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Vol. id FRIDAY, DECEMBER 29, 1815; .Vo. 1030. 7 . 69 40- 10 96 ft C.) 'Z RALEIGH, (N. - nriifiT. nr iI.T.x.LI!rlS. Term f ub$cription t Three- dollars per year, orieftalf n mid Inadvonce. No paper to be continued lon- trer tfian throe months after a year's subscription! be- comes due, and iwtice thereof shall have been given. bWrtiirwnts, nottieecding 14 lines, are insertedthrTce for one-dollar, and for tv.vnty-five cents each subse- ..i. .i.Uut aP ni, fhi:n nultfPn. 4" S'o subscription can in any case be received without M men ui ... ... . 2. In treasury notes to the sum of 257,276 65 ".1 la Baltimore, the subscriptions have amounted. 1. In money .to the sum of , 1,994,81a S3 , 2. Intrtfasurynotestotliesumof 608,66 1 90 - Domestic. I UEASURKH'S; IlKPORT, , (continued.) - - . OF THE LOAN. -s The., act of the 3d of March 1815, author izfd a loan,1 f r a sum not exceeding J8,52--SOD dollars : it .was. made lawful to accept in payment of subscriptions such treasury notes, as had been cnargca onuiiwiniuiig umu , m t commission not exceeding onquartcr of one per cent, was allowed, foTselfihg the certifi cates of stock, or procuring subscriptions t " . - . . . t. It J the loan. Under tins authority we annexeo. notice, marked E, dated the 10th of March 1815, was published, opening a loan for the sum of 12.000,000 dollars, wi h a view, 1st, to absorb aportioiLofJhejreasury note debt; 2;!, to obtain funds for payfhgnhe-nnsubscrib- ed arrearages of that debt : and 3d, to aid the . - In Philadelphia, the subscriptions have amounted. 1. In money to the sum of 1,845,000 00 2 . In. treasury notes to the sum -.' . - of . ' 1.260.56ff 69 : 3.105,568 69 In Nimv. jtork the subscriptions have amounted. 1. In mioy to the sun) of f. 60144 2. In treasury notes,, , 658,371 61 fund the sum of j V592,309 99 38,620,540 32 In Kh ode -Island, the subscriptions have amounted, in treasury notes, to the 3um of ' - .. In Massachusetts, the subscriptions have amounted, in treasury notes, to the sum of " In NewrHamnhire. the subscriDtions a- mounted, in treasury notes, to the sum of In North-Carolina, th stihscnintinn a. mounted, in treasury notes, to the sum of 658,973 Oi 132,020 69 97,301 32 52,386 20 95,000 tronourv vri th a sunnlv of the local currencies of different places, in some proportion to the probable amount of the local demands. The offers to subscribe to the loan prior to the 19th of April, 1815, placed (as it was proper to place) money and treasury notes up on the same footing ; but the offers varied es sentially, in the terms and conditions that were J annexed to4hem ; and, in point of facUno di rect offer was made to subscribe at a higher rate than 89 per cent, while some of the of fers wercj'iade at a rate lower than seventy- five per cent. Upon this experiment, there fin'e. it vfs seen at once, that the new situa tion of the treasury required a new course of proceeding, and jtbat neither the justice flue to the equal' rights of the public creditors, nor a fair estimate of the value of the public proper ty, nor an honorable regard for the public credit, would permit the loan to assume the shape and character of a scramble ; subscrvi- ent to the speculations w iucn create wnai is called a market price, and shifting in every town and village of every state, according to the arbitrary variations of what is called the difference of exchange. In this view of the subject, all the offers of i il l j subscription to the. man, maue in me nrst in stance, were declined : but it was declared at the same time, that offers at tfco rate of 95 per cent, would be accented. The rate thus Dro- posed, was adopted, upon a consideration; of the. viiTtiirTif- iht-flttf-k oi the emu table no well as legal claim of the holders of "TreasTirrj notes ; aniLoj the real condition oi the public credit. The objects of the loan being (as al ready stated to absorb a nortion of the trea sury note debt, and to acquire a sufficiency of 1 . 1 , 1 1 - il . n local currency, ior local purposes, me price oi th&stock at the treasury was." of course, inde pendent of the daily up-and-down prices of the various stock markets in the union, arid could only be effected by the progress towards the attainment of tliose objects. Thus, while the wants of the treasury were insufficiently sup plied, offers to subscribe were freely accepted, and the parties were sometimes authorised and invueu to increase the amount ot tlieir oilers, but where local funds had so accumulated, as Having thus absorbed a portion of the tiea sury note debt, and deeming the treasury to be in. nr- ' i a a possesseu oi a sunicient supply 01 jrne. local currency o i tne places at wnicn tne treasury notes, unsubscribed and in arrears, were pay able by law, except in the cities of New-York and Boston, the secretary of the treasury nro- ceeded to assign funds for the payment of the treasury notes, and to give notice thereof, in the form of thejannexed conies, (marked pes- i ' pejrjtjyelyjtantl I), in pursuance of the act of congress, nasseu on iher3a-t)t March-isis. As a sufficient supply of the local occurrencies of Boston and New-York had not been obtain edthe overture was made in the same notice, to discharge the treasury notes navable in those citu s and in arrears, by accepting them m subscrintions to the loan, at the rate of 95 per cent, by exchanging them for other trea sury notes, in which the interest due should be mciuueti as principal ; or by giving d raits lor the amount upitn any of the banks, in which the government -possessed funds. This over ture is still open to the consideration and ac ceptance of the holders of the treasury notes in question ; and it . has been accepted in the shape of subscriptions to the loan, to a consi derable extent. Since the 30th Sept. these a mount, including some subscriptions, the de tails of which have fnot yet been completed, to more than two millions of dollars. Of the transfer of balances of appropriations of revenue from 1814 to lgl5. In the administration of the finances, it has been the practice to consider the demands and supplies of each year, as distinct subjects fori legislative provision, independent ot the ba lances of appropriations, or of revenue, exist ing at the close of the preceding vear. The same course will now be pursued, but with a tew explanatory remarks. The annual ap propriations have never been entirely absorb ed, during the year for which they were made ; and the credit given, bv 1 w. loir oavments in everybranch of the revenue, necessarily in troduces a discrimination between the amount oTffutreslrichC the vear. na o debt to the government ; and the amount whTcTi is paid within the year, as money into the trea sury, i ne annual appropriations, however. are not charged upon the revenue of the year, specmcauy, in which they are made j and, in point of fact, they are satisfied whenever de manded out of any unappropriated moneyjn tne treasury ; without relerence to the time, when the revenue accrued, or when the money was actually received at the treasury. The inconvenience of continuing- annrnnri ations in forrp. whieh were linhln tn K l.. .... . , ; r7 - .-...v. ..v. vu uinnu from the Treasury during an iudefinite period, induced tongress to enact in the year 1795, that any appropriations (exceDt ntrmanent Reaving as a general balance of the appro priations ot 1814, payable at the treasu ry m 1815, the sum of 17,357,923 89 the demgnds on the Treasury for 1815. The gross amount of the annropriations and demands upon the Treasury for the vear 1815 r m ; tf . consists in the nrst place ot the last mention easumot. 17,357,9X3 Aiul tlie next of, appropriations and de mands on account of the public debt aris '"K" during the year 1815 to the amount 32,703.448 Makine in the whole a sum of ' 50.461.871 .Aaf-Here we. omit the various items as they are Sfiven in detain the Report. Of Vie Jf'ays andJIeans of tks Treasury for the yearned. These may be considered in a two-fold as pect : 1, As to the waj j and means placed by the laws within the power of the treasury : and 2, the amount capable of beinc released, or I j 1 a a maue t-mauy available by tne l reasury,dur mg-ineyear. Under the 1st view.' the ways and means ... -- - ' consisted, . irOf the cash in the Treasury at the com- : mencemeni oi tne year, which amounted to 1 9fi QQ2 fil 2. Of the outstanding revenue, which ac- cruea prior to theyear 1815, and re- -mained unpaicTat its commencement, es timated, exclusive of the'sums due for ;: -public lands, at about finn nno 3. Of :he revenue accuing in the vear 1815, ' estimated at J8,850000 dollars, viz : Customs ' 25,000,000 Direct tax. net oroducf s.dflonnn Internal duties,1 do. 7,000,000 Public lands innnrinn Postage and inc idental receipts 54ojo00 sued from Oci 1 to Dec. 11. si 5 -16,938,570 -30,972,614 Alakirig the totol -amount estimated to be ac.uaiiyreceiTefl. into the treasury dur ing the year 181$ ' - 4849 613 01 The application vof the monies actually re ceived in thetreasury during the yer 1815, will bo as follows: to the soth ,.r k " the payments have amounted to the following Sums npnrl vrho trmnfo u -r P L j -vwmi.3 nut lining yet made up, the precise amount cannot be given : For civil, diplomatic and miscellaneous ex- Denses Slilitary set ice naval service 2,527,000 00 5,l9), 44 71 7,050,0yO 2S 4- Of the unejeecuted authori money, and to issue treasury rTotcs, con ferred by acts of congress, passed prior to the year 1815, vix : The loan act of March 14, 1812 ' 765,300 Do. of March 24, 1814 7,A62,ll9 uo. or xnov. J3, 1814 3,000,000 -38,850,000 Public debt f exclusive of th sum P nn 00'J dollanilEpaid by the eunmissioners otioanj for Georgia) 8,909,178 During the fouKb quarter of the year,th Hukihs are estirnaiea to amount to the followinor For civil,-diploma ' ' ,;r tic anct nuscclla- neeas exnen!e Naval service Public debt, to the 1st Jan. 18.6, in' elusive 33,686,323 - 3,000,000 5,000,060 00 38,68623 13 Treasury note act of March 4, 1 814 2,772,720 Do. of Dec. 26, 1814, estimated at 8,600,000 12,327,419 -11,372,720 Of the authority to borrow tnnnpv and to issne treasury notes, conferred by con errss ' passed in the' vear 18!.? vl The loan act H' March 3. 181? i8 4?9nn Do. of Feb. 13. 1815. ( for nuhlic buildiners in WabhinirtonV 500.00a '' Treasury note act of Feb. 24, ''' ' - JB15, (exclusive of there-issues authorised by this actjr ' , 25,000,600 r i 43,952,800 112,629,837 63 The great apparent surplus of wavs and means within the power of the treasury arose. in part, from the great increase'in the amount ui me lUBionis, accruing m me year 1815 : : 7 V r " nowever, which, instead of 40,800, the amount eitidtZiV ! f'fficulty M.f" " -t is praeti raated nrior t the. ne,r. wiiiw.H. .,;lable, distinct itatements will be presented for mwu prior 10 me peace, wnrprobably, in consequence of that event, amount to the sum ot 25,000,000 as here stated. , A great portion A a the receipts into the treasury during the vewnavcDeenpstimatprt of io o . - The sum left in the treasury at the end of ' And will consist nrineinallv f . , account of the revenue and of loans ' P"W In the consideratroTnhlsobrMrir?- proper to promise, that fh - - . , ..vuuv ui 191V must be ebareed with th derable amount ef the unliquidated debts in curred during the war; and,consequenth, that the proportions of revenue and eipeDditure for that year, cannot be reduced by a scale of a peace establishment. The arrearages in. the war and naw department. nd m,..ii outstanding balance of the floating public debt, including treasury notes add temporary Joans, must be.satisfied, before a permanent and uni form arrangement of the finances can be effect ed j bat it is believed that the period of a sin. -gle year will be sufficient for th,t purpose. It is, also, proper to premise, that altho' the estimates of the demands on the treasury for 1810 may be satisfactorily mfldff. id... settled ground on which estimates of the wavs u wcaai cau ue connuenuj isrmeq. The en tire system of the external and infoVnul nw . tion must neessarilj be revised, during the present session of eanirrpiB .nil . as well as (he product of the m rt ii . fifln Anl K. a. 1 i . l . . . i vv vy ucMsciiMucu irD me result oi the legisiaiiye oeiinerations. In order, however. xaio: ist, of the probable demands on the treasury ; 2dlr. of the revenue pitimntarl i e 4.1 , 'i , . v , v.1U8lv, nn9UUW iorce ; ann 3d IV. of also of the 8liras authorised to he hnrrnweri. -o... . j- . . , A ... .wteuuc csinuaicu nccoruing 10 tne medih or raised. uDontreasurv notes, it wan pvidpnt I intinn ilII.I. ..,:tl L .j- .li i ... . - , w - . 'I. ' ..... .iviiiuii .UUUIHICU. vuuju uut uk uuiauitu ur luiseu wiiiiin me to approach tbe probable amount of the localjX? ?PFJPna uons (except permanent J-i. ...L ,PtL i, a ivf J appropriations for the interest of the funded ULiiiaiiun. lhu in ii r, ui int. mm tv w i c.i.r hi i . . the trenrvr and. whe,.p the arrnrtmlaHnn i.ae" or. appropriations lor the payment of the treasurv : and. where the accumulation was deemed adequate to the whole amount of the local demands, the loan was closed. -The policy of the course pursued at the treasury was soon demonstrated. Offers of subscription to the loan, at- the rate of 95 per cent, payable m treasury notes, or in money -were presented to a larere amount, soon after the rule of the treasury "was declared ; and the annexed table marked G, will exhibit the pro gressive atid actual state of. all the subscrip tions to (he 30th of Sept. last. In the District of Columbia, the money sub scriptions (including3he subscription of cerr tain iiquiuaiea riauns upon tne treasury) were siicressively'at 95, 96 1-2, 97, and 98 percent. aniinnaily, at par. . In the city ot Baltimore, -the money subscriptionsjiave been at d5 and ' 96 .1-2 per cent. In the ciry.of Philadelphia, iiicjiioncy suoscripuons navc been entirely at osi,.r:r ti-.v.! .j 1. Of the mobthle demands on the. Trtnr,i f be amoant of the civil, diplo- . matic and miscellaneous ex penees is estimated at the sum of ' i .tnn nnn year ; and tlie several successive acts, bv which the authority was civen. although thev .were nominally accumulative, were actually the results oratterflptfftorarror modifythis authority m such a way as to render it more The amount of the military ex easy, or more ellectual in its execution. peoces is estimated at the The 2d view of the ways and means for the ,un of year 1815, ezhibits the amount actually au- For the military establishment thorized and received into the treasurv dnr. e 1816, 5,112,159 oo ing that year. As the year is not' yet termi- For th.e arrearages of I8ie, be- nateo, tins can only be given by way of esti mate: the result will probably not differ ma teriaiiy irom tne loiiowmg 14,049,346 OB 1 . 1 n youu me amount oi tne ap propriation, 9,437,087 00 v 95 percent TKfe iiilce was faised at the trea sury from 95 to' 98 per cent, on the 18th of j une suujcct, oi course, to alt unexecuted sub scriptions previously, accepted of authorized) arid, since that time, considerable offers have been received at 95 anil 96 per cent, but none have been received at the encreased rate of 98 per cent.; The subscriptions payable in trea sury notes, have been made in all" places, at the same rate of 95 per cent.-A general abstract of the state of the loan, may,, therefore be re duced to the following fwm : : :u ;v In the District of Cfctuinbia the subscriptions have a- mounted, , . . i- "' I. In iiioriey to the sum of ;: " 2,282,037 TJ'T'Y: loans, and the accruing interest for the Sinking r unuj and lor purposes, which specially re quire by law a longer duration) remaining un expended for more than two years after the expiration of the calender year in which the act of appropriation was passed, should cease and determine; and that the unexpended sum should" be. carried to an account on the books of the Treasury, to be denominated the Sur plus Fufid." By the operations of this provi sion, no ordinary appropriation .can now sur vive the specified period of two years: and notwithstanding the formal 'designation of a particular account, in which the entry shall be made, tbe sum disenaraared bv the deterinina tion of each appropriation, beomcs again an uhdistjnguishahie iart of thcpublic treasure, which is. subject to the future dispositions of the legislature. With these remarks, it will be useful, for the pui4)g information, to exhi bit the gross amount of balahces' of appropria tio'nsjfor theyeiu18ll, transferred to the year 1815, w ithout entering into a comparative de tail of the appropriations, and of the revenues, during -.the particular year, in which the ap propviat ions were made by law. Thus," Tbe rtoss amountoF theapproprSationii fir. 18! 4,, including the aggregate of the , balances f appropriations for the year ' 1813, amounted to' die sum off 55,978,464 20 Of this there V'&s paid oit r'-.-,-: ' ' 'r--. or petorelhc 21s.t of I. Cash in the treasury, at the commence ment of the year 1.TO6.998 64 . jieceipw irom revenue, including that which was outstanding at the com mencement of the vear. viz : Customs . 8.000.000 Direct tax ' 2,200,000 Internal duties ; 4,700,000 Public lands . . ,1.000.000 Postage and incidental receipts 450,000 3. Receipts from loans and trea surv notes : Loans, under the act of March 14, 1812 50,000 Do do Nov. 15. 1814 9.50. OiiO Do. do. March 3. 1315, - 9,28!-,044 38 Do. do. tempo rary loan 650,000 00 9,943,044, 38 16,350,000 Under act of Feb. 18; 5 100.00U Dec. I814,.the sumof 33,023530 '32 And on the 1st of Jahua -rv", 18l5jtiere vas car- - . ried to v the JjurplusTrY" Amount actual- Iv borrowed ;'o the r.O.h Sept. lbl?, . per ntateincnt -. annexed '. 11 ,034, 044, 38 Amount estimn- - ted to be bor- - rpwul ' Irom .. the 1st Oct. to 31st Dec. 1815.;.. 3,000,000 Treasury patei -. ; iiiuunt lMl-.." ed prior to tlie 1st Octo- , " " , kr, 1815: rjnder the act March 4, 1S14 -2 772,720 Do. do. Dec 26, 1814 ' 8,318,400 Do, dp,-Feb. 24, 1815 " ; ' 694,600 14.549.246 OO The amount of the naval expen- seg (supposing them to be re- . ducedon the peace establish ment to one half of the a- mount appropriated for 1810, and adding the annual appro priation of 200,000 dolls, for the purchase of timber) is estimated at the sum of 3,716,916 00 The amount of the payment required on account of .the ' ' " ' ; ' public debt is estimated at the ? sum of . 23.818,513 00 For the interest and annual reimburse. mentot the principal of the funded debt nrior to the war. .l.-ifiO ooo no For the interest on the funded debt crea- ' ted since the war, estimated on a capi tal of 70,000,000, of dollars, 4 200.000 00 For the balance of principal and interest on treasun notes ot every denomina- . tion now due or payable in 1815 arid 1816, or estimated, to be paid m those' 1 years' bv beine1 received for dutiea nnl taxes, as set forth in the annexed table - tnmltpil I.. 1.5 45K It 1 f)Cl . - j J JS For the amount , of ' temporary loans due . to the State Uanlc ot Boston, (500,000 ; dollars,) aiid the Mechanic's Bank of New-York, (200,000 dollars,) . . , 700,000 00 23,818,513 00 42:8 84, 26 00 Per annexed statement, - " ' 11,785,720 Small treasury notes not bearing interest " , under the a'ctof Feb. 4, 18'.$ t amountr r-. jsued and re-issued per siaitement, . J ' 'L v 4, 5J.850 . -: :,r.y: Amount estimated to be issued and re-i- , From this aggregate of the demands for 1816, the charges of a temporary nature bf ine ueuucteu, to wit: Jieduct the amount of the "ifrearlgea .. for the military service of 1815, 0.43r.oP7 00 -aL I And the amount of floating debt to be U quiuateu UU810, Vi 00 .p (Continued in fourth p. ge.) y
The Raleigh Minerva (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 29, 1815, edition 1
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