v
s
4
'J
r. ... : fc:.r- . " .--
ANNUA I
( irrurrxo.J
r
' : TTiect cf the T 5d :pf March, 1815
bthonsf J a loan, 'Coca sura Jiotcx-cceain-
13,452,800 dollars ; lwaa
nuilc lawful to accept in paymtat Of
wbscrintions fach Treasury Notcs,at
.A hfn -chared on the sinking fundi
and'a commission not exceeding; one
qoirtir of one per xent-,fTaa allowed
for selling the certificate v of stocic, or
procuring sahscriptions't. the loan-;
Under this authoritr.the annexed up
tice, marked F. datedtheipth of March
1815,1 puhlihed, opening s loan
for the sumof 12,000,OW,ddlars, with
t Tiew, 1st 'to absorb a poriioa of the
Treasury Note, debt n SM, to obtain
funds for payingthc unsubscribed ar
rearages of that debt ; and 3d,-to aid
the Trcasurr 'viti a fiupply.of tho lo-
cal currencies cC diBerent places, in
some .proportion.1: to the grobable a
moantofthe. locd demands "
' The offers to subscribe to the loan
prior to the 1 9th of April, IB15, plac.
eil (as was proper t3 place) monej and
Treasurjotes up5n (he. same foot
iar ? but the offers varied' essentiallj,
inthe terms and conditions that were
annexed to them; and," in poifit of
fact, no'direct oQer ?ai made.to sub
scribe at a . higher rate than 89 ,pcr
' cenU while some of the Ipffers-erc
naffe at a rate lower thineventr-fire
ti cent. Upon thW exp ;riiiient,there
fore, it uas seen at once,that the new
situation of (lic treasury required a
new course-of proceedings and that
neither -the' Justice due to the equal
rizhls ofpuWic creditors, nor a fair es
timate of the ralue of tlieublic pro
perty, nor aiaibnbrable'reard for the
public credit; wbuld penni the loanto
assume the shape and; .character of a
gcrambre-; kuUervient to the specula-
tions which create wnat is caiiea a
market price,, and ,shifUng in every
town and.Tillage of every state, ac
cordin? to the arbitrary variations of
vihxt is called the. difference ofex-
"chanrre- A'' -- V :
In this View of the. subject, . all- the
oITers of subscription to the loan made
'in the first instancewei declined 4
but it was declared, at thr'same time,
that offers af the rate tjf 95 per .cent
'would be accepted. --The rate'thus
TrrvHl was adontcdrupon a. cohsi-
t 5-1 ;nn nf the value bfthe stock:: of
. the equitable; as well as Ioal claim fcf
the holders of treasurr notes ; and of
the real 'condition of the public credit
The objects of the lofn being (as al
ready stated): tn-absorb a portion of
the treasury note debt and to acquire
a sufiiciencV of local currency, for Ior
cal purpose's, the pride ofibe stock at
the treasury was, of course, indepen;
dent of the-daily up-and-down prices
of tlie various stock markets in' the- U;
nion, and could only be affected by the
snro'Te towards the. attainment of
"thos3e objects.. TboifhileBthef wants
of the treasury were insufficiently .eup
4 plied, o"Sers to -subscribe were freely
' accented, and the parties were orae--rtiroes
authorised and invited : to in
crease the amount of their offers ; but
Inral funds had soaccumub WL
h the nrobable'amor of
'thelocal demand,the pnee oftbe ttocL
Vaiwsed at the treasury and, . here
- theaccuraulationtwas deemrd ade
obate t( the- whole amount of th lo
J -i .t.minrU. the loan was CJXJ5 :--.."
fn.."rrtlrv ftf.ihe course purs. ;d at
, I REASul; i JlL ruiti . treisurr nbfes: have been1 made In al I ni an indefinite penod,indncecI
r the treasury . was soorf ucmonstrr. idK
V 'Offers oi subscription 10 u jwu,
IT the - rate of 95 per cent payaUo m
treasury, notes, or in money, were pre
' ' seoted'tb va 'large amount, -Mon affer
theruleiirtrtreasur
and thconneetl table-marked G, will
4 . exhibit the progressive and actual I staje
' ( fathVsubcriptionr to thfe 50th of
V i futSesUlctof Columbta,the'nio-
- ihtsubscripUods; (incloain the sub-
1 senptinns oCccrtam liquidated claims
' v.inonithe treasury V were successifely
" ' :at 056 J,rf and 93 per cent ad jf.
. ialTylai 3 In the city of Baltimore,
lemWVspbicnVipns hfve.bat:
' f : 95 and 96 J per cent.-. In the .city.of
- -Durnhia. the money sabscriptons
v . ve ecn entirely at 65 per center
, I1- . rrice wasraWd at the treasury.
.-nQnt. nn the 18th of
from 'W i' :
) 7noe (iubjcct,of coaritoall unexe.
placed, at the same rate 0f95 per Cent
A general abstract of the state of the
loan, may, therefore be reduced to the
WfWmi form: - .'
I in the District of Columbia the Bub-
scriptiohs have- amounted: - t : j
1. In mCltfto ' f
th iu of - 282,02758. r
2. la treasury 7
notes to the U v . - -
V ram of , 25776 C5
-2539,314 03
;7 In CihImore the subscrip
tioni hare iaaounied,
lln money to
.theiunxqf 1,904,8150
2. I Trewnry .
notes to tire U
sua of ' 608,651 90! .
r2,603,4S! 40
la Philadelphi, the suhscrip
tions tare wrotinted,
1. Izunonry to
, the mm of , 1,345,000
2. In tpearny
. notes to
sain of -
the
1,260,563 69
0,105,568 69
- 'In N'ew.Totkthe subscrip
tions hire amounted, '
1. In money to :
the sum of . 601-44 .
2-In Treasury -.
notes,, 658,371 61
658,973 05
In nhoJe-UbuvL the -yubscrip-
tibns hare amounted, in treasury
notes, to th sum of ' : 132,029 69
.In Massachusetts, Uie subsripr
tioos hve amounted, int trcAsary
notes, to the sum of , k . ' c 97,301 32
In tvr.lfirapshire, the.Buo-" "it 1 '
scripticaa'fcCQfunted, in treasury " ;"s
cotes, to thi futn of - r 5285 20
riiNorth-Caitliiu,thesubscrip- v
tiani amount eU, in treasury notes
to the sum of , " 95,000
'-
r m t
Hatin;.th'u8 absorbed a. portion of
the treasury note debt, ana deeming
the treasury ti be possessed of.a suffi
cient lupnly of. tlie-local currency of
i the places at which the treasury notes,
! unsubscribed ami in arrears, wece.pa.yf
aoie oy law, except in me ciuca 01
iMew-iorK ana io&ion, me oecreuiry
. - it
ot the 1 reasury proceeueq to. assign
fimds fcr the payment 4f the Treasury
Notes, and to tive notice thereof, in
the form of the anuexed conies, (mark
ed respectively r II and I) in pursu
ance of the act of Congress, passed on
the Sd of March, 1815, -As a sufficient
supply of the local currencies of Bos
ton and New-York, had not-been ob
tained, the overture was made in. the
same notice, to. discharge , the treasury
notes payable in those cities and in ar
rears, by accepting them in subscript
tions to the loan, at the rate,of 95 per
cent, by exchanging them- for, other
treasury ubtes, : in which, the interest
due should be' included ra principal ;
or bv-civinj drafts for the? amount np-
onuny of.the banks, in which the gov
ernment poestscd lundi, isini3pver-ture-is
5tiiroDeh:to the . consideration
1 ana acceptance me. noiuers 01 uie
been "accepted, in. thetsliape' of subv
scriptlons tu the loan, ttfia conideraj-
Uf. ..ill CJ k ntk'isf Cdnfnm.
ber these amount, includ ing some sub
scriptions, the, details of. which '-har
not yei'ueenxompiexea, w mue(uiai
two-million of dajlars.vy
Of the transfer of balances of epprvpri-
: anonsawl oj revenue from iol' -to
luuie anminisiraxionoi uc uimutcj,
it has j)een the practice to conside?the
hiemnds an supplies of each 'year, as
sion, independent of tW balances' of
appropriations4 orrevenue, existing at
the cyae of the preceding years rjic
same course wiu now be:pur8ned, tut
"with a few-explanatory remarks. . ilie
t riual anoronnaliofls have never Deen
t ; . in J aosorneu , uunu-jw iwij
v,Uzl th'eyweroitiade-randthq'frl
the a:., it of dates hich accrues
within t h-y&naji a debt t'theOv-
ernment; the amount-,wucn-js
paid, .witi..a -ycar, mpney
the treasury. ' - i annual approptia
tions, howevcri . i not charged upon
the -reventfe'of it!. . Veari" specifically;
( jn which they 'arq unde ;f-and,in point
- r , ' -SA - i .r'JL - . l.
acmanxicu uut vafy Ji,Hvr'v
; . in t ie tre3!iiry ; ithbutfreTer.
dit gi-. 1 bylaw, for payments m evCj
ry br:....V of thef??enueV nedessariry
i ntrc i! c c r V diiuiininaliohv between
resa to enci jtf thi year If 95, that
any appropxiauonsexcept permanent
fpprOmjitibhs for theilnterest" of "tHe
funded I debt;VA or appropriaroris fbf,
the payment'of loans, and the accruing
interest j for;' the Sinking Fund and
for purposes, ;Svhich "specially Vequire
bjr- law; a longer duratf orii)r remaining
urierfJeiati W niOrV -tiian; two years
after the :exniratioii of e; calendar
year in which' the' i act of appropriaon
wai passed,' should cease-ana deter
mine 5 and that the ! unexpended sum
should. beJcarncd to: an accbdnt onthe
books of the Treasury, to be denbrhi
nated " the Surplus Fund." ,Br the
'Operation! of this provision, no ordiha-
17 approwiatiopscah riow.aurvjivethe - irJ& ' "
rrj:- . .3. rr . ' . .-'a .which accrued pnotrto the
specified .penod.off two years 5 and ,y ear ISlanVl regained un.W
notwithstanding .he., formal desirna--tion7of
a particular account, in which
the entry shall ba mjade, .the.sum 'dis
engaged Jby the - deteiiination.of aph
appropriation, becomes again an unUis
tinguishabieprt pf t)ie public treasure,
which is. subject ia tjie' future .disppsi
tionsof tlie leilatre. ' ;
With thesft rebarfks, it will be: use
ful, for.the purposes of general infor
mation, to "exhilte gross, amount of
the balancies of nppropriations -for tlie
year X814transeired tbthejear 1815,
wiuiout, -emering.inio compawnire
detail of the appropriations, and-of the
fTevenues;:during- tlie particular; year,
in wnicn me apjzruaaiions.wjci:v.wv
byiaw. vhuj 1 ? ' ; t "
The eross amount of the appro. i 4
L.priations,fof J814,. melody J u. ;
ofupprdprutwr for tile ytac ;: i
1813r sjnoantedtythe".auia of 55,78,46420
Of this there wai' - I ' r '
paid on o. 'f !.- V- ' J :
fore .the; 31atf. 1 - .
. iiec: io;i tie i ;
' sum of I -7382833 32v
And. on thelstof i v . '!
Jan.' 1815, tfilre- w. P :
iras, tarried' to . ! . ' v-;
theSurolusFuad' - . j
: thesuinW .59309'-99 I-
Lezringasa general-' balmceof
r the appronriauonofiai4 pay
lbe Treasury. in-1815
!. theurqof
1757,923 89
OftU J&iMWtHTnimry for
" 4 ? mi,
Tlie detiand3 authorrsed by acts of
" a a w .
appropriation aunngiue ycaf a,'
exclusive crccftain indofinite; appro
priations,' 'lire ahVoiinT.o0.
vet ascertained) were'the follaying
ceTlaneoiff xpt;fcf besides-
the unascertained prddact of
fihes, penalties & forfeitores
v aisimed to bav the charees
of courts, the sum of ' . , 3,080,65 6 22
For military expense tnclud- V :
injthoieofthelndianpepart' " ,
7 ment, sad the permanent 'ap-, "k 1
rcpriation gaOOpO .-l
. armincfanaeauinpinetlierax- . A i
litis,' thVium of f i ., 5,6l8,7?pr41'
k tbeanfidal appropriation of r : -
S200M)0lfor the'ptirchae of' ; I: ' , i
. '..L1r -l-SV ' .18,932,463 06
'For thl public debt, to wit, the -;
, jntef lt oit the debt cbntraet
;edLWbrethewar ; i : " ' v 1,900,000
The jstereat on the dtht con. - 1
' ;tracled 'owo the rar(ihclu. c .
dinr theloanof 1815,1 and ex. ,u ,: v
2cIttoW"thc interest of tfiar ... ;
;'auraotes; .'. 1 . ' : 3,560,000
ThtVnterest of 5 2? per cent. J . ,
ipci$tii Upon-treasury totes :. i - - ""'
ythe-.ptincipaVofthe,old.6 perr f
cervt.nd deferred stockajtho - : ' H
:theum0f.'.,--: -.-vi 4' 2,79900-11
The principal of reasurynbtes . i 'T.
bavab:ein 1815, and thelst -T-
' of January 1816, the sum ofr; 7,8;4780-'J
.The ' principal .of i 'temporary ' ..-.
, loans- payaoto xn. sloj.,: out : f,
dt.thmpjud . -A;T'v S , 500,000-!
f-hi r'-r - i8,77J,48o
i.. 1 demands for.the public - '
'MatX rlZlt, ;bein ihtf suxn ,: Aft 1
ThV total- amoiuU.f therefore,
!
!
4 ije principal ui ircauy iroics -. ; . - , :
wyablemU8i4and thet vfj: i-v. ;t
tofjb.t815batnotthedpaidw;tH ' )'
Awd'of appronriMionsyayd de j Vh. .ffgLicr 1-1! -
32,703,W06
50,061,8?! :95
OT the ways 4fn&
Trteseay: be considered in a two
fold 'aspect : I. As to thef4ways att'd
jneans placed . bV tbe laws within
powet oihe TresLsiirf V and. The
amount capable of being realised, or
made actually available hjthef lea
sury,' during the year.'i v '
trider the Is vieWiJthe ways and
means consisted, J X v &
! L ,Of UiecmeTreasnjy- ..
at tne commaieement of the
. year, whichamouhted to i- 1,526,993 63
paid at its cpmmencehiehv
I imatediCeiblusive, of, the"
sums aue ror puoiic lonas,
about . - f 4,600.000
(r3dOf,the zf:enue Accrug" ip ; v ;
the year 1815, estimated at
. 38,8000 dollars, yiz;
Customs . ; 25,000)00
Direei-VTax, net - -
product : 5,400,000 '
I Internal JOuties, do. 7,000,000
Public I-and : I,0pa000
LPostage'and inciden- . . : - t .
i ' KV: " ' . " ' 38,850,000
4;Of die unexecilted authori-1 ' ;
ty, to borrow Vmoneyand ao '
iaajie Treasury, Noes cop. . '
ferred by Acts of Congress" - .
passed prior, to they ear 181'J '
: : ' ' V-
ThelxjanActof ' ' -'
Marcli 14, 18U x 76500
1. of March 24:, v O 1 -
i
1814. v . . 762119
Do. of November. , -
;i5;isi4' r -3.ooaooo
" v.V. .:. i12.327.419-
Treasury Notfrct -V.; '- -V . j X r -4-, ' -s
fI)0,of )ec. 2,!$14, jV; -W ; :
estimateaat - ,ouu,uuu: '
j . . . t 11,372,720
5. Of the authority to ' bprroV ' 'x -, .
' money and. to issue Treasury , 1
passed in theiyear 1815, viz :
The Loan -Act of' " : . "
islarch 3, 1815, 18,452,800
Do. of February 13, t
18l5itbr public ( -j :,
budd jigs, in , ''. 'V. -:
Wash ington. ; . 500,000 v
Treasury Tote Act , r
. of Feb. 24, 1815,' . j i
(exclusive of the 1
re-issues authori-, . !
sed by this act) - 25000,000.
43,952,800
64
This rreat apparehlt surpluf ivays'
andj-means .withintthepolOfJhe
Treasury arose, iri part, frofa th'e'gTeat
Lincrease in the amount pf .V i customs,
accruing in tne year i o i o, :t wnicn in -
matedxriorAto ihpeactiil proba--SlyiSnjj
Consequence .otihateventr
sums fa auihorisedH
raised, linon Trcaaurv Jrttfta it was
e.vident couy not beobtained or rais-r
ed. within thfiyeat and ; the" several
successive acts; ,by which tho authori-
ty was given, aitnougn tneywere. no-v
min ally ac eu mulati ve , we re actually
tlie results Of attempts to varjr or mo-j
,dily:Jthis authority inWch a way as to
render itmore easy ot more effectual
tttfits "execution! -
1 The: :3d: view Qt the vvavs and means
for theyrU 815 exnbijb omit
.acfaallytauthori
theiresultwiil probably' notfdiffer ma
leriaiiv lroroineaoiiowiugr-r,
ibashMtheTrennrir.' ?
"jthe VommencemientcXthe fc V; V
Liyear
f. : Keceipts. ironx revenue; 4 f r jr
mcJudiDihath was ' : f
piencement loL the. t Vear, ?r 4
customs 1 - -8,ooo,uou
Direct Ta I - 7,200,000
i v.- .
IntErnalTuties'. 4,7OOO00 .
4
FiibU?ldsa ?)00,000' r r-T
v 1
enulireceiptsvt450t000' , '
" 16,35tS,0ug :
a, neceipis irora IQ3
L i Treasury; Koles-;;
me, jear igj nor yexterrainateu, anw
45an: only be giyeh by wayf estimate :
the'resultSvili pfobnbly notrdiffer ma-
Amount acS v'-- I
Arrowed. t6?fev . i ; f.
Amount? esthpat-
Te4 tabeborrow-:
edfrom the .1st
r-i. tsx -d. xr--fav;-Av2;i,'ti.'
reasury Jvbtest 'r
Amount
prior to the
lender tixe afet ef
64,600;
Per statement
annexed, (mar-
I kedTL,).
bntall Treasury
. .-.
issued.-; - -'C'-C;-'---
1st ' -v w. "x hi t .
. March 1842J7720, ... : - V.C-Kif.-;
-1814-; :' v. ,;.,8l4(kL-Sr; .'-iljil
Notes not bear: ; . ;rU".;:':;.'"-:-' 1';?
ing interest un- . . ' .V-iv
.derhe act of ; v : : r -v- . ,
amount issued' , -
and re-issued
perjstatejxieut,
v' 'X. XJV
marked JE 4,152,)0 , 1
UlUUUlCJiUUliU
:estimat- ; -;,-JC.;.i-: V-iMm
e;issued' ;J 5:
' ed to be.r
V and v re-issued -.- '"" v r-v;;--' -r TK'?4 .
and ; re-issue'
fronvOci. .- V !: -Mil
--6,95$:
Making the .total amount
L estimated to be actually
: v . -. - -f-W-.twi-'-. . V
Tne application of the: monieactu-; '"v-JJ jfef 4
rflyireceive-ihtovmreisi
ing the year:lBi5wiU beTas ifows r
to thelSQth .bfSepfe thijaymeifts&ve Ui '4. 1
amopntedthe following
ly the accounts not being it
up,'ihe precise' anidunt cannob
en
For civil; ' diplomatic and
t v miscellaneous pences
f MUuary service
IN aval service -;
Public debt (exclusive
5Uih:bf .300)00 dollars xim'JyU I'- J' i
e:Conjmissi
During the)cfourth quarter -fevv i i h i
etepas ' ,
ticMndmhpella vVWTWr;-' fflAm
bliedSfto
;lst."Jan:i816, in-;(-. . Sf A
Asv.the vrecelpts-intothe? " m. If'ViV
v Treasury: during ,t&ey-'- :. IWrlr
.. sury:af the end of the j&$3$ffci I Jkr Wi .
an'foaW&r
Inthe- cpiisidatioi
iiproperVt pretnlse that iihe je-W
enuo ',01)191 btmusib
tifp' navm c rt t oiTa r.onsiderable amount TM'-1
pfthje unliquio I li
ring the jRrar ; and consequenyy.tnat ii
tne propQrriQTis 01 revenue ajniijexpeu II it
diturrliarearcanqo ' .
ced oy tne ,caie ' 01a peaceesxaDiiau'
standmar balanced of tne JibafiW public
debt," includrngtrjeasurf notes arid temr
s behaved that th'period ( f. ,
JwiltliiiDeiit tor waj
lfto tnestfmates of g fac. , l
a permanent anu umtorm arit": -V
of thP financed can be e2ecteI rpnt
ii-'.
V
!