be the or.ly in tonvcnlenca which will result frctti the sup pression of the bin ollices i for an arrange. ment may rasiVbe made, by wiicb, the pa bers may be transmitted and the transfers ef fected by a public officer actinir as atforner and without any expence to the parties. m t .mm. . - m . u may not oe improper to add that a differ ence of opinion may perhaps exist on the trot construction of the act mating provision for the public debt of the United States, pasud tn the 4th day of August lTvO. The 3d, 4thand4th sections of thit set tffer certain terms to the proprietors of tht domestic debt of the United States, c n which thry wer invited to subscribe to the Joans sihich constitutes the greater psrt or the ts istlng domestic dcU. '."., Th4 thrrentkt f-dlowini sections tstaltith l3c loan r.ff.f cs, and rtyulate tht matroer of effecting transfers, and of paving the interest. It these sections shall be considered to be like the I Ilh section of the stms law, mere official regulations adopted for tht purpose of execut itiH at that tint with more convenience, th eperstioni of f;overnmrnt, they ce rtinl v trny be repesitd at lha will of ccn-rn. IfiViy shall bt viewed ss mtVirg part of th9 contract then entered into with the pjb!c tred.tort, tie prvli-n they entered into sre unsUcrs- - ' v. v. - '- ' ' .- 4 . - Two statements ire "Rhnexed wVich trill shew the mount of domestic debt, which on the 13th of June last, flood on the books of the several commissioners, and at the treasury, 'and the amount respectively owned by fo reigners, by states, by banks and otber incorporations, and by individuals residing in the United States. . X;'-i I have the honour'to be, with respect, Sir, " fy :. : !V ,:'i -... Your obedient servant, . . f-K''4:-x:'i;t ' ALBERT. GALLATIN. . ilotforable John Randolph, jun. Chairman. . . ' . of the committee of ways and means . - - ; SCmjjVLJL sieving tt anl St,ci Passed ij creditors Lndfr A; the fallowing denominations.on tht - 30fA June, 1803. . ro'cf z s o J? at . 2 o g 2 H I 00 Ot b9 Ck C O ot i a uv3 a O 4. C Ot w k Oi uiOf uuuxa m o b o '- M w o 4 'K W U Ui - O M CO - 3 ' H f U U U S m . : N S t a oi o) o o Utn ntoou to m o e w - M (O M M Q CO 09 W W O a 4 v tm 4m 09 t bt .' "b "Co W "t 00 "tn "Is "u 0 O C fsj to -4 ia a & o M tO C7V w c ot u ca o o to o S h S'l u co en ot o, to w , Li 00 A 14 1 O 0 JI Ot t hi . n, - w ,' "is M lO Cn M UWUO) UUO O M itsb M M W tOUSUUUUM MU8lUUUOl CI U ) Ui S r U U 1j ot O 0 ilfc O - Ot Cn Ut . O, Ot C Ot Ot "ot Ul u m w co M H CO M W N u a u i- n - n f -e " M 1 2 9 " 3 3 t 5 .... t o r ' O '.-. a a o bt KS Ot O 09 09 JO : "m - m UViSd O U U M M "o "o la Vat U O o o o o o o O o o o O 'i i" s, to V. . - M M Ot Ki 00 O Ot S S ""t U S - - - Ot in Ot O 00 Ot O O O O Ut N M v O O Q O co ' w 009 V V (A trir n a Co, O U u o s "o o b b m o o o Q o o o o o o i m - ta'o h O H w wuuM umoixUhs f O) U 1 V M lO la o , o s u in ot (w Vt U OOMUOO JO JO M M o 10 'ot OS M Ot O CO tl tO CO M 43 O w w c v o u 4 . m U Nt "tq to o f It U O G 00 - io w oi u w ui O Xa Xk coo o - o to O O O O a N M Vt Wr to CD CA H O o n z a r c IfUO Ct o - O Oi M 09 Ot Cf9 00 t "o oo To S O S ot o. O O Wi CO m oo O ot ot oo to M Ml M Ml k o a 9 n W W N k3 Ul M Ot -OOSOiOM 00 Ot Ot Ot 00 Ot td 8o o o . - O O O M Ci M ' oo to . ; . O Ov w O . iA - U WtaMO k co oo o '5 a s 2 M . oa 01 o o-o rm o M 8 09 3 Ut l W Ot to O u CO H H PJ to M w .tn m t-9 tO Cn O u oo to Sf co o . Vs ot bt to -i 8 6 p O d wo O O O to to oo to oo e ot (A a-: 2.3 to m CO Ct m t U -4 w o S IJ - 00 lO .O 13 cn oo "t o b bi ui - t iM-.OOtto U 0)090iciM tn ct V, ot is tn k k ot- Obiouw v M -ot m oo t ba o, ut u, . O O ct CO 00 u o M 4- m Ot Ot CP A H ll U tt ce co ot Ot to to to to M tt tt tO0.MtJ.. i MNMOiNOIOitO 0 M O to ta u u ot ot cn u ia o O Jt Ot w N Ot CO i - 9 Ot to Ot 90 o o o o o o o O O - w to O 19 W " - ot ta to oo) - wlo V"oi OM O 0 S I) 00 Ot M Ot M to oi Ot."o ot Ct o Ot n o O t V "J U O w to tn o o o b3 . 7' b o TrEASOST DsrARTlfKNTj Register's Office, 30A kVot, 180Ji I Certify, that the above sche dule, in amount, accords with tb Treasury Books, viz. . Amount as above stated . rO,l34,7Jl 4t Add warrants and certificates out standing, , i, i j V. TREASURY DEPARTMENT.. . . . . RicisTta's OfFici, 23;h Noveiitber, 1803. I Certily that the above schedule, in amount, accords , with the Treasury Books, viz ...... Amount as above stated, 70,154,781 4.) ' Add warrants and certifi cates outstanding, 94,845 04 B Total nomlhal amrtunt pos-7 $ 70,349,"627 53 , Sesscd by creditors, . S Add amount of .stock to the coramissi- oners of the sinklne fund, Total amount of the funded debt, 30th 94,848 04 Total possessed by creditors, nomi nal ara't. A 270,249,527 I Add amount of stock to the ere (lit of comm'rtt "of the sinking fund, ' ' 1,841,307 4 5,842,307 4 $76,091,935 01 JOSEPH KOURSE, Register. K Amount ef dividends as above stated for one year, : . g4,$90,eJ8 Si Add dividends upon butstsnding stork, viz. on35,S76 19 6 p. c. stock at 8 p. ct. 13 31,197 5 3pcrcent. at3p.ct. 635 91 26,072 40 deferred, at 8 p. ct. 2085 7 - ' P.200 6prcenUat8p.cU 736 3,100 navy, , . at6p.it. lift Total amodnk of ; the funded debt June 30, 1803,276,091,935 01 tA) Nominal a motintjis alovej Deduct redeem ed, Jan. 1, 1804, 70,24?, 627 51 7,37,483 4t ,94,846 04 -4 M it Total dividends, Dollars 4,597,094 07 IB Nominal amount as above, Dolls. 70,349,627 12 )cdoct redeemed 1st Jan. 1804, ca!cu . lated per table, viz. 6 per ct, stock?-.,.,,.. on UhAs, Y .. . . . i . i . .1 ! 35,376 5 J8,t90,863 IOSt37a4.flMrf U Deferred stock? n C47' ,00 U on books, Do. outstanding, 36,073 4l , V 11,473,173 Cf st 4, i;t,:.i 15 7,387,433 49 V!t wivk'jut tht content ftf ill crsdUrs.' T( 'l v.-.rr ',-ctr.rd domestic debt, on the Itt Jn. ir u, pit menu for lands from itt Uf, ie s3, to 3lttof Uccembsr foN U'.s.-.tsccnttd,' - Delists 4J,84t,t44 61 Totllunredeera'd domestic debt . . Jan. 1, 1804, ex clusively of psy-' ments for lands from 1st July to ' ; Jilt Dec. 1803, 2 62,863,144 63 t-OOO AN1CDOTE. ' Two tU ,, ho tlotl ik Krtrtt 4rtii It .U cloibrt, f&X V t fctn'f ubW, ( Itkiitir4 by t cot Iilt tl jtakt, Vit.wi(;( to tht Iwt ftli ioto, iltot tVcy ctiil4 ttt ira tht miot tl t44iic I Writ It tUt fltcS lrSt. While iky wtrt (ccroiitf iMlf ffiif, iltt iwt wntrt rttft.4 Aom t rtblick ntttfc bt Uy St4 Ux tltltS. Jr f foir t4 Urn Ittt Irfitfic. lit, Try rnt4 eel, U'it4 tU Ifrif'. litt, lockrj to U iHt fltbt., tfi vniUvD tf cttuit tMx' t'(k ft. iif4 Stiur fil Ht f fK itot rtittt.a. it ictiw? f. !" (9 del ttl tnitli I fthtr ibttt t i '$, I .trr J wilt tift ft" U,ikr' . 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The Wilmington Gazette (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 10, 1804, edition 1
4
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