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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 811,000,000, of which were obtained 810,184,700; certain banks loaning 82,150,000, 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 8324,200 of this stock. On the 8th of Jan. 1813, a loan of 816,000,000 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 to 818,109,377, giving a bonus to the lenders of 820,109,377. By an act of August 2, 1813, a further loan of 87,500,000 was authorized, which was raised, by giving for every 100 dollars received stock to the amount of $113100 at six per cent. The stock issued on this loan was 88,498,583, allowing a bonus of 8998,583. On the 24th of March, 1814, a loan of 825,000,000 was authorized, of which only $11,400,000 was raised, and for which 814,262,351 of stock was issued, making a bonus of 82,852,000.
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 825,000,000 loan, and Treasury Notes were issued to make up the deficiency. On all these loans, the money received by government was only 842,934,700, 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 81,100,000 of stock was issued, making the whole stock funded on these loans to be 850,105,022. Treasury Notes were issued to the amount of 818,452,800. 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 839,905,183, and the total is 8108,658,805, to which must be added outstanding debts to the amount of 813,000,000, and the whole debt of the United States is only $121,688,505. 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 88,000,000, 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 millions 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 82,000,000 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,
.8 4,399,472 In 1804. 811,098,565 1792. 3,443,070 1805.
12,936,487 i793.; 4,255,306 1806.
14,667,698 1794. 4,801,065 1807.
15,845,521 5,588,461 1808.
7,296,020 7,549,649 1810.
8,583,309 7,106,061 1811.
13,313,222 1799,. 6,610,449 1812..
8,958,777 9,080,932 1813.
13,224,623 1801.. 10,750,778 1814..
5,998,772 1802. 12,438,235
10,479,417 From the 1st of January to the 30th of June, 1816, 815,426,951.
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 wás 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 8109,748,272; reducing the debt, from the twelfth of February, 1816, to the first of January, 1817, 813,882,420.
The appropriations and payments for 1816 were
Demands on the Treasury for that year by appropri. ations
viz.-For civil department, foreign intercourse, and miscellaneous expenses
3,540,770 Military department, current expenditure..
16,729,623 Naval establishment...
4,204,911 Public debt.....
Payments at the Treasury, to the 1st of August, 1816,826,332,174
For civil department, &c.....
1,829,015 Military do. current expen. diture
13,220, 608 Naval department
1,977,788 Public debt, (adding to the appropriation
of 1816 part of the balance of appro.
Leaving an unexpended balance of the annual appro.
priation on the 1st of August, 1816, of ...... 86,143,129 To which add the part surplus of the appropriation of 1815, used for the sinking fund
The actual receipts of the Treasury for 1816 were,
The Cash Balance in the Treasury, (excluding Trea
sury Notes,) 1st January, 1816 ..... .86,298,652. Customs, for seven months, from the 1st of Jan. to
ihe last of August, 1816, without allowing for de.
bentures on drawback, estimated at 81,829,564, 21,354,743 Direct Tax, including the assumed quotas of New.
York, Ohio, South Carolina, and Georgia, for
3,713,963 Internal duties ..
3,864,000 Postage, and incidental receipts
127,025 Sales of public lands, (excluding 8211,440 re.
ceived in the Mississippi Territory, and pay.
Receipts in revenue, from the 1st of January to
the 1st of August, 1816 .... .836,035,093 Loans, by funding and issuing Treasury Notes
Gross receipts from the 1st of January to the 1st
Gross annual receipts for 1816..