purpose of subjugating Russia, and completing his continental system for the destruction of the British Empire. In anticipation of their war on England, Congress, by an act of the 14th March, 1812, authorized a loan of $11,000,000, of which were obtained $10,184,700; certain banks loaning $2,150,000, and the residue, being 89,034,700, was funded. About half of this residue was obtained from banks, the rest from individuals. In 1813, the Sinking Fund redeemed $324,200 of this stock. On the 8th of Jan. 1813, a loan of $16,000,000 was authorized, which sum was obtained, principally from individuals, at the rate of 88 for 100 dollars; that is, for every 88 dollars paid in money a certificate of stock for 100 dollars was issued, bearing an interest of six per cent. The stock issued for this loan amounted 18,109,377, giving a bonus to the lenders of 820,109,377. By an act of August 2, 1813, a further loan of $7,500,000 was authorized, which was raised, by giving for every 100 dollars received stock to the amount of $113 at six per cent. The stock issued on this loan was 88,498,583, allowing a bonus of $998,583. On the 24th of March, 1814, a loan of $25,000,000 was authorized, of which only $11,400,000 was raised, and for which 814,262,351 of stock was issued, making a bonus of $2,852,000. to 100 The terms of these loans were so disastrous to the government, so clearly indicating its want of credit, and the price of stocks so depressed, as to be sold at 69 and 70 for cash, a depreciation of 30 per cent., that no more was raised of the $25,000,000 loan, and Treasury Notes were issued to make up the deficiency. On all these loans, the money received by government was only $42,934,700, for which 848,905,012 of stock was issued, making a difference of 85,970,312 against the United States Treasury. In addition to this, New-York and Philadelphia lent government money, for which 81,100,009 of stock was issued, making the whole stock funded on these loans to be 50,105,022. Treasury Notes were issued to the amount of $18,452,800. The ascertained debt incurred by the late war, on the 20th, of February, 1815, was 868,783,622, to which add the old debt of $39,905, 183, and the total is 108,688,805, to which must be added outstanding debts to the amount of $13,000,000, and the whole debt of the United States is only $121,688,805. On the 24th of February, 1815, the issue of $25,000,000 of Treasury Notes was authorized; on the 3d of March, 1815, a loan of $18,452,800 was authorized to be made in the Treasury Notes previously issued. The Sinking Fund consists of an annual appropriation of $8,000,000, arising from the interest of the debt redeemed, amounting in 1813 to 81,932,107; from the sales of public lands, equal in that year to 8830,671, and from the duties on imports and tonnage. For the nature of the British Sinking Fund, and wherein it differs from that of the United States, see "The Resources of the British Empire," p. 236, et seq. The American Sinking Fund had redeemed of the national debt, on the 1st of January, 1814, 833,873,463. In March, 1817, the Sinking Fund income was raised to ten mil-. lions of dollars. The revenues of the United States, previous to the late war against England, were derived from duties and taxes on imports, tonnage of ships and vessels, spirits distilled within the United States, and stills, postage of letters, taxes on patents, dividends on bank stock, snuff manufactured in the United States, sugar refined here, sales at auction, licenses to retail wines and distilled spirits, carriages for the conveyance of persons, stamped paper, direct taxes, and sales of public lands. The revenues have been chiefly derived from duties on imports and tonnage. Internal taxes were laid at different periods, by the Washington administration, but were all discontinued by an act passed in April, 1802, under the auspices of Mr. Jefferson. On the 14th of July, 1798, a direct tax of $2,000,000 was laid upon the United States, and was the only direct tax imposed previous to the late war. The customs consist of duties on imports and tonnage, and of monies for passports, clearances, light-money, &c. The gross amount of the customs is what accrues on the importation of merchandise; the net amount is what remains after deducting the drawbacks on the exportation of the same merchandise; and drawbacks on domestic spirits exported, on which a duty has been paid, and bounties and allowances for the fisheries, and on the exportation of salted provisions; and, after deducting the expenses of prosecution and collection, the amount is secured to government by bonds payable at different periods, according to the term of credit given to the importer. The amount of the actual receipts from the Customs, from the 4th of March, 1789, the commencement of the government, to the 30th of June, 1816, was, From the 1st of January to the 30th of June, 1816, 15,426,951. The double duties made the amount for 1815 so large: the Custom-house bonds became due, on an average, the year after the importation of the goods; which explains the low amount of customs for the years 1809-1810; they being the fruits of the embargo, which was suspended in 1809; and, in consequence, afforded a rich harvest to the Treasury in 1811. In 1811 the restrictive system was again enforced, and produced the famine of 1812 to the exchequer. The small amount of the year 1814 was owing to the war, commenced in June, 1812, and terminated in February, 1815. The Report of the Secretary of the Treasury, (the late Mr. Dallas,) for the year 1816, states, that on the twelfth of February, 1816, the whole of the public debt, funded and floating, was $123,630,692; but, on the first of January, 1817, did not exceed $109,748,272; reducing the debt, from the twelfth of February, 1816, to the first of January, 1817, 13,882,420. The appropriations and payments for 1816 were Demands on the Treasury for that year by appropriations $32,475,303 viz. For civil department, foreign intercourse, and Payments at the Treasury, to the 1st of August, 1816,26,332,174 Leaving an unexpended balance of the annual appro priation on the 1st of August, 1816, of... of ....... $6,143,129 To which add the part surplus of the appropriation of 1815, used for the sinking fund 1,354,762 And the whole balance is.... $7,497,891 The actual receipts of the Treasury for 1816 were, The Cash Balance in the Treasury, (excluding Treasury Notes,) 1st January, 1816. 79 $6,298,652. Customs, for seven months, from the 1st of Jan, to the last of August, 1816, without allowing for debentures on draw back, estimated at $1,829,564, 21,354,743 Direct Tax, including the assumed quotas of NewYork, Ohio, South Carolina, and Georgia, for the direct tax of 1816. Internal duties Postage, and incidental receipts Sales of public lands, (excluding $211,440 re. ceived in the Mississippi Territory, and payable to Georgia,).. Receipts in revenue, from the 1st of January to Loans, by funding and issuing Treasury 3,713,963 3,864,000 127,025 676,710 .36,035,093 9,790,825 Gross receipts from the 1st of January to the 1st of August, 1816.... .... 45,825,918 Estimated receipts, from the 1st of August to the 31st of December, 1816.. ... 19,876,710 Gross annual receipts for 1816.... $65,702,628 |
