Annual report of the Secretary of the Treasury on the state of the finances

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^arbarb CoUese Xibrarp

FROM THE

BRIGHT LEGACY

One li*lf I be iTicaoic frotti tbi» Legacy, which wu re-
ceivtd U i83a und^r tlie wlLl &f

JONATHAN BROWN BRIGHT
of VVKlthnEti^ Mas»ichuieU«t l^ to be expended for booki
for the College Libriry^ The olhrr hitf i^f the incpmc
ii devmcd to icbolinhip in Hurvjird Unkeriiiiy far the
bene0t of d^ieendanti or

HENRY BRIGHT, JR.,
who died %i WairnoMrn^ MiLUiachmtctti^ iin U^, }n the
abtencf of luch deicendanla^ othef perioni are eligible
to the icbDUfvhlpt. The wlU nnquirci ibat tbii itiiiDUncc-
mcnt ihaLI be made in tvery book added ta the Library
under ill provitioni.

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REPORTS

\ SECRETARY OF THE TREASURY

I

THE UNITED STATES,

IN OBEDIENCE TO THE ACT OF MAY 10, 1800,

* 0UPPI.BMSIITART TO THB ACT BNTITLBD ' AN ACT TO BSTABUSH TBB TKBA0URT DBPAmTMBMT.'

TO WHICH ARB PRSriXBD

THE REPORTS OF ALEXANDER HAMILTOll,

OK

PUBLIC CREDIT, A NATIONAL BANK, MANUFACTURES,

THE ESTABLISHMENT OF A MINT.

VOL. IV.

'WASHINGTON:
PRINTED BY JOHN C. RIVES.

1861.

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TABLE OF CONTENTS.

Page

ieport by Mr. Woodbury on the Finances and Cur-
rency Sept., 1837 1

Report by Mr. Woodbury on the Finances Dec, 1837 89

Report by Mr. Woodbury on the Finances Ij)ec., 1838 176

Report by Mr. Woodbury on the Finances Dec, 1839 231

Report by Mr. Woodbury on the Finances Dec, 1840 36V

RepcHt by Mr. Ewing on the Finances June, 1841 437

RepcNt by Mr. Forward on the Finances Dec, 1841 461

RejxHt 1^ Mr. Forward on the Finances Dec, 1842 485

Rqport by Mr. Spencer on the Finances Dec, 1843 697

Report by Mr. Bibb on the Finances Dec, 1844 649

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REPORTS

or THE

SECKETARY OF THE TREASURY OF THE UNITED STATES.

REPORT ON THE FINANCES.

SEPTEMBER,* 1837.

TBBASURr Departmsmt, September 5, 1837.
In pursuance of the duty of this Department to submit to Cona^ress,
at each session, the state of the finances, and in conforim^ witn the
request of the President that such other fiscal matters should,, on this
occasion, be presented as appear to recjuire ^arly legislation, Ae under-
agned has the honor to offer the following report:

I. CONDITION OP THB TREASURY.

It is not. proposed to give all the particulars relating to the receipts
aad expenditures which usually acc<>mpany an annual statement ; but ^xi
cspomtioti of them, under the customary general heads, so fer as they
have been ascertained, for the first half of the year, is subjoined.

Brief estimates for the other half are made; and such explanations
added as seem necessary to show with clearness, not only the condition
of the Treasury at this time,. but its probable state for the rpsidue of the
year.

According to the Treasurer's running account, the whole amoimt of
available money in the Treasury on the 1st of January, 1837, applicable
to public purposes, was $42,468,859 97. From that^ sum, there were on
that day reserved $6,000,000 ; and the balance, being ^37,468,859 97,
was, under the provisions of the act of June 23, l^w, to be placed in
deposite with the States. It is ascertained that $27,063,430 80 of it
bave ance been actually received by them.

The amount of that portion of the first three instalments the payment
of which lias not yet been acknowledged, though transfers were season-
abh- issued for it, is $1,165,675 18. The remainder is $9,367,214 98,
and is the sum which was designed for the fourth instalment of deposites
widi the States on the 1st of October next. The amount reserved in
Vol. IV*— 1.

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2 REPORTS OF THE [1887.

the Treasury on the Ist of Janaary has since been increased, by returns
subsequently received from banks, to the sum of $6,670,137 52; and
which of course could not then be ascertained or taken into computa-
tion.

• . Receipts.

The receipts in the fir^ half of the year, deposited in banks, and
paid on drafts by collectors and receivers, so &r as ascertained, have
oeen:

From customs $7,234,451

From lands 5,303,731

And G[om miscellaneous sources 512,263

To these may be added about $600,000 which remained in the h^inds
of receivers, and $50,000 in those of collectors, subject to draft. All
these make the aggregate for that half of the year $13,187,182. If no
further postponement Be granted on du^ bonds, it m estimated that the
whole receipts for the last half of the year, from all goiirces, will be abolft
$9,500,000; which would mate th^m, as cisceitained and estimated, for
the whole year $22,687,182^ But if the brief extension of the present
postponement, brought into view hereafter and favorably regarded, be
directed by .Congress, the? receipts will probably be, about $7,000,000 ;
whife, by a postponement of the wh(rie to another year, they will not be
hfcely to exceed $^,500,000.

Looking at gur whole revenue, therefore, from all quarters, it appears
that the balance of money reseivod at the commencement of the year, as
finally ascertained to bSe $6,670,137, with the actual receipts for the
first half at #13,187,182, and those now anticipated for die last half of it
at $7,000,000, will constitute an aggregate of $26,857,319.

Expenditures.

The expenditures during the first half of the year were, for

Civil, miscellaneous, and foreign intercourse $2,812,540 40

MiUtary, including pensions 10,603,361 49

Naval 3,297,149 69

Public debt 20,832 76

' < ■
Making an aggregate of $16,733,884 33

The expenditures required to meet existing appropriations, during the
last half of the year, will, as computed, equS the sum of $16,000,000 ;
making for the whole year $32,733,884.

Whatever expenditures shall arise within the year, upon new appro-
priations which Congress may think proper to make, will reauire a cor-
responding addition to this amount; but without them it will constitute
an excess of $5,876,565 of expenditures over both the receipts and the
balance at the commencement of the year; besides not leaving, at the
close of it, anything in the MSnt or the Treasury for future uses, or to
meet contingencies.

In order, therefore, to discharge that excess, and retain, of the nooney

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1837.J SECRETARY OF THE TREASURY. 8

reserved on the Ist of January, one million, which is the smallest sum
deemed proper, under the acts of Coneress, for the efficient operations of
the Mint, and at least three or four mulions more to answer sudden and
contii^nt calls, there will probably be a necessity to resort to the
depositee now with the States, and to the instalments destined for them in
October, or to some other resource, for a sum equal to $10,000,000. By
a rep<Mt of the Treasurer of the*3iOth ultimo, it appears that the balance
in the Treasury, including what Was in the custody of banks, the Mint,
and collecting officers, was then $14r,596,311 ; that the amount of this
sabiect to immediate di*ajft was only $8,928,072 J b^t the whole balance
in tne Treasury, including all which had been deposited* with the States,
and ordered to be, though only a small part of the amount is subject to
immediate draft, was $41,532,381. Deduct all which has been, and was
designed to be, deposited with the States, and their .would be no balance
left on band subject to draft, though incjudiug everything in the Mint,
and in the possession of receivers and collectors, which is applicable to
geoersl purposes.

Hence it is probable that, besides the deficiency for the expenditures
0^ the year, no sufficient means of any kind will exist on the 1st of
October next, after defiuying the intervening expenses; to complete the
instalment of deposites then payable, unless a large part of^the bonds for
duties postponea to that day, and amounting to near $4,000,000, and
the million and a half then due on the first bond fi'om the United States f
Bank, shall be punctually paid, or, in the mean time, some provision on|
this subject be made by Congress.

The money standing to the special credit of the Post Office Depart-
ment and the Patent Office, as wdil as various trusts^ is not included in
the above exhibit, for reasons explained in the last annual report. Out-
standing and unexpended appropriaticMis at the end of the year will, in
this view of our financial condition, be still left charged on the Treasmy,
amounting to about $16,000,000.

This does not differ much firom their ainount at the close of the last
year. Whether the aj^ropriations unexi)ended on the 1st of January,
1838, prove, therefore, to be one or two millions larger or smaller than
is now anticipated, it must be manifest, from all the above data, that
iome new legislation is indispensable to complete satisfactorily the ser-
vice of the year, and leave a suitable ampunt in the Mint and the
Treasury.

Indeed, before submitting the last annual report, the indications of a
decrease ip the receipts, and pf an approachii^ revulsion in our com-
laercial prosperity, appeared so strong to the • undersigned, that he felt
compeUea, with reluctance and regret because differing so much fix>m
the views of many others, to estimate the accruing receipts for the year
at only $24,000,000.

As the appropriations asked for were about $27,000^)00, it was
then sucgiested that the occurrence of a deficiency was probable.
When O^e appropriations became in fact enlarged by Congress to
flUfethan $32,000,000, it rendered a deficiency inevitable, to the extent
DOW andcipa^df unless the receipts shpuld happen greatly to exceed

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4 REPORTS OF THE [1887. .

11. ON THE POSTPONEMENT OP THE PAYMENT OP BONDS FOR IM7TIBS.

Tlie first suggestions i^hich will be submitted concerning such special
legislation as appears proper in consequence of the recent embarrass-
ments of the country, relate to the postponement of the payment of
bonds for duties.

Early in May last, the collection of tJie revenfuefrom customs became
much obstructed through the severe pecuniary diflBculties of the mer*
cantile interest. The Treasury Department felt an anxiety not only to
take steps which might increase the security of the (Joyemment for
eventual payment, but, in an emergency so great, and to many so unex-

Ected, to furnish all the relief fix)m sacrifices which could judiciously
extended under its limited powers, and in anticipation of wlmt would
probably be its straitened condition in a few months.

A postponement of the payment of the bonds falling dde was, there-
fore, and m accordance with the views of the Executive, authorized for
periods fi-om thirty to ninety days, on interest and additional security,
and in a manner more liberal than usual, by permitting it before as
well as after suit, in all cases of embarrassment, great hardship, or
insolvency.

The peculiar terms, and the reasons for such postponement, are more
fully set forth in the documents annexed. [A. jLetter from the Secre-

* taiy of the Treasuw to the Collector of New York. B. Instructions of

* the Solicitor of the Treasury.]

When the difficulties in discharging bonds in a legal currency becajne
increased by the suspension of specie payments in some of the principal
cities, and the President decided to, call a special session of Congress,
the postponement was allowed to be extended till after the commence-
ment of the session, in order that an opportunity might be afforded to
obtain fiirther relief by new legislation. Urffent requests were made for
an indiscriminate delay of payment on all bonds to the 1st of January
next, and for the receipt, in discharge of them, of notes issued by banks
not paying specie. [See memorials fit)m New York, Boston, and New-
Orleans, and copies of a reply to one of them, and letter to Collector of
New York, C, D, E, and F 1 and 2.]

It was not deemed proper to comply with these requests. But as
long a delay as our fiscal situation iuitified, and every relief as to the
currency which seemed legal, by the receipt of debenture certificates
and Treasury drafts for duties, were permitted, in mitigation of the
existing embarrassnrents.

Havmg, in this, done alT that a sound and liberal exercise of die dis-
cretion of the Department appeared either to justify or require, no
intention exists, nor would it be proper in the present state of the
Treasury, to grant any indulgences beyond those already authorized,
without the express direction of Congress.

Bome. further facts which may be useful to aid its members in Coming to
a correct conclusion on this subject, are, that the amount of bonds ^whioh
have already been postponed to the 1st of October, is about $3,500,000
and by that date wiU, it is presumed, be increased to $4,000,000.

If Congress permit no longer postponement, the receipts for the year

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war.] SECRETARY OP THE TREASURY. 6

vrSL jnobably be increased by the indulgences already granted, as tbey
have been alloved g^nersJJy on additional security, and always on
interest.

But as suits and delays in collection will still occoTr though to a less
extent than in the first stages of the pressure, it is expected that not
ever two-thirds of the amoiuil; postponed before the close of this month
can be collected during the current year.

The 4)onds already put in suit since the middle of May amount to
Qeajly $1,000,000. feut if Congress extend the postponement till next
January, ajs waa originally requested by some of the parties, or for one
year, as recently requested by the Chamber of Commehje.of New
York, (F 3,) the receipts for the present year will probably be thereby
lessened Srom four to five millions.

Should Congress, however, adopt an intermediate course as an act not
0f mere benevolence but of additional relief, which appears reasonable,
under the extraordinary mercantile distresses of the times, and more safe
to the Government in respect to eventual collections, it might sanction a
delay not to exceed, altogetber, jsix months beyond the ordinal period
ef pa3rment, in any particular case. It is computed that this would
diminish the receipts, during the present year, about two and a half
millions of dollars; but if granted on the usual terms, would increase the
receipts next year in a greater' pm{)prtion, by the interest accruing as
well as by the fiiller collections which would probably be made m a .
ffealer number of cases.

The opinion of the Department on these various propositions is, that,
considering merely our present financial nece^ities, no further postpone-
ment can be regarded as expedient, though in some other respects, as fiilly
dialled in the recent letter firom the Chamber of Commerce, (F 3,) the
last delay mentioned might be found justifiable and more beneficiaL
Bat if a law be passed extending credit on the bonds, if is supposed that,
in mny correct view of the sulyect, its provisions need not be continued
in force beyond the period when the worst effects of the pressure wiU be
Kkety to have ceased, and when all imports cojild* by a further exten-
sion of the wateboiise system, be advantageously made payable in cash,
at die time the goods are wanted 'for immediate consumptbn.

The extensicm of that system is, therefore, respectfiiify recommended
10 the consideration of Congress, in connection with the present subject,
as k might introduce as great an improvement in the cdilection of imposts
as the substitution of caw for creditdid in the collection of revenue fi-om
the sales of public lands. It would certainly increase the security, ease,
and promptitude of the operation; would dispense entirely with the
tionble smd risk in the ps^ment'of debentures; work favorably to the
fwmnfhcturing interests; and*, at the same time, facilit9.te our trade-in
foreign articles as well as exonerate the merchant fi'om many embar-
MsacneDts in i^egard to sureties and guaranctees.

m. CmSTAjqLBSUf TKE WAV of TBANSPBaRINO THB LAST INSTALMENT
; ' OF DSJ^SITBS TO THB 6TATBS.

JEaiiy legislation has likewise become necessary, either to withhold or

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e REPORTS OF THE [1897.

postopne, for /a reasonable period, die fointh instdment of deposites -with*
the States, or to famish such aid as may be necessary to ccnnplete thenar
in a satisfactory manner.

By the general suspension oC specie payments, apd the consequent
necessity, under the deposite act, to discontinue most of the public
depositories, the transfers from the banks in the West and Sojithwest to
the seaboard, which were necessary to place m^ich of the money in a
position to be conveniently lodged with the States in October, Have, .in
several instances, been defeated. They had, as- in case of tlfe former
instalments, been oi-dered seasonably, though, as a general rule, only
where rendered proper in consequence of a great-accumulaticm of public
fands in an unfavorable situation, on account of the course of trade and
exchanges, to be paid directly to the respective States. But, in the
troubled condition of the money market, they had not been injuriously
hastened as to the time of payment, aiid, consequently, falling due in th»
course of the suramer and esuriy in autumn, near two*tbirds of the wholfe
amount of these funds still' on hand have been detained in the West, and
Southwest, where they had so unusually augmented from the large sales
of public lands. Hence, if the last deposite with* the Slates was, in this
position of the money, to be attemptea, the orders directing it must,*in
many cases, be made on places remote, and very inconvement to some
of the receiving States, on account of the unfavcMrable balance of trade,
or the rates of exchange; and must be naet, if at all, in a currency unac-
ceptable and greatly depreciated. Transfers of portions of the July
instalment could not, from the same cause, be eflfected in the precise
mode intended, nor fi-ota the banks most desirable, though much of it had
reached the appropriate pmnts to render the operation easy before the
suspension of^ specie pAymehts. In all case^ m which they were not
offered to be paid in a currency satisfactory to the States, tneir agents
yrere requested to return the ordei's of transfer till Congress could naake
new and suitable provisions on the subject. £See form of letter and
postscript to States, G.]

But this request has not always been compKed with. About SI ,165,5't5
of that instalment has not yet been receipted for by the States to the
Treasury, joor the orders returned. On the contrary, the United States
Bank chartered by the State of Pennsylvania has lately become the
purchaser of several of these orders', though not given by any debt, but
merely directing a transfer fixHn one public depository to another. This
institution has demanded of the banks on which they are drawn that

Eayment should be made to her in specie ; and, on their failing to do so,
as caused the orders to be protested. .*' Under these circumstances, and,
^ the deposites with the States were to 'be made of what was in the
Treasury, and consefquently in the banks, on the Ist of January last. It
is for Congress to decide whether payment shall be made of any. of those
orders in a mode and currency dmerent from the rest of the third
instalment of deposites with the States.

Another reason for withholding or postponing the October deposites,
or for some legal provision to aid m completing them, is, that a sum equal
to the revenue probably accruing, and a large portion of these deposites
had, before th^y were paycjble, been expresSy appropriated' by Oongt^ss

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18S7.] SECRETARY OF THE TREASURY. 7

to olber objects. When looking to the rapid deereaae in our receiptliB, to
the expected ieficiency in the course of the year, and the great amount
<rf outstanding apfNrof>riat]ons which, at the close of it, will be left unpaid,
much of that whole instalment seems likely to be needed at an early
day. By either of the first two measures, the money could, according
to its CNTiginal destination, be applied to the necesseiy wants of the
CSeneral Grovemment as soon as it can be drawn from the banks in legal
fimds. In that way, so desirable an object would also be accomplished
without the expense and delay of the money being first paid over to the
States and then subjected to an early recall. On me other hand,
several of the States might, m the present posture of their afiairs, expe-
rience coosidexable ineonvenience, either by not receiving it, or by soon
refunding a large portion of its amount; ^d many of the banks which
hold it imgfat be able nK)re satisfactorily to pay it to the States than to
the Treasury. But, though the subject is one of much delicacy and
dfficuhy, and peculiarly proper for the final ^cticm of Congress, it may
be expected that this Department should express some opinion as to
which course appears nntost eligible in th«*preseQC<^<^^^^^ of the finances.
■ It is, therefefe, liHth deference* suggested, {^t i^hen regarding their
ooodition and' the importance o&*meeting with ^ciency and good faith
iH the obligaliimB of th^-GovermiM3nt to the public c]:editofs, it would be
most judicious to apply the wWe Instalment, as faat a&il;^ wanted and
can be collected, to the prompt dis6}iar^e of these obligations; and that
the last deposite with the States, not bemg a debt, but a mere temporary
disposal of* a surplus, should be postponed until Congress, in some
dioerent state of the* finances, when such an available surplus maj. exist,
diall see a manifest- jm>priety and ability in completing the deposite, and
shall give directions to that efiect. Consequently, no fiirther steps will
be taken as to the deposite of any part of that instalment till Congress has
had an opportunity to act upon tne subject in such a mannei* as, in the
piesent posture of afiairs, its superior vtntsdom may consider preferable.

IV. mmCULTY IN PAYING THB APPROPRIATIONS, AND ON THE ISSUE OF

TREASURY NOTES.

t

Some fimher obstacles exist in the way of discharging satisfactorily
aH the appit^priations which have been made by Congress.

The ettects which may be produced upon the accruing revenue by
mnting or withholding further delays on txmds for duties, nave already
been explained.

In addition to these, there is a likelihood, in the present pressure, that
die payment of cash duties, to the extent of one million of dollars more
than usual, will be unavoidably deferred to another year, as the importera,
under the existing laws, are entided to certain delays, by keeping in
store the woollen goods which pay such duties.

This c^jtmrnstsmce, in connection with the difficulty of collecting the
bonds whether lon^r postponed or not, will sensibly increase the
embanassinents which have been specially pointed out, and otherwise
exi^, in paying with promptitude and in a legal manner the large
apfcopriations ahaj:^g6able upon the residue of the Qunent year*

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8 REPORTS OF THE [l8S?r,

Hence, after a considerable deficiency in the available means became
highly probable, it was deemed expedient to adopt any judicious and
lawful measure to remedy it which was within the power of the
Department. Accordingly, though large quantities of public lands were
still in market unsold, and thou^ the receipts from tnis source durmg
the year would be higher than anticipated, in consequence, among other
things, of a construction put upon the preemption laws admitting a lar^
class of settlers to entries, it was supposed that some further tracts, m
places muqh desired by the new States, might prudently be offered. A
tew such have been advertised | but suflScient time, after due notice,
has not yet elapsed to realize anything fix)m them.

If the fourth instalment of the deposites with the States be deferred,
and the difficulty in seasonably transferring it be thus removed, yet,
being chiefly in the custody of banks not paying specie, it is manifest
that it cannot be immediately realized ki funds suitable to meet existing
appropriations. If it ban©t deferred, some further provision will be stifi
more indispensable to citable the Treasury not only to place it with the
States, but to pay all the j)ublic*credi6ors and office^ in a satisfactory
manner, until tne duties noXv di^qfrom tJfe merchants, and the funds now *
in the discontinued depofeite banks, 091l.be ooUected. It is true that a
resort to the States for refunding p9rtioiis of tke large -sums already
deposited witb thetn Vould also remain by law ; but under the limitations
of the act of' June, 1886, it would be Very slow in its operation, and, if
complied with, would prove entirely insufficient to answer such an
urgent occasion as the present. Durmg the ensuing qliarter, the whole
amount that could be legalty recalled would not exceed six hundred and
fifty thousand dollars. Hence it seems expedient, either in aid or
exclusion of a requisition on the States, (as may be deemed most suitable
by Congress,) to provide some temporary resource until enough of the
£>urth instalment, or other means m the Treasury, can be rendered
available to discharge all the public engagements. It need not be a loan,
or an increase of taxes of any kind, as the General Government, in
respect to its finances, (whatever temporary embarrassment the recent
convulsions in commerce and banking may have created, Vis far from
having any just cause for despondency. It is neither overwnelmed with
a national debt nor destitute of large pecuniary resources on hand ; but,
entirely fi-ee from the former, it is so amply supplied with the latter as to
have m the Treasury over forty millions of doUats, and eight or ten
millions more in bond.s which will soon become payable. But a large
portion bein§ in deposite with the States, and the residue chiefly in
banks and m the hands of merchants, • under the difficulties before
named, in procuring promptly and in a legal cuiTency the amounts of
money which are needed, some collateral aid, for a short period, till a
sufficiency can be collected, appears to be judicious, if not indispens-
able..

It is fortunate that the energies of the country generally are not
paralyzed, nor its prospects clouded by any great physical calamitieti'i
and hence its immediate wants can, without doubt, be provided for in
various ways.

One mode would be to authorize the issue of Treasury notes, recdr**

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1897.] SECRETARY OF THE TREASURY- 9

aide for all public dcies^ but without interest. These would di^r from
the drafts or checks now in use only as the latter are.given for immediate
payment, and diuwn on persons and banks Imving public money suffi-
cient to meet them ; and, consequently, the holders must be exposed to
die trouble and expense of presenting them at the places where payable.
Still they Bire nearly on a par with specie. In the present deranged
state of bank paper and exchange, ana in the fiivorable condition of the
Goieral Government, by its ample resources and exemption from pecu-
niary liabilities, to impart the greatest confidence in re^pect to the
redemption of such notes, it is probable that they would readuy be taken
at par by most of the pubUo-creditors. Especially would this be likely
to wppeaf provided they were issued in denominations as low as twenty,
fiftVy and one hundred dollars; and not in to6 large quantities, but used
bnhr in anticipation of the accruing revenue on occasional emergencies,
and to a limited dmount.

Contrary to expectation should the Department, during the present
delmquency of many of the public debtors, be exposed to such very
large calls, and coSiect so Kttfe revenue, as not to be able, by both the
above notes ana drafls, to n^et afl its engagements in a ^tisfactoiy
mam^r, it would be desirable that the President should possess a
condngent authority to cause Treasury notes to be issued tieaiing an
interest not to exceed six per cent

Specie ixHild always be raised on these for the public creditor when
he preferred it. But ais notes bearing much interest would soon cease
to be used in circulatioQ, (and if they should not, would, as a currency,
be troubleflome in the Computation of interest, and top stcongly tend to
exclude sjjecie from the ccrtmtry,) it miffht b? advisp.ble not to make
them receivable at first for any publjp dues, but only tb resort to that
measure afterwards, when it should be found convenient for redeeming
diem. ' , '

In connection with the issue of any Treasmy not&i, it is believed -to*
be wise to make ample provision for their earfy and final redemption.
This could be accomplished by enacting, that when the money on naii^'
in the Treasury and the Mint available for public purposes may exqee4 ,
a giv^i amount of four or five millions, it shall be the dut^ of the 8ec^
letary of the Treasury to cause these notes (securing priority to. any on
interest) to be redeemed to such an extent as the surplus may exceed
that sum, and what will probably be needed to defray current expenses.
It being believed that a reduction of the tariff, and suitaUe regulations
conceming the sales of pubHc land, ought at a proper time to be put in
force, so as lo prevent any large and regular accumulat|pa in the Treasury,
the Department would respectfoUy propose that, in case of any unex-
pected excess beyond the sums above specified,, it should merely be
mvested, in a temporary manner, in safe* Stat^ 'stocks at their market
rate, subject to be sold again whenever the proceeds. shall be wanted
10 discharge existing awropiiations.

An additional ccmsidemtion in fitvor of those measures is, ^hat since.
the payment dfthe public debt, which absorbed any oocaaonal surplus
of rec^pts, it is impossible, according to the views es^pressed in some
pmvioiis lespattB from the undersigned, that, with sources of revenue so

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10 REPORTS OP T^E [IB87,

flactuating as ours» and so dependent on cc»nmefcial ^H^speaityy any
fisced operations should be long continued with ease, viaor, and i3inifi>rmity>
without some such reeulator as a power to issue and redeem Treajsuiy
notes, or to invest and sell the investment of surpluses. By any other
course we should constantly be exposed to ^reat deficiencies or excesses,
with all their attendant embarrassments* u depositing the excesses with
tiie States, subject to be recalled tQ supply deficiencies, the pecuniaiy*
profit to thcj whole Union will be no greater, while such a course may
mvolve us in a series -oC vexatious demands on them, accompanied by
various dangers both to them and the Oeneral Government; and, in the
mean time, it is feared wiU, in many instances, tend ta excite excesses
and evils similar to some of tiiose under which the country is now
suffering. .

V. ON TH£ 9AFE-K£EPINa OF THE PUBLIC MONEY HEREAFTER.

The arrangements for keeping the public money which had been in
successfiil operation for a few years previous to fhe passage of the
deposite a^t of 1836, became partially embarrassed by carrying into
efiect some of its provision^. . But the enforcement of them all, where not
entirely perfected, was in seasonable progress in May last, when the
Department was compelled by the act to give notice to such of the
selected banks as had suspended specie payments that they could no
longer be considered as general depositories of the public money. [See
circulaf I.] * •

A list is annexed of all before employjid in that capacity which have
been discontinuecj. [K.] , [ /^ . • .

After due in(|uiries to procure pther depositories in conformity to the
act, the Departilient^has completed the appointment of only one. This*
and four more that have not suspended, with one that has resumed
«pecie payments, (diaking six ia all,) constitute the present bank depos-
itcfries^ for general purposes. A. schedule of them is added. [L.]
. « jDuriilg the mability to obtain specie-pa3ring banks at other points, the
. Jreftsurer, being required by the closing part of the eighth section of the
act to keep and disbiu^e the public money according to the laws before
in forcp, has done it in conformity to thie very wide discretion which
existed when no rules were in forces that had been prescribed by Con-
gress, except to "keep" and "disburse the same" under the general
superintenaence of the Secretary of the Treasury. A part of it has
therefore been kept in special deposite in this city, a portion of it in the
Mint, and the residue with the omcers collecting it, until it was wanted
for public purposes, or until it accumulated in such sums at any point
as not to be pix>bably wanted there for such use. [See two circulars, M
and N.] In the first case, it has from time to time been applied to the

Eiyment o^ creditors, by drafts on the receivers .or collectors ; and in the
st, the excess has been directed to be temporarily {daced with baCnks
Jttot remotely situ&ted, and' in special deposite for sjfety, until wanted
for expenditure elsewhere, or until some neyr legislation shall take place
in relation to it. ' „ • -

Under these circumstances, tiie Department would retpectfutty siiggest

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18S7.] SECRETARY OT THE TREASURY. 11.

some provkions which may be more specific, and may be required for
the sfioe keeping and disbursing of the public money.

In the present condition or the Government and the .country, two
systems are proposed, either of which, it is believed, may be practicable
md adequate to the exigencies of the- crisis.. One is, an enlargement
tod adaptation of Ae system partially employed since the suspension of
specie pajrments, so as to piake it answer jjl necessary purposes. This
could be efiected merely by assigning to our existing officers and estab-
Ksbments* som^ additional duties.

* The Treasurer, at the seat of Government ; the Mint, with its branch
at New Orieans, and- another which has been contemplated and is much
needed at New York for other purposes ; collectors of the customs, and
leceiyers of money for the sales or land, as well as postmasters, might
idl be directed to keep in safety, not only the public money collected by
them, but all actually -placed in their possession by transfer or otherwise.
As fiscal agents, they might also be required to pay over and transfer it
for such public purposes as may be autnqrized by Congress, and under
•uch regulations as the Treasury Department from time to time may
piBSCT3>e. Indeed, the third section bf the Post Office law of 1825^
with Ae bond taken under it as to die glgency of the postmasters, is,
perhaps, alreacfy sufficiently broad for that class of officers. At points
Hke New Yoric, and a. few others, where a likelihood existed that the
sums would permanently be large, but which, under a reducfed revenue
and expenditure, would seldom occur, authority might be givpn to-
appoint the clerks now acting as cashiers or tellers unoer the collectors
and receivers, or other more suitable persons, to act as, keepers and
paymasters of the public money. But they should be made independent
of the collectors and receivers, and placed under the Kke tenure of ofl^ce
and under suitable bonds. Additional means of safety, and such addi-
iknal but limited compens^^iQn to any of the above officers, might be
provided as the increased risk and Jabor might render just; but in only
a few ca^s would these last*be muph augmented at any place. '

Taking the year 18S4 ieis (lushing a specimen sufficiently large of
the probable business in fyiime connected with the general operations
of the Treasury Department, T[)ut of coui-se not including the separate
establishment of the Postj Office, the whole number of warraiits issued
in that year was a little undeV five thousand, and, though diflfering much
in actual amount, averaging about 8^,000 each.^ ,T1hs would be less
Aanjtyrenty^arrants a dayfand hence would require less than one per
day to be paid-in each of toe twenty-six Stetey . They diflered, iA feet,
from fijijr perday in this District and two per day*m jJew York, whibh
were the highest numbers, to only one per week in several of the Stat€«.
[See tajble P.j The business- at each o&ce daily,- oV even weekly, in
makk^ payments of the drafts would, therefore", .be veiy little. If more
than "bne draft issued on a warrant, the business would be increased in
that jHt)portion, unless tte whole payments were rediteed, as "is probable,
hereafter, tp siitteen or seventeen nuUions yearly.

In K^^ard to the risk, five millions in the Treasury at atay one time, if
dB pla(^ kk the hands of coUectbo's and receivers, would not, on an
srexage; exceed $30,000 with each <^ the present mmib^.

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13 BEPORTB or THE [18»7^

Bat if the amount, besides one miUioa in the Mint, was chiefly in the
hands of half the present number, which would approach nearer to the
probable result, the sum with each would still be less than most of the
existing bonds of receivers; and when exceeding theirs, or those of the
principal collectors, the excess, in most cases, couul be readily prevented^
or reduced, by being drawn out to pay creditors, or be conveniently
transferred to the Treasurer of the United States at the seat of Govern*
ment, or to the Mint and its branches. Until one of the latter is authorized
at New York, the substitute before mentioned, of one of the present
' officers in the customs there as an independent keeper and paymaster
of the pubUc money, could be adoptea, and, if deemed prudent, be
extended to any other siniilar place.

In this mode, the present number of officers connected with theo olleo-
tion knd disbursement of the revenue throughout the United States need
not be at all increased. Nor will it become necessary, except in a few
cases, to augment their compensation. Twenty or thirty thousand dollars
a year would probably cover the whole additional expense of every kind.

The other system to which the attention and consideration of Congress
are respectfully invited, is a new organization, by means of commis-
sioners or receivers general, to gather the collections to more central
points, and keep and disburse there a large portion of the public money,
or such as could not be kept safely and expended conveniently in the
liands of the collecting officers. Such an organization might be at only
three or four of the most important points ; or it might be made more
extensive, and the number enlarged to eight or ten. I'his could be
arranged, in all important particulars, substantially in the manner which
is now in very successful practice in some of the most enlightened and
opulent Govertmients of Europe, and as was urgently recommended by
this Department as early as 1790. [See extract O.] The only material
difference need be, to pay out more of the njioney near the plaices where
it is collected, rather than first to traiismit nwst of it to the seat of Gov-
ernment. This organization of fiscal agent^ would be advantageous as
a separate establishment for this business tJone, and as an independent
check on most of those collecting the revenue. But it would require
some addition to the present nunH>er of officers, and ixx the first instance
would more increase the public 'eipenses. J * * . , '

But the whole addition of prinqipal officers need n6t exQped.ten^ Nor
would the ipcreased annual expend to the Government probably amount
to ovfer fifty or sixty t&ousand dollars, as thtf system wouM enable^ both
the 'War and Navy Depajtm«nts to dispense with several ^f their age^its • •
for -making lopal djsbnrsements. The danger bf any losses will Ij^nearly . , ,
the same under both plkns, It is impossible to conduct the a&ir& of
Government, or die ordinary transactions of society, "without trust ami
risk of some kind. But 'one creat olject^ wherever pecuniaiy confidence
is reposed, should always be to require the best, safeguards which
appear reasonable ; and in either of these systems, as hereafter explained,
the amount trusted can he more easily kqpt fix>m becoming excessivot'
and the hazard of losses affecting the deposite a^nt, by his lending or •
trading, be fiiUy obviated, by the strict prohibition of both the latter
under severe penalties. • . . -

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1837] SECRETARY OF THE TREASURY. 18

Our direct losses ftpm ekber coUectmg or deposote agents' have always
been comparatively smalL Those by the former, it is believed, have
not equalled those by the l$.tt^, though the latter, being banks, have
usually in the end paid most of their deposites. The Tosses by the
former atfe also supposed not to have exceeded one-£fth of those on the
bonds of merchants for duties, and probably not one-eighth <rf those
fiom the piirchasers of pubhc lands under the credit system.

Occasional and strict examinations of the money on hand, where laree
in amount, would furnish a strong safeguard beyon^ the character of the
officer and the property of himself and sureties, and which it might be
provided should be made by a committee of Congress, or in €my other
modo^ deemed most iehgible to constitute an ^fectual check.

The plans which have been explained as to fiscal agents, are sugf-
gested tOT consideration, under a beUef that either is appropriate in the
present posture of affidrs; that they require but sUght changes in our
existing laws or usages; and, whatever objections ean be adduced
a^nst them, wiU, at the same time, be found to possess many signal
aavantages..

They wiQ not so much as some other modes of keening the public
money, expose the Treasury to disappointments and delays, through a
dangerous partnership of interest, or the use of that money for private or
torporate purposes. As the vicissitudes of trade or speculation affect
the persons wno borrow fix)m the public banking depositories, the evil
consequences must somedmea inevitably reach and embarrass the Treas-
ury itself. Nqr, on the other hand, wiU these modes, like our former
one, cause frequent injury to those who, trading On the revenue of the
Government, are subject to be most pressed to refund it when least able.
It is believed, likewise, that the funds of the Treasury can be always
more readily comm'anded in a legal currency, and the hopes of its cred-
itors not deteated nor its faith vioiated so oflen, if the money is not loaned
out either in fWll or in part, b\it, as in other countries, is retained in
specie or its equivrfei^t and in the actual custody of oflBcers exclusively-
fecal. ^Li ptheii countfi^a»the.^bIiC Yftoney ik b^ieved to be seldom, if
ever, chargeable to the* Treasure^ tiU it is either paid ov^r.on some
draft, so that h6 can j^et credit *for the payment^ (and which mode is
Aractised* somewhat in England' as well as here, and extensively An
France,) br lodged, not on deposite in £i6y bank, but in his own posses-
sion at the seat of Government. In the former mode, the systems novr
proposed; and especially the first one, would. operate so as to disburse at
each point most of the pubHc money collected near, and would t^ui
enable the Treasury to command its resources with less delay; ,the
moiiejr not being previously paid over at some distance, and -to a separate
set of agents^ as has usually been the practice here in the use of banks ;
nor much of it transported inconveniently to the capital, as has usually
been the practice elsewhere. This mode would thus possess one of tli^
greatest excieltencies in any fiscal system: which is, to pay over quickest
to the pubhc creditor, and with the least oflBdal complexity, whatever is
Collected fit)m the public debtor.

Besides these advanitages, others would be, that ike money in the
Treasury^ under both of & plans submitted, can alwa3r6 be more easily

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1* REPORTS OF THE £1887.

kept'dpwn to moilerate dimensions by reductions in the rev6%iue, an(1^7
temporary investments of aii occasional surplus, as there wiU be n6
antagonist interest connectecl with it wishing for loans and the use of
surpluses,. and thus cooperating to prevent a i^uction.

• The existing Establishments and oflScere, whenever convenient, would
be employed- without a. double maghinery or the or^anizsCtion of a new
system of agents. Executive control would be dimmish^d rather than
increased by them, because any additional oflScerft will be selected, not
by the President alope, nor the Treasury Department, as the banks now
are, but virtually be designated by Congress, and the principal incubci-
bents appdnted by the consent of the Senate* They would also remove
all ground for the objection sometimes urged against the former system,
that the Executive atone exercises an extensive i^tpona^e and great
moneyed influence through a *host of b^ank presioents, directors, and
stockholders, scattei-ed through eyery section of the country,')and selected
without the assent or check of either House, of Congress in any particular .
case, and making loans of the public money from considerations merely
political or official. A very wide discretion will be thus restricted, and
a prolific source of suspicion and imputation of favoritism. and partiality
be entirely stopped. ' -

The officers, under the jdans proposed, will likewise be amenable
exclusively to the General Govemmept, and not be 'embarrassed likte
the officers of the banks by confficting duties and interests in respect to
the States ; nor involved in those coUisions, jealousies, and recriminations,
often attendant on that position.

The independent ana harmonious action of each government in its
appropriate sphere will thus be more fidly secured. The local institu-"
tions, as a genei*al principle, will be left to the care and uses of the several
States which, established them, without interference on the part of the
General. Government, and to be regulated or discontinued, as deen^
most' useful, under their own' State policies, and most pondncive to the
original purposes of their creatioik Nor would any general moneyed
corporation, aside from the grave* daubt^ whiph 4xist a# to both its con-
stitutionaUty and general expediency, liave been 'likelji, tin such a crisis
as that of the war of 1&12, or perhap^ that of the lastf spiing, to have
proved a much ,«afer public depositjoiy than those local institutioi^
Though more convenient in form for fiscal purposes than they, and iiree
fit)|n ;3ome objections as to want of symmetiy and accountability which
obtain against them, yet, if chartered on usual principles, and judging *
^frojn experience here as. well, as abroad, it must have failed^ in a atrial
Uk^ those, to have sustained either our pecuniary operations, or its 6wn,
in strict good faith and in dye vigor. . ' .•'

Without entering into details to illustrate this position, it is nece^ary .
to notice only the single circumstance, that the Bank of England, during
a severe war, suspended specie payments near a quarter -of a century,-
and that neither of the two United States Banks existed so as to be obliged
to encounter such a.periL But since the last spring, the notes of the
second one, to the amount of several ipiUions, haye been allowed to siiA
into the mass of irredeemable and depreciated paper, thou^ issued imder
all the high securities and sanctbns of a charter fix^m the Geoeral'Got-

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1887.] SECRETARY OF THE TREASURY. 16

efnment, and 'with very large funds, st^ under the contxol of oflScers and
trustees deemed by the* stockholders exceedingly skilful, and bound by
both law add ccoitract to redeem those notes in specie and on demand.

The systems which have 1)een proposed in. this repoit, if adopted,
could not be. expected t6. continue entirely exempt fronj losses by that
un&ithfiilness or casual^ to which all trusts in human afl^s are exposed.
But they may be surrounded with stnmg sa&guards, and woula .veiy
probably «ooft be enabled to answer, in a satisfactory manner, eveiy
piupose of the Government, in its condition so differenf in many respects
from that which formed^ existed, and which was the paramount cause
urged for the incorporation of our two former United States Banks. Its
fiumnces are not now burdened with a natH>naI debt from seventy to one
hundred and thirQr millions, and, besides our ordinary expenses, with
the annual payment, on account of principal and interest, of from ten to
sateen mUfionsi to be first widely, collected, and then transferred and
disbursed at only a few points on the seaboard. It is now with a yearly
revenue, reduced from thirty and forty millions to n«ar twenty, and
probably soon to be only sixteen or seventeen, and with a course of
expenditure which can readily be diminished so as not much, if any, to
exceed the revenue in a natuml state of business. In large sections of
our country, tod in such a state of business, this expenditure happ^ens
nearly and very conveniently to correspond in amount with the receipts
in the .S€uxte sections.

W^ are likeiwise reposiM in peace, with very superior means of com-
munication, whether by mau or personal intercourse, and with a greatly *
increased ^nd increasing poijfon of gold in the currency, to render distant
tnuisfers £uid payments more easy. It is. manifest, thfereftwre, that our
fiscal poQcen^s will be greatly lessened in amount as .well as diflSculty,
unless w« sba^ be yisitqd*,]5y -WiaQrfeldr' bflle^ scourges, involving us in
debts and embarrassments 6f an aggravated character, and which, for-
tunately, no sufficient reason appears- for ^anticipating at an early day.

Under the proposed arrangements, the 'transfers ^-om certain points
could be often effected, when reqtlired by the Department for public
purposes, not only with ease, but so as greatly to facilitate^ the domestic
exchanges, in the mode of employing drafts suggested in a subsequent
portion of this report. In a more natural and ordiadiy state, of r^ceipt§
and expenditures, like that in 1834, the transfers required to. a great
distance would not exceed two pr three milhons during the .year, and
almost the whole of .them were, at that time, in such a direction as to
yield a piofit mther than be expensive to the banks which jnade them.'

If the Treasurer were requned to receive payment in. advance, at
certain convenient points, for all lands sold, as nas once been the con-
struction of the act of 1820, the probabiUty is, that very soon all the
un&vorable transfers rendered necessary would become quite unimportant
in amount, and less expensive than the transportation of speae and

Saper has been heretofore, from the distant land offices to the nearest
eposite banks, before much of it was paid to the pubKc creditors. It
will be seen that, by these modes of keeping the public money, it would
not be indispensable to employ any banks as a prescribe part of the

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16 REPORTS OF THE fl887.

system, althouffh it might sometimes be convei^^t to use them as indi-
viduals do, ana as suli^rdinate fiscal offioers often do in other countries,
for the deposite and transfer of targe sums, and particularly for special
deposites, when looking merely to safety and eany occasion to use the
money.

No act of Congress^ until the charter of the last Bank of the United
States in 1816, required the pubUc mcmev in the Treasury to be kept on
deposite in any bank whatever. The whole subject was left to the dis-
cretion of this Department. Even that charter permitted the Secretary
of the Treasury to remove the deposites from tne Bank of the United
States when he thought proper.

In the supplemental report from this .Department in 1834 cm the
keeping and disbursing of. die public money, a state of things .like the
present was adverted to and considered. It was observed, in regard to
such an occurrence, that it will then "become necessary to devqlvc

* these duties on some receiver or collector already in office,, or on some
. * saie'agent not* now in office, as has been the practice for years in this

* country in paying pensions at convenient places, near which there was
^ no State bank or branch of the United States Bank, and as has long been

* the usage in some countries of Europe, by- having the revenue in certain

* districts chiefly received, kept, and transmitted through private agents

* and brokers."

But it was added, that "though the fiscal operations of the Govem-

* ment could, undoubtedly, still proceed througn th6 personal agencies
^ * before mentioned," and without any |)anks, State or National, yet "it

* would be at some inconvenience and iilcre^t of expense, imless remedied
*in a manner that may herpafter be developed, and weuld not, in^the

* opinion of this department, and in the present condition V>f things be so
< eligible a system ass the ptd^ht bh^^1>ec^y6e banks, though expos^ to

* some dangers and evils, and though ntot believed to be necessary for

* the fiscal purposes of any Government, and much less of one in the
. * present happy Jfinimcial situation of ours, are frankly acknowledged to

^ be, in many respects, a class of agents economical, convenient, and

* useful." ...

; The -use of State banks had then been adopted, and was proceeding
satisfiictorijy^ For jnore than two years after, it continued to be in suc-
cessful operation* so far as regarded both convenience and safety. But
how most of the State banks haye ceased to pay specie even for their
notes, and many have paid out, if* not issued, small bills, so as not to be
in a situation either to be retained or to become fiscal agents in con-
formity to the requisitions of the deposite act. A few others, who are
in a legal situation to be selected, decline to receive the public money
under some of the conditions prescribed by the act.

Nor is any national bank in existence, or, independent of its inexpe-
.diency in a political view, supposed to be capable of being established
constitutionsdly. Hence it is respectfully submitted to Con^sd, under,
all the above considerations, whether tne early adoption of one of the
plans proposed is not proper, and would not be highly conducive to the
puUic interests.

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I€tii7.] SECRETARY OP THE TREASURY. 17

VI. (^TTLBMBNT WITH THE FORBiER DEPOSITS BANKS.

Another subject that appears to require the early action of Congress
is the further indulgence which it may be proper to extend to such of
the former deposite banks as are still indebted to the United States.

The facts which are supposed to be necessary to aid Congress in
forming a correct decision on this subject will be fuUy submitted. The
perils to which those banks were exposed had caused to the Department
much solicitude for several months before the suspension of specie pay-
. ments, and led to some precautionary suggestions which it felt bound to
make to them, so, far as appeared consistent with the usual principles of
banking in this country, and not calculated, by creating sudden alarm,
to hasten the catastrophe that has since happened*

Besides the general cautions with respect to the excesses of bank
issues, and the dangerous consequences likely to ensue, which were
detailed in the last annual report from this Department, several instances
occurred where, the course of the business of some of the depositories
appearing from their returns to be injudicious, special letters of advice
were deemed proper, and were written. A rigid system in requiring
additional specie was also pursued in all cases of unusual deficiency. In
regard to the efiect of these steps on the bajoks, it affords the undersigned

Sleasure to add that, fi'om the completion of their selection after the
eposite act passed to the last returns before their suspension, a great
reauction in the circulation as well as discounts of many of them had
taken place, and, in several cases, a much larger proportion of specie
was kept on hand. Indeed, considering the extraordinary amount of
public money paid out by them bet^v'^een last November and May, amount-
mg to near twenty millions more than their receipts during the same
period, it is a hct highly creditable to their prudence and ability that
the specie of all was reduced only from about fifteen to thirteen millions,
and their circulation, instead of increasing, fell from near forty-one to
thirty-seven millions.

As a whole, their specie, compared with their circulation, continued
to be almost as large m May as m November. It averaged more than
one to three, or much more than has been customary wim the banks in
this country, and was over double the relative quantity held by aU the
banks in £nfi[land at the same period, and was in a proportion one-fourth
larger thaa mat in the Bank of England itself. Their immediate means,
compared with their immediate uabilities, were somewhat stronger in
November than in May, but were at both periods nearly 1 to 2^, or
greater than the usual ratio, in the best times, of most banks which have
a large amount of denosites in possession. [See table Q.]

In this condition of things, the suspension of specie payment by the
deposite banks was an event not generally anticipated.

The policy since pursued by most of them has been favorable to an
q^ly discharge of, their engagements to the Treasury, and to a resimip-
tion of specie payments. Many have gradually reduced their discounts
and circulation, . as well as paid over much of their pubUc deposites. This
jnay be ipore fuUy seen in the tables annexed. [Statement of a few
Jbieads of condition in November, Marcbi July, May, and August.

* * * ■ " Digitized by V^OOQlC

18 REPORTS OF THE [18S7,

See Q.] Since the 1st of May, th^ discoants, as a whole, have Been
reduced about $20,388,776, their circulation $4,991,791, and their pub-
lic deposites $15,607,316 ; while their specie has (Kminished less than
$3,000,000. Of the number of eighty-six banks employed at the time
of the suspension, ten or eleven are supposed to have paid over all the

5ublic money which was then in their possession to the credit of the
'reasurer. In the custody of more than half the others, an ag^egate
of less than $700,000 remains unadjusted^ Several of the rest suU pos-
sess large sums ; but many of them have continued promptly to furnish
such payments from time to time for meeting the public necessities,
that, according to the last weekly statement, the whole balance to his
credit, which remained unpaid in all of them, was only $12,418,041.
The amount thus retained by each may be seen in the schedule an-
nexed, [K.]

The course adopted in respect to the deposites of disbursing officers,
after the suspension of specie payments, and with a view to safety as
well as to encourage the early resumption of such payments, may be
seen more fuUy in the documents annexed. [See circular S.]

It was considered proper to proceed, and attempt to withdraw all the
public money from the aiscontinued agents as fast as it was wanted for
pubUc purposes, and as new and suitable depositories could be procured
to receive anything obtainable beyond such amount. But while the
former agents appeared to be secure, and to be making proper efforts to
meet such calls, it seemed more conducive to the eventual safety of the
money, and more consistent with true wisdom as well as the convenience
of the Treasury, to refrain from unnecessary prosecutions and costs till
the early session of Congress, which had been called in part for the
consideration of this subject. On the contrary, when any of the banks
persisted in neglecting to pursue the prudent course of curtailment, and
m making no reasonable efforts to discharge the drafts on them in an
acceptable manner, the Department considered it a duty, however
unpleasant, to deUver their agreements and bonds to the Solicitor of the
Treasury for suit, This has ahe^dy been done in nine cases i in some
as a matter of precaution, to obtain additional security beyond what had
been given ; and in others, to take the preliminary steps for an action
against the sureties as well as the principals.

Some of the additional banks rendered necessary to carry into effect
one of the provisions of the late deposite act, have, on this occasion,
proved the least prompt and efficient in meeting their obligations. But
though the losses of a few may be severe, and considerable delay may
arise in discharging their engagements ; and though it has been proper,
and has evinced a commendable state of moral feeUng in many of them,
to strike at the root of the present excesses in paper, by curtailing
largely both their issues and discounts, and thereby to make serious
sacrifices; yet the condition of them all appears to be such as will, with
the collateral security taken in most cases, render the United States
probably safe against any ultimate loss. Considering the wide-spread
pressure of the times, which had involved some of the banks, as well as
their debtors, in extraordinary embarrassments; and that the public
money, as a general rule, had previously been called fix)m Aem only in

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.1837-] SECRETARY OF THE TREASURY. 19

HKxilerate sums, as needed fer expenditure and transfer, it was not to be
expected that several of \hem would be able to pay over at once, and
in specie, the whole of the large amount then in tneir possession.

More especially was this not to be eiroected, when, £ix)m the great
accumulation of deposites, the specie of all of them at the time of the
suspension, as well as for many months before, though larger than the
proportion held by most other banks, did not equal, and could not, with*
out making a sudden and great change in the practice under our whole
banking system, equal one half of their indebtedness to the Government
alone. It is presumed that a considerable portion of the money since,
as well as fonnerly, paid by the banks on transfers and dr^ts, has not
been demanded nor paid in specie.

But no persons have been required to accept anything else; nor, ac*^
cording to the views of the undersigned, could they be, without a viola-
tion of law and sound policy.

The drafts of the Treasurer for debts, when drawn on banks and not
discharged on presentment, have, under instructions &om this Depart-
ment, been often taken up in its behalf by the collectors and receivers,
in order as much as possible to relieve the public creditor from delay
and loss. [See F, and circular instructions T.] New drafts, when the
first ones were not paid in an acceptable manner, have also, in some
cases, been given on other depositories, and have helped to promote
satis&ctory adjustments.

Since the discontinuance of most of the banks as depositories, this De-
partment has also found the use of drafts made directly on receivers and
collectors very acceptable to most of pubUc creditors ; and by the specie
fortunately then on hand and sitice collected by the receivers, with a part
of what wa^ before in the Mint^and some occasioaally supplied by a few
of the banks and collectors, a large amount of claims has been paid, and
the Treasury is ready to pay others in it, so far as practicable, at points and
in a manner convenient to many. But, till the indebted banks resume
specie payments, or increased collections can be made in specie of what
is due frpm them and from the merchants, it must be obvious that
the Department, however anxious to pay all the pubUc creditors and
officers in specie, when demanded, is unable to accomplish so desiraUe
an object.

This is one of the evils incident to the existing state of the moneyed
concerns of the country, and which cannot be remedied, unless Congress
fiimish additional means, until specie payments are generally resumed*
Some intermediate losses by a depreciation of bank notes must there-
fore fall on those, whether creditors or officers of the Government, who
consent to take them rather than submit to delays in payment.

Hence it seems highly reasonable that the Govempient should hasten
as fiist as possible the restoK^tion of specie payments, at least by its for*
mer .fiscal agents who are still in debt.

This would put an end to such losses. It also seems proper that those
deposite banks which have not generally answered the demands on them,
but have continued to receive fiiU interest on the deposites they had
loaned out, should be required to pay it on the sums still retained, and
fixnn &e peiiodjs when they Med 16 fulfil theij: obligations to the Tieaa«

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20 REPORTS OF THE 11887.

uiy* It 18 manifest that the members of Congress, coming from every
4iection<of the country, would be the best judges of what further lenity
or severity might properly be exercised towards them ; and knowing
JDore intimately the causes and consequences of Ae suspension of specie
payments by the banks in their respective neighborhoods, can decide
with greater accuracy whether any indulgence comd hereafter be extend-
ed to them appropriately, except on the condition of an early resump-^
tion of specie payments, and an aJIowance of interest during any delay
in meeting their fiscal engagements. With the means of mibrmation
.possessed by tbe undersigned, he does not hesitate to express an opinicA
ihat it should not be done without a compliance with such conditions.
As further evidence of the abiUty of most of them on this sul^gect, it will
be necessary only to advert to the abstract of their last returns which
ias been previously annexed.

From the mode of doine; business in the Southwest, by making muok
of their circulation not redeemable at home, but at distant points, and
providing for it there by biUs of exdismge, (so many of which during the
.past season have failed to be paid,) the situation of several of the banks
there is least eUgible, not oiuy for an earlj resumption of specie per-
ments, but for a speedy and satisfactory adjustment of their debts to tae
Government. But in the Westeni, and probably in the Eastern and
Middle States, if not elsewhere, the ability to sustain such payments
appears, by their returns, much greater than has been customaiy in this
country. Their specie, compared with their circulation, is as one to two,
and one to three; and their inmiediate means, compared with their iin-
mediate liabilities, are over one to three. Hence it has been hoped that
the efibrts which the banks were bound to make would lead, in moat *
places, to the desirable events above menuoned, without very long delay*
{See circular V.l ^ The objection usually urged against an early resump-
tion, that the unmvomble balance of trade against this country would, m
that event, cause some of the specie in the banks to be drawn out and
shipped, will, however true in point of fact, possess much less force when
it is considered that the delay hitherto has not prevented the export of
specie. On the contrary, consideraWe sums which were in ordinary
circulation have since the suspension been withdrawn, and a portion of
them sent abroad, while then* place is badly supplied with depreciated
Ipwer. So happily adjusted, however, are the laws of trade, even in theit
umuence on the precious metals, that while our custom-house books show
on export smce the 15th of May last, chiefly to England and France, of
48,708,820 of specie, they show during the same time imports, chiefly
fifom other quarters, of $3,140,020. Though the actual imports and
exports have both doubtless exceeded those amounts since that period,
and the ratio of diflference has been somewhat greater, yet the total drain
has been much less than many have ims^ined, and produced less effect
on the general ability of the country and the banks to have specie pay-
meats resumed and successfully sustained. Congress having power to
pass a bankrupt law, it would be worthy of consideration, if the power
6e -ever exercised, whether adl banks, and in any event, as reconmieaded
by Mr. Dallas and Mr. Cmwford, all employed by the Treasury, Ad^
BQt be subjeeted to ils provisiond, and, on any important ^uid defibecste

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ISaSf^l ^CRETAHT OP THE TBEAStRY. 21

fioiore in dMsr pecimiaiy duties, be con^pelled at once to close tfasir
concerns.

In r^sfect to the banks in the District of Cohimbia, as well as othecK
coanected with the Greaeral Govehunent, it seems desirable ths^ the
measures adopted in relation to them by Congtess should have a strong-
tendency to encoorage the earliest resumption of specie payments whica
is . practicable and safe. For this purpose, little doubt can e:dst that,
while tiiose measures will be the most salutary which shall evince a due
liberality and forbearance to the extent really required by the crisis, they
should, beyond that, be rigorous in exacting the adoption of such steps
as are sanctioned by the sound principles of currency and the pubuc
fidth* They will thJen help, at an early day, to relieve the community
as well as die Treasury trom a conoition of the circulating medium
which, so far as it conmsts of bank paper irredeemable in specie, is one
of die worst scom'ges which can be inflicted on society. It is no less
hostile to the best maxims of political economy than usually subversive
of every just sense of both moral and legal oldigation.

Vn* ON T»B IfONBT RBGEIVABLB FOR PUBLIC DUBS.

The kind of money or currency receivable for public dues is another
embarrassment concerning which legislation has been deemed proper by
many. A chan^ in the existing practice has been requested by others,
without legislation. But, since the suspension of specie payments by
the banks, no change which should sanction the receipt of bank paper
not redeemable in specie, has been thought either prudent or permissible
by this Department. Nor will such a one be adopted witiiout the express
direction of Congress. [See F 1, 2.]

Believing that specie is the best standard, and the only ode contem-
plated by me Constituti(Hi, for the public revenue and expenditures, as
well as for the value of contracts and property, every departure from it
lor those purposes is deemed by the unaersigned pernicious, if not unccm-
stitutionaL The question as to the expediency of using any other me-
dium for a currency is of a difl^ait character, and more complicated^
But the ruinous consequences of a resort to continental money, bills of
credit, or any species of paper not redeemable in specie, and which had
been developed in our own experience, as well as m the soundest theo*
ries of political economy, were imdoubtedly a principal cause for those
r^d provisions in the Constitution connected with the currency. They
restrict any State from issuing mere "bills of credit," from making any
thing a tender "except gold and silver," or passing any law " impairing
lie ob%ation of contracts," as well as confine to Congress alone the
powier " to coin money" and " regulate the value thereof?' The exercise
of this last power, manifestly relating only to metallic mon^, appeaars
fo require merely the coini^ of a sufficient supply at the Mmt, and in
convenient denominations, for all necessary purposes, and of such a»
ii^rinsic value as, while preventing it from bemg depreciated on the one-
band, should, on the other, not be so underrated as to cause it to be too
veadily expected, or inelled down for use in manufactures.

The whole amount nfcessaty for public payments hfiis been mueb

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23 REPORTS OF THE [18ST-

misapmehended. Without a surplus in die Treasury, it would sdifem
exceed eight or ten millions of dollars, even if no evidences of debt, or
any kind of paper money, were receivable. Like a running stream, the
com which flows in as constantly flows out, without much accumulation ;
one dollar helping to perform, m a single year, the service of payment
and repayment numerous times. Inde^, the people of the whole United
States do not, in a sound state of business ana prices, need over one
hundred and ten millions of an active circulating medium for all their
currency. This would be a larger portion of currency to our present
{)opulation than the average has been fix)m tHe adoption of the Constitu-
t^n; and, if an exclusive metallic currency could be deemed desirable^
would require only about thirty millions more than the specie which is
supposed now to exist in the country. But the present quantity of specie
being divided pretty equally between the banks and individuals, not
half of it is in active circulation ; and, unless it becomes increased and
much more equally diffused, some paper is, of course, necessary to pre-
vent a sudden j-evulsion in prices and vabies, and to supply a sufficient
circulating medium for the legitimate purposes of the States and the
people. Some paper wiQ probably sdways be found convenient for
commercial operations. It would. merefore be invidious, if not unau-
riiorized, for the General Government to deprive the States erf any sup-
posed advantage in the use of it so far and so long as they may deem
proper, or otherwise to interfere with their course in relation to it, except
to enforce the present constitutional prohibition against issuing any buU
<f credit or making anything a tenaer except gold and diver. Care,
however, must be employed, incidentally, to avert, as far as possible,
any evil influences which might otherwise be exercised over our own
fiscal operations by the different local policies pursued on a subject of so
much delicacy, hazard, and difficulty.

The power which Congress may possess to legislate with a view of
furnishing a paper currency of any kind for the ordinary uses (rf the
community, or of regulating, in any way, domestic exchanges, is not
entirely clear nor weU defined. Whatever may be its just extent, it
seems seldom, if ever, necessary to be used whiljB the States retain such
a wide and undisputed authority over" banking ; and while the local
institutions, as well as private bankers, here no less than abroad, are
generally so competent to effect exchanges. Such a power is not ex-
pressly conferred in the Constitution, nor does it seem to be impUed,
unless, in the ex6cution of some plain grants, it may become proper to
be exerted on any emerg^icy, and without using means otherwise for-
bidden, unwarrantable, cwr inexpedient.

In regard to exchanges, it is beUeved that seldom, if ever, haS' any
GSovemment, however unlimited its authority, considered it wise to pre-
scribe special regulations for efiectmg them. Such a Grovemment might
well feel empowejfed " to regulate commerce with foreign nations," or
between its own States, if it had any; but to regulate exchanges between
individuals, would, in mpst cases, be justly deemed arbitrary. On the
contrary, lie sound principles of trade seem to require as lit&e interfere
ence as possible with fixing the price of commodities, or the mode and
medium through which they shall be iBtercbsAged. Those piinciplea

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1887.] ^ SECRETARY OF THE TREASURY. 28

would obIj yield adequate {mTtection or security, furnish facilities appro-
priate aucl authorized, and establish a good standard of value. Indeed,
the balances of indebtedness between different sections of the country,
if left to work out their natural consequences on the rate of exchanges,
will usually, as they are now doing, correct excesses in business in any
quarter, and be selJ-r^[ulators far superior to any officious and minute
legislation. The rate merely for exchangeig can seldom exceed the
expense of transporting specie between any two places; and, if surpass-
ing that, the excess must arise from what Government has httle power
to cure — ^that is, from the difficulty in obtaining money where indebted-
ness ia great, interest high, and credit impaired.

. In regard to the currency which is most suitable for public purposes,
whatever may be the authority of the General Government to make or
adopt a paper one, in full or in part, it is difficult to perceive tvhy, after
having established specie as a standard, having forbidden anything else
to be made a tender, and having succeeded in encouraging the introduc-
tion of a supply of it into the country very ample for all fiscal purposes,
it should expressly dispense with its employment as the . most usual
medium for those purposes. The fundamental acts of Congress as to
the payments for duties and lands have not made any exceptions in its
use, or provided any substitutes except the " evidences of^ the pubUc
debt" Any exceptions allowed ought certainly never to permit any
thing except specie to be paid out as a rightful tender by the United
States; and this piinciple has always been stricdy observed. But by '
constructions adopted early in this Department, and subsequently by
the charters to the two United States Banks, as weU as by an apparent
sanction in the joint resolution of 1816, different substitutes of notes
issued by those and State banks, have, at different times and under
different modifications, been permitted to be received in payment. These,
however, have been allowed only when regarded as a clear equivalent to
specie or by being readily convertible into it, and by being recommended
by some superior convenience or utility as well as by great security. As
specie likewise combines safety, uniformity, general use, sound theoiy,
and almost universal experience in fevor of its common employment,
the fi-amers of the Constitution doubtless believed, as has been the uniform
practice since, that all substitutes of paper, as they have less intrinsic
value, though they often, by smaller weight or bulk, possess some qualities
of greater convenience for certain uses, should never be permitted to be
forced on either the Government or the community without their express
consent. As they depend also on credit for their worth, it must be
b€id policy to countenance them for either public or private use, when
their credit does not rest on undoubted security, or to encourage such
small denominations of them as would be employed by those classes in
society whose business is of a kind which cannot be essentially promoted
by the substitutes — ^whose profit is Utde or nothing derived &om them,
and whose losses, where depreciations occur, cannot be borne without
distress.

Another general objection to every substitute not resting on. an equal
amount of specie in pledge to redeem it, which was the original idea of
a bank of issue, is, tnat it tends to dispense with the necessity of specie

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24 REPORTS OP THE [188*^.

in connection with the currency, and thus, by convertins' more of it into*
an article of trade, expel it from the country; whue a circulating*
medium is introduced instead of it which is usually less .safe, and often
tempts to ruinous expansions in issues as well as business, so as to
cause great fluctuations in prices, unsettle the value of property and
contracts, and sometimes strip from honest industry in sL moment the
hard earnings of years.

Besides these, a special difficulty, in the use of any other substitute
for public purposes, is the procrastination, disappointment, and embar-
rassment which, in case of its depreciation, are sometimes occasioned
by it to great national measures, as well as the discredit thus cast upon
the wisdom of the Government for regulating its fiscal affairs in sucn a
manner as to be unable to discharge punctually its engagements, and for
the exhibition of an example so mischievous to both individuals and
nations. Another difficulty in this country is the want of equal value,
at different places, in any other, when compared with the standard of
specie, and the virtual violation which its receipt for duties may thus
cause of the spirit of that part of the Constitution requiring all imposts
to be " uniform." Nor can these two last difficulties be always entirely
overcome by the use of such paper, or any other, though redeemed in
specie, and on demand, if it be taken at a distance ifrom the place of its
redemption. But, in the administration of our fiscal concerns, it has
^ways been very desirable to avoid the want of uniformity, and the
delay or expense, and sometimes the loss, incident to the receipt for
lands or duties of such notes if redeemable at a distance, and which
then would sometimes occur before they could be converted into specie
or such money as the public creditor was bound or willing to accept.
In order, therefore, to prevent those injurious consequences, one mode
has been to accept no State bank notes whatever for pubUc dues, as is
now, and sometimes heretofore was, the practice in respect to lands.
Another has been, to permit none to be taken except such as, under per-
mission of the Treasury Department, the collecting officers or the public
depositories were willing at once to credit as specie.

In our early operations, for purposes of facilitating remittances to die
Treasury, quite as much as for accommodation to others, collectors were
instructed to receive certain State bank notes, payable near the seat of
Government, and which were to be credited as cash, when forwarded
by mail, or otherwise, to the Treasurer. [See a circular, 1789 — ^H.]
The justification offered for this course may be seen in a report fit>m this
Department in April, 1790. [H 2.] The situation of the country, how-
ever, as to ease in communication, fiiciUty in exchanges, and the nearer
location of many points of collection to those of expenditures, has since
undergone such great improvements as for a long time to have rendered
the receipt of notes to aid in public transfers seldom necessary, and
almost entirely disused. Another mode adopted by Congress has been,
to render the receipts of the notes of State banks, for any purpose, less
material, by previdiDg those of a bank chartered by the General Gov-
ernment, and making these last, by law, receivable for all public dues.
But this mode has ceased ; and the legality as weU as sound policy of the
practice to receive the notes of State banks for any public dues, whether

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1837.] SECRETARY OF THE TREASURY. 26

done with a view to fiscal or general convenience, and though under all
the strict limitations before mentioned, has been questioned by some.
Others have considered any limitation whatever, by either the Executive
or this Department, as not justifiable, since the joint resolution of 1816.
It is, Aerefore, respectfiiUy suggested, that a strong propriety exists for
Congress to legislate more exp^dtiy on the whole subject.

It may be proper and useful to add, that as most of the duties on
imports have been discharged in checks on the bank where the bonds
WCTe deposited for collection, or in its own notes, and seldom in those ■
of banks at any distance, little embarrassment has ever arisen concern-
ing the payments for duties iti bank notes. But in taking them for
lands, the remote situation of the purchasers, the receivers, and the
banks, has generally been such that fi^uent difficulties and changes in
practice have occurred during the period while the United States Bank
and its branches, as well as the State banks, were employed as deposi-
tmies. In our mixed system of a currency, and one so long and so
deeply interwoven with the business of the country, it was very incon-
vement entirely to avoid, and at the same time occasionally dangerous
to permit, taking the bilb of any State bank for lands ; and the receipt
of such notes was obliged to be either so restricted as to prove of little
convenience to the community, or a risk was incurred of many partial
airangements being made, and some ultimate injuries sust^ned oy the
Treasury.

Under all these circumstances, the course least liable to strong objec-
tions appears to be for Congress to prescribe some specific regulations
on the whole subject.

This could be eflected by directing what alone appears safe, and what
is imderstood to be the practice in both England and Fmnce. It is, that
the bills of no local banks be taken which shall not, fi-om the near loca-
tion of the bank, be equivalent to specie ; be able to be converted into
specie at very short periods by the receiver and collector, so as to pay
tne pubHc creditors legally, if demanding specie ; and be thus accounted
for at par, and without expense to the Government. Another advan-
tage fix)m this course would be its salutary check on over-issues by the
neighboring banks.

The occasional convenience of sound paper currency for various pur-
poses, whether national or individual, such as large payments, distant
remittances, exchanges, or travelling, is highly valued by some, and,
where gold does not circulate, is often very considerable. But tjie diffi-
culties in keeping it sound, the hazards and losses incident to its use,
and which have dready been explained, are troublesome. Should Con-
gress determine that it is proper to furnish, by its owii authority, and for
the purposes before mentioned, some paper medium of higher character
and other than what now exists in private bills of exchange or notes of
Statfe banks, no doubt exists that any benefits which may occasionally
be derived from its employment can be readily secured without trea^ding
on Ae debatable ground of either the power or the policy of chartering
a national bank. —

Certificates, not on interest, but payable in specie to bearer or order,
as Well as being receivable for all public dues, could be autborised to be

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26 REPORTS OP THE [185»,

given in payment to the public creditor whenever preferred by him wd
sufficient specie existed m the Treasury. This kind of paper would be
very convenient in form, and would diflfer Uttle from the orafts now in
use on banks, except being drawn on a known specie fund, and express-
ing on its face not only this, but its being receivable in the first instance
for all public dues. It would possess the highest credit attainable in
society.

As a practical illustration of their probable utUity and convenience,
even the drafts, though exposed to several disadvantages which would
not exist with the certificates, are near the par of specie, and fiimish
such facilities for large payments and distant remittances that the cunount
of them, on both banks and collecting officers, kept out unretumed has
increased within a few months from the usual aggregate of about two
miUions to nearlv four and a half millions.

If the demand for such paper increased, public and private conveni-
ence might be promoted, and an equal quantity of specie at the same
time preserved m the country, by reserving for this purpose, from any
accumulation in the Treasury, a sufficient sum, and by placing it at a
few important and convenient points, to render a greater number of certi&-
cates redeemable there with the very coin whDse representative they
are intended and honestly ought to be.

All the advantages of these certificates could thus be furnished by
merely paying them out to the public creditor when more desirable to
him than specie. But no loans of them appear advisable, nor, any bank
incorporation, bank officers, or bank macliinery whatever, in connection
with the subject They would combine the most important requisites
ap{)ertaining to any paper currency — such as the greatest security, an
entire specie basis, and the unity of all issues in one body; while the
control over these last, which it is so very desirable to preserve independ-
ent, would be placed and regulated by law so as to prevent any
interested or injurious excesses. The whole risk would be the loss by
casualty or unlaithfulness of any of the specie that was held to redeem
the paper, and which, as well, as the expenses, would probably be in
part remunerated by the loss of certificates before they are returned. K
the residue of the expense should constitute any considerable objection
to the system, it could be fuUy obviated by a moderate and fixed
premium for the certificates, either when issued or redeemed.

The common drafts of this Department, in their present convenient
form, possess one advantage which could sometimes be imparted to
the certificates. When used at places against which the balance of trade
exists, but drawn on places in whose fevor it is, the former do now, and
may hereafter, not only facilitate essentially the domestic exchanges,
but at the same time, supersede numerous bank transfers and the more
expensive transportation of specie itself.

The Mint certificates heretofore g^ven on the deposite of bullion and
specie for coinage, might easily be made running to beaier or order, and
receivable for all pubhc dues; and, in that way, would contribute to the
same desirable ends.

The present branches of the Mint, if not numerous enough, nor situated
at convenient places for the receipt of specie and bullion for this p\ir-

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1887.] 8ECBETARY OP THE TREASURY. ^

poee^ might be aided by two or three agendes, instead of more expen-
sive new branches^ at points &yorable to the interests of the Mint and of
the conmranity •

It must be obvious that the paper df any bank will be less safe and
useful>in being received for puldic dues, in proportion as it may want
such solid securities and foundations as the certmcates before described.
But if the notes of Stete banks are made receivable for such dues, undfer
certain hmitations like those which have been explained, the other most
desirable guarantees for their safety, whether looking to any use of them
by the General Government^ or to the durable interests of the States
diemselves, seem to be for the latter, first, to impose on the existing
banks, so ikr as lawful, the checks mentioned in a subsequent part of this
oofmnunication. They could next authorize very few banks hereafter,
except those of mere discount and depjosite; and where the power of
hfiain fig paper issues to pass as money is added — a power so sovereim
in its character, and so indispensable to be vigilantly guarded, could
require a large proportion of specie to the circulation and deposites to be
hept on hand, and, in addition, have the faith and security of the State
jdedged to indemnify the conmiunity, as, in the case of the above-named
certmcates, would be pledged those of the General Government. This
would greatly increase the caution and Watchfulness of all concerned,
and coSd be dcme by special laws for that purpose, or by allowing no
new banks hereafter excm)t State banks so organized, or by requiring
State stocks to be owned by all the banks, and lodged in trust to the
extent necessarvj with the specie on hand, to secure the immediate
ledemption of aU the bills issued and all the deposites payable on demand.
Another kind of security be^cwnd what now generally exists, would be,
never to permit deposites to be received payable on demand in specie,
(a practice so very dangerous to the bill holders,) except in the case of
mecial deposites kept for a moderate compensation. The only other
description of security which is likely to prove in any degree efficient,
seems to be of a penal character, either by extending me provisions of a
bankrupt law to all banks, as before suggested in respect to such as may
be fiscal agents, or by allowing all depositors, pubhc or private, and aA
hill-holders, not only a large interest but severe prosecutions against the
diiect<»s after any deliberate omissicm by banks to discharge their duties
in the manner provided in their charters and contracts. The paramount
object in aU such provisions should of course be to guard against abuses
and reform existing evUs, though in some instances the case may have
beoHxie so desperate as to requue even amputation to save fife. £very-
timig else concerning bank paper is supposed to belong to the wisdom
and sound discretion of the several States, as they may prefer, fi-om time
Id tune, to create and employ it Within the constitutional limitations, and
as soon as deemed expedient by any of them, specie alone, or paper, or
t mixed medium of both, as considered preferable by each for its own
poqx>se8, can be, if it be not now, established. At the same time, it is
hoped and believed that no wish exists in any (juarter to prevent, but
zamer a deep and general anxiety, like that evmced by Congress, the
Executive, and this Depsutment, for some years past, to encourage the

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28 fiEPORTS OF THE [IfflBT.

same sound currency for the uses of tlie |>eople and ^ States aafiir the
fiscal operations of tne General Govemmentw

Vtn. SOME 0BNERAI. CAUSES ANB REMEDIES OF THE PBSB8NT EMBABf^

BASSMENTS.

In conclusion, it is the intention of the undersigned not to advert to
the chief causes of the recent calamities, except so fiix as they are con*
nected with our financial condition, and as appears necessary to indicate
briefly a few remedies by means of general legislation.

Without doubt one of these causes was the over-production of cotfioo,
coupled with the large and sudden depreciation of its price.

The whole product, though before so great, had, within three y^aiBi
been increased probably more than one hundred millions of pounds, so
as to exceed in a single year the enormous quantity of five hundred and
forty millions of pounds. The fall of price was such as, on that quantity^
would make a difiference in its value of near forty millions of dollsurs. The
occurrence of this fell, however, was at such a period of the year a£ not
much to afiect over half the last crop ; but me violence of the shock,
though thus lessened, still occasioned a loss to an appalling amount. The
fell was chiefly consequent fiiom the over-production and the abrupt
withdrawal of foreign credit, combined with' some other circumstmicea
which need not now be particularized. The over-production originated
partly, like most other excesses here, fiom an extraordinaiy extension of
credits and of bank issues, and partly 6com keeping open the sales of
public lands to all persons, and at the former low prices, after other
articles, including cotton and lands, had suddenly risen much in their
nominal value. Under this tempting state of things those sales weie
exorbitantly enlarged, till they amounted to over twenty millions of acres
in a year, when not more than three or four millions were prolwibly neces-
sary ; and not so much had before been requisite, annually, to meet the
natural demands for new pubKc lands for raising cotton and for all other
kinds of agricultural employment. But this excess in sales, so unexpected
and ruinous, can, it is l)elieved, be averted hereafter, whmiever they are
likely to go beyond a desirable amount, by passing laws which shall con-
fine them to actual settlers or increase the price to others. The same
measures, with other remedies hereafter suggested for some other exist-
ing evils, will help to correct foture excesses in the production of the
great domestic staple of the Union.

Another of the causes df the present embarrassments was the unprece-
dented quantity of foreign goods imported. By stimulants to overtrading,
such as very extended and often-renewed credits abroad, as well as at
home, so treacherous in appearances of prosperity, those importationg
were dangerously swollen to the amount of almost two hundred millions
of dollars a year, and thus constituted an excess over our exports of alK>ut
sixiy miUioiis, and involved the country in a foreign debt, merely com«-
mercial, whose balance against us, after all proper deductions for freights,
profits, and similar considerations, probabfy exceeded the aggregate of
thirty millions of dollars.

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.18SW0 SECRETARY OF THE TREASURY. £0

That exeesS) ao litlle ac^idipsLted and so indiBGreet, the ^8tem of credit
fi>nnerly in u$e, and better r^ulated, would have seasonably prevented,
i>y requiring an early adjustment of balances, and, thus tumiag the foreign
exchanges again^ us, would have stopped many extravagances both in
trade and bank issues.

But, stimulated and unrestrained as before described, it increased the
duties some millions beyond what a prudent though prosperous state of
trade was likely to produce, and, combined with some otner causes, has
overwhelmed tne mercantile interest with many of those disasters under
which it has suflfered so severely the past season. From many of these
no just legielaticHi can now aflford much relief. Nor could any legislation
heretofore have prevented severe revulsions from this source, except by
imposing cbedks on ^ordinate credit and banking, as well as cm sudden
ana largo expansions and contractionain bank issues, and by that further
reduction of the tariff which has been so strenuously urged for twoyeais
past to be adopted whenever our fiscal condition evinced that the whole
of the accruine duties were not needed for public purposes. Because
the great surplus ^Ncced into the Treasury by the excesses in the sales of
land and in auties on imports, not being seasonably withdrawn, either by
equivalent am)ropriation8 or ftuther reductions in the current receipts
through newlaws or by investments, has undoubtedly contributed, through
the loan of it while in depoeite, to sustain in some degree, if not produce,
the spirit of overtrading* That surf^us was often deprecated ; and the
only sound legal preveqlives still appear to this Department to be the
measures^ before enumerated for preventing its accumulation. And after
it had undesi^edly happened, the wisest disposal of it was supposed to
be to emend it as fest as useful en proper objects of a pubUc character;
and in tne mean time not to leave it in the deposite bam^, but to invest
it in State stocks, as a provklent fund, to remain both safely and profitably
till wanted to aid in meeting current expenditures or extraordinary con-

The undersigned regrets that he was not so fortunate in sustaining bis
opinions concerning the transient and fluctuating character of the excesses
in our re^nue, as to have received the concurrence of Congress in rela-
tion to those cautionary provisions formerly recommended by him for
meeting the revulsions, aeficiencias, and contingencies which he sup-
posed incident to them as well as to our financial system generally. lie
IS at the same time aware that the deposite act, so far as it placed a part
0f the public money with the States for safe keeping, and the Treasury
circular issued by the direction of the Executive as to the kind of money
receivable for public lands, were intended, among other things, to obviate
a portion of the evils ccwmected with those excesses. Nor does he en-
tertain any doubt that they both contributed, at first, to awaken caution
AHKmg the more considerate, and to excite strong suspicions, if not con-
indions, in prud^it minds as to the great extravagances of credit into
'Which the community had rashly plunged. But after those measures
had accomplished these and similar benefits with a portion of the com-
mimky, thoueh others 8(tiU felt justifiied in anticipatuig a continuance oi
•Qfpluaes ana distributi€Bs,:the.8ub8eqitent infloeaee of either Ihe a^ct or
ibetcireulari in ch^dBfig the threatoned misehie&y is belieif<ed in most

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80 REPORTS OF THE f 18d».^

cases t» have been overrated. The operations of the d^posite act in
supplying deficiencies of revenue by a recall fix)m the States, however
well intended, will probably prove very deficient. In some other
respects they have, by first requiring to be speedily collected and sub-
divided among more numerous banks fix)m ten to fitfteen millions of dd*-
lars, and then compelling, within the short period of nine months Scorn
the 1st of January last, another coUecticm and transfer of nearly forty
millions more, and much of it fiiom the merchants, and to places not
situated in the usual channels of trade or of laige fiscal operations,
unquestionably aggravated many of the disti'esses which had their prin-
cipal origin in other causes. Those operations necessarily aided to pro*
duce the derangement that occurred in the domestic exchanges, and ^ f
imposed a task upon the banks unprecedented for its amount and
dimculty. By converting suddenly into demands for specie veiy large
sums, most of which were before mere credits, they also hastened, if
not increased, the loss of confidence in banks that has since so widely f
impaired their character and usefiilness.

Another, and the last general cause of the present embarrassnsients
which will be noticed as having much connection with our financial
affidrs, has been an unnecessary and injudicious increase of bank capital^
discounts, and issues. A similar increase, however this may have oeen
influenced by the large temporcury deposites of public money made with
banks and States, ana by the causes oefote alluded to, has happened in
some foreign countries as weU as here, during the same penod, fi*om •
other ffreat commercial and monetary impulses that are permanently con-
nected with all paper systems not founded entirely (m specie. These
impulses have operated m some measure independently of several tran-
sient and local causes, whose effects have by many been much exag-
gerated. It is probable that they never can be properly controlled under
such a system of expansive cre<ut while the individual directors of much
of that credit have so Uttle separate legislative restraint placed over their
conduct, and have private interests at stake which, in the pursuit of
immediate and large profits, must usually possess a strength so superior
to that of any sense of ffeneral duty to consult the public security •

The amount of circulation which existed in the early part of the last
year had increased thirty millions or forty miUions of dollars in only
three years. It continued to expand for some months afterwards, and
in the last annual report was considered likely to prove ruinous to steady
prices; to surround with danger every species of sound trade;, and not
to be susceptible of that reduction to proper dimensions which was
necessary, and soon inevitable, without probably producing some of the
wide-spread sufferings which have since happened. The constitutional
power of the General Government to check such evils, except as before
mdicated, and incidentally, through the kind of money it can and should
permit to be employed in its revenues and expenditures, is £^prehended
to be limited* Through the latter it may usefiilly discourage, as of late
years has been attempted by Congress as Well as the Executive, the
dangerous issues of small biUs, and, indeed, paper emissions o£ any
kind which are not <' paid on demand in gold or suver coin at the place
^ where issued, and shall not be equivalent to specie at the place wheie

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1887.] SECRETARY OF THE TREASURY- 81

'oSeredj and convertible into gold or silver upon the spot, at the will of
* the holder, and without delay or loss to him." For the like purpose, it
may likewise continue inflexibly to countenance for 'smaller payments,
ana in the business of society not particularly commercial, a metallic
currency, which is not liable Uke bank paper to sudden fluctuations
and great losses. A further wise step would doubtless be, to refrain to
make, by its own acts, any addition to the amount of bank capital,
abready too great, and to rely on bank paper as httle as practicable,
when authQnzed in the improvident manner which has oflen prevailed,
and exhibited so much feebleness and insecurity, as well as produced
so many inconveniences and losses.

It appears to the undersigned, that aU beyond this which can be bene-
ficialfy accomplished, in connection with the last cause of the present
embarrassments, and without an alteration in the Constitution conferring
on the (Jenerai Government direct authority over every kind of banking,
must be eflfected through the State Legislatures and the commercial
habits of the community. Much improvement can doubtless be intro-
duced, if the Legislatures will impose those additional regulations,
restraints, and securities, which have been before enumerated. Much
more will also follow, and substantial relief be afforded to the people at
large, if, in addition to the other measures recommended, individuals
wiU exercise the wisdom to place a greater reliance on real capital,
active industry, firugality , and well-grounded credit, than on that inflated
system which of late has contemporaneously preWiled to such a ruinous
extent both in this and some other countries — a system which has been
encouiiEiged by some persons under the delusive idea that there was no
overtrading of any kind, till a revulsion has occurred almost without a
parallel and has given to commerce and credit a blow whose destruc-
tive eSects it may r^uire years fully to repair.

All which is respectfully submitted.

LEVI WOODBURY,

Secretary of the Treasury,

Hon. James^. Polk, '

Speaker of the Howe of RepresentaUves.

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38 REPORTS OF TIffi [1887.

LIST OF DOCUMENTS

Annexed to the Report of the Secretary of the Treasury*

A. Letter to the Collector at New York from the Secretary of the Treas-

ury, concerninff the postponement of bonds for duties.

B. Instructions from Uie Solicitor of the Treasury, on the same subject.

C. Memorial from merchants of New York to the President.

D. Memorial from Chamber of Conmiei;ce of Boston to the Secretary

of the Treasuiy.

E. Memorial from the Chamber of Conunerce of New Orleans.

F 1. Reply ^om Secretary of the Treasury to the Chamber of Commerce

of Boston.
F 2. Letter to Collector of New York as to receipt of bank notes.
F 3. Letter from committee of Chamber of Commerce of New York,

requesting extension of a year on payments of duties.
G. Letter to the Executives of the States, with the postscript as to the

return of the transfers in case of non-payment by the banks.
H 1. Circulai' letter from .Treasury Department as to the receipt and

transmission, by mail,. of bank notes in 1789.
H .2. Extract from report of April 22 j 1790, upon collection law.
I. First circular to the deposite banks, discontinuing those which had

ceased to pay specie for their notes.
K* List of ijiose thu^ discontinued.
L. List of present deposite banks under the deposite act.
M 1. First qircular to collectors, directing them not to place money in

geneyal deposite in banks which have stopped specie payment-
M 2. Circular to receivers of pubhc money on tne same subject.
N. Second circular to them to deposite specially when they have on

hand over a certain amount.
O. Extract from Treasury report in 1790, as to a new class of officers

to keep and transfer the pubhc money.
P. Table of Treasury warrants payable in each State in 1834.
Q. Comparative condition of depo^te banks in certain particulars in

November, 1836, and in March, May, July, and August, 1837.
R. State of the accounts of the former and present deposite banks with

the Treasurer of the United States.
S. Circular as to deposites by disbursing officers, by order of the Presi-
dent.
T. Circular instructions to collectors and receivers to accept Treasury

drafts in certain cases. . ^
U. Condition of each of the former deposite banks at the last returns.
Vt Last circular to banks on the subject of resuming specie payments.

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1837,J SECRETARY OF THE TREASURY. 88

A.

Trbasuey DbpaetmSnt, May 8, 1837.

Sm : I have been directed by the President of the United States to
communicate to you the views of this Department in relation to the
request recendy made to him by a committee appointed at a respectable
meeting held in the city of New York. The request was, "that instruc-

* tions may be ^ven to prevent the commencing of suits in any of the

* collection districts upon unpaid bonds, until after the first day of January
*next.**

With eve^ disposition on the part of the President and this Depart-
ment to gratify any wishes of the mercantile portion of the community,
and with a deep soUcitude to alleviate, as far as possible, the pressure
which exists in their pecuniary afiairs, it is to be regretted that instruc-
tions cannot be given for so protracted a delay, and in so general a
manner, widiout a departure n-om lonc^-established usage, and great
inconvenience to both tne merchants and the Treaamy.

By the act of Congress of the 2d March, 1799, it is provided that
"where any bond for the payment of duties shall not be satisfied on the

* day it may become due, tne collector shall, forthwith and vdthout delay,

* cause a prosecution to be commenced for the recovery of the money

* thereon, oy action or suit at law." ^

No authority or discretionary power is intrusted exjjressly to the Pres-
ident or this Department to dispense with this imperative direction, given
by Congress to the collectors of the customs. Tne general practice has
been opposed to the existence or exercise of any le^ authority, except
in Congress, to grant delay in the payment of such bonds, until after
an action is instituted or Judgment is confessed. After a suit has been
brought, the collector's duty has been considered as fiilfilled, and this
Department, through its proper agents, has, in such cases and in that
stage of the proceedings, deemed it lawful to direct some delay to be
granted by the district attorney on certain terms.

No statute forbids such a course, and if a payment in part is then
made, or additional security furnished in cases wnere great hardship,
embarrassment, or insolvency is shown to exist, and the appUcation is
made in consequence of some of those circumstances, indulgence has
firauently been given.

But the power of permitting some indulgence before an action is
commenced is supposed bv the Attorney Greneral and the SoUcitor of the
Treasury to belong to the latter officer, under the act of Congress of 29th
May, 1830; and m times and cases like the present, when the most
&vorable construction which is Wal should be followed, this Depart-
ment is disposed, in conformity witn the advice and opinion of these law
officers, to sanction a delay by him under like circumstances, and to a
Ike extent, before suit as afterwards. Upon the occurrence, therefore,
of cases of the character previously described, whether before suit or
after, and whether at your port or elsewhere, similar indulgences on
smilar terms could, and undoubtedly would, be aUowed with pleasure.
Vol. IV. — 3.

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34 REPORTS OF THE fl837.

on seasonable application in each case, and the extent of the delay
being regulated by the facts of each case, and the existing and probabb
wants of the Treasury at the time it shall be presented.

But should applications of this kind become numerous, and extend to
several bonds very laree in amount, diflSculties, unfortunately, would
arise, under the existing laws and present state of the Treasury, not only
to the parties, but to the public, in postponing payment for any consid-
erable period. In the first place, all parties and sureties upon bonds
unpaid after due are expressly disabled by the 62d section of the act
before refen-ed to fi'om having credit upon any other duty bonds. The
language is: " No person whose bond has been received, either as principal
*or surety, for the payment of duties, or for whom any bond has been

* given by an agent, factor, or other person, in pursuance of the provisions

* herein contained, and which bond may be due and unsatisfiea, shall be

* allowed a future credit for duties until such bond be folly paid or dis-

* charged.*' In the next place, the condition of the Treasury during the
remainder of the year will probably be such, whether looking to the esti-
mates submitted by this Department to Congress at the commencement
of its session in December last, or to the actual state of things at this
time, as to create serious inconvenience and embarrassment to me public
interests in meeting the public engagements, should the payment of all
the duty bonds outstandmg in the United States, and amountmg to several
millions of dollars, be postponed in their collection, either before or after
suit, imtil the time requested by the committee.

This wiU be very manifest nom the following data: The aggregate
receipts into the Treasury during the year 1837 having been estimated
in the last annual report at $24,000,000, and the appropriations asked
for by the respective Departments, with the usual anticipated contingent,
having amounted to about $27,000,000, it was then suggested that this
would require the expenditure not only of all the estimated accruing
receipts, but near three milhons of the five reserved on the 1st of January,
1837, for distribution among the States. Congress, however, in the
course of the session, appropnated not only those three millions of excess,
but over five millions m addition ; making an aggregate of more than
thirty-two millions ; and by this means a charge was imposed on the
Treasury to the extent of eight or nine milUons beyond the estimated
receipts during the year.

The expectation of a recurrence of an extraordinary excess of revenue
during the present year, which may have been contemplated by some,
and have formed the ground on which so large appropriations were made,
was never entertained by this Department ; nor does any such expecta-
tion, judging firom the receipts of the first quarter and the first month of
the second quarter of the present year, seem likely to be verified. On the
contrary, assuming the hypothesis that a similar amount of unexpended
appropriations will remain at the close of the present year as diet at the
close of the last, (though in ordinary times they are generally reduced
eight millions lower, and, should they become so, would increase the
deficiency to that extent,) the postponement of the payment of any con-
siderable amount of bonds to the 1st of January next would make a

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1837J SECRETARY OF THE TREASURY. 85

deficiency in the means of the Treasury highly probable. To postpone
flie payment of the many millions filling due at all the ports in the
United States, would render this deficiency inevitable.

Comparing the present condition of the country with a former period
of similar revulsion in trade, when, in 1819, from causes somewhat anal*
ogous, the mercantile interests were exposed to a pressure so very general
and severe, the likelihood seems equally strong in fe,vor of a rapid reduc-
tion in the revenue.

The fi»egoing remarks will explain some of the pi'actical difficulties
to be encountered in meeting the wishes expressed by the committee for
the loBg postponement of the payment of anty bonds, whether granted
before or after suit, and whether in view of the consequences to the
merchaats or to the Treasury and the public. But indulgence for -thirty,
sixty, and ninety days, not extending beyond the 1st of September, or
about the time for arranging the payment of the last instalment of deposite
with the States, could doubtless be granted in special cases, under the
costomary terms and circumstances as before explained, should any
parties desire it. But what forbearance the situation of the Treasury
may Justify in this respect at any futurp day, cannot now be foreseen
with much accuracy. The payment, within so short a. period as nine
months, of such a vast amount to the States as near thirty-eight millions,
and which is mostly to be collected through the deposite banks from the
mercantile portion of the country, increases the pressure from other
causes on both the banks and the commimity, and creates a prospect that
the revenue accruing for the rest of the year will much decline, and will
generally be, a^ has been the case m April, less than the current
expenditures.

Hence the amount in the Treasury at this time being only about six
minions more thStn is required to be paid to the States, the progress of
events may compel a recourse to such other measures as ,tne existing
laws authorize for meeting one of those great crises or fluctuations in
trade by which, as well as by other contingencies, our present sources of
levenae, from their intimate dependence upon them, are so suddenly and
to largely influenced, and for which it has been the dnxious wish of this
Department for two years past that Congress would effectually provide.

How^ fiir the powers of tne Department, under the deposite and other
acts, are now adequate to this end, need not jbe considered until a
necesshy to resort to them shall become imperative. But, at all events,
k is manifest that the present, as well as probably the future condition
of the Treasury, must be so doubtful, if not straitened, as to prevent it
fiom affiyrding so nmch incidental or direct aid to the mercantile interest,
eidier individually or through the deposite banks, as it would be hig^hly
gratifying to this Department to be able to extend. More especially
woalditoe gratified to do this while thfeir interests are suflfering under
ike present severe pressure— a pressure regretted by me as deeply as
hj any one, and the near and probable approach, as well a^ principal
canses of which, according to my views of tne subject, I felt compelled,
from a sense of public duty, however disagreeable the task, to pomt out.
' t detail in the last annual report, so fully as to render a repetition of
on this occaskm unneccessary as well as painfiiL

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34 REPORTS OF THE [1837.

on seasonable application in each case, and the extent of the delay
being regulated by the facts of each case, and the existing and probable
wants of the Treasury at the time it shall be presented.

But should applications of this kind become numerous, and extend to
several bonds very large in amount, diflSculties, unfortunately, would
arise, under the existing laws and present state of the Treasury, not only
to the parties, but to the public, in postponing payment for any consid-
erable period. In the first place, all parties and sureties upon bonds
unpaid after due are expressly disabled by the 62d section of the act
before referred to fix)m having credit upon any other duty bonds. The
language is: " No person whose bond has been received, either as principal
*or surety, for the payment of duties, or for whom any bond has been

* given by an agent, factor, or other person, in pursuance of the provisions

* herein contained, and which bond may be due and unsatisfiea, shall be

* allowed a future credit for duties until such bond be fully paid or dis-

* charged." In the next place, the condition of the Treasury during the
remainder of the year will probably be such, whether looking to the esti-
mates submitted by this Department to Congress at the commencement
of its session in December last, or to the actual state of things at this
time, as to create serious inconvenience and embarrassment to the public
interests in meeting the public engagements, should the payment of all
the duty bonds outstandmg in the Umted States, and amountmg to several
millions of dollars, be postponed in their collection, either before or after
suit, until the time requested by the committee.

This will be very manifest from the following data: The aggregate
receipts into the Treasury during the year 1837 having been estimated
in the last annual report at $24,000,000, and the appropriations asked
for by the respective Departments, with the usual anticipated contingent,
having amounted to about $27,000,000, it was then suggested that this
would require the expenditure not only of all the estimated accruing
receipts, but near three miUions of the five reserved on the 1st of January,
1837, for distribution among the States. Congress, however, in the
course of the session, appropnated not only those three miUions of excess,
but over five millions m addition ; making an aggregate of more than
thirty-two miUions; and by this means a charge was imposed on the
Treasury to the extent of eight or nine miUions beyond the estimated
receipts during the year.

The expectation of a recurrence of an extraordinary excess of revenue
during the present year, which may have been contemplated by some,
and have formed the ground on which so large appropriations were made,
was never entertained by this Department; nor does any such expecta-
tion, judging from the receipts of the first quarter and the first month of
the second quarter of the present year, seem likely to be verified. On the
contrary, assuming the hypothesis that a similar amount of unexpended
appropriations will remain at the close of the present year as did at the
close of the last, (though in ordinary times they are generally reduced
eight miUions lower, and, should mey become so, would increase the
deficiency to that extent,) the postponement of the payment of any con-
siderable amount of bonds to the 1st of January next would make a

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1837.} SECRETARY OF THE TREASURY, 85

de&iency in the means of the Treasury highly probable. To postpone
&e payment of the many millions fidUng due at all the ports in the
United States, would render this deficiency inevitable.

Comparing the present condition of the country with a former period
of similar revulsion in trade, when, in 1819, finom causes somewhat anal-
ogous, the mercantile interests were exposed to a pressure so very general
and seT^re, the likelihood seems equally strong in fitvor of a rapid reduc-
tion in the revenue.

The fi>regoing remarks will explain some of the practical difficulties
to be encountered in meeting the wishes expressed by the committee for
tbe long postponement of the payment of duty bonds, whether granted
before or after suit, and whether in view of the consequences to the
merchants or to the Treasury and the pubUc. But indulgence for thirty,
sixty, and ninety days, not extending beyond the 1st of September, <»
about the time for arranging the payment of the last instalment of deposite
with the States, could doubtless be granted in special cases, under the
customary terms and circumstances as before explained, should any
parties desire it. But what forbearance the situation of the Treasury
may justify in this respect at ajoy futuip day, cannot now be foreseen
with much accuracy. The payment, within so short a period as nine
months, of such a vast amount to the States as near thirty-eight millions,
and which is mostly to be collected through the deposite banks from the
••mercantile portion of the country, increases the pressure from other
causes on both the banks and the community, auid creates a prospect that
the revenue accruing for the rest of the year will much decune, and will
generally be, a^ has been the case m April, less than the cucrent
expenditures.

Hence the amount in the Treasury at this time being only about six
millions more than is required to be paid to the States, the progress of
events may compel a recourse to such other measures as the existing
laws authorize tor meeting one of those great crises or fluctuations in
trade by which, as well as by other contingencies, our present sources of
revenue, from their intimate dependence upon them, are so suddenly and
so largely influenced, and for which it has been the slnxious wish of this
Department for two years past that Congress would eflfectusdly provide.

How far the powers of tne Department, under the deposite and other
acts, are now adequate to this end, need not be considered until a
necessity to resort to them shall become imperative. But, at all events,
it is manifest that the present, as well as probably the future condition
of the Treasury, must be so doubtful, if not straitened, as to prevent it
fit>m aflfording so much incidental or direct aid to the mercantile interest,
either individually or through the deposite banks, as it would be highly
gratifyinff to this Department to be able to extend. More especially
would it be gratified to do this while their interests are suffering under
the present severe pressure— a pressiu-e regretted by me as deeply as
by any one, and the near and probable approach, as well a^ principal
causes of which, according to my views of tne subject, I felt compelled,
fit>m a sense of public duty, however disagreeable the task, to pomt out;
in detail in the last annual report, so fully as to render a repetition of
them on this occasion uimeccessary as well as painfiiL

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96 REPORTS OF THE [1837.

This Department cannot close the preaent oommunication wtthoul
i^uedting you to assure tlie individuals connected with the great
commerce of your port of the deep sympathy felt here on account of its
embarrassments; of the willingness cherished at this time^ as on fi)rmelr
occasions, to extend to it every species of- relief and indu]gence*in the
power of the Treasury, consistent with the laws and the public duties
mtrusted to its diaxge; and of the entire conviction entertained, that the
high moral character and honorable feelings of the merchants will not
emy carry them through the trials of adverse fortune with their usual
scrupulous respect &r the laws and the constituted authorities .of their
country, but, by the aid of their accustomed energy, enterprise, and
indefatigable industry, will ere long relieve them fi^om the most of the
sufferings occasioned by those disasters which have occurred so unex-
pectedly to some and so injuriously to many.

Respectfully, yours, &c*,

LEVI WOODBURY,
Secretary of the Treasury*

Samxtbl Swartwout, Esq^ CoUec$&ri/New York.

P. S. You are requested ta give immediate pubUcity to the above
connnxmication.

B.

[circular.]
From the Solicitor of the Treasury to the United Sta^tes Attorneys.

Office of the Solicitor of the Treasury, Jtfay 15, 1837.

Sir : You wiU perceive by the letter of the Secretary of the Treasury
1)0 the Collector of the port of New York, under date of the 8th instant*
that the Treasury Department, desiring, in concurrence with the views
of the- President, to give all the relief to the mercantile community,
under its present state 6f general embarra68i]^ent| which is authorised by
law and permitted by official obligation^ has determined, in certain
cases, to suspend for a short time the collection of duty bonds*

The 5th section of the act of Maj 29, 1830, entitled " An act to jwo-
vide for the appointment of a Solicitor of the Treasury," gives power to
that oflEicer " to instruct district attorneys in all matters and proceedings .
appertaining to suits in which the United States is a parQr or mterested* '
This power has often, oa application to this office, in cases of great
hardship, embarrassment^ or msolvency, been exercised, to give time
for payment, after the institution of suit^ on condition of fiirther security
being furnished to the satis&ction of the district attorney. A temporary
indi:^ence on this, or other conditions, has firequently made ultimate^
payment 'Secure, when a rigorous enforcement of the law would have
zesulted in the ruin of the debtor and loss of the debt But indulgence
has never faeretofoie (exc^t ou oocaskm of the great fire in Ne^ X ork,

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^SSfr.} SECRETARY OF THE TR3EASURT, 87

vAien Congress luras in sesmon and had the subject of rdKef tinder
<X)nsiderati(Mi) been extended b^are suit cammmced; bnty under the opmion
of this office, with the sanction of the Attorney General, the CoQector of
New York has been informed by the Secretary of the Treasury that the
power exists to grant delay befire m^, and will now be extended in
appropxiate cases.

The present general embarrassment c^ the mcmey concerns of the
commercial cities has also been deemed by the President and Secretaiy
of the Treasury a suitaUe occasion for an extraordinary exercise of the
powet of instruction to district attcameys vested in this office by the act
of Congress above mentioned, by giving it beforehand, and leaving to
them its special application on the general terms and principles laid
down by this office. I have, thereforie, as the applications for relief will
pjrobably be numerous, thought proper to point out for your government
the terms and conditions on which, m the exercise of a sound discretion,
after obtaining in each case all the information in your power, you may
postpone the mstitutfon of suit.

1st. You will require that the assent of sureties, in writing, to the
indulgence desired, be filed in your office.

2dly. The 65th se^tikm of the general cdlection law of March 2, 1799,
entitled '^ An act to regidate toe collec^on of duties on imports and
tonnage," provides that <*on all bonds, upon which suits shall be com*
•menced, an interest shall be alfowed, at tlie rate of six per cent per
* annum, ftmn the time when said bonds become due until the payment
•thereof.'* You will require, therefore, the agreement of all the parties
to bonds on which suits shall be postponed to pay the same interest as
if suit were instituted.

3dly. You will in no case, without further orders, ^rant a suspension of
suit beyond the first day of October next; before whidi period Conoresip
'wiU have an opportunity of making such provisions as they may uiink
proper.

mdy. You wiU, in aU cases, request additional security. If this
cannot be given, you will -require a judgment by confession as a oondi-*
tion of sucn stay of execution, as you may deem expediient and proper,
not to extend beyond the time above allowed for the suspension of suit.

5thly. It must be a ccmdition, in all cases, that a forfeiture of all the
benefits of the indulgence granted shall be incurred whenever any one
of the terms of that indulgence shall not have been complied with.

It is not intended by the third regulation that the postponement of suit
^should, in all cases, be made until 3ie 1st of October next. On the con*
trary, you wiU take care that, in the exercise of the discretion respecting
posj^nement of payment and suit conferred on you by this letter, that
no indulgence be ^nuited where the parties, in your judgment, ate able
to pay without senous sacrifices. ^ It is, moreover, desirable, where the
parties have it in their power to make it, to obtain payment in part, and
to stipulate for the r^siaue in instalments cf thirty, sixty^ ot ninety days ;
or, if no part can be obtained in cash, then the whole amoontto be paid
ih instalments c^ thirty, sixty, arid ninety days. More especially shoald
this be required where no acklitional security is given.

It is desirable for the conv^ence of parties applj^g br ixMlulgeDce,

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S8 REPORTp OF THE (1887.

that they should, in proper caaes, obtain it without the delay, tnmble, and
^Epense of applying to this office. It is, moreover, obvious that tl^
Solicitor of the Treasury, acting through the district attorneys, who reside
in the same place with the apphcaAts, and have a personal acquaintance
with them, and a knowledge of their character and circumstances, may
exercise the power for their reKef incident to his office, more judiciously
than in person at Washington. The requisite authority, and the general
regulations for its exercise, are, therefore, given you by thifl letter of
instructions. But, although it is Whly desirwle €uid expedient that cases
of relief should be acted on and degided at once in tne places where
they originate, yet important cases not coming within those regulations,
or the circumstances of which, from their peculiarity, shall, in your
judgment, require it, may be referred to this office, with a detailed report
o£ edl the facts and information afiecting them possessed by you, or which
you can collect.

You will, as heretofore, make your regular report of bonds transmitted
to you by die collector of the customs tor suit, as prescribed in the first
regulation for the observance of district attorneys, in my circular of the
27th July, 1830; and under the head of "Remarks," if a suspension of
suit be jgranted, you will state the circumstances and conditions of the
suspension, and the nature and amount of th» security given, the evidences
of which you will retain in your possession.

In case of application for indulgence being made before the bonds
become due, you may make use of the same forms of return as ia case
of suit, leaving such heads Monk as are not a|){)licable, and making the
report immediately after the suspension of suit is granted. Should anv
otthe conditions on which indulgence has been granted not be fulfilled,
you will immediately, without further instructions, institute such lesal
proceedings as the case may caU for, and make report thereof tp this
office.

I am, very respectfully, sir, your most obedient servant,

V. MAXCY, Solicitor oj the Treamn^.

To — , Esq.,

United States Aucmeyfor the ditmct- of

To MARTiTf Van Burbn,

Prendent of the United States;

Sib : We have the honor of informing you that a very numerous meet-
ing of the merchants of New York was held on the 26th of April, for the
purpose of considering the present distressed condition of the city, and
delioeratii^ upon the means of relief. It was called by poore than three
hundred firms, and was attended by a laroe proportioa of those merch^its
who are cokmected with the internal trsude of the countzy, and who have
an especial and direct interest in the state of domestic exchanges.

A ccunmittee was appointed to repair to Washington and remonstrate

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1887.] SECRETARY OT THE TREASURY. S&

> with the Exeeutive against the continuanoe of the specie circular, and

! to urge its immediate re^al; also, to ask that instructions ma;^ be given

to prevent the conunencmg of suits, in any of the collection districts, upon
unpaid bonds, until after we first day of January next, and to urge upon
the Executive the propriety of calling an extra sessi(Hi of Congress at as
eaily a day as possible.

In obedience, sir, to these instructions, we present ourselves before you,
sud ask your deep and solemn attention to tne unhappy condition of that
city which has hitherto been the promoter and the mdex of our national
prosperity^ and whose fall will include the ruin of thousands in every
region of our territory. We do not tell a fictitious tale of wo, we have
no selfish or partisan views to sustain, when we assure you that the noble
city which we represent lies prostrate in despair, its credit blighted, its
inaustry paralyzed, cmd without a hope beaming through the darkness
of the fiiture unless the Government of our country can be induced to
relinquish the measures to whjch we attribute our distress. We fiiUy
appreciate the respect which is due to our Chief Magistrate, and disclaim
•every intention inconsistent with that feeling; but we speak in behalf of
a ccMnmimity which trembles upon the briiiK of ruin, wnich deems itself
an adequate judge of all questions connected with the trade and currency
of the country, and believes that the policy adopted by the recent Admin-
istration, and sustained by the present, is founded in error, and threatens
the destruction of every department of industry.

Our merchants, manufacturers, and mechanics have repeatedly pre-
dicted the fatal issue of that policy. " What was prophecy has now
become history ;" and the reahty far exceeds our most gloomy anticipa-
tions. Under a deep impression of the propriety of connning our decla-
rations within moderate umits, we affirm that the value of our real estate
. has, within the last six months, depreciated more than forty millions ; that,
within the last two months, there have been more than two hundred and
fifty failures of houses engaged in extensive business; that, within the
same period, a decline of twenty millions of dollars has occurred in our
local stocks, includinfi" those railroad and canal incorporations which,
though chartered in ouier States, depend upon New York, for the sale;
that the immense amount of merchandise in our warehouses has, within
the same period, feUen in value at least thirty per cent. ; that, within a
few weeks, not less than twenty thousand individuals, depending upon
their daily labor for their daily bread, have been discharged by their
employers because the means of retaining them were exhausted ; and
that a complete blight has &llen upon a community heretofore so active,
enterprisin&[, and prosperous. The error of our rulers has produced a
wider desolation than the pestilence which depopulated our streets, or
the ccmflagration which laid them in ashes.

We beBeve that it is unjust to attribute these evils to any excessive
development of mercantile enterprise, and that they really flow 6com that
unwise system which aimed 9^ me substitution of a metalKc for a paper
currency — ^the system which gave the first shock to the febric of our
commercial prosperity by removing the public deposites fix)m the United
States Bank, which wealcened every part of the ecufice by the destructbn
pf that usefid and efficient institution, and now threatens to crumble it *

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40 REPORTS OP THE flSW.

into a mass of nrins, under the operations of the specie circular, wfaidi
withdrew the gold and silver of me country from the channels in whick
it could be profitably employed. We assert that the experiment has had
a fair, a liberal trial, and that disappointment and mischief are visible in
all its results ; that the promise of a regulated currency and ecjuaiized
exchanges has been broken, the cmrency totally disordered, and mtemal
exchanges almost entirely discontinued. We therefore make our earnest
appeal to the Executive, and ask whether it is not time to interpose the

Eatemal authority of the Government, and abandon the policy which is
eggaring the people.

Amid all the distress of our condition, we have been gratified by a
view of the generous and forbearing spirit which has almost invariably
marked the conduct of the creditor towards Ae debtor. A general diff-

£)sition has been manifested to indulge the debtor with ample time for
e arrangement of his business and collection of his debte; and we
would respectfully suggest the example for the imitation of the Govern-
ment. The embarrassment and distress of the mercharits would be
more readily relieved by the suspending of suits upon unpaid bonds
until a future day, when the wisdom of Congress may grant some
measure of relief.

Feeling, as we do, that we have reached a crisis which requires the
exercise of all the wisdom and energy of the countiy to heal the wounds
which have been inflicted upon its commerce and productive industry,
we would respectfully and earnestly urge upon the Executive the pro-
priety of calling an extra session of Congress to deliberate upon the
unprecedented and alarming embarrassments in which we are involved.
The members, coming directly from their constituents, will have had
the opportunity of knowing and appreciating the extent of the distress
which exists ; and we are convinced that their collected opinions vdll
fully sustain those which we have expressed, and their testmiony indi-
cate an amount of feuflfering of which we cannot believe that you, sir,
have heretofore been aware.

We persuade ourselves that the representations which we have given
of the actual condition of our affairs will induce you to doubt the expe-
diency of the policy which has been recently pursued ; and we trust to
your mtelligence for such a change of measures as will revive the hopes
and stimulate the energies of the merchants of New York.

ISAAC S. HONE, THOMAS TILESTON,

JAMES W. BRYAN, MEIGS D. BENJAMIN,

BENJAMIN LODER, ELISHA LEWIS,

ALEX. B. McALPIN, SIMEON DRAPER, Jr.

JOHN A. UNDERWOOD,
. WASHiNaTON, May 3, 1837.

D.

The subscribers, under the direction of a meeting of the Boston
Chamber of CommOTce, respectfidly represent to the Hon. Seciietary of

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18S7-3 SECRETARY Of THE TREASURY. 41

^ Treagniy, that mnch diflBcuhy will arise here fitnn the requisitHm
which they understand has been made that all dues to the Treasury
shall be paid in specie.

The suspenmon of specie payment is now mriTersal in this city, and
it is impossible to procure Ae amount necessary for the payment of cus-
tom-house bonds. If the requisition be made, there is no course left to
the merchants but to submit to a suit and its impleasant consequences*

It is evident that specie for the large amoimts daily felling due on
custom-house bonds tnroughcMit the country cannot be procured on any
terms. The refusal of specie for bonds is not, therefore, in the least, a
matter of choice: the payment is utterly impossible.

If, then, no alteration be made in present instructions, the suits now
just commencing will eventually extend t6 the commercial community
throughout the country, incapacitating them from further entries or
importations, and seriously embarrassing the financial operations of the
tJovemment If this be so, it is merefy a matter of time with regard
to the required alterations. Sooner or later they will become indispen-
sable: if made now, much distr^s will be prevented.

Even were it otherwise, there are, it appears to the Chamber, suffi-
€ient reasons why specie payments should not now be required by the
Government. It is matter of notoriety Aat specie payment of the
indemnity lately received by the Government has been refused to the
claimants by the agents of Government; and further, that specie pay-
ment of debenture certificates is now refused at the custom-house, at
the very moment when specie payment is demanded for bonds. The
extreme hardship and injustice of the. demand and the refusal, at the
same moment, cannot require comment.

Under these circumstances, they cheerfully request such a modifica-
tion of the requisitions of the Government as may consist with justice
and the ability of the community, To this purpose, a withdrawal of
the specie instructions recently issued to the collector of this port, leaving
him and the merchants to devise, in ffood faith, the means of adjusting
the claims of the Government with me mercantile community, would,
perhaps, be entirely sufficient. A course Uke this has been adopted on
a former occasion, and seems to be the only one now practicable.

WM. STURGIS,
President Boston Chamber of Commerce.
Thos. W. Wales, > 77- t> -^ ^
RoB'T O. 8ha^. • } ^*^ rrmd^.

G. M. Thatcher, Secretary.

E.

New Orij»an8 Chambbii op Commerce, )
New Orleans, May 25, 1887. )

8m: I have the honour to transmit to you, enclosed, a copy of the
proceedings of the<3hambat of Commerce of New Orleans in relation
to ^ deranged coindHion' <^ the' currency, ajid the impracticability

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4» REPORTS OP THE £18»7.

resulting thex^fiom to ccmfimn stricdy with the requifiitioQB of the Urw
and orders emanating fix>m vour Department*

I be^ leave most respectfully to call your attention to said proceed-
ings, with the hope tnat some measures may be devised to obviate
existing difficulties,

I have the honor to be, sir, with great consideration and respect, your
obedient servant,

SAM. J. PETERS, President
To the Hon. the SBoa^TARYOF the Trbasury

rf the linked StcOetf Washington City.

New Orleans Chamber op Commerce,

Saturday, May 20, 1837.

At a special meeting of the Chamber held this day, the following pre-
amble and resolutions were adopted with only one dissenting voice :

Whereas the collector of the custom-house of this district, in virtue
of instructions from Washington, requires specie, or notes of specie-
paying banks which are at par, in payment of all duty bonds : and
whereas it is well known that nearly all the banks of this city, including
the deposite banks, have lately suspended specie payments; and that
the notes of the few banks which have continued to redeem their circu-
lation in specie' are not reissued, and therefore cannot be obtaiiied,
whilst the same banks refuse to pay their deposites in specie:

In consequence of which it is mipossible that the requisition of die
collector can be complied with. Therefore, be it resolved —

1st. That, in the opinion of this Chamber, the existing revenue laws,
which it is now attempted strictly to enforce, were passed by Congress
under circumstances very essentmQy difiering from those which at jM"e»-
ent prevEiil; and that a revision of the same by Congress has become
indispensable.

2d. That, in the opinion of this Chamber, it is highly expedient that
Congress should be called at as early a period as may be practicable,
with a view to take into consideration the currency of the country, and
the revision of the revenue laws, so as to reconcile them with the present
state of things, and to render them susceptible of being executea.

3d. That me payment of duty bonds in gold and silver, under existing
circumstances, is utterly impracticable; and if the collector cannot
receive in payment thereof the notes of our local banks, said bonds
must necessarily lemain unpaid until the action of Congress with regard
to the same be ascertained.

4th. That any attempt on the part of Government to enforce the col-
lection of custom-house bonds in gold and silver will be attended with
serious suflferinff and distress ; inasmuch as the sale of property by the
marshal of the United States cannot be effected for specie, without the
most cruel and unnecessaiy sacrifices.

5th. That if the Government persists in the collection of duty bonds
in gold and silver when the same is not to be procured; and in the
event of its finding attorneys and jurors willing to assist in rigorout

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l&SJ.} SECRETARY OF THE TRSASURY, 4S

pff08ecutkm9, it is the oj^nion of thi« Chamber that these measures may
gradually lead the countzy into scenes of disorder^ violence^ and resist-
ance to the laws, which are seriously to be deprec.ated, and which the
Government oug^t to avoid.

6th. That the President of this Chamber be requested to transmit a
copy of these resolutions to the President of the United States and the
Secretary of the Treasury.

P T 1 ^ ^^^ ^^Py ^^^ the minutes: as witness my hand, and seal
LSBAL.J ^^ ^^ Chamber, this 24th day of May, 1837.

GEO. W. WHITE, Secretary.

Fl.

Treasury Depaet»«ent, May 21, 1837.

- Gentlemen : Your communica^on in behalf of the Chamber of Com-
merce in Boston, concerning the payment of duties, was received at this
Department to-day. Though without date it is presumed to have beep
wntten before the receipt in your city of the proclamation of the Presi-
dent calling a special and early session of Congress, a^d of the circulars,
letters, and notices of this Department, recently pubhshed^ concemmff
custom-house bonds. Cc^ies of these are theretore annexed, (numberea
1 to 7,) and to which I beg leave to refer for several explatnations on
some of the topics contained in your memorial.

In addition to those explanations but a few other remarks are supposed
to be necessary to put the Chamber of Commerce in full possession of
the views of the undersigned in respect to vour request, and it is hoped
to satisfy you that everything has been done, and will continue to be
done here, for relief to the merchants in the present distressing emer-
gency, which the laws sanction and my limited authority permits.

One of the earhest acts passed by tne first Congress convened under
the present Constitution of the United States was Siat of July 31, 1789,
expressly requiring all duties to be " received in gold and silver only,"
and which provision has been virtually continuea in subsequent laws.
The circular of this Department from whose operation you ask to be
exempted is only a repetition or an affirmance of that act, except it
contains a mitigation, justified by a long and liberal construction, which
authorizes an equivalent for specie to be also received.

Under that construction, anxious as the Department has been and still
is to extend eveiy indulgence to those connected with it which is not
mconsistent with law and public duty, it sanctioned the receipt of the
notes of specie-paying banxs instead of specie for customs, and all the
drafts or checks of the Treasury not paid to the satisfaction of the holders
by the banks on which they are drawn. Debenture bonds are likewise
receivable in payment of duties ; and whenever doubt has arisen on that
point, express instructions have been given to take them.

Bieyond these alleviations, the Department has yet been unable to

• dkcover a^y le^ authority which it, possesses, or is able to delegate to

others, to receive substitutes, for the specie which is imperatively

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44 REPORTS OT THE [18WI

required by iaw in payments of duties. On iiA contrary, by a reS^'
ence to the various acts of Congress becu'ing on this subject, it will be
manifest that if the Department, under the inBuence of sympathy rather
than of official obligations, should allow anything not equivalent to
Specie to be received for duties, it would violate the letter of the original
law on this subject, and the invariable practice under it, with one bridT
and occasional exception which existed only in certain sections of the
countiy about twenty years since, and conmienced during invasion and
war. It would also act in conflict with both the letter and spirit of the
joint resolution of Congress, afterwards passed in April, 1816, for the
avowed purposed of preventing any longer or future deviation fix>m the
act of 1789.

If, in a period of profound* peace, and in many respects of great
prosperity, the Prefeident and the undersigned, as mere executive officers,
jealously restricted by the Constitution and by statutes, should proceed
to dispense with these laws without previous permission fiom Congress,
it might certainly be considered one of those unwarranted usurpaticms
of power so boldly and cogendy denoimced by our forefathers ; and,
witnout doubt, we should next, and on similar grounds, be requested to
extend a like indulgence to all debtors of the Government, whether
individuals or banks, and to all the purchasers of the public lands, though
these last are likewise required by statute to be paid for in " specie, or
in evidences of the public debt of the United States." Any such disre-
gard of those imperative requisitions would lead to other consequences
almost equally alarming and deplorable, as it would amount to the receipt
for duties of what was less valuable to the community and to the Gov-
ernment than what the acts of Congress expressly direct.

In this way, without legal authority, the interests of the United States
would further be injuriously relinquished and compromised by virtually
allowing a diminution of the whole tariff of duties, and all the incidental
benefits anticipated fix>m it, to any of the great branches of industry in
the country, quite to the extent of the difierence in value between specie
and the notes of the banks not paying specie. The many millions of
•unavailable paper which would probably oe thus placed in the Treasuiy
for duties and other debts, it would be difficult to compute ; as, besides
the twenty-six or seven millions now due fiiom individuals and banks,
most if not all of the future revenue accruing fiom customs, or the
increased sales of public land in consequence of such a system, would
be paid to the United States in notes of the same depreciated character.
It deserves consideration likewise, what could legally be. done with such
funds when collected ; as, by the second section of the act of April 14th,
1836, the Treasuiy is expressly forbidden to ofler, in payment of any
claim whatever against the United States, "any bank note of aiiy
denomination, unless the same shall be payable, and paid on demand,
*in gold or silver coin at the place where issued, and which shall not
,*be equivalent to specie at die place where -offered, and convertible into
*gold or silver upon the spot, at the will of the holder, and witiiout delay
*or loss to him."

How giieat would be the loss on such irredeemable fimds, and who
ought to iyear it when diey are- received contraxy to law, and hoW

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X887.] SECRETAEY Op THE TREASURY. . 45

destructivB such mdasures wouid prove to the ptes^rvadon of a sound
constitutional currency^ by indirectly sanctioning, as they would, the
disuse of specie for it here, ai^d the consequent export of it^in large
quantities to foreign countries as an articile of trade, need not be dwelt
oa at this time. . It is moreover manifest, that all such coltections would
further disable the Treasury firom paying immediately, in the manner it
is bound by law and good fidth to do, the various public creditors ; some
of ^hom are stated, as a matter of complaint in your memorial, not to
be able nctw to pbtain specie for their claims. But if the indemnity
cerfificates and debentures ta which you refer have not all been paid in
specie or its equivalent to the merchants or other holders, you may rest
assured that the fiulure to do it has not arisen from any direction to that
effect by the Treasury; but, on the contraiy, that express orders have
been ^ven to meet both with specie when demanded; and, if not done,
the &Sure has occurred, and will continiie, only in consequence of the
regretted omission of the merchants themselves promptly to discharge
their bonds in specie, and of a like omissicm on the part of the banls
(through the misfortunes or advic6 of many of* their customers) not to
continue to discharge their obligatbns. in the manner provided by law
and their agreements with the Treasuir* One great and paramount
object, theref(»:e, in requirmg that the public dues should be paid to the
United States in a legal manner, is to enable the Department, in this
emergency, faithfolly and promptly to pay others in mat manner, and
as soon as practicable to overcome any embarrassments or d^ys to its
own creditors which may have happened in consequence of the course
pursued by those on whom the Government is immediately dependent
for its available means. You justly intimate that the pubhc payments
ought to be made in this way; and you may rest assured that, in all
cases where creditors are not otherwise satisfied, it will cheerftdly be
done the moment the Treasury is enabled to accomplish it by a com-
pliance with their engagements on the part of those indebted to the
United States.

If, firom the accidents and misfortunes of others, in any instance, such
an inability as you describe has occurred with any of our fiscal deposi-
tories or custom-house officers, and any reproach should inconsiderately
be cast on the ijov^mment for this inability which has been caused by
others, (though, without doubt, unintentionally,) you may rest satisfied
that no proper eflfort wiQ be sj^ared here to avoid deserving the censure
of "extreme hardship or injustice*' on this account, and (by strenuously
endeavoring to do to others all which it asks of them)^ to discharge every
claim against the Grovemment in specie or its equivalent, at the earKest
day practicable.

in connection with this, and merely in justification of the Treasury, it
may be proper to notice fiirther, thai besides near thirty millions else-
where, something like three-quarters of a million of ddmrs were due in
your^ity alone uom merchants and instituticHis of which many of them
are members, and payable to the United States in specie and on demand,
at the time your memorial was forwarded setting forth the omission of
our fiscal agents to pay in that currency scone small demands held by
a porticm of the meicafatile cammunity.

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48 REPORTS OF THE (1887.

This Department is aware that, even after all its forbearances and
mitigations, some embarrassments must still be undergone; in certain
cases, by means of incidental difficulties, and the strictness of the laws
as to cash duties, whicb were introduced wholly for the benefit of man-
ufacturers rathef than of the finances. But it cannot concur in the opinion
that,, during the present favorable condition of the country in j-espect to
its large amount of specie, it will be impossible to obtain sufficient for
this purpose ; and considering that all wnich is paid must immediately
return again into active circuEttion, it trusts that the merchants will find
themselves fully indemnified for the inconvenience and Umited sacrifices
to which they may be exposed in obtaining the small sums necessary for
their object, by and after the liberal indulgences authorized on .their duty
bonds.

Thus, by instructions published at Boston since your letter was prob-
ably written, the disagreeable result you anticipate, to wit^ *^that there
is no course left to the merchants but to submit to a suit and its unpleasant
consequences,'* need rarely, if ever, occur 4n caises of real solvency; as
liberal extensions of credit have been permitted, under proper circum-
stances, before as well as after suit, till the meeting of Congress; and, in
addition to these, an extraordinary session of that body has been called
by the President at the earliest convenient day, with a view, among other
things, to afibrd an opportunity for new legislation to yield finther relief
in the present embarrassing posture of affairs.

With these explanations, and such others as appear in the documents
before referred to, and which, ere this, have probably reached your city,
the Department cherishes a hope that your Chamber of Commerce will
be satisfied that everything of an alleviating character has already been
done in respect to duty bonds which the laws sanction and the pubUc
interests justify; that all proper exertions have been made and are making
by it to preserve the same good and legal fidelity in its obUgations to
odiers wnich it requests of them; that if not successfiil, the failure will
arise from the misfortunes or neglect of others; and that, by a firm
perseverance in the path of duty on this subject, reciprocal aia will be
conferred both by the merchants and the Treasury to preserve a sound
state of the currency for all the public purposes, and gradually, if not
speedQy, restore one for aU the necessary transactions of life.

This Department confides so much in the intelligence, correct prin-
ciples, and patriotism of those who, through yoii, have addressed it, that
it cannot doubt they will be sbUcitous to prevent, even in times of the
greatest embarrassment, any discredit being cast on the character and
practical workings of our fi-ee institutions.

It feels satisfied that the Chamber of Commerce as well as the whole
community must, after reflecting on such considerations, become quite
as desirous as the undersigned ror a mutual and vigorous cooperation to
uphold the habitual opinions and practices in favor of the inviolability of
the Constitution and laws which are fortunately so characteristic of the
great mass of the population in every quarter of the Union.

It is in this manner onlv that the Department can be enabled to carry
on the fiscal operations of the Treasury so as to maintain the public ftuth
unimpaired at home and abroadi and sustaiui as far as relates to the

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1837.] SECRETARY OP THE TftEASURY. • m

cumsicyj a sound standard of Talue, in the true spirit of the Constitutiony
and according to the best established principles of political eccmomy.
Respectfully, yours,

LEVI WOODBURY,

Secretary of the Treiisury.

To WiLUAM Sturgiss, President; G. Wales, R. G. Shaw, Vice Pres-
iienU; and G. M. Thatcher, Secretary^ of the Boston Chamber of Com-
merce.

F2.

. Treasury Department, May 19, 1837.

Sir: This Department has, with much surprise, seen several repre-
sentations in the daily press concerning certam declarations made by
you at a recent public meeting in New York city, as to the course you
intended to pursue m future in collecting the public revenue.

The importance of the subject, and the nature of these representations,
lender it my unpleasant duty to call your immediate attention to them.

Some of the accounts of what took place represent you as saying, in
fubstance, that, as the orders of the Treasuiy could not be compUed
with, you, on your own responsibiUty, would dispense with them ; while
otheiB state thlat you understood a discretion had been lefl to you by the
Executive on this subject; and that, in the exercise of such discretion,
you should not conform to the instructions of the Department, either by
ccSiecdns the money yourself which fell due for duties, or by collecting
it in sucn kind of money as the laws require. Other representatioiis
omvey the idea that if you pursued such a course the Government
would make no objectkm to it.

Under a belief that in these reports as to your remarics and deter-
mination on this subject some unfortunate errors must have occurred, or
diat you must have imbibed very incorrect opinions concerning the views
entertained by the Department, it becomes proper, on the present
occasion, to repeat, in explicit terms, the real character and extent of
dioee views.

1. The order as to the mode of collecting bonds by yourself, rather
than through the banks, and in specie or its equivalent, was, in the last
respect, in accordance with the course which you reported to this De-
partment for its approval on the suspension of payment by the banks.
The order was the same in substance, in all respects, at your port, as
diat adopted at all other ports in the United States where no banks paid
ipecie on demand for their notes, and where, in that event, the express
kngoage of the deposite act of June, 1836, imperatively required their
&contmuance as public depositories ; and other laws virtually forbid
die receipt of their notes for duties.

2, But, in the wide-spread calamity which had recently fallen on the
ooaunercial world, and, through it, upon those banking institutions, in
CQaunon with others which were depositories of the pubUc money^ it

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J

46 • EEPORT8 OF THE [1887,

was evident tbat our finances must become' embaenafised thraiigfa the
previous embarrassments of others, and that ereat care and effi)rt8 must
be exercised to meet faithfully the current piu)lic engagements. At th^e
same time it was desirable tliat every indulgence and forbearance should
be exercised, and were intended by the President and this Department
to be liberally exercised, towards the public debtors, which those engage-
ments would permit.

3. Accordingly, in order to mitigate the evils which pressed so heavily
on the merchants, this Department, with the sanction of the President,
at once authorized a postponement to be granted, in all suitable cases,
of the payment of duty bonds as well before as after suit; and, subse-
quently, as new events justified, permitted it to be extended till after the
commencement of the next session of Congress.

The Department likewise em|K)wered the collectors to receive for
duties the drafts of the Treasurer in fevor of the public creditors which
might not be paid in specie to the holders by the banks on which they
were drawn.

Outstanding debenture bonds are also receivable in the sanie wa^;
and, to afford the opportunity to procure still fiirther aid and relief, if it
shall be deemed proper by Congress, that body has been specially con-
vened by the President at the earliest convenient day.

After all these mitigating measures, neither the President nor this
Department saw any &rther indulgence which could be given consistent
witn the acts of Congress, and which it was within our powers t»
bestow, limited and regulated as those powers axe by various express
laws.

It was and still is hoped that the merchants would, till Congress
assembled, cheerfiiUy incur the diminished sacrifices in respect to the
payment of some of me duties which their liabiUties and busmess might
render necessary; and that the oflBcers coimected with the customs
would feel a pride, as well as zeal, in encouraging them to uphold the
laws faithfiiUy, and neither countenance nor permit any departures
from them.

The Executive possesses no authority to delegate to you, nor has it
intended to delegate, any discretion to disregard those laws in any par-
ticular, or to act contrary to the instructions of the Department, which
had been issued in conformity to them; nor can it sanction the exercise
of any such discretion on the part of any of the oflScers of the customs.

It would seem better that the duties, whether due on bonds or in cash,
when the goods are entered, ahd which the merchants may be unable, if
not postponed, to pay in any of the legal modes before pointed out, till
the early day on wmch Congress convenes, should go" entirely unpaid
from inabilitjr to meet them legally, than be collected or discharged in a
manner that is iiot sanctioned either by the acts of Congress or our duty
to the Government.

The Department is willing to make liberal allowances for acts grow-
ing out of the sympathy naturally felt for the embarrassments of the
commercial community, and the strong desire to contribute to their
relief; but you must be sensible that the newspaper accounts which have
already appeared are calculated to ccmvey the idea that the Pjresideat

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jBtBh.} SECRETAfty m THE TEEASURY. M

fad das fiepaitaiem are di«po6|Qd ta o^eiktckj or evea to appiove^;^
aoaathorizea course which it is said you propose to adopt; ana it is poa*
lible thstj fix>m ycmr full Iqaowledge c^ the sinceri^ aiid extent of the
arudous desire of the President and of this Department to aflford iBliefi
jou (oay have entertained the impression that such wpuld be the case.

It therefore becomes my dut^ instantly to inform you that all such
SDpressions are erroneous, and it is hoped that many of the considerar
tbns before stated wiU have occurred to you ; and that, under their influ-*
ence, you will continue to dischai'ge your duties in the manner pointed
001 in the acts of Congress and the instructions of this Department.
I am, sir, very respectfully, your obedient servant,

LEVI WOODBURY,
Secretary 4if the Treasury.
Sam0bx« SwARTwocTTt £sq., CoUect&r^ Netp York*

F 3.

L

New York, August 28, 1837,
Sir: The undersigned have been appointed a committee of the Cham-
ber of Commerce of the city of New York, for the purpose of addressing
to jrou the following representations upon the subject of the payment ol
custom-house bonds becoming due, and of duties upon wool and woollen
goods now lying in the public stores in this city.

It sqppears that there were custom-house bonds in the hands of the
district attorney, payable previously to the first of this month, (August,)

bt *3,^00,000

And at custom-house, payable in August * 705,500

Ditto do. September 1,004,727

Ditto do. October 636,093

Ditto do. November 350,646

Ditto do. December 818,246

$5,116,211
Afid dut^ on merchandise not entered, now in public store,
estimated at 2,000,000

Total $7,115,211

Tim poftt being the recipient c^ merchandise destined for the consump-
tisB of a large portion of the Union, the importing merchants here assume, -
btbe first instance, the responsibihty of pa3ring the duties to Oovem-
mt; and the history of the past may well attest the fidelity with which .
liK lespoosihility has been discharged until the present time, when the
taaal condition of affairs has been ^ essentially changed.

After the banks of the Union had suspended specie payments, die
Mk iiliy d paying the dues to Grovemment in legal curreticy became
1— ■MjiiiHiililrij ami, at the imiJmoe of this oommittoe, the period df

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M REPOBTS m THE [im

payment of custom-house bonds was postponed by your Di^art&ie&e
until the 1st of October next, in order tnat tJongress, which would then
be assembled, might make the needftil laws upon this new shape of
thinffs.

The mercantile and trading interests of the whole countty have since
been laboring under unparjuleled difficulties, so that reliance can no
longer be placed upon receipts^ which mainly govern the regularity of
payments^ by all connected with commerce.

Owing to the entire derangement of the internal exchanges, and to
the absence of a specie standard, funds, even when collected at vsmious
points of the Union, are generally unavailable as the me€«is of payment
here.

The banks of the city, with a laudable desire to resume specie pay-
ments at the earliest day, must adopt a system erf restriction, and there*
fore withhold facilities, now more needed than ever by their dealers,
whose collections in bank chiefly consist of payments of a part only rf
the amount due, with renewals for the remainder for two, three, and
four months; and at the end of those periods, similar renewals are
repe^d.

This total derangement of all the means of carrying on the business
(^the country throtighout its various sections, has rendered the coUeotion
of debts impossible ; and accordingly the vast amount due for good»
already sold in this city, on which a large portion rf existing duties were
levied, remains unpaid, and without any immediate prospect of liquids^
tion. Nor can sales now be made of foreign merchandise on hand ; atid
k is impracticable to convert goods into money, as well fhmi the inability
to pay on the part of buyers, as from the unwillingness to sell on credit
0Ot tte pait of the holders;, and sales by auction can only be mada
«t ruinous sacrifilces,

A general extension, to a large portbn of their debtors,, has also been
granted, for a period of twelve months and upwards, by the importing
merchants of tjiis city;, and there is now due from other places, to those
engaged here in tbQ importation and sale of foreign merchandise, a much
larger amount than would pay off all debts fiom this city to the Govera-
ment and to foreign countries.

A very large proportion of the means of the. importing merchants is
tktts virtually withdrawn fix>m their control, and scattered throughout
the Union; whence it cannot be collected, in any available manner, in
the present state of suspended payments by bants and individuals, of
derangement in the domestic exchange, and of interruption to business,
throughout the whole country.

Under these circumstances, the importing merchants have no alterna-
tive lefl but to ask the Government to apply to them the same measute
of relief which they have granted to tneir debtors, by extending fi>r a
year the period of payment of bonds and of other dues at the cufiitximt.
house; at which time, it is fully believed there will remain no obstacle
to' a punctual discharge of all such indebtedness.

The like remarks apply to the inability of the importers of "^^^ckil 'jedcul
woollen goods, now in public store, to pay duties ;• which will HjtncMMf
according to the above estimate, to two millions of dofiars. The Q4>v«

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JBSPy.) SECRETARY OF THE TREASURY. 9i

laiimem boldsf diese goods in its own keeping; dterefei^, ike revenue is
fecuie : and the extension of one year beyond the time required by law
najf with' entire safety, be granted to m^ importers for entermg and
paying the duties on these goods.

The undersigned, therefore, respectMly represent the necessity
which, under me circumstances set forth herein, renders it expedient
that Congress should interfere, at a day previous to the 1st of October
next, by the passage of a law providm^ for the postponement of the
adlection of such mnds at the custom.'^ouse as may fdll due prior tx>
the Ist of January next, with assent of sureties, and upon interest; allow-
ing, however, the option of eariier payment, and thus stopping interest:
and, also, to extend, for one year, the respective periods within which
goods subject, upon entry, to the payment of duties in cash, may be
retained in the public stores.

In the hope that these suggestions may mt^et your approval, and, in
that case, that you will see fit to recommend the passage of such a law,
at Ae opening of the ensuing Congress, and in the mean time, that
yoa would fevor us with a reply.

We have the honor to remain, sir, respectfoUy, your obedient
servants,

J. BOORMAN, JAMES LEE,

JAMES D. P. OGDEN, JAMES G. KING,

CHARLES H. RUSSELL, GEORGE GRISWOLD,
JAMES BROWN, JOHN B. STEVENS,

Committee of the Chamber of CJommerce e/the City of New Yori.

Xo ibe Hba. Levi Woodbitby,

Secretary of the Treattmfj Washiiigton.

G,

Treasury Department,
, 1837.

Sot : Hfaving been furnished with a copy of the law passed by the
Legislatare of the SteUe of , it appears that you are author-

ixeS to receive, in behalf of that State, the amount to be deposited
dierewith, by the provisions of the act of Congress '^to regulate the
AemBaHes of the public money," approved 23d June, 1836.

That amount nas been ascertained to be *■ dollars,

ibe quarterly payment of which will be made at the respective

iiaaks to which the enclosed transfer drafts, amounting in all to
t , are directed, upon your executing a recei{)t agreeably

ti> die enclosed fi>rm, to each of them^ for the sums received there-

I M¥i, sir, very respectfully, your obedient servant,

Secretary of the Treasury.
P. S* K Bttay be usdal, in Ihe prasent embarrassed condition of the

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f « REPORTS OF THE {WW,

fecwakary concerns of die couptiy and. of the bankst to suggest tiiat, Sx
reasons growinfi[ out of the deposite act« as well as the existing liabiH-
ties of the banka, and the obhgations required fix>m the States to the
Treasury, no one of the latter is required to accept, on the withm
transfers, any kind of money which is not available and at par, and
which it is not ready to account for in the same way when required.

Should any c^the banks, therefore, on which the transfers are drawn
&il to deposite with you such money, they may be returned to this
Department, with a statement of the fact, in order that the case may be
submitted to Congress at its approaching session.

Form of a receipt by a State*

Whereas, by the 13th section of an act of the Congress of the United
States, entitled "An act to regulate the deposites of the pubhc money,"
approved the 23d of June, 1836> it was enacted **that the mon^ wmch

* shall be in ;he Treasury of the United States on the first day of «i anuary >

* 1837, reserving the sum of five millions of dollars, shall be deposited
^wi^ such of the several States, in proportion to their respective repre*

* sentation in the Senate and House of Representatives of the United
'States, as shall by law authorize their treasurer, or the competent

* authorities, to receive the same, on the terms hereafter specified ; and
*the Secr^aiy of the Treasury sh^ deUver the same to such trestsurer,
*or other competent authorities, on receiving certificates of deposite
'therefor, signed by such competent authorities, in such form as may be

* prescribed by the Secretaiy aforesaid."

And whereas the State oi has, by an act of its

Legislature passed on the day of , one thousand

eight hundred and thirty , authorized and directed the of

the said State to receive its proportional share of the said surplus moneys
erf the United States on deposite with the said State, upon the terms
specified in the said act of Congress :

And whereas the Secretary of the Treasury, in pursuance of the
provisions of the said act of Congress, and in comormity with the provis-
ions of the said act of the Legislature of the State of ,
has dehvered to the thereof the sum of dol-
lars and cents, the same being the first instalment, or one-
fourth part of the ratable proportion of die said State in the surplus
money m the Treasury on the 1st day of January, 1837 :

Now, therefore, be it known, that I, , do hereby

certify that the said sum of dollars and cents

has been deposited by the Secretary of the Treasury with the State of
, and tliat for the safe-keeping and repayment of the saxne
to the United States, in conformity to said act of Cfongress, the State of
is lega^ bound, and its faith is solemnly pledged. AimI
in pursuance of the authority of the act of the Legislature aforesaid, for
and in behalf of the said State, I herebjr affix iny signature and seal' in
testimony of the premises, and of the faith of the said State to l>ay the
said money so deposited, and every part thereof, from time to time,
whenever u^e same sliaU be ]sei|w»d by the Sacipetary of the Treastuy ,

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1887.] SECEETARY OF THE TREASURE. 61

for the Burposea and in the manner and prdportions set forth and
described in the said recited 13th section of the act of Congress afore-
said, and by a requisition or notice similar in form to that hereto annexed,
addressed to the care of the Governor of said State*

Signed and sealed this day of , one thousand

e^t hundred and thirty

Attest:

Thtfam nf a Requisition or Notice for repayment wiU be subttafaiaMy a»

foiUoux:

Trsasttry Depaktrient,

, 18S .
To THE State of :

Under the provisions of an act of Congress entitled •* An act to regu*-
koe the deposites of the public money,'* passed June 23d, 1836, and an
act of said State parsed , certain sums of money

bdongii^ to the United States having been deposited with the State
aforesaid for safe-keeping and repayment, in contormi^ with the provis-
ions of said act, said State is hereby notifi<^ that a portion of said money,
Tiz: the sum of $ , is required to be repaid to the United

States by the State aforesaid, for the purposes named in said act, and
la conformity with its provisions.

^ i

SecrOary of the Treasury.
Care of Us Excdlency ,

Governor ofsttid State*

[The repayment of the said sum to tJie Treasurer of the United States
win be in one of the following modes — which this Department may
m any particdar case prefer and direct, viz :

1. By a request annexed to the above lequisition to place the same
to the credit of said Treasurer in the Bank of , at , on or
befixe the day of next, and to take du{dieate receipts there-
fir; one of which receipts sent to the said Treasurer will be a sufficient
wwiclicr for the amount of said rej^yment on the part of said State.

2. Or, by a request written by said Secretary on the back of a common
Tremaiy warrant, directed to the State for payment by said Treasurer,
dMt faaa StatB would pay the same ; and which warrant, with a receipt
BffmywoiMMt theiecm, will be a sufficient voucher as aforesaid.]

H 1.

CS^rdarJrmn Me Secreta/ry of the Tteasury with regoerA to the receipt^ cmi
traiamsnon by maUj of bank notes. . ^

TaBA9UET Dbpartmknt, S^pteinber 22, 1789.
Soli In oonaequence of airangements hcbAj taken with the Bpmk

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M . KaPORTB OF VBE (laST.

^ North Ameiaoa and ^e Bwk of New-Yoirk» &r the accomfoodar
tioQ of the Goveanment, I am to inform you that it is my desire that
the notes of those banks, payable either on demand or at no Jbnger
period than thirty days i^r their reapective dectes^ should be receivecl
m payixfeent of the duties, as equivalent to gold and silver; and that
they wiU be received from you as such by the Tieasujrer of the United
States.

This measure, besides the immediate accommodation to which it has
cefer^ace, will &cili|ate remittances from the several States,, without
drawing away their specie — an advantage in every view important.

I shall cause you shordy to be frirnished with indications of the
cenuine notes as will ^erve to guaind you against counterfeits, and shall
direct the manner of remitting them. In tne mean time, and until ftur-^
ther orders, you will please to receive them, transmitting to me a weebljr
account of your feceipts.

The Treasurer of the United States will jm)bably have occasion tx^
draw upon you for part of the compensation of the members of Congress
frcxn yoi;ir State. These drafts you will alsio receive in payment of the
duties, or m exchange for any specie arisii^ isom them which shall have
Q&oo^ to your hands.

I am, air, your obedient servant,

ALEXANDER HAMILTON,

Secretary of the Treataarp,

Otho H. Wiluams,

CoUeGtor (ftke CnBtomsfor Bakimorej Maryland.

H 2.

Extract from a Report of the Secr^Hary of the Treaswy of April 88, 1790^
witit regard to the colleeti4m law.

Section 30. Tins section provides fi>r the recdpt of the dnties io:
gcAd and silver coin only. Tbe Secretary has considered this provisiim aa
haviog j(br object the exclusion of paymenlis in the paper emissions of ther
particular Stales, BXid the secunng the immediate or ultimate coUectioii
of the dudes in specie, as intended to prohibit to individuals 4he right of

5aying in ainythmg except gold or silver coin^ but not to hilider the
Veasury from making mch airaogements as its exigieacies, the speedy
command of the pubhc resources, and the convenience of the community,
might dictate; those arrangements being compatible with the eventual
receipt of the duties in specie. For instance : the Secretary did not
imagine that the provision ought to be so understood as to prevent, if
necessary, an anticipation of the duties by Treasury drafts receivable at
ib^ several custcmi^iouses. And if it ou^t not to be understood in this
sense, it appeared to him that the principle of a different construction
would extend to the permitting the receipt of the notes of public baxika
issued on a specie iiind. Unless it can be supposed thiU; the exchan^iig
of spedav after it has been received, for bank notes to be leinitted ta ihe

Digitized byLjOOQlC

1887.] SECRETAKX OF TBE TREASURY. U

Treasury, is aiab interdicted, k sterol difficult to cooGlud^ tlist Ae
seceipt of them in tte first instaoce is forbidden*

Such were the reflections of the Secretary with regard to the authotit;
lo permit bank notes to be taken in payment of the duties. The eiope^
diency of doing it appeared to him to be still less questionable. The
eKtenskm of fh^ circulation by the m^iire is calculated to increase
bodi the ability and the inclination of the banks to aid the Government*
It also accelerates the command of the product of the revenues for the
pobUc service, and it facilitates *he payment of the duties. It has the
first e&ot, because the course of business dccasions the notes to be .sent
beforehand to distant places; and being ready on the spot, either for
payment or exobaoge, me first post aitor the duties become payable^ 6r
•re received, conveys them to the Treasury. The substitution of
Treasmy dra^ anticipating the duties could hardly be made without '
florae sacrifice on the part of the publid. As they would be drawn upoi*
time, and upon the expectation of fimds to be collected, and of course
coDtingent, it is not probable that they would obtain a ready ^ale, but at
a didGoont, or upon long credit. As they would also be more or less
liable to accklent fix)m the failure of expected payments, there would be
oondnually a diegree of hazard to puolic credit. And to other con-
siderations it nnay be added, that the practice of anticipations of this
lond is in its nature so capable of abuse as to render it an ineligibte
insCmment of admmistration in ordinaiy cases^ and fit only for times of
necessity. .

If the idea of anticipation should be excluded, then the relying wholly
upon Treasury drafts would be productive of considerable delay. Thfe
nowled^ that fimds were in hand must precede the issuing of them;
here would, of course, be some loss of tmxe. And .as the moment <^
dsamaod cieatsed by the course of business would firequentiy elaj^se,
Aiere would as fiequently be a further loss of time in waiting for a new
demaad. In suoh intervals the public service would sufl^r» the specie
would be. locked up, and circulation checked. Bank notes being a coor
venient sjpecaes of money, whatever increases their circulation incre^es
ike qturadty of current money. Hence, the payment of duties is doubly
pmoooted £^ th^ir aid; they at once add to the quantity of medium, and
aervB to prevent the stagnation of specie.

Tbe tendmicy of the ncieasuife to less^i the necessity of dra^^Hl^
necie fit>m distant places to the seat of Grovernment» results firom the
taegooisx^iisideratioas. * The slow operation of Treasuiy drafts would '
Ao^mmUy involve a necessity of brii^gin^ on specie to answer the exigen-
cies of i^ovemment, the avoiding of which as much as possiMa, jn tW
particular situation of this country, need not be insisted upon#

Tekasury Depabtmeitt, May — ,1637. -
Sdr»s Ad the pAinfiil iafinrmation has reached this Departmeift, throiu^
Ae poUic press, that your bank had suspended specie fM^miejits, ]£e

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M SEPQRTS OF THB [ISWL

object of t)»s letter is to learn offik^ially tf that &jct has hiippened } and io
receive such explanations concerning the reasons for it^ and the fiiturs
ooiiiise of your business, as it will be apparent are so important for this
Department to kiK)w, under the existiiig liabilities and relations between
you and the Government.

While, on the oae hand, it is deemed proper that sudi indulgences
^ould be granted by this Department to its former fiscal agents as the^
may request, consistently with the laws and with the present state of tb^
Treasuiy, it must be apparent, on the other hand, that nothing can be
granted which is likely to endanger the safety of the public fonds and
other important pubUc inteiiests.

' The imperative povisions of the ^tot of June, 1836, make it tb^
duty of this Department to discontinue ordering any further «ums of
'public money to be placed with the deposite banks, after suspending
mecie payments. And hence you are notified that no more can be tiius
deposited in your institution, provided such a fiulure to redeem yoot
notBS has actually occurred. ^

It is also made my duty as soon as practicable to select other depos»>
tories, and place with them the money of the United States in your
possession, as well as the accruing revenue; but the Department will
endeavor to draw out the fimds in your hands by warrants and transfers
reaspnable in their amount and in the periods of their payment. Such
warrants and transfers, it is trusted, you will at all tunes be anxioua
and able to meet in a manner satisfactory to all concerned ; not only
with a view to fiilfil fidthfuUy your contract, and reUeve the Treasury
and its creditors from embarrassment and losses, but to exonerate yomv
selves and sureties fiom consequences equally injurious, inevitable, and
unpleasant.

I trust, fiirther, that you will continue to regard it your duty, while
any public money remains in your possession, to forward regcdarly alt
die returns and statements which are required by your agreem^t— ^he
mutual advantages fix>m doing which cannot Ml to be obvious.

The Department will also feel much obli^;ed if you wfll furnish, as
eaiiy as practicable, repUes to the two followmg inqukies, in order thasfc
it may be in possession of such intelligencefrom you, in an authentic
form, as will be useful to the community and the States, ^nd very
material for regulating properly the future measures of the Treasury.
Those inquiries are—

1st. whether you expect to resume specie payments soon, and vrhat
mode ^ou propose to take fully and seasonably to indemnify, seciii^,
and satisfy me Oovemment and the public credittHB for any bneacfa of
your agreement and bond?

2d. Whether, if you do not expect to resume specie payments soon,
any particular time for it hereafter has yet been aecided on, and what
special effi)rts or arrangements you intend to make for that very important
ocqect?

1 am, very reroectfiilly, your obedient servant,

^ LEVI WOODBURY,

Stcreiairy Gfth^ Treanmy.

To Ihe CAsasiBE y IJU -~-~^ Ami.

Digitized by LjOOQ IC

tm.) SECRETAttr OF THE TBaEASURY. . «

K.
LUttfD^pmte Banks diseontmued under the DcposUe Ad o/JunCf 1836.

MercantQe Bank, Bangor, Maine.

Maine Bank, Portland, Maine. '

Cumberland Bank, Portland, Maane*

Gtanke Bank, Augusta, Maine*

York Bank, Saco, Maine.

New Hampshire Bank, Pojttsmouth, New H^uxipsbire.

Commercial Bank, Portsmouth, New Hampshire.

Poitsmouth Bank, Portsmouth, New Hampshire.

Piscataqua Bank, Portsmouth, New Hampshire.

Memmad£ Countp- Bank, Concord, New Hampshire.

Mechanics* Bank, Concord, New Hampshire.

MenJtants' Bank, Boston, Massachusetts.
^ Commonwealth Bank, Boston, Massachusetts.^

Franklin Bank, Boston, Massachusetts*

Fulton Bank» Boston, Massachusetts.

Hancock Bank, Boston, Massadiusetts*

Phosnix Banky Chaiiestown, Massachusetts.

Bank of Burlington, Vermont.

Bank of Winder, Windsor, Vermont

Quinebaog Bank, Norwich, Comiecticut

Famiers and Mechanics' Bank, Hartford, Connecticut.

Mechanics' Bank, New Haven, Connecticut.

Arcade Bank, Providence, Rhode Island.

Rhode Island Union Bank, Newport, Rhode Island.

Mechanics and Farmers' Bank, Albany, New Yoik.

Manhattan Ccmipany, New York, N. Y.

Bank of America, New York, N. Y.

Mecbamcs' Bank, New York, N. Y.

Seventh Ward Bank, New York, N. Y.

La&yette Bank, New York, N. Y«

Hwraix Bank, New York, N. Y.

Leather Manu&ctmrers' Bank, New York, N. Y»

Tradeaaien's Bank, New York, N. Y.

Diy Dock Compamr, New York, N. Y.

Merchants' Bank, New York, N. Y.

Union Bank, New York, N. Y.

National Bank, New York, N. Y.

Merchants' Exchange Bank, New York, N, Y.

BnxMyn Bank, Brooklyn, New York,

Commercial Bank, Buffido, New Yoikl

Troy Bank, Troy, New Yoik.'

Trenton Banking Compdny, New Jeoaey*

State Bank, Newark, New Jersey.

State Bank, Elizabeditowny New Jersey*

Gifaid Bank, P^nlad^hia, Pennsylvania.

Uoyamensing J^ank, rhiladelphia, Fennsylvania*

Digitized by VjOOQ IC

08 jEEPcmTe or the. {tsa^.

Merchants and Manufacturers' Baitk, Pittsbui;^, Pennsylvama*

Bank of Wilmington and Brandywine, Wilmington, Delaware.

Bank of Delaware, Wilmington, Delaware^ .

Union Bank of Maryland, Baltimore, Maiyland.

Franklin Bank, Baltimore, Maryland.

Bank of the Metropolis, District of Columbia.

Bank of Virginia, Richmond, Virginia.

Farmers' Bamk of Virginia, at Richmond, Virginia.

Bank of the State of North Carolina, Raleigh, North Carolina.

Planters and Mechanics' Bank, Charleston, South Carolina.

Bank of Charleston, Charieston, South Carolina.

Bank of Au^^usta, Georgia.

Branch Bank of Alabama, Mobile, Alabama.

Union Bank of Louisiana, and branches. New Orleans, Louisiana.

Commercial Bank, New Orleans, Louisiana.

Planters' Bank of Mississippi, and branches, Najtcbez, AfiasisaippL

Agricultural Bank, and branches, Natchez, Mississippi. ^

Union Bank of Tennessee, Nashville, Tetmessee. .

Planters' Bank, and branches,. Nashville, Tiennessee.

Bank of Kentucky, and branches, Louistille, Kedtuciky.

Northern Bank of Kentucky, Iiexingtbn, and branuh>at Louisville, Ky.

Clinton Bank of Columbus, Ohio.

Franklin Bank of Columbus, Ohio.

Bank of ChiUicothe, Ohio.

Franklin Bank, Cincinnati, Ohio.

Commercial Bank, Cincinnati, Ohio. ' [

Agency of Commercial Bank at St. Louis, Missouriif

Bank of Zanesville, Ohio.

Bank of Wooster, Ohio.

Commercial Bank of Lake Erie, at Cleveland) Ohio.

Bank of Cleveland, at Cleveland, <%ia.

State Bank of Indiana, IndianapoUs, Indiaftia.

Illinois Bank, at Shawneetown, Illinois*

Bank of Michigan, Detroit, Michigan. <

Fanners and Mechanics' Bank of Detroit, Michigan. .

* Bank of River Raisin, Michigan.

r -

Z'.

List (f preteiU Deppsite Bamks under ^aJctcf Jtme, 1896.

People's Bank, Bangor, Maine.

f Brooklyn Bank, Brooklyn, New York.

Planters' Bank of Georgia, Savannah, <2eorgia. t j

Insurance Bank of Columbus* Oeoigia*.

Louisville Savings Institution, Kentuoky. y

Bank of the State of Missouri, St. Lodis.

^' \

* DiflcoDtinaed by its request, before the suspension of specie payments. )

fileappeimadwMii resumed speoiift^MiyiliHits. {

Digitized by L^OOgle ^

1887.] SECRETAET XXF THE TBZ A8URY. M

Ml.

To (Meaors of the Custom.

Tbobasuby DBPAB^TMBm*, 3£ay IS, 1837.
If the bank where you deposite should suspend specie payments, you
wili yourself collect and keep safely in your own hands the public money
fa- all duties at 3rour port, until fiirmer directions are given to you by this
Department how to aepositey transfer, or pay it. You must, of course,
continue to adhere to the existing laws of Congress, and the former
instructions of the Treasury, in respect to the kind of money receivable
for customs; and by which it is understood to be your duty to require
payments to be made in specie, or the notes c^ specie-paying banks that
are at par«

LEVI WOODBURY,

Secretary ef the Treatury.

M2.

Circuktr to Receivers of Puiiic Momey$.

Trbasuky Dbpartmbnt, May 18, 1887^
If the bank where you deposite should suspend specie payments, you
win keep in your own hands, safely, the public money you have in
possession, or may hereafter receive, till further directions are given
to you by this Department how to deposite, transfer, or pay it, or any
pordcMi of it
You win report to this Department weekly thp amount on hand.

LEVI WOODBURY,

Secretary of the Treasury.

. N.

Gradar Instructions to CoUectors of the Customs amd Recewers of Public

money.

Trbasury Depaijji^Vbnt, June 9, 1837.*
Sot : Should aH the banks in your vicinity^lected as depositories of
die public money have suspended' specie payments at any time, so that
wo oan DO longer legally depofflte in them, as usual, to the credit of the
Tieasmer, all public monejrs received by you, except such sums as may
be j»qpici^d to.^ieet the <»uTent expen9es of yoiu: cISce, the p^iQent of
debenture certificates by collectors, &c-; in other words, the sums you
would formerly have placed in bank to the credit of the Treasurer of
ibe Oatedl Stales ivffl^ uiidar the {MMMot aira^^

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60 REPORTS OF THE [1837.

credit, in a separate accoonty cm tte books c£ your oflice* TheywiD be
drawn for by nim in the following manner, and no otber:

1st. By the Treasurer's draft on the €&ceT having fimds to his credit,
directing the payment; which draft will be recorded by the R^[ister of
the Treasury, wno will aotfaenticate the record hj his sigiiature. A pri*
vate letter of advice will be transmitted by the Treasurer in eaoh case*

2d* By a transfer draft signed as above, and «{4)roved by the sign^
ture of the Secretary of the Treasury, for the purpose c£ transferring
fiinds to some other point where they may be required for the service
of the Oovemment.

No deductum whatever is to be made from the moneys placed by yon
to the credit of the Treasurer, except in one of these two modes, untU
they can be lodged by you with some legal depository.

On payment of any draft, the party to whom it is paid will, receipt iu
You will note on it the day of payment, will charge it on the same day
to the Treasurer, and will transmit it to him with the return of his
account in which it is charged. In charging these payments it will be
proper to enter each draft separately^ and to state the number and kind
of oraft, whether transfer, or on Treasury, War, or Navy warrants, and
the amount.

It is also necessary that the Treasurer's account be closed toeeiUy, with
the conclusion (^SaUirday's business, and transcripts thereof forwarded
in duplicate— one copy to the Secretary of the Treasury and one to the
Treasurer. When tae quartei: of the yeat terminates oa any other day
of the week, the account should be closed on the last day of the quarter,
leaving for an additional return the transactions from that time to the
close of the week; so that neither the receipts nor payments of diflferent
quarters be included in one return. Punctuali^ in transmitting the
return is indispensable.

To produce uniformity in the mourner of making the returns of the
Treasurer's account, a torm is herewith transmitted. For the purpose
of binding, it is reque8te4 that they be made on paper of nearly the
same size. Your numthly returns must be renderea to the DepartmeiU
as heretofore.

When the public money shall have accumulated in your hands to an
amount exceeding dollars, you can make a special deposite of the

same, in your name, for safe-keeping, in the nearest bank in which you
have heretofore deposited the puoUc money, and which will receive the
same, to be held oy it specially subject to the payment of checks or
drafts drawn by the Treasurer of the United States on the officer by
whom the same has been deposited.

LEVI WOODBURY, Secretary of the Treatury.

O.

Extract from Treasury Report^ AprU 22, 1790, to the Hinm ef jRepre*

sentatives*

^< As competed wMi the difficdtba that ha:ve oocnned in ^ execo^-

Digitized byL^OOQlC

idw.)

eEGRETARY (MF THE TREASURY.

«i

tion of tbe laws, which is the subject of this report, the Secretary begs
leave, in the last place, to mentbn the want of an officer in each State,
or other considerable subdivision of the United States, having the general
superintendence of all the officers of the revenue within such State or
such division*

•* Among the inconveniences attending it is a great difficulty in drawing
fiom the more remote pcMrts the moneys which are there collected. As
the coarse of business creates little or no demand at the seat of Govern-
ment, or in its vicinity, ttx drafts upon such places, negotiations in this
way are either very dilatory or impracticable; neither does the circular
tioa of bank paper, fiom the same cause, extend to them. This embar^
taaamexit would be remedied by having one person in each State, or in
a district of the United States of convenient extent, chai:ged with the
reoeipt of all the moneys arising within it, and placed, in point of resi*
dence, where there was the ffreate^t intercourse with the seat of Govern*
ment. This would ffreatly mcilitate negotiations between the Treasury
and distaat parts of the Union, and would contribute to lessening the
oeoessity of the transportation of specie.''

STATEMENT of the nrniber and amount of Warrants drawn on the
' United States Bank and Branches^ and the other Rinks which luere

dfeposkortes of th^ pMic moneys^ during the year ending December 31,

1834.

EASTTERN STATES.

Place.

No. of wanaato.

ArnomU.

Portland ,

Portsmouth

Bostcm

Salem

PzDTidence

Newport

Bzistol, Rhode Island

Hartford ..............

lUdfetown, ConnecticQt.
New HsLvetk

Bidi

76
48
296
16
30
15
14
14
10
43
41

603

$142,020 00

145^752 00

2,610,636 00

66,960 00

86,635 00

. 16,724 00

43,372 00

129,499 00

2,215 00

64,328 00

78,886 tK>

$3,337,026 00

Digitized byLjOOQlC

«•

ltX:PORl% OF THE
Statbubnt P — Continued.

[fB39l

MIDDLE STATES.

Plaoe.

No. of wananta.

AmouBt.

New York . -

Utica

Buflfalo

Philadelphia
Harrisbui^. .
Pittsburg . . .
Baltimore . .
Washington.
Georgetown.
Alexandria .

Albany

Newcastle . .

874

13

SI

438

1

76

287

1,468

1

10

3,129

$6,276,698 00

8,278 00

9,490 00

5,156,461 00

8 00

88,978 00

689,328 00

4,163,631 00

60,000 00

2,041 00

$16,463,843 00

SOUTHERN STATES.

Richmond

Norfolk

Petersburg

Fayettevifle, North Carolina
Coarleston, South Carolina.

Savannah

Augusta

Fredericksburg

Lynchburg

75

111

4

44
152

63
.10

469

$196,358 00

696,744 00

11,104 00

71,766

344,278

164,370

4,182

00
00
00
00

11,488,792 00

SOUTHWESTERN CTATES.

Mobile

New Orleans

Natchez

Nashville

Columbus, AGssisnppi

128

192

62

53

436

$640,174 00
988,551 00
161,688 00
116,931 OO

$1,796,389 00

Digitized by ^<j005lC

lesfr.} SECRE'PART OP THE TREASURY.

Statement P — Continued.

M

WESTERN fiTTATBS.

Mo. of warmitta.

Amoioit.

SL Xiouis ...•«..«..^ «...«. ••.*.

Ill
47
13
96

116

$642,291 00

2ll,248 00

84,413 00

632,971 00

624,409 00

Louisville -••• ••.

Lexinfirton -. -.*--- . _ ^.-^

Cip^v^nati ---.. .-.,

Detroit

383

$1,892,332 00

8UMMA1

1
lY.

Easteni States. •••••...••.••••«...

603
3,129
459
425,
383

$3,377,026 00

16,463,843 00

1,488,792 00

1,796,289 00

1,892,332 00

Ifiddle States

SoQthem States.

SoQtiiwestem States.

Western States

4,999

$26,008,282 00

Average about $5,000 for each warrant.

Not 1 per eex^h day in each State.

Not 1 per each week in some States.

About 4 each day in Washington city.

About 2 each day in New York.

Not over 1 each day elsewhere in any case»

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64

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68 REPORTS OT THE - [1837.

S-

TREAStJKY Depabtmbnt, May 24, 1837*
To the Prbsidsnt of the United States:

Sir: In consequence of the recent suspension of specie pagrments by
most of the bemks in which the disbursing officers of the Grovenunent
made their deposites of pubUc money, the undersigned has deemed it
proper to take die opinion of the Attorney (Jeneral on the effect of that
measure upon those deposites; aiid, in consequence thereof, submits the
following recommendations to the President:

1st. That all those (^cers be instructed, by the several Departments
to which they belong, to make their subsequent deposites in those banks
only which pay specie, if such can conveniendy be resorted to for that
purpose.

2d. That in the event of there heins none such, they are to be
instructed to deposite in those banks which are willing to give, and do
give, such written obligation as the nearest District Attorney of the
United States may deem sufficient and safe to secure the return of the
deposites punctually, when wanted, in such kind of money as was placed
in said baiiks ; and

8d. That the existing deposites of those officers, whenever not now
in such banks, and not soon expended, be withdrawn, and placed within
them as far as practicable.

Respectftdly, yours,

LEVI WOODBURY,
Secr^ry of the Treasury^

Approved : M. Van Burbn, President. \ \ '

Let a copy of the above be sent to eaich Department.

M. VAN BUREN, President.

Circular to Collectors of the CusUmvs and Receivers (f Public Moneys.

Treasury Department, May 17, 1887»
Sir: You will receive, enclosed, the blank form in which the Treas-
urer of the United States will hereafter issue his drafts in convenient
sums for payments to the creditors of the Government, and for advances
made, in pursuance of law, to disbursing officers, with the signatures of
the Treasurer and Register written on its face, for information as to their
handwriting.

The warrants on which these drafts may be issued will be retained
in the possession of the Treasurer; and tne drafts will be directed for
payment either to a cashier of a bank, a collector of the customs, or a
receiver of public naoneys, as the convenience of the service may require.
For greater safety, notice will be given by the Treasurer to the bank,
collector, or receiver, on whom they shaU be drawn, stating the date.

Digitized byLjQOQlC

1887.] SECRETARY OF THE TREASURY. 69

number, and amount of each draft drawn on them respectively, and
«l8o the name of the person or persons in whose favor they issue.

If the drafts <m the banks be not seasonably discharged on present-
ment the collectors and receivers are requested to redeem them by
receiving them in payment for duties or-pubUc lands, provided that
before they shall be received by any such collector or receiver, a certifi-
cate diat they have been properly presented to the bank, and not paid,
shall be furnished. This certificate will be given on the back of them
by the cashier of the bank on which they are drawn; or, on his feJlure
to give such certificate, or his simature not bein^ known or verified to
the collector and the receiver, me Treasurer of me United States, (m a
return of the checks to him, and his being convinced, by any evidence,
that the h^ank declines to pav them in a manner satisfactory to the Holder,
win himself make a certincate thereon, which will justify the above-
aamed officers in taking them up in the manner before described.

The drafi^ so received by you will immediately be cancelled by a
cross with ink on their face, and a hole cut through the centre of them.
lfet?iining a schedule of the numbers and amount of each, you will then
transmit them, weekly, to the Treasurer of the United States ; and the
Q^icers by whom they were taken up will, on their receipt by the Treas-
urer, obtain credits m their accounts with the United States for the
amount of such as are correct. You will also return to him, weekly,
a statement of the gross amount of checks taken up, and of the gross
amount of money on hand.

The banks on which these checks are drawn, if paying them, will%e
expected to act in a similar manner as to cancelling and r^uming them
wedhr to the Treasurer.

LEVI WOODBURY,
Secretary of the Treatwry.

Digitized by

Google

SP

RSP0RT6 OF THE
U.

iim.

BTATEMLNT ^(&e cottiaim (f th* teaenl D^ponte Anub, euoorir

iatfofA*-

M^kPO***^ »«»»»««

•*•••••••

VSWHAMFeOIIBE-.

TERMCWr ^..

BlASaiCHUSETTS.

CONNBCTICUT.

RHODE ISLAND

NEWJSR8ET

PENNSYLTANIA ..

MLAxC iLAIf D •••••••••••••<

DISTRICT OP COLUMBIA
VIRGINIA ....

NORTH CAROLINA.
SOUTH CAROLINA..

GEOR(HA.«.

Maine Bank, at Portland Aug. 13

Bank of Cumberiand, Portland 14

Granite Bank, Augusta. J«ly 15

People's Bank, Bangor Aug. 15

York Bank,Saco 13

Mercantile Bank, Bangor. 15

Commercial Bank, Portsmouth.... .••••... 14

Meirimack County Bank, Concord • 15

Portsmouth Bank, Portsmouth. ••...••••• 19

New Han^hire Bank, Portsmouth. 19

Piscatai|ua Bank. Portsmouth. ...•...•• 14

Mechanics' Bank, Concord. 15

Bank of Burlington J 17

Bank of Windsor. 1

Merchaato' Bank, Boston 15

Hancock Bank, Boston ; July 15

Fulton Bank, Boston ^May 1

Franklin Bank, Boston m June 15

Commonwealth Bank, Boston. • Aug. 16

PhcBnix Bank, Charlestown July 31

Mechanics' Bank, New Haven....*.. ••*••••... ..Aug. 14

Farmers and Mechanics' Bank, Hartford 30

Ctuinebaug Bank, Norwich •• . • . 15

Arcade Bcmk, Proyidence. ••..... 15

Rhode Island Union Bank, Newport. ..••.... 13

I/Ukyette Bank, New York 8

Seventh Ward Bank, New York July 34

Manhattan Company, New York m Aug. 16

Bank of America, New York. 14

Leather Manufacturers' Bank, New York July 31

Mechanics and Farmers' Bank, Albany Aug. 15

Mechanics' Bank, New York 15

Phoen ix Bank , New York 16

Merchants' Bank,NewYork 11

Tradesmen 's Bank , New York. July 31

Union Bank,New York Aug. 19

Brooklyn Bank, Brooklyn 15

Bank of Trov, Troy 15

Merchants' Exchange Bank, New Yeric 1

National Bank,New York 15

Trenton Banking Company, Trenton 15

State Bank, at Newark 17

State Bank, at Elizabethtown July 31

Girard Bank, at Philadelphia 39

Moyamensing Bank, Philadelphia Aug. 9

Merchants and Manufacturers^ Bank, Pittsburg. ... 9

Bank of Delaware, Wilmington July 1

Franklin Bank, Baltimore. « Aug. 14

Union Bank of Maryland, Baltimore. 31

Bank of the Metropolis, Washington 15

Bank of Virginia and branches 15

Farmers' Bulk of Viisinia, Richmond. • 17

Branch of ditto, at Winchester July 15

Bank of the l^te, at Raleigh 39

Planters and Mechanics IBank Jof S. C, Charleston. Aug. 11

Bank of Charieston, Charleston 15

Bank of Augusta. 8

Planters' Bank of the State, Savannah \ 8 |

Digitized by V^OOQlC

1887.] SECRETiUlY OF THE TREASURY.

U.

n

*Hg- to retttmi receUied at the Trecawry Department, on or near the 15«&
gutt, li837.

Lmuis «iid disooiiBta.

BOb of exehange.

Soipended debt.

Stoekf.

1318,100 31

110833100

959,064 63

74309 70

94^99155

41,076 67

»^88

36,071 99

1633131

136,899 66

.

653 95

168^54
957^5 96

18358 30
7,766 89

134,336 83

•

570 41

UAfiSl^

7399 63

1€3,984 47

9,853 47

9,488 81

18319 47

494,999 93

181,178 39

99399 16

430000

115,094 73

•

16385 00

138,393 67

93,885 33

8,971 56

196,795 33

430000

M39,586 0l

733395 34

953,008 09

39,754 69

U313 00

769,85187

110390 81

989^606 13

l/n9,7a8 04

14300 00

1930000

443»d46 51

15308 96

>

956,079 60

87,600 15

.

910,000 00

378,307 97

159,905 33

39,030 00

fSJ-S^li

57,133 91

- 89,600 04

37,700 00

364^139

86,700 15

11,100 00

140^56 63

93,735 49

9,139 31

96,190 00

866,591 47

843,186 49

33»,593 05

919315 48

3,755,999 7i»

196,500 00

110,789 98

15,000 00

1,185,104 63

733,408 56

904360 99

3,6669808 89

•

1307,190 37

9,994>180 97

3,409,596 00

•

191,189 00

807414 5$

•

8375 36

^sss

-

51,611 69

•

U0,483 64

n».6«0 64

-

•

5434441

l^C^l 07

•

79186

i;MO70<tt

•

35371 97

441^00

•

933900

96,890 00

BS-^S!

•

94308 97

140 00

«7M^S7

99350 00

799 70

M?^*

481307 89

108398 99

534310 35

4SMS4 86

•

1,151 96

iMimn

378391 13

5359 04

y*4l22f

-

6385 98

81385 17

^a

139,754 33

9374 04

198391 43

407,864 78

169315 56

759,479 79

141^77 fiS

187,895 15

19383 03

16308 09

S4»4tt96

879340 67

1309365 84

368,181 56

l.«M,4«i4

360,749 77

68,097 58

430000

•51,505 09

■•

135,500 00

9Mi^f&

311,405 80

309,499 17

14301 31

179,489 86

989350 45

666319 59

348,798 37

930000

179.174 88
88396 09

955^768 99
131384 99

87369 00

Digitized by

Google

72

REPORTS OF THE

[1837.
Statbvbnt U

STATEa

Namoi and location of Banka.

Date of
retorn

MAINE.

NEW HAMPSHIRE..

VERMONT

BIASSACHUSETTS.

CONliBCTICUT.,

RHODE ISLAND.
NEW YORK

NEW JERSEY

PENNSYLVANIA

DELAWARE

MARYLAND. ...y

DISTRICT OP COLUMBIA.
VIRGINIA

NORTH CAROLINA..

SOUTH CAROLINA...

OEOROIA

Maine Bank, at Portland •

Bank of Cumberland, Portland.. • « ; . . . .

Granite Bank, Aoguata

People's Bank, Bcmgor

York Bank, Saco

MercantUe Bank, Bangor •

Commercial Bank, Portamouth

Merrimack County Bank, Concord... • • ..

Portamouth Bank, Portamouth

New Hampshire Bank, Portsmouth

Piscatai^ua Bank, Portsmouth

Mechanics' Bank, Concord

Bank of Burlington

Bank of Windsor

Merchants' Bank, Boston •

Hancock Bank, Boston

Fulton Bank, Boston

Franklin Bank, Boston .•

Commonwealth Bank, Boston

Phosnix Bank Charleetown

Mechanics' Bank, New Haven • .

Fanners and Mechanics' Bank, Hartlbrd

Ctuinebaug Qank, Norwich

Arcade Bank, Providence

Rhode Island Union Bank. Newport ,. . . .

Lafayette Bank, New York

Seventh Ward Bank, New York

Manhattan Company, New Yoric •

Bank of America, mw York • .

Leather Manufacturers' Bank, New York.

Mechanics and Farmers' Bank, Albany. . ..>..... .

Mechanics' Bank, New York

Phoenix Bank, New York

Merchants' Bank, New York

Tradesmen's Bank, New Yoik

Union Bank , New York

Bn>oklyn Bank, Brooklyn ^

Bank of Troy, Troy • . .

Merchants' Exchange Bank, New York

National Bank, New York

Trenton Banking Company, Trenton

State Bank, at Newark

State Bank, at Elizabethtown

Girard Bank, at Philadelphia >

Moyamensing Bank, Phdadelphia

Merchants and Manufacturers^ Bank, Pittsbux^. . . .

Bank of Delaware, Wilmington

FrankUn Bank of Baltimore

Union Bank of Maryland, Baltimore

Bank of the Metropolis, Washington

Bank of Viifinia and branches , . •

Ffeurmers' Bank of Vii^ia, Richmond • • • •

Branch of ditto, at Winchester.

Bank of the State, at Raleigh : .

Planters and Mechanics' Buik of S. C, Charleston.

Bank of Chitfleston, Chaiieston.

Bank of Augusta

Planters' Bank o^ the State, Savannah. »•«

Aug. 19
14
July 15
Aug. 15

la

15
14
15
13
19
14
15
17
1

15
July 15
May 1
June 15
Aug. 16
July ai
Aug. 14
90
15
15
13
8

July S4
Aug. 16
14
July 31
Aug. 15
15
16
11
July 31
Aug. 19
15
15
1
15
15
17
July 31
99
Aug. 9
9

July 1
Aug. 14
SI
15
15
17
15

11
15

8
8

July
Aug,

Digitized byi^OOQlC

1887.] SECRETAKY OF THE TREASURY.

— Contmoed.

Rod estate.

Other
inyeetmeDta.

Expeneee.

Balances due
from banks.

Notes of other
banks on hand.

.

.

#918 33

#33,807 69

#8,889 00
34,488 35

-

-

945 28

4,139 36

«5,882 25

- -

.

38,094 53

36,669 00

-

-

597 56

5,698 69

3,063 00

4,487 03

#147 48

355 35

31,118 03

85 00

IS/WOOO

-

. 58508

46,244 41

1,790 00

-

-

3,530 91

101,690 68

16,618 45

4,en6s

-

866 15

55.087 61

4,911 00

5,616 93

• '

-

38,749 85

3,705 33

8,979 12

-

37 66

14,413 66

6,835 00

-

-

415 33

38,903 36

5,303 39

1,465 96

10 56

30 50

37,803 76

3,357 00

500 oa

-

1,005 83

48,875 30
17,765 13

5,353 28

4,00000

-

5,020 00

110,000 00

-

5,091 91

506,653 46

256,589 00

-

. -

2,075 00

54,289 65

300,491 00

-

-

3,593 88

39,649 41

172,726 00

. S3373 86

»•

89 33

42,570 64

24^88

-

•

9,973 00

338,000 00

280,000 23

5,000 00

-

3,435 83

31,145 86

10,387 00

8,695 17

47,578 91

.

15,903 59

8,3193 00

14,769 41

13,959 84

1,930 94

43,987 09

16,780 00

13,937 17

3,107 47

805 98

35,969 04

4,281 11

•

-

, 188 06

50,156 39

9,470 00

18,798 66

-

4 64

93,907 48

1,718 00

8,700 00

5,416 67

3,799 37

65,416 63

35,735 41

6J05 00

18,297 10

6,635 75

170,622 31

38,910 84

390,534 48

417,370 46

-

975,836 45

438,813 17

113,467 19

2,696,185 71

4,544 91

1,364,143 19

343,532 89

T

16,961 54

-

447,445 84

371,396 19

90,000 60

303,709 13

633 85

161,309 63

51,798 00

71,569 90

54,797 54

34,433 88

952,613 00

342,063 00

63,543 45

84,340 08

6,149 06

1,845,531 14

370,700 25

44,907 00

35,479 00

5,336 00

3,699,870 00

846,179 00

34,060 00

11,000 00

497 67

97,434 80

39,580 50

33^06 10

39,347 33

6,081 78

508,337 31

399,769 75

U465 10

4,175 00

5,570 74

-

21,453 70

12,000 00

13,900 00

300 15

45,143 86

47,572 30

30,376 18

19.^41 78

1,428 03

378,903 12

454,530 35

29,4S37 67

30,634 06

5,456 35

677,034 33

159,938 68

5,14100

•

-

33,331 00

31,918 00

m/ns 67

•

1,354 01

60,493 05

57,491 33

14,776 80

-

1,494 33

34,543 99

6,220 00

-

676,654 79

7,435 36

1,138,620 48

364,914 14

16,172 60

•

3,13183

50,251 16

39,085 00

-

• -

4,708 73

565,615 64

192,124 00

Sr,739 64

.

351 00

27^606 88

7,326 19

43,874 98

6^6«(43

7,981 60

114,335 40

160,636 96

158,366 35

37,850 12

3,856 49

400,699 05

281,398 89

97,036 84

3,170 17

659 05

179,599 00

172,569 57

303,565 85

399,710 69

9,780 85

687,898 70

134,020 06

91,330 81

336,449 83

1,520 07

26,206 46

99,486 73

SMSe 18

.

.

63,503 15

15,733 15

35^1 13

.

3,951 78

308,770 48

78,507 00

90,660 00

364n5 65

1,056 75

118,584 35

68,763 00

36,060 60

75,608 33

1,674 75

472,493 46

57,483 00

38,000 00

^^44

4,583 57

168,745 81

314,135 50

11,600 00

3,693 07

183,83161

136,830 00

Digitized byV^OOQlC

u

REPORTS OF THE

£1987.

BIAINE.

NEW HABIPSHIRK.

VERMONT ,••

MASSACHUSETTS.

CONNECTICUT,

RHODE ISLAND... ..•.•.
NEW YORK. M

NSW JERSEY.. ...
PENNSYLVANIA .

DELAWARE ;.

fti A R I LAND •...•..«••..«

DISTRICT OP COLUMBIA
VIRGINIA ..••••.«..

NORTH CAROLINA.
SOUTH CAROLINA.

GEORGIA..

Maine Bank, at Fordand

Bank of Cuaibefland, PoiHand

Granite Bank, Augusta. . .^

People's Bank, Bangor .••

York BankfSaeo ••

M«rcanl^e Bank • Bangor. ..* • •

Commercial Bank, Portsmouth

Merrimack County Bank, Concord

Portsmouth Bank, Portsmouth

New Hampshire Bank, Portsmouth

Piscataqua Bank, Portsmouth.

Mechanics' Bank, Concord

Bank of Burlington • • • •

Bank of Windsor •« • •

Merchants' Bank, Boston

Hancock Bank, Boston

Fulton Bank, Boston

Franklin Bank, Boston..^

Commonwealth Bank, Boston. . • .. • ^ . .

Phoenix Bank, Charlestown •

Mechanics ' Bank« New Hayen ..••«.

Farmers and Mechanics' Bankt Hartford

Cluinebaug Bank, Norwich. ••• t .... • *..

Arcade Buik, Providence. ...•••

Rhode Island Union Bank, Newport. ...•••••....

Lafayette Bank, New York

Seventh Ward Bank, New York. ••••«....••..*•.

Manhattan Company, New York.. •••...

Bank of America, New York.. • •....••.•••

Leather Manu&oturers' Bank. New York.

Mechanics and Farmers' Bank, Albany •

Mechanics' Bank, New York *••

Phoenix Bank, New York ••.••••.

Merchants' Bank, New York

Tradesn^n's Bank, New York • ..*•.

Union Bank, New Yoik • •

Brooklyn BankJBrooklyn. •••

Bank of Troy, Troy ,

Merchant' Exchange Bank, New York

National Bank, New York. • • .

Trenton Banking Company, IVenton.

State Bank, at Newark

State Bank, at Elisabethtown.

Girard Bank, at Philaddphia. » •• .

Moyamensing Bank, Philadelphia..

Merchants and Manufacturers' Bank, Pittsburg. . .

Bank of Delaware, Wilmington. . . • • • .

Franklin Bank of Baltimore. ...•.•.•.•••••

Union Bank of Maryland. Baltimore.
Bank of the Metropolis, Washington.

Bank of Viiginia and branches

Farmers' Bank of Viiginia, Richmond.
Branch of ditto, at Winchester ..•...••

Bank of the State, at Raleigh

Planters and Mechanics' Bank of S. C, Charieston

Bank of Charleston, Charleston. 4 • . • ••• .

Bank of Augusta ...«••...•••.• ,

Plantars' Btnk of the State, SaTaoaah

•••.••«•••••

Aug.ia

14

July 15
Aug. 15

15
14
15
Id
19
14
15
17
1

15
July 15
May 1
June 15
Aug. 16
July 31
Aug. 14
90
15
15
13
8

July 34
Aug. 16
14
July 31
Aug. 15
15
16
11
July 31
.Aug. 19
^15
15
1

15
15
17
July 31

Aug.

9
9

July 1
Aug. 14
31
15
15
17
July 15
23
Aug. 11
15
8
8

Digitized by

Google

1887.] ^CRETABT <^ T^E TBEA8URY.

76

ClircQiation.

DBPOSITBt.

%ieciii OP hand.

Treasurer of the
United StatM.

Public ofBoen.

All other

«18p476 31

498,417 00
107,680 00

#51306 16
^349 15

#17,163 96

533^33

16VD91 <SS

47,600 00

3,490 00

•

69332 33

12^16 96

n,418 00

90,537 97

•

4316 11

12,9W 19

44,076 00

89 49

•

35348 13

12,095 29

54,520 00

18,318 08

15,168 68

4309 49

19,773 48

80,738 00

28.797 81

45342 73

50,608 99

8,443 96

19,459 00

93,739 00

47,68163

4,143 34

7,fl97 97

35,438 00

8314 50

98399 85

8,019 07

40,658 00

7,848 54

•

96,821 78

39,581 61

118,984 00

9^378 46

•

28,779 28

7,850 89

49,948 00

89375 00

.

9,916 26

99,991 95

99;£25 00

85 49

36.760 16

91397 69

12,970 09

46,773 00

503 15

98,606 13

1358 09

163,078 11

911372 00

96,820 75

45.857 45

169,434 16

1^369 50

131,759 00

4384 40

71,090 65

362,126 81

60/ft59 95

118,489 00

172,355 68

.

223,730 80

38,053 76

109,871 50

54.000 00

.

71,652 96

40479 98

903,965 00

94,920 98

100,985 65

483,053 50

S/B9 69

83,164 00

-

11,612 93

93,199 13

35^70 40

69345 00

91355 07

3,444 00

58,652 88

99,450 87

^,809 00

.

106.895 18

58393 97

8,003 68

55,570 00

12,784 11

43,679 55

40,995 71

49380 00

1,616 95

43,949 41

43,856 75
20,571 14

13,997 89

94,144 00

3.816 81

-

49,919 44

109,480 00

49,000 00

40.000 00

149,999 37

77,569 93

66,765 00

35,508 05

.

235304 56

909,370 71

^,665 99

939.127 39

131.011 84

9,409,511 72

613331 68

495,419 00

461377 16

940.434 09

1303345 88

78496 07

19365 00

72,089 99

.

560,639 34

?0,979 07

164,683 00

21310 28

34,87184

224359 69

13,209 00

417,177 00

314,861 49

.

1,796338 33

151390 90

389337 93

8,438 08

•

828349 10

42,616 00

753387 00

64366 00

1.773 00

1361376 00

33,214 58

«),388 00

36.987 05

.

302,745 04

124,705 80

443,059 38

52,750 93

•

880,705 32

4,920 10

99356 00

94,616 35

3.003 18

84,742 16

18,264 90

87,184 11

40 00

33.775 51

85306 88

54312 73

171358 00

98328 91

.

487,571 44

IS^S

985355 00

92,734 12

6.000 00

775,136 59

37310 00

194355 00

29,756 00

41,761 00

49.050 00

443M 79

38,595 00

55.750 42

7,745 94

60,822 78

JS^^^

36366 00

25.000 00

.

42370 28

9n,tl4 36

777,474 69

319,183 75

65934189

441,038 87

»3S3 91

99330 00

5391 57

80,712 Se

105,121 24

m,5i4 90

477,400 00

-

145,708 95

433,743 99

2M1188

141,736 50

34315 50

.

99,499 98

S^*

950347 00

97.092 03

993^7 65

320317 90

75,7^75

937,640 00

219383 06

7936193

1341,035 70

44,418 49

3643^96

2,132 96

481399 98

152,069 64

496,429 76

9319,068 31

395,066 64

162346 82

1393341 06

156,128 45

516,711 00

148,467 35

•

433,628 85

£^'i

995370 00

7386 88

6318 00

13,181 04

1391350 00

168348 12

25316 89

685310 53

JK^ZS

731395 00

50,404 74

138376 59

308393 61

241345 73

1,119,485 00

60.943 23

2,931 50

722,544 79

201381 06

604,138 96

37.169 52

90,696 83

138,199 09

2»30O59

29,149 00

6^365 17

134324 90

909,726 59

Digitized by

Google

7«

REPORTS OF THE

[188T.
Statbmqbnt U

9TATE8.

MAINE.

NEW HAMPSHIRE.

VERMONT ^..

MASSACHUSETTS.

CONNECTICUT..

RHODE ISLAND

NEW YORK .•••M......

NEW JERSEY.,

PENNSYLVANIA.

DEL A W ARE • ••.•••••.•••<
MARYLAND...

DISTRICT OF COLUMBIA
VIRaiNIA

NORTH CAROLINA.
SOUTH CAROLINA..

GEORGIA.

NaiMi and location of Banln.

Maine Bank at Portland..^ Aug^. 13

Bank of Cumberland, Portland • 14

Ghranite Bank, Auguata ...•••.. July 15

People's Bank, Bangor Aug. 15

York Bank, Saco 19

MercantUe Bank, Bangor. .•••......•. 15

Commercial Bank, Portsmouth 14

Merrimack County Bank, Concord ..••. 15

Portsmouth Bank, Portsmouth 12

New Hampshire Bank, Portsmouth 19

Piscatacjua Bank, Portsmouth. • • • 14

Mechamcs' Bank, Concord 15

Bank of Burlington 17

Bank of Windsor 1

Merchants' Bank, Boston 15

Hancock Bank, Boston.. July 15

Fulton Bank, Boston May 1

Franklin Bank, Boston .June 15

Commonwealth Bank, Boston Aug. 16

Phoenix Bank, Charlestown July 91

Mechanics' Bank, New Haven Aug. 14

Farmers and Mechanics' Bank, Hartford 90

duinebaug Bank, Norwich ....••.. 15

Arcade Biuik, Providence. 15

Rhode Island Union Bank, Newport 19

I^fkyettc Bank, New York 8

Seventh Ward Bank, New York July 94

Manhattan Company, New York Aug. 16

Bank of America, New York 14

Leather Manufacturers' Bank, New York July 31

Mechanics and Farmers' Bank, Albany Aug. 15

Mechanics' Bank, New York • •• . 15

Phoenix Bank, New York 16

Merchants' Bank, New York 11

Tradesmen's Bank, New York July 31

Union Bank, New York Aug. 19

Brooklyn Bank, Brooklyn 15

Bank of Troy, Troy 15

Merchants' Exchange Bank, New York 1

National Bank, New York 15

Trenton Banking Company, Trenton 15

State Bank, at Newaric 17

State Bank, at Elizahethtown July 31

Girard Bank, at Philadelphia 99

Moyamensing Bank, Philadelphia Aug. 9

Merchants and Manufacturers' Bank, Pittsbuig .... 9

Bank of Delaware, Wilmington July 1

Franklin Bank of Baltimore Aug. 14

Union Bank of Maryland, Baltimore 91

Bank of the Metropolis, Washington 15

Bank of Virginia and branches 15

Farmers' Bank of Virginia 17

Branch of ditto, at Wmchester July 15

Bank of the State, at Raleigh 99

Planters and Mechanics' Bank of S. C, Charleston. Aug. 11

Bank of Charleston, Charleston 15

Bank of Augusta I 8

Planters' Bimk of the State, Savannah | 8

Date of
Return.

Digitized by

Google

1837.] SECRETARY OF THE TREASURY.

— CoDtinued.

77

Banks.

Other liaUUties.

Cfl^ittd stock.

Contiiigeiit iiind.

Pn^t and loss, dis-
count and interest.

#7,799 75

.

#305,000 00

.

#16,984 30

9,506 00

#35,653 69

950,000 00

-

8,557 51

637

-

100,000 00

-

1,476 95

-

8,979 56

100.000 00

.

4,468 08

-

-

100,000 00

-

6,709 96

5,446 11

.' ■ -

100,000 00

^

9,550 33

119 96

^,690 00

150,000 00

#20,000 00

13,928 88

-

-

100,000 00

.

13,930 94

-

■ -

100,000 00

3,056 84

911 92

•

-

147,500 00

.

695 41

M71 67

970,165 84

300,000 00

95,914 93

6,019 89

-

-

100,000 00

-

456 09

-

.....

150,000 00

6,000 00

12,538 55

-

-

80,000 00

.

13,310 17

1409,918 93

•

1,500,000 00

151,028 95

64,492 29

168,413 10

-

500,000 00

14,500 00

16,026 81

131,054 86

•

500;000 00

1,385 71

9,378 17

17,952 87

• •

150,000 00

367 90

30206

965,000 00

500,000 00

10,970 83

8,928 29

-

•

300,000 00

.

18,337 22

34467 83

•

473,050 00

13,554 35

9,271 49

4,«28 16

- ■

465,100 00

5,625 00

12,266 44

19,758 98

35,000 00

500,000 00

.

9,178 57

93431 49

•

400,000 00

•>

7499 77

806 31

-

900,000 00

.

639 77

66,039 01

73,750 00

500,000 00

.

46,310 50

133,671 64

67,379 09

500,000 00

.

121,425 45

C?0,554 11

590,979 05

2,050,000 00

-

16,843 77

^^^^

9,398,876 10

3,001,200 00

•

413,602 29

449,586 75

90,311 10

600,000 00

■' -

96,542 79

988,390 70

179,576 18

442;000 00

•

190,695 77

1,139,451 00

13,029 69

9,000,000 00

.

681,246 54

1,564,759 99

144,939 79

1,500,000 00

293,950 35

33,447 38

3,013,693 00

103,195 00

1,490»000 00

375,399 00

40,606 00

119,315 53

•

400,000 00

•

131,381 84

775,954 16

75,000 00

1,000,000 00

-

921,893 64

8,687 40

954 57

200,000 00

. r

31,905 07

910,557 34

160,000 00

440,000 00

-

113,821 72

894,939 31

41,493 09

750,000 00

.

133,101 06

170.759 94

100,000 00

750,000 00

•

141,290 69

39,715 00

•

910,000 00

-

99,164 00

93,936 58

-

400,000 00

-

20,319 75

99,900 as

.

900,000 00

.

36,924 43

UmM4 91

859,099 69

5,000,000 00

189,504 96

907,785 65

71,343 41

627 79

950,000 00

•

16,019 51

301,997 10

509,963 13

600,000 00

•

107,869 02

7,869 63

588 90

110,000 00

-

91,247 97

331468 46

-

624,550 00

17,472 95

19,173 33

601,973 93

1,845 00

1,845,562 50

50,000 00

948,826 65

187,969 00

-

500,000 00

-

82,046 81

393,308 77

ijm^son

3,240,000 00

590,387 40

65,686 47

07,861 60

756,358 17

475,000 00

369,771 79

15,596 27

14,666 80

.

937,500 00

•

975 95

156,369 99

•

1,500,000 00

-

909,974 06

341,899 41

•>

1,000,000 00

903,509 49

19,111 31

407,463 55

99,669 83

9,000,000 00

197,899 36

44,827 26

157,589 95

90,906 66

1,900,000 00

•

46,147 44

31^^906 9»

535,400 00

115,794 09

90,93106

Digitized by V^OOQlC

J

78

REPORTS OF THE

[1837.
Statement tJ

STATES.

KaniM and location of Banki.

ALABAMA..
MISSISSIPPI

LOUISIANA ..
TENNESSEE.
KENTUCKY.

OHIO.

MISSOURI

Branch of the Bank of the State^ Mobile^ •
Planters' Bank of the State, Natchez

A-fi ntM h: Hank oC the St^te, Niit*:h^ ..

INDIANA...
ILLINOIS....
MICHIGAN .

NEW YORK.
DELAWARE
QEORGIA ...

Cotiunemal Bank ofNt-w OHeana,

Union Ba.ri k of Louisiana, ♦ • ^ » ,♦ • «..••.«

Ujuon Bank of the StaL<? mid branehea, ......

Pknttira* Bank of the Slate and branches. • . ^

Bank of Kentucky f Lotikville ... .ii .... ^

SEivirigs fnsuiution, Louisville* .****.**

Northf^rn Bank of Eentueky^ Lexingtoa

Bnuich of ditto t LoiiiflvilJ« *...**

Branch of ditto , Pans ,*,«.*.,-.*.,.,*

Branch of ditto, Eichmond • • ••

Branch of ditto, Covington **

Franklin Bank of Columbus ^ . m

Clinton Bank of CoIumbu«

Franklin Bank of CLaciniiat), ...*.«

Commercial Bank of Cincmnaii

Agency of dittos nt St. Louis

Commercial Bank of Lake EHej Cleveland ••

Bank of CiuJUcotbe. .*„„**„-.

Bonk of Cleveland ..*«....•......,»..•...•

Bank of Wooster

State Bank of Indiana.

Bank of the State, at Shawneetown

Bank of the State, at Detroit

Fanners and Meckanica' Bank of Michigan.

Dry Dock Company, New York

Bank of Wihnington and Brandywine, Wilmington
Insurance Bank of Cdumbus

Aug.

*Bank of the State of Missouri .

July 7

*New selection.

Digitized by

Google

1837.] SECRETARY OF THE TREASURY.

— Commaed, .

7d

Low and diaeomitt.

KHs of «zeliaiige.

Stoeki.

|S,994/I34 16

#517,967 28

#1,387,313 63

5,1C&,435 39

1>6,896 41

3,673,348 14

#125,900 00

4,000,776 B6

934,417 74

683,700 90

««i. 3,636,746 58

406,876 53

443,599 45

68,300 00

7,643,3^ 3S

905,268 92

1,068,205 29

8,480,644 53

1,023,679 70

604,010 59

3,346,063 59

1,245,062 69

20,008 90

8,113,585 53

694,871 21

28,223 87

1,120,000 00

173,531 79

13,385 73

17,150 00

1,078,097 07

- 157,576 45

13,525 00

446,000 00

501,688 68

98,385 19

114,850 72

345,000 00

378,584 76

4,211 16

4,900 00

90^000 00

150,934 58

1,957 37

-

50,000 00

267,003 90

47,315 04

.

75,000 00

634,416 68

370,667 OS

'

1.086,993 47

560,410 56

32,035 27

47,000 00

929,315 29

966,048 74

28,477 69

93,443 37

335,661 48

47,293 87

659,633 54

116,577 73

15,281 82

4,378 36

331,531.46

112,146 00

191,083 74

435,144 99

53,750 50

5,775 00

3643<10&

91,349 46

44,725 65

2,844,369 57

794,637 06

125,608 50

^ 943,318 31

15,444 76

943,373 13

435,565 96

16,946 20

535,793 66

333,715 65

1^06,880 61

-

10,588 90

196,803n

-

-

47,359 85

919,173 40

15,500 00

117,200 41

119,909,663 67

17,694,530 28

12,383,046 65

5324,858 15

635,874 14

14,639 63

Digitized by

Google

80

REPORTS OF THE

[1837.
Statbment U

STATES.

ALABAMA . .
MISSISSIPPI.

LOUISIANA,.

TENNESSEE

KENTUCKY.

OHIO.

INDIANA....
ILLINOIS....
MICHIGAN..

NEW YORK.
DELAWARE
GEORGIA....

MISSOURI.

Names and location of Banks.

Branch of the Bank of the State, Mobile

Planters' Bank of the State, Natchez

A^rknltuml Bank of the Stniei Natchez

Commercml Ennk of New OHeana •

Union Bank of Louiamm. . , . ^

Union Bank of the State nnd brandies •

Pkntei*!^' Bank of tht Slate and bmndies.

Bank of Kentucky, LouieviHe.

Savin^fl Institution^ Loumille. , ^ . «

Northern Bmik of Kentneky^ Lexing^n

Branch of iliuo^ LnuiavUle .,.,.** ,

Brarit^h of d itlo, Piuris .......... h»

Branch of diuo, RichmoDd..

Branch of ditto, Coving:ton ^

Franklm Bank of Columbus.. , .•

Clinton Bank of Columbus

Franklin Bank of Cincinnati

Commercial Bank of Cincinnati

Agency of ditto, at St. Liouis

Commercial Bank of Lake Erie, Cleveland

Bank of Chillicothe

Bank of Clevdand • ••.....

BankofWooster

State Bank of Indiana

Bank of the State, at Shawneetown • . .

Bank of the State, at Detroit

Farmers and Mechanics' Bank of Michigan

Dry Dock Company, New York

Bank of Wilmington and Brandywine, Wilmington.
Insurance Bank of Columbus •

*Bank of the State of Missouri •• July 7

Date of
return.

Aug.

Aug. 7

July 81
S29
31
5
16
15
16
7
14
17
7
7
9
19
19
16
July 31
Aug. 15
14
16
IS
July 93

15

May 1
June 15
Aug. 17

•New Sdection.

Digitized by

Google

1817.] SECRETARY OF 'm& MiiASURY.

Other

Expfn«et«.

Bduictodiie

Notes of other

Ealcatetft.

jnTOtaientSk

from bank*.

Imiika on hand.

esn

19.790,690 94
19,948 85

141,013 96
9|9»61

#407,599 95
23,613 19

t^%

_a7,4S9 00

16,6$0 01

9,273 85

71,101 63

65,424 56

*15(MW1(

700,191 15

7,^193

379,310 72

13M53 34.
246^7 00

*HB,84S«

9,108,878 52

26,669 04

781,454 92

^990

-

9,340 22

422,338 06

171,550 25

.

4,819 48

639,619 64

184,065 00

9B^1 77

9,903,739 22 •

1,876 16

852,396 65

932,443 39

lo^eoooo

-

349 83

Aifi19 32

47,560 00

50,060 0)

3^^70 41

1,948 68

266,165 03

139,780 00

16,500 55

3,990 98

1,966 44

166,297 57

59,580 00

9,395 08

95 59

307 62

23,668 59

18,680 00

.

328 33

1,244 75

8»090 00

5,000 00

1,542 84

459 61

12,290 56

5,818 00

11,786 91 .

360 37

1,488 07

121,772 23

47^075 43

8,189 95

.

527 99

11,726 20

37,000 00

75,800 00

732 53

40,465 19

47,046 00

34,496^

406,954 .87
^,^99

483 92

913,058 93

97,913 00

8,490 37

284,930 85

10,500 00

3i98 49

-

9,218 66

165,355 22

41,653 00

13,874 76

.

276 95

215.777 53

71,396 61

96484

-

61 50

57,693 11.

93,246 00

, 53 21

71 49

13,749 14

26,091 00

79^87

395,361 99

5,479 55

1,158,388 24

329,095 86

97S5 00

•

29 25

41,727 93

45,450 00

9034195

-

-

292,937 85

9,845 00 .

14,263 20

3,8d6 90

635 43

345,636 29

7,356 35

946,096 09

9,399 16

6,261 83

127,631 63

81,66101

U,0OOO

-

1,048 67

7,743 54

3,849 60

13,56000

9,907 93

3,582 63

344,070 34

. , 159,909 00

3;n4,796 48

14,436,405 78

990,688 38

24,683,001 37

9,545,429 33

Moeoo

18,994 65

9,607 89

4,189 38

408^10 66^

Voxm IV.— fl.

Digitized by

Google

REPORTS OF THE

SviLnibtirvU

OTATES.

N«»«i ntd locirtbn of Banks.

return.

ALABAMA...
Mississippi.

LOUISIANA

TENNESSEE

KENTUCKY

obio.

JkllSMUBI.

INDIANA....
n-LINOiS...,
BUCMIOAN.

NEWY<MtK,
DELAWARE
QfiORaiA....

Branch of the Bank of the State, MobQe

Planters' Bank of the State, Natchez

Agricultural Bank of the State, Natchez

Oommarcial Bank of New Orleans

tJnion Bank of Louisiana

Union Bank of the State and branches

Planters* Bank of the State and branches

Bank of Kentucky, Louisville

Savings Institation, Louisville

Northern Bank of Kentucky, Lexington

Branch of ditto* Louisville

Branch of ditto, Paris

Branch of ditto, Richmond '.

Branch of ditto, Covington •....

Pranklin Bank of Columbus

Clinton Bank of Columbus

Franklin Bank of Cincinnati

Commercial Bank of Cincinnati « .

Agency of ditto, at St. Louis

Commercial Bank of Lake Erie, Cleveland

Bank of Chillicothe ^

Bank of Cleveland . . . :

Bank ofWooster. ,

State Bank of Indiana. 4,

Bank of the State, at Shawneetown

Bank of the State, at Detroit

Farmers and Medianics' Bank of Michigan

Dry-Dock Company.. .•

Bank of Wihnington and Brandywine, Wilmington .
Insurance Bank of Columbus.. •' •

.Aug. 7
:Wyj^

SI
Aug, 5
16

16
7
14
17
7
7
9
»
19
16
July 31
Aug. 15
U
16
16
July 92
Aug. 6
18
15
May 1
June 15
.Atig.17

^Baak of the Stats of Missouri.

.Wy 7

* New sdedion.

Digitized by

Googfe

183*;) SECRETiRY Ol^ tftfi- tREXSURY.

«i

Circuktioti. '

PRFOilTEl^

d^ccx on h&nd.

Ti^ftaurer df the
United States.

FubJic officcTB.

All other
depoBitora,

$mm^ ^

f 1,855^0 00

$950,956 26

1174,944 45

#l,Se0i826 67

wge^^mis

l,5Qj,76t m

^5,308 67

28,2a5 71

535,564 56

mAm m

1,009,816 00

B53.073 04

-

375,428 95

« iie^aos 06

402,339 81

863,956 98

242,176 Bl

462,974 39

eo,$77 40

1,305,470 00

593,841 05

223,590 29

1,067,707 02

199,104 39

1,307,481 48

249,997 61

86,937 15

997,417 00

224,125 31

1,323.605 33

136,320 87

389,952 45

1,202,032 06

29e;5T8 €7

694,735 00

601,112 17

-

270,400 32

' 56.*^ 36

none*

85,463 34

10,132 60

129,324 06

2^2,500 73

616,500 00

5i,439 82

39,693 59

273,674 22

:3D9344 tS

220,840 00

105,231 45

-

33,138 72

• 12^,707 tl

153,470 Off

*

-

2rt,]63 67

MJC7 76

100,795 00

-

-

9,104 37

S4.G23 73

135,730 00

-

-

19,416 86

2S5,3T9 T6

2&I,029 81

52,631 83

58,985 TJ

112,709 39

I00a8l 44

119,895 00

419 73

-

75,933 63

1H»,494 11

276,751 00

403.103 18

20,610 91

169,481 48

564,553 04

969,378 00

347,961 54

60,480 60

261,412 99

7,151 ^

non*^*

589,510 31

20,136 61

/isnjm5i

398,017 00

60,682 75

-

149,276 73 ■

118^4 d

393,900 08

198,902 00

-

54,672 77

0O.3I»96

344,719 00

21,103 42

23,257 45

76.153 19

ssyyuoa

170,442 00

44,471 05

-

70,746 00

W$jm4M

% 476,076 00

901,531 75

B,9i6 64

530.411 54

- y6^0 34

64,84fi 00

39,795 90

*

121,238 80

SI347 07

330,4B3 00

631,993 SS

35,579 41

205,059 01

S9,/67t43

169,911 00

376,057 62

64,361 49

137,598 39

m^mm

268,699 80

80,000 00

-

409,221 75

fMmn
mim 71

62,273 50
70,513 00

36,000 00
5,035 00

825 11

*

43,309 49
53,233 59

1JBM0 95

32,626,004 55

19,944,666 70

4,574,076 98

29,492,113 25

aMosta

-

-

3a6 36

1
411,289 87

Digitized by

Google

ItfiPCATS OP fS£

i'.:-

flTATER

Names MMl focitfbn of Bank*.

DnteaT

return.

ALABAMA

Branch of the Bank of the State. Mobile. •

Atig.

Planters* Bank of the State. Natchez.. . . • •

Agricultural Bank of the State, Natchez*

Wy:

L0TTI6LANA ^

Commercial Bank of New Orleans .••••••..•.

TENKES6BE •

Union Bank of Louisiana.. » • «

Union Bank of the State and branches... • .•.......,

Planters' Bank of the State and branches •

Ant

Bank of Kentucky, Louisville ••••••«• *

Savings Institution .Louisville. . •....••••••••••...

Northern Bank of Kentucky, Lexington.*. .•...,.

•

Branch of ditto, Louisville... «.

Branch of ditto, Paris • ••••..,.

Branch of ditto, Richmond .••••••••.•••••••.••.,,,

■

Branch of ditto, Covington •••• ••••••••

Ohio ^.

Franklin Bank of Columbus* •••••.•••••••••., ,

Clinton Bank of Columbus

Franklin Bank of Cincinnati •....»,

Commercial Bank of Cincinnati ••••....

Agency of ditto, at St. Louis ,

Commercial Bank of Lake Erie, Cleveland

Bank of Chillicothe.. . .^

Bank of Cleveland . . . .'

Bank of Woost^r

INBIAIfA

State Bank of Indiana • .•••...

ILLINCHS

Bank of the State, at Shawneetown

BUCMIOAN

Bank of the State, at Detroit

Farmers and Mechanics 'Bank of Michigan . . .
Drv-Dock Comoanv.. .........^

DELAWARE

Bank of Wihnington and Brandywine, Wilnun
Tnimnincii TtAftk of Oolnmbna.. ■*>••■.••••..

GEORGIA

MlBmJUl,,* •

tRiinlr of the State -of MiMOuri ..«.«•• ^ ^ .

* New adedion.

J.

Digitized by

Google

««'«>u«-,,.

85

A/^

^

>

49

38

63

335

id 85

33 06

i38 90

,937 57

.,179 96

1,606 99

J6,S8706

4,695 35

16,868 74

353,785 41

14,108 05

58,317 36

87,40 99

33,366 11

3,763 97

73,783 83

9,544 60

38,997 95

6,969 69

70,190 79

6,444 A

84,069 31

33

8,533,763 84

4,110 80

L

Digitized by

Google

84

BEPORTS OF THE

StATBMBNT U

STATES.

Names and toeattoH of Banks.

AlAB^A.

LOUISIANA . tf ...•••.•

TENNESSEE

KENTUCKY ...,

OHIO.

INDIANA...
ILLINOIS...
AaCHIGAN .

NEW YORK..
DELAWARE.
GEORGIA

MISSOURI.

Branch of the Bank of the State» Mobile. : .
Plantera's Bank of the State, Natchez.. . .
Agricultural Bank of the State, Natchez. . ,

Commercial Bank of New Orleans

Union Bank of Louisiana. •

Union Bank of the State, and branches. . •
Planters' Bank of the State, and branches..

Aug.

Bank of Kentucky, Louisville,

Savings Institution, Louisville

Northern Bank of Kentucky, Lexington.. .

Branch of ditto, Loliisville

Branchof ditto, Paris •

Branch of ditto, Richmond.

Branch of ditto, Covington

Franklin Bank of Columbus

CKnton B^^ik of Columbus

Franklin Bank of Cincinnati.

Conmierdal Bank of Cincinnati.. •

Agency of ditto, at St. Louis

Commercial Baiik of Lake Erie, Cleveland

Bank of ChiUicothe

Bank of Cleveland

Bank of Wooster

State Bank of Indiana

Bank of the State, at Shawneetown • .%

Bank of the State, at Detroit..

Farmers and Mechanics' Bank of Michigan

Dry Dock Company

Bank of Wilmington and Brandy wine, Wihnington.tJune 15
Insurance Bank of Columbus.. • • • • .lAug. 17

^Bank of the State of Missouri.

July 7

*New selection.

Digitized by

Google

Uterq 8ECR£TABT OF THE TREASURY.

— Continaed. - '

80

BiJuieMiiMlo
Iwnki.

Other IiabOitiM.

Capital Btoek.

Contingent ftmd.

Profit and lose, dit-
count and jatereai.

1587^46 66

933,494 43
808,110 99

19,300,000 00

(577,944 00

f379.889a

€19,406 05

4305,140 00

.

1,091330 73

830^749 03

380,134 01

9,000,000 00

•

430,144 48

« 6S9,»5 40

7,694 00

3,000,000 00

-

409,796 48

913,868 67

7,930 98

7,000,000 00

890,000 00

1,077,067 49

9^48171

18,634 36

9347,739 00

194394 03

964395 98

107,816 58

59374 41

9,000,000 00

393,197 49

77,441 69

978,1638 76

1304,174 44

4386,070 76

86,416 60

59,508 35

19^633 71

-

104,188 00

15,698 00

4,998 95

154,376 06

553,149 69

1,035,585 00

51,000 00

39,459 06

579,595 18

-

675,000 00

•

4,628 90

695 10

60354 31

400,000 00

•

3.037 57

56 50

16386 96

180,000 00

.

1,179 96

3339 17

73365 79

975,000 00

.

1,606 99

94305 99.

.

481360 00

.

36397 06

9396 45

.

300,000 00

97395 98

4,695 95

76397 49

• 9,138 10

1,000,000 00

195395 93

16368 74

15d»M6 96

986344 78

1,000,000 00

10,000 00

953,785 41

J6369 90

•

none.

.

14,108 05

9,144 19

-

500300 00

.

58317 36

6,489 30

•

500,000 00

8,537 69

97,463 99

9367 16

•

997345 00

1313 68

39,966 11

9396 95

.

195,864 00

7341 00

3,763 97

640370 99

.

;,845,000 00

950,666 54

79,789 89

•^ 19380 99

-

957,550 00

-

9344 60

59314 99

50,000 00

450,000 00

13,155 87

38,997 95

49300 71

.

400,000 00

10,000 00

6,969 69

511399 97

.

490,000 00

.

70,190 79

10319 91

•

190,000 00

9355 79

6,444 A

316,610 10

9367 49

600,000 00

•

94,069 31

9M8339146

11,066348 97

81398,104 96

5,117,734 33

8,599,763 94

9403S1 99

349,949 99

980359 69

-

4,110 90

I

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V. '■'.,■.:---■

Trsaqfrv DBi*ART)inftfrT, Jiify'S, 1887.

Sie: Rejpliefi having, in most cases, been received to my circular^
I$44i:^3ed m May last to the cashiers of those deposite baokfi which had
Imspe&ded spepie payments, i now. propose to submit a few remarks to
lyom" considerajion, growing out of those replies, and out of events which
'have siAce.4xai]ispi£ed in conneiction with your relations to the Treasoxy
'Departinent. . '

, '*l^ It aflfords me much gratification to find, so fax as regards the inquiry
iconcenuug payment and security, a great willingness expreaaed to make
.the United States aixmly safe for the eventual payment of all thcU; i«due,
'andja strong qor^yicUoa entertained by the banks that no loss ivBl be
.{ultuWeliy sustjaiaed by the Government But, whenever reasonable
•doubts on this eutgect have arisen with the Department, stepj$ have been
taken po procure additional security, pr to withdraw the public funds
more rapidly, if possible, thaa wus otherwise intended. And a part of
i tl^ oljjcict of this conununicatibn is to apprise you that such will oe the •
i coarse .which a sense of duty must require me to continue to pursue in
, regard to any bank whose condition may appear doubtful while the- rda*
ition of debtor and creditor exists between it and the Treasury.
. 2. Another portion of that circular communicated information con-
p^jfning the lenient naode which, under the severe losses experienced by
many of the banks fixun mercantile feilures, and under the erribarrass--
nqieats to others caused by par^c and wunt of confidence, was conteta^
plated to be adopted in recalling ihe pubUc ftinds. That mode was hy
such liioderate drafts and transiers as the pubHc necessities should fix)tn
tipe tp time demand; and an earnest request having been made for a
satisfectoiy compliance with it on the part of the bsuoks, assumnces have
jgenerafly been given of a readiness to answer those calls with prompt-
litude and in an acceptable manner. But though it is ^tifying to add,
.that in most case9 the$e assur^noes have once been fiilMled^ and some*
' thing like three millions of dollars of public money have been paid over
by }b^ discontinued banks since the X2th of May last, and, ip a few
. instances, all which was on hand ; and though about nine millions more
are expected to be paid early in July, yet, in some cases, proper effoits
and sacrifices do not appear to have been made to disipharge their
important obligations to the Treasury. In such cases, and especially
where the neglect pix)duced seriousinconvenience to our fiscal operations,
or injury to the puoUc credit, the Department has felt compelled, by its
responsibility to the Government, to take preparatory measures suitable
to obtain indemnity for the past and enforce those obligations in future*
It will feel obliged to adopt such measures hereafter in all similar instan-
ces; and thou^ its moderation and lenity have been, and will be, as
^eat as is supposed to be justifiable, they must not be misconstrued into
mdi£ference or forgetfiilness of what is due as well from the banks as
to the public creditors and the United States.

The location of several of the banks, und the small amount of public
money in their possession, will exempt tiiem fixjm many calls at present,
and enable them easily to meet such as are made. But the situation of

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liW7J SECKETARy QF THS TREASURY.

i vnSLf under all^3t ibrbeongiG^ render, the calls i^xm tjiem nM^
fiequent wad imperative, and will require, as it is hoped thej will
r^eive, a correspondent exertion to answer th^n. Such exertion, it is
believed, will in Ae end be fer better for all concerned, though accom-
panied by some temporary sacrifices, than to suffer loss of character, by
mcuning the io^putation of a continued violation of essential duties, and
by exposing die Treasury to embarrassment and the public creditors and
- cmcers to severe injury.

The Department cannot recognize the right of any former depository
to be exempted from paying specie to the public creditor, if insisted on
by him ; it being due, in both nonor and good faith, as well to him as to
the Treasury. It is true that the diflBculty of procuring it when wanted
has been somewhat enhanced, and this at the time when demands for it
are increased, and the ability of some of the banks is weakened by the
fiiiluies of some of their customers* But these are obstacles which axe
by oo meaj^s insuperable, and which, when occurring, it is the duty, and
it ia hoped will be the desire, of every bank to make efforts to remove
at any reasonable expense and trouble.

3. The returns of the condition of the selected banks which weie
lequested to be continued, have generally been made with promptitude
and regularity. But whUe it i$ very satisfectory to see, in most cases,
a reduction in discounts and circulation, and which course is the mo^t
efficient to cure one of the existing evils in banking, and to en^able the
institutions which have suspended specie payments to resume them at
an early day, and vsdth mucn greater safety, it is regretted that^ in a few
instances, this course has not been adopted. But whenever departed
from in such a crisis, the error has tended, and must tend hereaiter, to
impair the confidence of the Department in the sound management of
the institution, ami to justify such step& as may lead to a more speedy
withdrawal of the public money, or to the procurement of increased
aecority •

4. Such a departure, also, is likely to delay the resumi>tion of specie
payments, concerning which the views of the former deposite banks were
xecjuested in that cix^ular^ and have generally been since presented.
Without claiming the right to interfere on this subject beyond the deep
aoiicitnde and interest felt by the Treasury Department concerning the
fiondition and conduct of all its debtors, bj^ beyond its duty vigilantll^
to examine iiUo those points when indulgences are sought or granted, the
inqniries before mentioned were made on these accounts alone^ It has
bem a matter of regret to find, in most of the explanations on the subject
oC sospeading as well as resuming specie payments, that the action of
one bank has been made to de^pend so exclusively on that of others*
The locationf losses, Uabilities» and means of the banks were, and still
ire, very diflferent among themselves, aa well as in different c{uarters of
tbe country. In illustration of this remark it may be mentioned that
several df Aietn,.a$ ist the Eastam States m 1814, have actually contin-
■efl to pay qiecia, aod many others appear to have had ample ability to .
do it, it more courage, energy, and independence had fert^mat^y b^en
■nted with their great available means. Since the panic has in sonie

subaidedy and the opportunity has been enjoyed for lessening

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«8 REPORTSf. £1687.

baladces, discounts, and circulation, and when so mnch more can be
done, in this respect, without causing distress in consequence of tjbe
diminished business of the community and the smaller demand for
money, it is to be lamented that a more general eflfort has not been made
to resume specie payments at the earliest day practicable and safe. It
is true that a few banks veiy commendably have already resumed, and
are in the successful discharge of their plain legal obligations, though on
a reduced scale in business and profits; and that others are efficiently
attempting to place tliemselves in a similar position. But, from the
replies to my inquiries, the inclination seems to be too prevalent for the
banks in one city, county. State, or large region of country, to postpone
the measure till all others in the Union are ready and willing to unite;
Their positions, in various respects, are essentially unlike^ though in
general very strong. The condition of the former deposite banks, as a
whole, is believed to be stronger now as to specie compared with circu-
lation, or immediate means to meet immediate liabilities, 90 as readily to
sustain specie payments under ordinary circumstances, than has been
the condition of^aU the banks in the United States at any former period
for the last quarter of a century. Their specie, on an average, is about
one to three of their circulation, and their immediate means nearly one
to two and a half of their immediate liabilities. But, in some large
sections of country, the specie is in a ratio quite thirty per cent, greater,
while in others it is less. The want of confidence in some places
and the effects of losses in others, and which constitute the only other
principal differences in the ability, at diflferent periods, to sustain such
payments, have not extended in the same degree to all places, and have
already diminished much more in some of them than in others.

Jt is therefore earnestly hoped that, by prudent and persevering efforts,
a resumption of specie payments can be effected at no very remote day,
and successfully maintained by many of those institutions indebted to
the Treasury. So far as this Department has power to encourage such
efforts, it has done, and cheerfully will do it while the existing laws re-
main unrepealed, by giving a decided preference for holding all kinds of
public deposites to such banks as pay specie. But beyond that, Conr
gress and the States alone can lawfully extend other assistance.

You will more readily excuse my anxiety on this topic when, besides
the reasons before stated, you are assured of the strong conviction enter-
tained by this Department that the resumption of specie payments, as
soon as it can be accomplished by any reasonable exertions or sacrifices,
would not only increase the facilities of our fiscal operations, and much
promote the convenience of the pubHc creditors, but tend to remove
many reproaches from the banking institutions themselves, and to pre-
serve a strong sense of moral obligation to discharge faithfiilly, so far sb
able, every duty imposed bylaw.

BespectfuUy, yours,

LEVI WOODBURY,

S^retary cf th^ Tremmry.

To the Cashdbr of — — .

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REPORT ON THE FINANCES.

DEiCEMBER, 1837.

. Treasury Departbibnt, December 6, 1837.
In obedience to the *^act supplementary to the act to establish t)ie
Treasury Department,'' the unaersigned respectfully submits the fi>llow-
iDg report:

I. OP THE REVSmJE AND BXPBNBITUBB8.

The balance in thfe Treasury on the 1st of January, 1836, including

some trust funds, hereafter explained, was $26,740,803 96

The receipts during the year 1836, from all sources, ex-
cept the Post Office and trust funds, were 48,873,964 86

Viz:

Frmn customs $23^409,940 63

Fiwn lands 24,877,179 86

lEsceDaneous 586,843 97

These, and the balance before mentioned, constituted an

aggregate of. ..^ 76,623,768 32

The expenditures during the same yeoxj exclusive of the

Post Office and trust ftmds, were 29,666,244 46

Via:
CSvil list^ feieign^ intercourse, and mis-

cdbmeous $6,388,370 68

MSSsajy service, including fordfioaitions,
Indian affiurs, pensi<Mis, aiming die
militia, Florida war, improvement of
koErboirs and rivers, roads, arsenals,

aod armories 18,466 110 63

Naval service, including gradual im-*

pcovement and Explormg Expedition 6,§p0,763 26
Heace thme was lefi m the Treasury on the Ist of Jan-

omy, 1837, a balance of. 46,968,623 8«

The receipts during the first three quarters of the pres-
cm year, widi itmHar eecoeptions to those bafbie meiH
tioBedi «ro aseettained atidesCiittaiied to be 16»144,916 00

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99 REPORTS OF THE [ld«7.

Viz:

Promcustpms $8,908,878 00

From lands 6,650,221 00

Interest from deposite banks and other

miflcellaqeous and incidental receipts 686,817 00
The receipts of the fourth quarter, includii^ those from
the issue of Treasury notes to the amount of four mil-
lion three hundred thousand dollars, aie estimated at 8,366,066 00
Viz:

From customs $1,760,100 00

From lands. : 900,000 06

Miscellaneous and incidental receipts. . 40,000 00

Issue of Treasury notes 4,300,000 00

(First bond due from the United States
Bank, excluding what belonged iu
trust to the navy pension ftmd. 1,364,966 00

These combined make the total receipts for the year, as

asceruiined and estimated w 1 23,499,981 00

With the balaooeon the 1st of January h^ they cotisti*-

tule an a^^regate of. , . . 69^468,^4 86

The expenditures for the first three quarters of the pres-
ent year, with the Hke exceptiws^ are asc^s^ai^ned to

have been 26,418,916 67

Viz :

Civil list, foreign intarjcpiirset and mis-
cellaneous. $4,084,883 10

Militaay service, inclpding Florida war,

other Indian affairs, fortifications, /

roads, harbors, peosioiis, 4^,....^^, 16,31Q»208 .36

Naval service, incluingExploriogExpe-

dition, gradual improyement, &;c---- 64061,866 87

Publicdebt , 22,019 26

Sec. particulars in tbo documeat annexed, (A.)

The expenditures for the fourth quarter, including those

- uQidei the recent as well as former appropriations, are,
on facts presented by the various departments, esti-
mated at 9,862,446 00

Making an aggregate for the ye^r oC*^^.^»<..^^.. . .. 36,281,361 57

This computation would leave, in the Treasury on the

1st of January, 1838, a balance of. $34,187,143.29

Before adverting to other topics, it will l>e propi^ to exolain what
portion of this boiaaoe wiiLuot immediately be either avail^jle or appli-
cable to public purposes.

The first three instabifnts of depositps with the several States, which
have recendy beeft placed wlA tibem to tite credit of the Treaaurer for
mf^ tbedpifig,.in.com(>rmity tp. the providipn^ of the act of 2Sd June,
1836, are included ia it#

As the subsea^ent law of Qctober J.4, 1887, pDohibfts the nacsdl.of
A0S6Kfepo$ii^ tul othei:wifle directed by GongreiSi their loige wpiaiint

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^93SI.) SECJlEt AKY Op THE TSEAfeUftY. ! ,#1

iriS tOS tl^eii ik tmstrail^ble ibt mif purpo^eg of tl)$ G0&^^ Go^tO-
ment Itis $28,X01,644 97. ; ,. ! , .

AJl the funds in the Treasuiy which, in jpiy ftrmfep ye^ from the
£)ozidadon of the Grovepunent, have become^ xmsa^aJiablot l^eing chiefly
such as are still due from insolvent banks, are likewise embraced in tile *i
balance above mentioned. Their amount is not &x from Sl,IOOfOOO.

Another portion consists of what is yet unpaid by the banking instito-
dons which during the last spring and summer suspended specie pay*
meots, aad tberd^t undiar tne io^rative moviaons of the*de|)osite act,
were discontinued as piibjic depositories* The amouhts in their posses^
moa that have been or pfobabty will, tmder the act of 16th of Octo^r
bstybe postponed and will remain- unavailable — one. third tjill July next» i
one third tiQ January, 1839, and the residue till Juiy, 1839, are a§tHimt©d \
at $3,600,000.

Another sum,, not immediately appUcable to general purposes, is that
part of the amounts tnmsferred to the mint, which, being now in active
employment fot the objects specified in the aQts of June 33, 1836,- and
of January 18, 1837, cannot without serious inconyenieBce and some
deby be otherwise used. This sujn isabouit $400^000* ,

Ifthe agCTegate of all these, amounting to $33,101,644 97, be dedueted
from the balance of $34,187,143 89, a)bove mentioned, the residu0 pf the
public mcMiey that on the 1st of January next wiU probably be then both
available and applicable to general purposes, will be $1,085,498 3?.

Perhaps, in strictness, the sum of about $370^797, which was in tbtt
Treasury (ma^eouitt of several small trust funds, and was included in \^
die balance on the 1st of January, 1836, ou^ht also to be deducted from
what is now considered applicable to pubhc purposes. Most of it has
been, or probably will be, required for the special objects to which it
bekmgs.

Previous to the consideration of other matters connected vnth the
finances, the undersigned, would add that the appropriations which will
remain unsatisfied at the end of the year are estimated at $14,503,483.

These, with the exception hereafter mentioned, will be chargeable on
that balance, and on tne revenue subsequently received. Ta prevent
misapprehension on this point it may be proper to observe that diis is
the amount of those appropriations. considered as unsatisfied, after
deducting all the money which has been actually paid to the public
daimants, and aU the advances which, having been made to the various
disbursing officers, are still in their, hands for the purpose of being paid
over to such claimants. It is supposed that $10,351,091 erf the out-
standing appropriatjions \i^ill be required to aocomph^h the. ejects con-
templated oy tnem.

(SFthe residu^p^bout $3i61,839 will go to the surplus fiind, or, in othet
words, will not be used at all ; and it is proposed to apply $3«78S9351 in aid
of the service of the ensuing year, wjtbout reajppiropriation, as explained
in die estimates* 14 the document annexed, (B.j ^ '

It is proper also to explain that by the act of May 20, 1886, an amDunt
sufficient to pay the prkioipal of the debt due in Holland, on.accoui^ of
die cities of th& district ^ ^Columbia, equal to $l,iW)Q»O0O» was appro*
fri^tedyMdis.^^autstanding^ But this sum has not been included ^'

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99 REPORTS OF THE [1887.

in the foregoing statement of outstanding appropriations, as the reim-
bursement of the loan cannot commence, under the stipulations upon
which it was ccmtracted, until 1841, and jthe amount Required may be
partly I'eiinbursed by the sale of the canal stocks pledged for that
purpose.

n. 6P THB FtJBLIO DEBT.

The payments on account of the funded and unfunded debt, since the
1st of December, 1836, have been as follows:

Ist. On account of the principal of the funded debt $14,197 26

This leaves unclaimed and undischarged ,327,737 91

Viz:

Principal...: $76,169 74'

Interest, with dividends , 261,668 17

The latter c(Hisistmg of the amount due on 1st of

December, 1836 260,416 00

Add excess of repayments since 1,162 17

2d. On the unfunded debt there has been paid, including

$199 61 for interest on Treasury notes of 1816, the sum of. $706 66
This leaves the amount of certificates and notes payable on

presentation 36,933 40

Viz:
Certificates issued for claims during the revolu-
tionary war, and registered prior to 1798 $27,293 31

Treasuiy notes issued during tne late war 6,320 00

Certificates of Mississippi stock 4,320 09

in. ESTIMATES OF THE REVENUE AND EXPBNDITITRES FOB THE YEAR 1838.

The receipts into the Treasury fi-om the ordinary sources during the
year 1838, may, under the explanations and conditions hereafter men-
tioned, be estimated at . '. , . $31,969,787 00

Viz:
Customs, including about foiur millions
which are expected to be collected on

postponed duties ^ $17,600,000 00

Lcuids, including one and a half miUion
for estimated sales under another pre-
emption law, if one passes, and of new

tracts brought into market * 6,000,000 00

Second bond of United States Bank,

with interest due in September, 1838. 2,293,121 00
First instalment of the pnncipal due from
the former deposite banks in July,

1838, estimated at 1,166,666 00

Interest on the same, with incidental'and

miscellaneous receipts 300,000 00

New issue of Treasury notes in 1888. . 6,700,000 00

$81,989,787 00

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1887,) SECRETARY OF THE 'niEASURY. 98

These aad the estimated baJance of $1,085,498, which
will be in the Treasury on the 1st of January, 18S8,
available and applicable to public purposes, constitute

an aggregate of. ^ 33,045,285 00

The expenditures for the year 1838, including the re-
demption of the Treasury notes which may be paid
in for public dues or become reimbursable within that

year are estimated at 31,926,892 00

Thus the new appropriaticms called for

are 20,523,249 00

Viz:
Civil, foreign intercourse,

and miscellaneous . . . $3,172,885
Military service, &c- . . .11,664,612

Naval service, &c 5,685,752

The permanent appropriations for the
service of 1838, made by former acts,

are 2,262,000 00

For the details of new and permanent
appropriations required, see the docu-
ment annexed, (B.)
Appropriations expected to be made by
C<Migress beyond the estimates sub-
mitted 1 :... 1,000,000 00

These new and permanent appropria-r

tions amount to $23,785,249 00

The outstanding appropriations at the

end of diis year, after deducting what
will ffo to me surplus fund, are com-
puted at V ^ 14,141,643 00

An the appropriations, then, which are
chargeable to 1838, constitute an ag-
gregate of. $37,926,892 00

Of these it is su{q)06ed that not over eleven millions will
remain outstanding at the end of the year, and, con-
sequently, that the expenditures on account of the
whole will, in 1838, be about 26,926,892 00

Add to tlHs for redemption of Treasury notes, by pur-
chase and by receipt of them for pubhc dues, ttley not ,
being reissuable 5,000,000 00

Making an aggregate of the whole equal to , $31,926,892 00

The balance that will thus be left available, and appli-
cable to public purposes, on the 31st of Pecember,
1838, is estimated at $1,118,393 00

In die fluctuating condition of our receipts and expeaoditures it may

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&4 tefePORTS OF THE [i837.

appear, before the close of thfe present session, that' results are Hkely to'
happen essentially difFerent from some of these calctdations. But it must
at present be veiy questionable \*rhe^er the receipts m 1888 will exceed
the expenditures so as to produce any surplus which can be deposited,
with the States' for safe keeping on the 1st of January, 1839, as re-

?iuired by the existing laws. On the contrary, any considerable departure
rom the estimates, either by increasing the appropriations or reducing
the receipts, or by paying in for public dues a Tarter amount of Treasury .
notes, wul necessarily create a ueficiency. Little certainty, therefore,
can be attained in any calculations on these points till fu?ther facts are
developed oonceming the revival of commerce, the probability of a
speedy improvement in the currency ,^ and the success in effecting, as
fast as, is compatible with the public interests, that reduction in the
appropriations which, in the present as Well as prospective state of the
Treasury, is, it may be presumed, anxiously desured by all.

IV. EXPORTS AND IMPORTS IN 1837.

The value of the exports and imports during the year ^hich ended
on the 30th of September last may be seen, accompanied by some inter-
esting details, in tne table annexed, (C.)

The exports are ascertained and estimated to have been ♦! 16,906,060.
Of these, about $96,183,199 were of domestic, and $21,722,861 of
foreign origin. •

They show, since tile previous year, a diminution in the former of
$11,733,481, and in the latter of only $23,499.

The decrease in the value of domestic exports has been occasioned
chiefly by the great fall in the price of cotton during the last spring.
They would oSierwise have been very large. The exports of foreign
merchandise have been prevented from falling much below their former
amount by the commercial embarrassments of die times. These, par-
ticularly in the last quarter, led to an export of foreign articles unusual
in proportion to the imports, for the double purpose of obtaining the
drawback on many of them in specie, and of aischarging the large debt
due abroad.

The value of the imports for the same year was $140,852,980. This
is $49,127,065 less than the value of those during the previous year.

The imports during the last quarter, ending the 30th September, were
cmly $22,829,611, or at Ae rate of but $91,318,444 a year. . .

Perhaps a stronger iflustrajrion could not exist of the extravagant over-
trading during the jrear 1836 than tlie fact, now officially ascertained, that
the imports, which in a natural condition of business ^ould be less than
those of 1837, were nearly fifty millions larger, and were about one hun- ,
dred millions beyond the rate of imports during the last quarter.

The exjxnts during that quarter were $19,169,034 — ^being $13,105,610
of domestic origin, and $6,062,624 of foreign growth. By this result it
will be gratifying to see that the imports, though diminished^ were not
all needed for home coasumption, a»a that a -greater proportion of tiiem
than in the former quarters has been sent abroad to reduce the. fojgijgp
debt. Yet the wholeeipoii» were sniaBer than many anticipated^ Th&y

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WW.]. SECRETJfBK or ^BHB IBEASURY. $a

hmw also veiy tiaaifp^Otedly been ^6118^^13 less if amrnvM: thm tiat
ksporrs duting the sadtne' quarter. But if iieights, comiiauision^) ctnd
profits, as. well as remittances in stocks of various kinds, are taken inta
computationy the p-obabilides are that the foreign debt, so far from
havitiff been increased witjiin that period, has been lessened some mil-
IkiDs, but not to so great an extent as tnost persons h^ve supposed. la
the last report on the finances some suggestions were- made, whi(ih fiir-
ther experience has served to verify, respecting the influence which the
sadden fiaJl in the price of^ cotton had exerted during the year in produ-
ciog commercial embarrassments, as well as a diimnudon in the value
of oar exports.

It may be useful to advert a moment to the xmusual effect upon both
of those subjects caused by the fluctuations in another article. In
seasons of common crops, and in times when, under the guidance of
ordinary prudence, industry was directed more to. the cultivation of the
soil, the United States were accustomed, under the blessing of Provi-
dence, to receive rather than pay large sums for the great necessary of
hfe. For a series of many years the value of the grain and flour ito-
pofted did not exceed a few thousand doUaxs, while that exported
was on an average quite $6,000,(>0(>. Sometimes it exceeded eveA
$14,000,000; and so late as 1833, '34, and '86 amounted to nearly
$5,000,000 annually. But in the year ending September 30, 1837, the
exports of them fell off neaiiy a milKon, while the imports were augi-.
meoted in value to the unprecedented amount of more than four and a
half millions. This revulsion, so great and so sudden, from bringing
home a small amount to importing so many millions worth of products,
mostly for a single purpose, and that one so important in domestic econ-
omy as breadstuffs, was of itself sufficient to create a severe shock.
Frois whatever cause the necessity of it may have happened, the result
conveys warnings which, it is believed, have recently exerted a salu-
taiy influence in aiding to restore a judicious system of agriculture, and
to promote an increased attei^tion to habits of productive industry.

A moment's reflection on the detailed efiects of the high prices which
attOMied the revulsion will show that they and the burdensome change
rf five or six miUions in our exports and imports must, when united,
bave aflfected the pecuniaiy difficulties-of the country, and indirectly its
trade and currency, much more sensibly than most people have imagined.
Beside the grain which is distilted, or employed in the arts, or consumed
by domestic animals, it is believed that, on an average, one pound of
flour or meal per day to each person is used (oT' bread8tui& alone.

The whole quantity for a population of fifteen millions would, at that
zaie* be nearly five thousand nve hundred millions of pounds a year.
At the price of three cents per pound for wheat flour, and only one and
a half cents per pound for meal firom the cheaper varieties of grain,
wfaicfa id not &r from the average of 1834 and 1835, the cost for bread
alooe (if only one*-half the population used wheat flour, and the rest
yTnfct#>ria1g less costly) would De about one hundred and twenty-four mil*
fioDsof dollars.

But the average price to consumers during the past year was increased
in mott places ifeaii^ eighty per cent. Whether this great rise i^uldb«r

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attributed to short crops; to an undue portion of labor bei^owed rxpon
the production of other articles ; to depreciation in the value of the cir-
culating medium, in consequence of excessive issues of paper, or to all
these causes combined, it seems to be clear that the increase in the cost
of bread alone exceeded one hundred millions of doUars. If only half
of the whole population not raising their own grain were obliged to pur-
chase it at such an enhanced price, the new tax imposed on that class
alone, on account of their bread, exceeded fifty milhons of dollars.

This addition to their burdens was nearly seven dollars per head;
and when for this no remuneration was made to manv persons, as there ,
was only to some, by higher prices obtained for their labors and mer-
chandise exchanged, the increase alone was four times as much as the
average tax imposed by means of aU the great duties on foreign mer-
chandise. On the present occasion the unckrsigned would forbear from
entering further into the consideration of various other matters connected
with this interesting subject. But when the influence of it upon diflfer-
ent portions of the country is traced into someof its numerous bearings,'
and carefully weighed, new topics of inquiry are presented, which will
be found to have an intimate connection not only with the valueof some
of our staple exports, but in other respects with the vital prosperity of
large portions of the Union.

V, FURTHER EXPLANATIONS AS TO THE REVENUE AND EXPENDITURES FOR
1837, AND THE EFFECT UPON THEM BY LAWS PASSED AT THE LATE
SPECIAL SESSION.

It maybe interesting to Congress to have a few more details concem-
iQg the receipts and expenditures of the current year.

The receipts within it have been diminished by recent legislation over
four milhons. Had the duties not been postponed the revenue from all
sources, after deducting the expeases of collection and other charges
usually imposed on it, would not in the aggregate have differed mate-
rially from the estimates formed by the Department in December last.

The receipts during the current half of the year have also thus far
corresponded with the views presented by it at the late session, except
thai tne postponement of duties subsequently authorized by Congress
has not been so uniformly accepted as was anticipated, and a portion of
the current expenses of collection, including debentures and bounties,
Has under a new law been paid from the Treasury, instead of being
deducted, as formerly, from tne accruing revenue before it goes into the
Treasury.

It should also be explained that the estimates of receipts for any par-
ticular quarter or year, though made accurately, will often vary from
the subsequent oflBcial statements, because the money is not carried by
warrant upon the books of die Register tiU after it is placed in some
pubUc depository, or actually paid out by the collecting officer on spe-
cial drafts.

In ordinary times the results would not be much changed by this cir- '
ciunstance, but during fluctuaiions, such as have characterized the last
V96 or three years, the difference caused by it may occasiotially ext^id to

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1837.) SECRETARY OP THE TREASURY. W

mnnd miliions. Thus large sums wili be technically carried into the
Treasury in the last quarter of 1887, and stand on the books credited to
diat quarter, when in &ct the money was collected and subject to the
cnders of the Treasurer in the first half of the year.

The expenditures have not yet essentially vaned from the amount an-
tieipi^ed m September^ In order to defray them it was then supposed
to De necessary, under the existing laws and liabilities, to postpone the
fourdi instalment of deposites with the States or adopt Bome other auxil-
iary measure. Emerience since has confirmed the opinion that under
^boBe laws it coula not have been placed in the custody of the States
ezc^t in fimds, and in a inanner very inconvenient, as well as with
consequences requiring an immediate recall of other deposites with the
l^ates, which would have been exceedingly embarrassing to the finances
of both them and the General Government.

The^postponement of that instalment, therefore, aflforded great relief
to all concerned, and left the resources of the Treasury entirely at lib-
oty to be applied in the necessary discharge of the appropriations made
by Congress. .

Those resources would have been suifficient for that purpose had no
fiotber legislation taken p}ace» But the delay which was afterwards
sranted TCytmd the year for the payment of almost all the duties; and
me ^all longer delay which was proflfered to the former deposite banks,
and acceded by several of them, for the adjustment of what they owed
to die United &ates, gave rise to the necessity for a temporaiy issue of
Treasury notes* .

The Department, with the aid of them and its remaining resources,
haSt notwithstanding those indulgences to the public d^tors, been
eaabled to meet the preat demands upon it with punctuality and in a
BMumer which, consi<tering the severe embarrassments of the times, is
bdieyed to have generally proved satisfactory.

b now.afypeaxs probable that during the next year means will be
pwsesaed without any permanent loans, recall of former deposites, or
increase of taxes, sufficient to redeem seasonably the Treasury notes that
become payable, as well as to meet all the ordmary appropnations.

Some difficulties have arisen in the construction of the laws granting
fiirtfaer delay to the merdiants and the former deposite banks, but they
have dius far been enfcnx^ed under a liberal view of their object, and in
this nuumer are supposed to have afforded sensible relief not only to
dKMe immediately mterested, but through them to the people at large.

In respect to the act for settling with thj6 banks, some of them since
September have paid over all the public money which then stood to the
credit of the Treamirer. Others are supposed to have executed bonds
aooording to one of its provisions, and several are preparing to do so,
with a view to receive fiirther indidgence. The remainder are expected
to discharge, without suit or bond, the amounts they respectively owe,
as may fiom time to tkne be needed to meet the public exigencies.

Tlie payments which will probably be longest postponed will chiefly
be froBd some mstitutions situated in the West and Southwest. The
aocmnulation happening to be there, not by transfer from other quarters
bat I7 receipts on the spot firom the sales of public lands, it was una* *

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»8 EEPORTB OF THE [I8»n

voidable tmder the existiog laws. Nor could it duritlg liie exoesufo
overactions of ilae times in hRriring and qpeculadons of all kinds have
been lessened any fnrther dmn was attempted by issuing tbe specie cir*
culaxi and by refraining to oflfer any new tracts at puUic sale unless laws
had been passed, as was recommended, to restrict the sales to actual
settlers, or, as since proposed, to authorize the receipt of payments els^
where.

But a suitable pordcm of the money, after being received in the West
and Southwest, was in due season put under transfer to the Adantio
States. In May last, the stoppage of specie pa;fments, and the conse*
qu^it discontinuance of most of tne public depositories, prevented many
of the drafts for remittance, which were then outstanding, fiom heiog
executed.- In order, therefore, to discharge satis&ctorily the current
pavments of apprc^riations, and the July transfers to the States on the
Atkmtic, it became mdispensable to draw laiger amounts fiom the banks
ntuated in the latter quarter of the countiy. While this affi>rded a
hm^r indulg^ice to the West and Southwest in the use of the sur^do^
which had accumulated there, it is gratifying to reflect that all just cause
<rf* jealousy has been removed, and any sectional benefits fix>m delav in
payiw over the public money equalized in a great degree, as the i!atir-
em, Sforthem, and Middle States were at the same thne allowed to. enjoy
a like indulgence through their merchants rather than banks in the use
of tl^ money due to the Oovemment for duties instead of lands.

In the execution of die other prominent measure adopted at the last
session, which permitted an issue of Treasury notes, the Departmeot
has n^ yet been required by die public exigaicies to make a lar^ one.
Nor is any occasion to keep out a great amount of these notes anticipated*
Entertaimng such opinions concerning the currency as have been
form^ly expressed by the undersign^, any event would be giescdj
deprecated which should lead to a permanent emission of such notes,
or any kind of Government paper, except for temporary purposes, and
in small amounts, unless it be tounded entirely on specie, and xedieem^
able under circumstances similar to ^se explained at die last session.

The range of the financial operations of the present year has been
vety extensive. If the receipts Scorn postages, fiom tbe sales of tbe
Cbidiasaw lands, fit)m foreign indemmties, and all odier trusts, wm^e
included in the condensed statement of the finances, the entfae amoont
carried into the Treasury during the year, with the balance on tbe lat
of January last, would exceed $79,000,000. Bu^ widtout entcnng here
into explanations in detail under diose heads, itwUl appear in the appro- -
priate reports that, so &r as connected with this Departmem, an attempt
nas been made to conduct the whole in as close conformity as possimc
to the acts of Congress* Notwithstanding the unusual magnitude and
difficuldes of the duties devolved upon the Tr^isury Department duriiw
tbe year, it has scrupuloudy endeavored not to assume any doubtfm
powers. Nor, as a mere execudve branch of the Oovemment, has it kit
justified, under circumstances or reasons, however plausible, to permit the
public fiinds to be employed otherwise than onobjecte, and in a mannery
that i^f^eared to be cleaxly warranted by the limitations of the laws^and
*diose principles strictly applioaUe to mere financial operations.

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18»7.] SECRETABT OP THE TREASURY. «9

rr« BXPLANATOBT BSBfARKS ON TfiB BSTIBCArrBS OF EBCBIFTS AND
BXPE^DlTirSBB FOR 1838.

— — * ^

Hie Fece^pts fiom duties dmii^ the next year have been estimated
ifute £iiir nuUioBe higher, in consequence of the recent act of Ccuigiess
brii^ing within it the payment of a still larger amount which originally
fell one iB the present year. Independent of that circumstance^ it is not
considered probable tliat the^ would much exceed $18^500,000. The
reasons finr^is oninion are, mat a fiuther reductioa of two^tenths of the
present dnties, wnich remain at a rate of more than twenty per cent^
takes eflfect after the dlst instant, and that the deupression of trade during
dK last half of the year has been severe, and is ukely to continue so for
some time. The actual import, during the quarter ending in Sepb^ac^
ber, having been only at the rate of about ninety millions annuaify, and
the average impcms fiom 18S4 \o 1830, before the conunencement of
the lale eaccesses, having been about eighty<-two millions, it is deemed
safe to compute that tney will not in 1838 exceed for^ p^ cent, on
that average, or about one hundred and fifteen millimis. On the suppo-
SEtion that one half of them will be free, and the net dudes received on
the other half will not exceed twenty^ve per cent, the amount paid
mta the Treasury for them within the year, independent of the postpone-
ment above named, would not vary much frcHu thiite^i and a half
aillioa&i

The receipts £rom the sales of public lands have likewise been estimated
eae miUian and a half more than they would luive been if cooxnderable
sums were n6t expected to be derived fiom the increased sales of tracts
newly brougta; isto maijket, and fiom the antidpated passage of another
pieempdcm law. It is supposed that this last measore, demoted so
■Important by ma»y of d^ pioneers on our firontiers, whose hardy pm>
smtst ezposovest and vanoos privations, are oft^i so useful to the
eomtry at large, will meet with fewer cAgections, if it be more stricdy
norded and hmited, than others of the Idnd have heretofore been*
lliose oigecticms will perhaps be lessened still furtb^, tf it is considered
that the reveMie to be at once derived fix)m the measm:e would conduce
■ndi to the eflfeiency of our fiscal operations, and that fixnnthe eneri**
«&ee of' many years iSbe net reo^ts fit>m the sales of public land are
not likdiy ever to surpass, in any great degree, the mim'mitfn price per
acve whtch is paid by those having preemptions.

Without die passa^ of some such law, or ^oiBEbroflaxgei^ntitiM
of new lands, the uroeas^ed is unable to perceive any sound reason
fer fwrimaring the sales very diflferently Scom what has been done by
Um fbr some years past* Public sales cannot be needed for. cultivaticai
Boch beyond three millionsof acres a year, while so many private lands
am ia the market as have been bought for resale widan tm last three
yesTB. If a donand should exist for more than diat (^uaiidty, eiceut
ibe gradual tncreaae widi die increase of our population, itwUl prdbablj
be tae resukof causes accidental, or transient, or of new legidatbn.

h may be iiseM to add a few general iUustxotkms of the reaisons for
mme of the small estmiates now submitted, and of the intnnsic diffieul-

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100 REPCHEtTS OP THE [1887*

ties in attaiDing much certainty concerning tbem during crises of over-
axmon and revmsions like the past and the present* Whether they occur
from overtrading, overbanking, or other excesses, and the depressions
consequent Scorn tbem, the financial history of this ooontiy sbows strik-
ingly now much our system of business is exposed to tnem and the
astonis^iing fluctuations they produce.

During the two years befi>re the revulsions in commerce in 1819, and
including diat year, the sales of public land exceeded die unusual amount
rf nearly thirty millions of dollars, while in the three following years*
they fell to only about four millions, or less, than one->sevent£u The
sjrstem being changed from credit to cash may have cooperated in pro*
micing'this result; though at the same time, the minimum price per acre
vta^s reduced, in order, m some deffree, to x^ounteract the efiect of that
change. . In the second and third quarters of 1836 also, the receipCa
from the sales of land increased to neariy fourteen millions of doUajps,
while in the corresponding quarters of 1887 they diminished to o&ly
two and a Quarter millions.

In troth the number of acres sold, since the 1st of Januaiy, 1835, ha»
reached the extraordinary quantity of thirty-seven and a half millionsy
and thus have the sales so widely departed from all precedents, and
every ordinary principle of calculaticm, as to equal in less than three
years, however mcredible the fact may aj^ear, the whole made during^
the forty-five years which had before elapsed from the adoption of die.
Constitution.

Smilar fluctuations have happened in the amount of our imports, and
consequently in the amount of duties.

Thusy in 1808, the imports, afl^ted by restrictive legislation and .odier
causes, fell bffat the miprecedented rate of 6ver eighty millions of doUars,
while in 1815, influenced by the transition from war to peace, an increase
of imports equal to one hundred millions, and an increase of duties frcnn
customs alone equal to nearly thir^ millions, occurred in a dngle year».
It may be rem^nbered, also, that m>m 1818 to 1832 the vibrations b^tn,
mere commercial causes were almost as sudden as those mcident tow€u%
or any great changes in l^slation.* Thus the imports diminished from
OVCT one hundred and twentyKine millions in 1818, to only about eighty^
seven millions in 1819, and to only about one-half, or «xty-two and a
half millionsvin 1831. They fell nearly sixty millions in value in only
three years, and in the last two of them the revenue from duties dinuri^.
ished also more than <me^third. It deserves special notice that these
were jrears embracii^ a; period ofpeace, of free eommeh^ei.and the fiiU
(^rati<» of the. United States Bank. The price of cotton also fell,
(uninff the «ame period over one-half, and the price of flour fixun ten to'
onlf mur and five dollars per barrel. The' extent of these vacillati<»is
has been so uneiq)ected at some periods, that in 1816 the recei{^ firom
customs exceeded the estimates by nearly fifteen millions of dollars,
thou^ the latter were made by Mr. Dallas several months after the.
rekiioBS of peaee had been l^stored and its influence experienced.

The impeits during the last quarter of the commercial year just
ended- have furaidied another signal iUui^ration on this btandi of the

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1837.] 8ECEETARY OF THE TREASURY. 101

subject. As befote mentioned, diey so fluctuated that, if continued for
twelve months at the reduced rate, the falling-off would nearly equal
ihe extraordinary amount of one hundred milKons of dollars.

Some further explanations concerning the estimates for die expend]*
tares may be liseful.

The addition of between two and three millions, which has been
made on account of the large amount of appropriations, exceeding four-
teen miUions left outstanding and chaxgeable to the next year, will be
found reasonable when it is remembered that the average amount
amraally lefl has not in general exceeded six millions. The propriety
of adding alsb die contingent sum of at least one million of aolmrs to
cover appropriaddns made by Congress beyond the estimates, has been
so fiilly tested by the experience of several years past that the correct-
ness CM the measure may be considered no longer doubtful. But the
Qsoal excess of appropriatioas thus made by Congress is not imputed
by the undersigned to any special inattention or extravagance. This
ttem has of late years been introduced into the estimates because it was
found that new treaties, hostUtdes, or other events, bflen require the
Departments, before the session is closed, to oflfer estimates for further
appropriations.

Sometimes commendable measures of a pubUc as well of private
-diaracter originate in Congress, and consequendy are not included in
Ae estimates of the Departments, but which justify, additional appro>-
priatioiis. Sometimes, likewise, acts are passed for an indemiite
amount, which involve in the end an expenditure far beyond what was,
or .couid by aJiy ordinaiy foresight be, anticipated durmg the passage
sf diem.

The estimate as to the receipt of Treasury notes has been placed'at
fire millions, or only a Htde beyond the amount which falls due and is
obliged to be redeemed within the year.

But as all of those issued, whether due or not, have been made by
kw receilrable at any time for public debts, and the right to reissue
diem even during the year is prohibited, it must be manifest that the
leceipts or redempdon of them will be likely much to exceed that
maofOBtf and to produce to that extent a d^ciency, if the banks do not
lesome specie payments so as to aid in supfdyinp; a sound currency to
pay into the Treasury instead of them, or unless the prohibition to
iciosoc them during the year be removed.

The "whole expenditures during 1838 for new appropriations have
been estimated lower than those of last year, on account of the reduced
warns .of the Government and a widi to economize wherever the public
intesests will permit. ^

It is bdieved that, if wars or other expensive contingencies do not
■ttervene, the expenditures can graduaJuy be diminished till their
average in ordinaiy times shall not exceed seventeen or eighteen mil*
Sons of ddlars annually.

The expectations of such a reduction which were formerly cherished
aad explained by the undersigned, were Hkely to be realized, when an
CKtiaordiDaiy increase in the revei^ue induced Confi^ress to adopt the
of completing sooner many public works of gjxal usefiunessy

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and of efifecdng an eailier extmgidtAuneiiit of Indiao tittes, Vfi& &
speedier remoVd of die aborigines bejond the MisOBStppi.

The charges on the Treasuiy during eadi of the two last years for
these ofcyects, as weU as for grants to me District of Cokiinbia, and for
expenses of the Florida war, have nearly equalled the whole excess of
expenditures in each 3rear above Aat av^erage. As the surplus has
ceased to exist, which was one chief inducement to any increases of
expenditure, except on account of the Florida war, and was at tiie same
time one ground for their justification, it .seems probable tliat all dM
suitable reductions can soon be accomplished. A ridd r^ard tB
economy and sound principles of public policy, if persisted in, wm- easily
save the country from the burden of a national aebt, and, without /my
wastefulness in expenditure, will enable it to mistain every valuaUe
institution in a vigorous condition.

Should some questions unfoitnnatehr occur which invdve national
honor, or are intimately connected with public liberty, any sacrifice xrf
money widiin the constitutional powers of the (Sovemment that may be
necessary to the security of those great otgects, can then be made trom
our ample financial rosources without producing any general distress^
or departing fiom those habits of frugality in public as well as i»ivate
V& which are so indispensable to sustain republican institutions.

▼n. ON THB banks; anb other bcattbrs oonksctkd with THB COlii^

LBOTION, KEEPtNO, AND DISBUKSEMENT OP THE PUBLIC MONBT«

The views of tiiis Department upon several topics connected with the
collection, keeping, and disbursement of the public money have been *>
recently presented, that only a few adcfitionai romarics concerning tkem
will be oBfered. The condition of the banks was onfe of the most prom-
inent of those topics. To prevent any misapprehension it may be pioper
to repeat the assurance, that no wish has ever be«i felt to inter^re
improperly with tliose institutions. While chartered and used solely
for local purposes, the regulatkm and control of them are supposed to
belong exclui^ely to the States* But their (n'ganization as well as
responsibilities, and an early reform in both, became questions of great
importance to the Troasury when connected with them, as heretofeo^
in the capacity of either public depositories or the sources of a portico
of the currency received for public dues. Experience for several montte
past is fon of instructive lessons on these points. Indeed, every cri^s
in our pecuniary affinrs has tended gteatiy to strengthen the convi^tioa
tiiat evils exist m banking in this counti^ which are inherent in the sys»
tem as wen as in the administration of it. A wide departure has been
made fk>B» the originsd principles of having its issues of paper rest on a
foundaition conssting of specie alone, and that used in (ieposite chi^y
for ccunmercial objc^. While regulated substantially in this maimer,
banking was not only an instrument of convenience to trade, and some*
times te fiscal operatimis, but safe in practice, and not inoonststent "vrith
any sound theory as to currency. But when die system is changed 09
that die paperissued rests, like mere biUs of excmn^ almost exchi-
-flivefy on bredit^ and that credit not always guided m the best pnu^

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Wm.} SECRETABT OF THE TBJCASURT. 1«8

ticaUe method soeh a cvasxeaeyf however piofitable oc oottTemcdott to
tho0e inteiestedf must become exposed to maxtj of the vicissitudes of
commerce, forfek niost of its origmal character as the actual represeotsr
Im of zDonejy and kse its securi^ in a considerahle degree as a cizci**
iBEtiiig mtedittm for the use of either the community or the Govermnoit.
Under such ciicumstancesy that cakoniQry to a greater or less extent^
wiU crften ensue, which haj^ned during the last spring. As the &iluro
l» irdeeoL their hills in specie- then extended to most of the banks that
had been emntejed in the capacity of public depositories, it becamo
proper to explain to Congress, at its late session, the injiuious infibu"
enoe of die measure on die financial operations of the Grovemment, an4
ifae losses thus caused to its numercms creditors amc»ig the various
ciasfifs of society, with those preventives as well as guarantees against
Ibem heieafter which seemed appropriate and feasibfe. Periiaps it is
Bot DOW necessary to enter fiirtW into that subject in order to discharge
tfe painfid duties whicb snch a state of things imposed upon the head
sf tms Departmenit In consequence^ of what occunred, Congress passed
an act to facilitate a settlement with the d^posite banks, which, as
befine observed, is m the course of execution, and which 4S the only
■0W measQie of legislation adopted by both Houses that indicates the
fiitnre relaticms intended to be preserved with these, instkutions. But
as the oonditioa of most of the banks throughout the United States since
die suspension of specie payments might have an important besiring on
dus ana other subjects connected with fiscal concerns, an exXeasLve cor-
mpondeBce has been opened in rekition to it.

The resuh, so far as their affidrs can be ascertained with much
accuracy, will now be presented. Their cc»idition, as a whole, does
not appear to have altered very materially during the year in refiqpect to
the rewrre proportion of all tneir immediate means imd liabilities; but
is several omer reelects the changes have been essentiaL One portimi
of die new returns which have baon procured is dated near the lat of
^nuaiy, 1837, a few months before tne suspension of specie payments,
and another portion, classed separately, is dated- a few months subse^
qneot to die sc^pension. Withm that time the whole disonints appear
to ha^e been reouced only about twenty millions of dollars, still o^ing
ever five hundred millions.

The net or actual circulation of bank paper is supposed to have been
ODlailed but sixteen or seventeen millions, leaving over ninety-nine mil-
fioBk The depoaiteshave been lessened thirty*six, but they are still in the
luge amount of ninety-three millions of doUars, and the specie on hand
baa decreased more than eight millions of dollars. How much of these
data depends on estimates, and how much on actual returns, can be seen
in the tables annexed, (D. and £.)

The second one, tlxmgh less full, contain^ some striking evidence on
the comparative and very difierent abili^ to sustain specie payments in
difcitMrt qufiiters of the country, as weu as on the difierent exerdons
vhidi have bemi made to resume them. From its contents the unreason-
afaleoesa mentioned in September last seems still more apparent, of
especCing the exertions of many and the duties of the whole to wait jn
t on the means <»r ccmvenience of a few.

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104 BEVORTBOW THE (18174

These recorns exhibit some improvement in the afiaks of the banks in
the aggregate as the sources of much of the currency; But they furnish
at the same time new confirmation of the great excesses in isaties which
in scmie places, notwithstanding numerous cautionsy had before beea
indulged m. They show, too, Uiat the whole reduction in the active
circubtion had not, at their dates, equalled by neaiiy twenty mtlUons
the amount which, as long ago as last December, it. was computed by
this Department would be required to restore the paper currency' gen«*
erally to a safe basis, and make it, with the specie in actual use, beara.
just proportion to the real wants of the axnmunity* But the continued
reduction in circulation and deposites which since A^ust has probably
been persisted in by several of the banks, must, if eflScted in the most
judicious course by a curtailment of their discounts, have served by this
time to place those institutions in a more eligible condition to resume
specie payments. Where this reduction has been accompanied by any
coaisiderable increase rather than diminution of* specie, the abihty to
resume and with proper restrictions and care hereafter to sustain specie
payments must approach very near the point requisite to insure pubUc
confidence: because the rate of foreign exchange has been so far
reduced as to be near the real par in specie, and seldom to permit the
export of it to advantange, ana the liabihties of the banks to the Gov-
ernment, which otherwise might press upon them in case of a resumption^
are in most cases either discharged or in a train of postponement, or
inconsiderable in amount*

The recent imports and exports of specie have an important bearing
in forming a correct opinion on these questions. Tte imports appearing
(m the custom-house books have, during the year ending September 30th»
1837, been ascertained by the weekly returns to be $10,954,332, while
the exp(Mts during the same period have been only $6,711,990. Othei*
returns, when all received, may slightly difier. Undoubtedly the whole
actual imports and exports, whether on the books or not, have exceeded
these amounts ; and tlK)ugh the excess has probably been greater on the
part of the exports, yet diese last cannot safely be computed- to have
0one beyond the imports. The invariable laws that govern trade and
uie currency have thus indicated a healthier condition of our system
than would otherwise be inferred fixjm the general and protracted suspen-
sion of specie payments by most of the banking institutions.

The audition of about torty-five -millions of specie which within fi>ur
years past has been made to the quantity that was before in the United
States may have enabled persons to increase bank capital and bank
issues in pSaces where the restrictions on the latter were loose ; but that
the natural tendency of it, as supposed by some, has been to derange
the currency, as well as the commerce, not only of these States but of
Europe, is an opinion that cannot have much foundation in any safe
principle of poUtical economy when it is considered that the currency
of Europe, in specie akme, is computed to exceed eleven hundr^ mil-
lions of dollars, and of the world, to be nearly two thousand millions;
and its cold and silver in vorious uses to equsd fix>m five- to seven
thousand millions. It is worthy of notice, also, that the addition of
specie above mentioned, though laf ge compered with the amount prcK

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18870 ^CRETARt OP THfi TREASURY. 1«S

vkmsij posaessed, has iiartUy eqimlkd die net profits on tke^sin^ ftrtk^
of ootton 8hi{^ped from this countiy in the years 1835'and '36.

But whatever obstacles may still exist to a general resumptiofi of .
specie payments, few can doubt that as eady a one as can be sustained
isuigently demanded by the strongest obligations of morals and ktw:
by justice to the public creditors, consisting of numeious cootractbrs,
HiecfaajDCs, laborers, and pensioners, as well as oflGk>ers; and by all the
true interests of the people, whether in private afiairs or in the concerns
of their Government Li bodi are their interests in this respect insep-
aiably connected; and in both do they severally suflfer by depireciated
paper — as the tax thus imposed finally reaches the community in ei&er
€800^ and usually in a ratio quite equal to the rate of discount on the
paper below specie. The powers of the General Government to hasten
SQctk a resumption are circumscribed to the use. of some constitutional
msiboiity of a restrictive^or penal character, such as taxation, or a bank-*
tnpt law, when the suspension appears in its origin or lon^ continuance
to be clearly unjustifiable; or, when otherwise, to the fiirnishing of som^
jncidentwl aid in the exercise of c^er rights. The latter course is the
ooty one which during the present suspension it has yet appeared proper
to adopt. In pursuance oi it^ the mcxle of nialdng most of the pubUc*
payments since May last; the manner in which the July instalment was
placed with the Stales; the delay granted for more than a year in payina^
me fimith <me, giving thereby a temporary aid^ as substantial to severeU
ef the banks as to the Treasuiy ; and the liberal indulgence ofiered to
diem for the balances still due to the United States, were all measures
of fdief^ and have contributed to strengthen their immediate means for
the resumption of specie payments.

Bcycmd such incidental aid to some of the banks with whkh fiscal
oonnections may have existed, not generally ^equalling one-twentieth .of
dbe whole number, it is doubtfiil whether the General Government^
however 6olici&>us to see that object accomplished, would be able, con-
ttitotionally, to provide any special assistance in effecting it.

It must be manif^t to all who examine the subject dispassionately^
duK dtfaer die possession by a few banks of the usual small amount of
poUic deposites liable at any time to be recalled, or the receipt of their
oilk fix* pabhc dues when redeemed in specie on demand, and fire-
^p&adj presented for that purpose, must oiten be a c&eck rather than
flB aid, and ppove of doubtfiil advantage in promoting a resumption
aaioDg the whole number. It must be equally manifest that the chief
reheBce of banks to perform their legal obligations must, Hke that of
ndividuals, always be {daced on their own resources. The hijghest
eoftsid^rations require that th^se should be reflated by all suitable
legislative r^traints, and employed with fcnresi^t, moderation, and the
mnmgm^ ts^nse of jusdce to tne public, to sustam cm a j»ar widi specie
"* currency they issue, wad which, except on the condition it should be
m sustained, the public would never have confided to them a power
lost sovereign to create.

It has been a source of some inconvenience under the exi^ms; laws
■tt, none of the banks have resumed specie payments since the late
mkm whidi aace known lo be willing and oCMnpetent under all the pro^

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l«i REPOBTS 09 THE. [IflBfn

jAaioiM of tbedepotke act to be selected nmBsCBlmstents* Sefvrol wkieii
are paying specie have ei|ire8ahr decKned taking me public numey under
those provisicms. The mode of keeping it is therefore imperfect, with*
out further lesislatkHi* Every exertion within the pgfwers now existtng
has been made to increase the security of it, uid ihe Departme^ ham
for several months been enabled by unremitted attention to conduct suo
cessfiilly the temporary arrangements which are in force for diat puiw
pose. "But till Congress shall sanction some new aystem, or revive dis
whole of the old one in foroe before X836, or till specie payments ana
resumed and the deposite act materially amended, those arrangements
must be sready enlarged by doubtful constructions, or remain exposed
to several x)f the inconveniences incident to all these plans without somo
of the remedial powers and advantages of either.

On the practicability of keeping t^ pubhc money under new l^isbh*
tive provisions withcmt using banks at all as fiscal agents, the views of
this Department have been so recently explamed as to raider a rspelft*
tbn of them unnecessary.

It was the endeavor of the undersigned to present with imoaitiahtf
die advantages and disadvantages of both systems, to show me expe*
diency, if not the necessity, of the new one m the exieting unfcntuaato
atdtude of most of the banks, and to lesve die result, where it ianovr
lefl, to the superior wisdom of Congress.

A similar course was pursued in respect to the kind of money to be
received for public dues, which he regarded and still consid^s a qoes--
tion entirely distinct, though often viewed by others as inaeparetbk.

While onerin^ reasons why bank paper was occasioiially more cott^
venient than com as a currency for the larj^ and distant purposes of
commerce, and why the exclusive use o( com for all kinds mpaymefita
could not at present be introduced and might never be desirable, it waA
insisted that, so &r as it ^ould be employed in public affidrs, and witlt
whatever limitations as to time or amount, care must be exercisedt
to adhere to the spirit of the Constitution and die first principles of
political economy, oy alwaj^s requiring it^ when and where taken, to be
equivalent in value to specie. This opinion was not conceived in d^ay
hostili^ to the true principles of credit, or to banking institutions dul^
regulated, or to a sound currency for the people. On the conlTary, it le
Mipposed to fiivor them all, and to be indisp^isable to uphcdd the true
standard of value for property and labor throughout the country ; to
sustain the just obligation of contracts, and in a pecuniary view presCTVe
the real worth of aU private as well tLs public nfffats.

The ensuing session vdU by its length, probalny, a£EbTd amfde tiine to
place our whole financial system on a proper basis. Nothing new will
De required except such measures as are rendered necessary to itaeffi-^
eiency by the changes which have arisen fitim the final discharge of
the natknial debt and by the mwe &ictuating character of the receipts,
and expenditures, as weU as by the recent su^nsion of q>eeie pay^
ments on the part of most of tlie deposite banks.

The undersigned, feeling a deep convicticHi tbaet the fiscal affairs of llie
Government cannot heseafier, under anry system^ be managed vtifk
sDcli fociUty wd vigor as the public serviee reqHirea,widiout adoptiQg

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1W7.] 8ECRETABT Of THE TREASURY. 109

•Cfciiil Ifigsl pTafiaioBS heralofiHiC' recommendedy hopes to he excuocA
tor briefly invitiiig the attention of Congress^ ^mce mofe to a few of
them.

First* That a condi^eitt authority be giTOn to some appropriate offi-
cer, to invest safely any considerable surpluses which shall casuaUjr occur
IB the receipts beyond the expenditores, and to dispose of such invest-*
■Kilts when deficiencies may haippen which rec|uire it.

Second. That a limited pewer be fifranted to issue Treasury notes foe
Biere leatpcMraiy purposes in case of efficiencies when no such surpluses
exi^ ana to redeem them as excesses may happen. Be»de other
ctrrmas reasons in iavor oi such aprovision, it wouki enable the Depart^
Dwnt to adniinister the finances with at least two or three millions less *
in the Treasury at any one time than would otherwise be necessary.
Ib fixii^ the system on a dqrable basis, the grant of both these powers
seems expedient as a prefvident arrangement, whatever course may at
any fiitute time be pursued in regatd to the recall of the present large
deposkas p^Bced by the General Government with the States.

Third. That the additional duties of general depositories be imposed
6B all receivers and cdUbctors of public mcmey, and on the Mint and its
faraaches, asweU as the Treasurer at the seat of Government, under suck
.vqfulatiotis, in respect to disbursements and transfers, as have before
fami indicated. This change mig^ judiciously inbhide an authoriQr to
eoBplay separate depositories, special or general, mdividual or corporate,
under the drcumstane^s and responsibmties suggested at the late ses*
aioDt if the amount in possession or any collecting officer should generally
esosed what is well* secured by official bonds.

Whether these provisions be in the discretion of Coi^ress left to con-
stitute the whole ^stem of keeping and disbursing the public money
or only a part of it, they fonn a change which would undoubtedly l>e
very salntitfy.

Fourth. That permission be given to receive payment in advance for
the public laxnis, at such places as this department may appoint, for the
ttmwBuience of both the Treasuiy and the communi^.

Fifiii. The extensbn of the warehouse system, m connection wkk
mfiiiriag aU dutied on imports to be paid when the goods are taken out
for ooosamption, is another cban^ which, though less urgent in some
points of view, is very desiraUe m respect to the collection and security
of ^ most inmoncoit porti«»i of the }Miblic revenue.

In die consiacratkm of these propositions the present condition- of the
finances and of the country is a circumstance of the first and most de*
eiKve importaocew We are without any national debt to absorb and
vegaikBtB smpluses, or any adequate supjuy of banking institutions which
movide a sound currency for genersd ourposes by paying specie on
oenand, or wMch are in a skuaticMi fiiUy to command confidence for
kaeping, disbursii^, eoid transferring the puUic funds in a satisfoctonr
■umner. It will not then be a matter of surprise that the undersigned^
bdmg daily and most sensibly the difficuhies, as well as the great
icspontibflky, of conducting the concerns of the Treasury without the
adsplioa of these measures, should {nress them up<m the earliest coof^

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108 . REP(MIT8 OF THE [1887,

sid^rstion of CSongress with an earnestness and perseverance that nught
otherwise not appesuc justifiaUe.

' rnu SBV^aAL MISCBLLANB0U8 MATTBBS.

Occasion will be taken^ during the session, tx> present separate reports
concerning the Mint, the Land Office, and some c^er subjects undcar die
general superintendence of diis Department

A revision of the number and compensation of custom-house c^Cers
has for some years received the attention of Congress.

The public, welfare, as well as eq^ual Justice to various incumbents,
appears urgently to require further legislation upon this subject at-the fiist
practicable opportunity.

. The recent law postponing the payment of duties has for some time
deprived several ot those ofl£$ers of a great part of dieir compensation ;
and new legislation is required, not only {or temporaiy relief, but to
remune^te the losses which must happen, in many instances, in case of
death, resignation, or expiration of ofnce.

The reorganization ot the Treasury Department, so as to empower
one of thepresent Comptrollers to act solely in the capacity of Commis-
sioi^r of the Customs, devolving on him also all the other appropriate
business of the marine hospitals, revenue cutters, and light'-house ^tab*
lishment, was on a former occasion recommend^, and is still considered
by the undersigned a measure very deserving of attention.

Considerable progress has been made in the interestm^ subjects of &e
survey of the coast, aiid the preparation of standard weights and meas-
ures tor the several States as well as for the United States. It will be
fully explained in special communications.

Some fiirther aumority to sell or s^pordon the Spanish inscripdoiis
which belong to 4he claimants under the treaty of mdemniiy, is desi-
rable, as the payments on them seem exposed to considerable delay. It
is gratifying to be able to communicate the fact that under th^ French
treaty^ in addition to what has heretofore been paid to the claimants on
the first four instalments, another sum for interest, amounting to one
million twenty-two thousand one hundred and eighty-five fimics, has
probably been paid, which will be apportioned among them as soon as
It can be remitted to this country. •

Several resolutions of one or th^ other House of Congress, calljbg on
the Department for special information to be submitted at the present
session, have receivea carefiji attention.

The most important of them are such as relate to a system of tele-
graphs; the proper sites for more light-houses on a part of- the Adantio
coast; the plans most suitable for several marine hospitals; the de&ults
tmax^usted of all collecting and deposite agents since the foundation of
the Government, and copies of the returns of specie and bank ps^r
from the land (^ces and public depositories since the adoption of tKe
specie circular. These are all ready to be reported on at an early day*

This Department, by a resolution of the House of Representatives,
has also for some years been engaged in procuring, through the FranUia

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188T.] ^CRETAldr OF THE TREASURY. 1«9

Bistkotet a denies of experimente to be made on the strength of the
materials employed in 6team-l>oiIerst and the best methods of prevent-
ing explooons*

Several able eonunuizicfidons concerning these matters have been
made by the Institute, apd were heretofore submitted to Coi^ess.

A fiiffil report pn the whole subject ha& been completed sinc^ the last
annual session, and a printed copy of it for each. member will be laid
before the House in a few days.

An anxious hope is .felt that the great care evinced bv the Institute in
an inquiry so mom^stous to the security of property ma }]fe, and guided
by all the lights of science, will not bave been so long devoted in vain,
but will lead to useful legislation by the General Grovernment as well as
the State Legidatures. The increased and increasing importance of the
sobiect must be ofiered as an apology for the eamestiless with which its
eaz& consideration is again pressed*

llie disastera of the past year have been ab frequent and appalling
duU they seem to call with more urgency than usual for the passage of
laws the most rigid, and, in some, respects, penal. Their provisions
ought wen be diiicted to insure proper strength in the original materials
6r the boilers ; to provide the best .securities fer the safe construction of
both them and the vessels; and to exact, by exemplary punidiments,
vigilance and ptomptitude in the. adoption of all approved safeguards
against the calamities of ^q>losioBS, conflagrations, and wrecks. When
we advert to the extensive seacoast, the la^e lakes and numerous rivers
wkhin our jurisdiction which are covered with machinery propelled
fay a power so vast, either for ffood or evil, it must be obvious that the
ODDfliaeration and due disposal of d^ese questions at an early day, are
in^KMrfuit, not only to the preservation of much property, but to public
tnmqmllity and the cause of humaniQr.

Respectfiilly submitted,

LEVI WOODBURY,

Secretary of the Treasury*

To the Hon. Jambs K. Polk,

Speaker <^ ike H(m$e ff, RqpramUOwes.

A* .

8tmi€ment of Expmiditwr$s of the United States^ exduswe of the Trutt F^iiUlf
fhmi let faimuxry to SOtA Sefiembtr, 1887.

OlVHk, BOSOBLLANBOUS,. AND F(ABI0N INTBBC0UR8B.

Legiaktme :....... $686,896 99

Executive Departments ^ ^ 728,708 62

Oflioeraandclerksofthemintand branches. ^8,861 04

Sonr^cn^ and their clerks 26,996 96

Secretary to sign patent^ for public lands. . 876 63

' Br rf the Public Buildings.... 1^00 00

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!!• SKPCffinOPTBE [1»7.

Gov^smttntsm die Temtmies of the United

States $41,949 16

Judiciary 298,206 ^2

' ■ ■ ■ $1,7 en ^79 11

Patentfand .•.......*...•. .• 29,840 00'

Sundzy annuities « . 900 00

Mint establishment 101,230 §0

Support and maintenance of light-houses, &c 249,806 67

BuiMing light-houses, &o....... 84,627 18

Survey of the coast of the United States . . 67,900 00

Surveying the public lands 123,096 81

Registers and receivers of land offices • « . • 760 00

Keepers of public archives in Florida . . «. « 760 00

Repayment of lands enxmeously sold 6,640 80

Marine hospital establishment 69,606 18

Marine hospital at New Orleans 6^000 00

Roads witmn the State of Ohio, (three per

centfund) , '.. 26,600 00

Roads and canals within the State of Indi*

ana, (dnee per cent, fund) ^.^ 67,460 00

RDads and canals within the State of Mis-
souri, (diree per cent fund) 29,800 00

Roads and canals within the State of Ala-*

bama, (thsee per cent, fimd) 4 . « 84,112 00

Roads and canals within the State of MC»*

sissippi, (three percent fund) 67,070 00

Roads and levees within the State of Louis«>

iaaa, (five per cent fund) ^ 19,620 00

Roads and canals within the State of Midn

igan, (five per cent fiitid) 161,800 00

Roads and canals within the State of Ai^ao-

sas, (five per cent fund) 26,800 00

Encouragement of learning within the State

of Illinois, (three per cent fiind) 48,600 00

Furniture for the President's house 19,321 78

Public buildings in Washington, *c. 261^98 62 '

Penitentiary in the District of Columbia. . 8,084 73

Completion of the Alexandria canal 100,000 00

Relief of the several corporate cities in the

District of ColumWa. . • 61,876 00

Building custom-houses and wardaouses. . 162,200 00
Public buildings and library in Wisconsin

Territory 26,000 00

Relief of sundry individuals - .33,764 36

Manuscripts of the late Mr. Madison . . 80,000 00

Diplomatic correspondence, Ameriban State

Papers, &c. -.-.... w 44,490 28

Debates of the First Congress, and Register

ofDebates to Twenty-fourth CongresSw. 16,500 00

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] SECR£TAKr OF THE TREASURY. Ill

Tajnieai <^ claims fo ppgpeitr lost* Ac. « * $8e»417 61

Aculitional compensation to coUectors^ &c* * S2,839 S3

Bliscellaneou8«...*^ 26,449 64

$3,102^637 69

Salaries of mimst^B of the United States. . 20,000 00

Salaries of secretaries of legaticm ^ 2,600 00

Salaries of charges d'affiures 42,428 93

Outfits of ministers • 18,000 00

Outfits of charges d'aflSures 4,600 00

Contingent expenses of all the missions

abroad 27,902 66

Salary of dragoman of the United Stales to

Tuikey, and contin^eiiciea 1,687 48

Salaries of consuls at London and Paris. . 4,000 00

Belief and protectioti of American seamen • 32,199 16
Allowance tor clerk hire in the ofl^e of the

consul at London 2,393 14

btercourse with Barbaiy Powers 1}7Q3 62

Expenses of commission under convention

withSpain.-, ...• 7,686 63

Expenses of comnussion under convention

with Denmark ••«...* 6 00

166,006 40

$4,024,823 10

PUBLIC DBBT«

Redemption of the three per cent.stock. ., 21,313 71

Reimbursement of Treasury notes 614 61

Certain parts of the domestic debt ... 92 16

Interest and reimbursement of the dcmiestic

debt •... 27 76

22,048 13
From which deduct the following repay-
ment:
bteiest on the funded debt 28 88

22,019 26
$4,046,842 36

MILITART BSTABLISHMBNT.

Pfty of the am^and subsistence of officer^ 673 89

Sobsistence department 696,706 39

P^oftheamgr 620,081 88

SnbeisteDce of officers 209,630 68

Quartermaster's department • ^ . . 111)460 66

Incidental expenses of the quartermaster's

department 162,738 47

Tcanspwtation of oflfeers' baggage. *». . . • $37,232 98

Tnm^ortaticm of the army 160,386 88

Focage • 22^34 16

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11« . BEPORTe (Mf THE. {ISSB.

Purchasing dq>artment. .' 1 $1^,416 82 "

Payments m lieu of clothing for discharged

sddiers ...1 28,318 46

Clothing for officers' servants, ..•• 10,825 46

Expenses of recruiting 13^113 16

Two months^ extrapaytoreenlisted soldiers 16,171 60 •

Medical and hospital department. . . •; . . • 21,670 64

Contingencies of the army --••• 2,206 07

Arrearages prior to Ist July, 18l5 ....... 2,784 08

Invalid and naif-pay pensions ^ 148,026 06

Pensions tp widows and orphans 2,104 14

Pensions to widows and orphans^ per act '

4th July, 1836. 661,973 13

Revolutionary pensions, per act 18th March

1818 419,448 00

West Point Academy*

Pay of officers, cadets, and musicians. . . * 88,760 00 "

Subsistence of officers and cadets • 23,386 20

Fora^ for officers' horses 1,07? 00

Cbthmg for officers' servants 392 23

Fuel, forage, stationery, printing, &c. .... 7,133 00

Pay of adjutants' and Quartermasters' clerks 712 60

Expenses of the boara of visitors 2,007 84 ^

Repairs and improvements of buildings

grounds,&c 7,616 00

Models for drawing department. .' 733 00

Miscellaneous and incidental expenses. . . . 1,473 00
Compensation to the acting professor of

chemistry „ 760 00

Incidental expenses of ardlleiy department. 160 00

Grading the grounds, &(?. 176 00

Philosophical apparatus ^•.. 160 00 •

Models for- engineering department. 160 00

Increase and expenses of the library 300 00

Painting room for the professor of drawing. 400 00

Completing the chapel 1,263 36

Building to contain the public stores 760 00

Building for recitation and military exercises 16,000 00
Preparation of yard and construction of

shops, &c . . 4,000 00

Erection of barracks 2,000 00

Arsenals.... 213,661 78

Supplying arsenals with ordnance stores. . 61,044 63

PurchS^e of site and buildins; anarsenal near

Fayetteville, North Carohna 27,000 Oa

Payment of taxes on the United States arse-
nal on the Schuylkill 1,460 00

Repairs and improvements of arsenal at

Chaxleston.; $462 73

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I

18W.] SECRETAKT OP THE TREASURY. 11$

•

Enlarging site of Frankfort arsenal . ^ . . « . $1^000 00
Pnicnaae of attes and constmction of arsenals

mAi^ansasylfissottri, and Tennessee... l^^lTa 00
Poichase of land attached to.the arsenal at

8t. Louis 2,10a 00

Claims of the State of North Carolina 30,000 00

Pay due the executive staff of the Govenior

^Tennessee. *. 3,000 00

Tennessee ▼(dnnteers-— liabilities. incurred

by Governor Cannon 5,766 67

Tennessee volunteers mustered into service
by General Gaines, 8ih April, 1836, and
proclamation of Governor Cannon, 28th

April, 1886. 100,000 00

Tennessee volunteers-^pay^ travelling, clo-
thing, and other legal expenses — mustered
into service ondet orde^r of Secretary of .

War, 26th May, 1836. 96,000 00

Tennessee volunteers — ^pay, travelling, clo-
thing, and other legal expenses-^mu^tered
into service by General Gaines, 28th June,
1836, and Governor Cann(ui's proclama- .

tiop, 20th June, 1886 36,310 00

Arming and equipping militia. .^ 144,406 64

Accoutrements ot the army 48,796 00

Qidnance service..* 96,401 88

Purchase of lijjht field artillery, &c 36,378 38

Coostrocting mmaces for heating cannon

balls 6,740 36

Rational armories 260,201 88

National armory at Harper's Ferry 31,660 00

Biver wall, tih^iammer shop, jcc^ at Har-
per's Ferry 12,616 00

Rifle fectory at Harper's Ferry 8,669 00..

National armory, Springfield. 19^600 00

Marksmith's shi^, &c, at Watertown, Mas-

sachusetts 3,017 00.

Hoepitals... .. 8,660 86

Purchase of gunpowder 38,000 00

Purchase of cannon balls 7,849 62

Elevating machines for barbette and case-
ment carriages 600 00

Sfoogea for field and battery cannon. .... 1^960 00

Armament of fcHtifications 298,922 00

K^airs and contingencies of fortifications. 1,297 92

hodentalexp^iaes of fortifications ^,118 39

Poft Adams, Rhode Island 88,000 00

Port Calhoun, Virginia 86,900 00

Port Cdmnbus and Cstetle WilUamt I^w

Tofk ...: 4^000 00

Vol. IV.— 8. Digitized by Google

ii4 SEPORTB OP THE pmn.

Fort Delaware, on Delaware riyer . • • *^ • . f71,W9 B6

Fort Caswell, Nordi Carolina.... - afi^SM 00

Fort Schuyler, New YoA • . $M0^ 00

Fort Warren, Massachusetts . 120^86 0»

Fort Pulaski, Georgia.^ 104,7a7 »7

Fort on Poster's Baik, Florida KlfiOO 60

Fort McHenry, Redoubt Wood, and Gov^

ington Battenr, Maryland 22,140 Od

Fort on the ArkMisas frontier .* .. . 20^000 00

Preservation of Castle Island, and rquiira

of Fort Independence >.*.* 86,000 00

Fortifications at Charleston, and pteserra*

tion of site of Fort Moultrie 17,890 00

Purchase of lands ejid right ja£ way on

Throg's Point... ..•.. i 2,000 00

Kepairs of Fort Marion and sea-wall at St.

Augustine . . w , , -• • . •* - 2»,660 00

Constructing wood-yard and wharf at Fort

Monroe.... ^^.^ 0S4 43

Barracks, quarters, &x; S8,!M6 29

Barracks, quarters, storehouses, &^ at

Fort JesuD, Louisiana .« £^000 00

Barracks ana quarters near New Qrleana... 8,6fi& S8

Barracks at BatcmBcmge .^ 23,710 07

Breakwater at mouth of Delaware Bay.,, 14&,]:87 08
Breakwater at StamfordTs Ledge, Poitland

harbor, Maine ^, ^. 25,000 00

Breakwater at Church's Core haitior, in the

town of Little Compton ...* 6,612 00

Breakwater at Sandy Bay ^^ , J20,Q00 00

Breakwater and pier at Burlington haibor,

Vermont i ^ .. , 11,000 AO

Pier or breakwater at the mouth of St.

Joseph's..-.. -. 12,771 OD

Breakwater or pier «t the harbor of Platts-

burg,NewYork 17,a(IO 00

Breakwater at ffyannis harbor, Massa-
chusetts ^ . J^OOO 00 .

Constructing twoipien wnid improving navi-
gation of Vemulion river 20,500 00

Pier at the entrance of Kenn^nk nver^. §^611 82
A pier to mve direction to the Mississippi

near St. Louis ^ •^.*.- 2,1384 IB

Pier and mole £it Osw^ao .^^ jM,100 00

Deepening channel Coehego, kadii^ into

Dover harbor.^ •••.^•** 4,800 00

Deepening channel of river Thames ^ 16,000 00

Deepening channel leading into Bridgeport

harbor, Connecticut .... 10,000 00

Light-house on |ner at Oswego «^ 715 00

Digitized by LJOO^lC

1S87.] SECRETARy OF THE TRJEASURT, ||f

Deepening channels between ^ islands of

North and Soulii Heio, near St Albans. . I(7«000 QQ
Placing buoys in the njcinity of .the monu-
ment on Reel's Ledge, Maine 466 00

Preserving the poim of land leading to the
fart and li^t-house at thfd .Oumet, in

Duxbury .,. i^OO 00

Preservation of Rains&rd Island, in the

luurbor of Boston , 6,590 00

A sea-wall, to preserve Fairw.eather Island,

near Black Rook faarix)r.,»..^ 9,000 00

Buihling an icebreaker at Staten Island. . • 10,000 00
Securingbeach at Cedar Point, Connecticut. 600 00

Securing public works at the harbor g[

Southport .- ,.• 1,600 00

BeaooQ lij^t at Cunningham creek, Ohio. . 225 60

Works at the mouth of Genesee river 16,100 00

Removal erf light-house at Old Point Com-
fort into Fortress Monroe .,.• 2,000 00

Mooring buoys in the harbor of Delaware

breakwater 2,000 00

Preservation of the harbor of Provincetown. 4,061 66
Lnproving harbor of Presque Ide, Pennsyl-
vania ^ 16,068 68

Inpioving harbor of Chica^, Illinois* * . » * 87,000 00

Improving harbor irf Dunkirk- 16,068 71

Lnprovii^ harbor at the mouth of Bass

nver, JMassachusetts. 6,970 00

Improving harbor of Westport 8,600 00

Lnproving harbor of Portland, on Late

Erie. 9,880 00

boDfoving harbor at the mouth c^ Salmon

nver, on Lake Ontario 13,000 00

bmrovin^ harbor at the mouth of Oak

Orchaid creek, Lake Ontario......... 6,400 00

iaaprovii^ harbor at the mouth of Black

nver. New York 14^000 00

fadproving harbor at t^e mouth pf Cattarau*

gus credc, on Lake £rie 13,009 18

Impttiving the entrance of Whitehall harbor,

OD Late Champlain •...-..; 10,000 00

Lmnoving die harbor of New Brunswick^

NewJersey .,,.,.^. . 7,000.00

famoving the harbor of B^vfert, Ncffth

Carolina ^,,,. 6,000.00

Opening passage between ^leaufint .aod

Pazn&x> Soum, W^ improvingjfew river,

ftc SOiOOOOp

Protection and imtmxrent of Liltle Egg .

Harbor •,.... 7^ 6,000 4)0

Digitized by

Google

11« REPORTS OF THE [183T*

Construction of a harbor at Michigan CiQr,

Indiana $28,693 00

Ifaproving the harbor of New Castle 7,000 00

Bemdjmig the wreck in the harbor of New

■ Bedford 2,600 00

Repairs of the harbor of Chester 2,000 00

Removal of the Brunswick bar, to improve

the harbor of Brunswick, Creorgia $44 OO

Improving the harbor of Wilmington, Dela^

ware 2,000 00

Deepening the harbor of Baltimore 16,460 00

Improving the haibor of Mobile 600 OO

A ored^g machine on Lake Erie 8,000 00*

Improvmg the harbor of Cleveland 10,000 00

Improving the harbor at the mouth of the

nver Raisin 28,600 00

Improving the navigation of the Hudson

nver, New York. . . . 96,308 00

Improving the navigation of Ca][>e Fear

nver. North Carofina 12,900 00

Improving the navigation of Cumberland

nver, Tennessee 26,600 00

Improving the navigation of the CWiio, be-
tween Pittsburg and the Falls 70,000 00

Improving the navigation of the Ohio, Mis-
souri, and Mississippi rivers 19,723 70

Improving the navigation of the OWo and
Mississippi rivers, frcnn Louisville to New

Orleans 34,314 23

Improving the ftCssissippi river, above the

mouths of the Ohio and Missouri rivers! 16,000 00
Improving the navigation of the Aikansas

nver. . 41,030 00

Improving the island channels between the

Bt. Maiy^s and St- John's. 3,248 93

Improving the navip^ation of the natural
channel of the noruem and southern en-
trances of the Dismal Swamp canal 2,800 OO

Increasing the depth of water in the mouth

of the Mississippi river 67,060 OO

Improving the navi^tion of Red river. . . . 66,000 00
Removing obstructions firom Huron river,

Ohio 2,666 00

Removing obstructions fix>m Grand river,

Ohio 981 11

Removing obstructions from Big Sodus bay 16,600 00
Removing obstructions from Ocracock inlet 20,107 68
Removal of oyster shoal, in New river^ .

North Carolina '6,000 00

Removinga mud shoal» called the Bulkhead,

Digitized by CjOOQ IC

.] SEGRET^tY OF THE tEEASURY, 117

in the i^uumelfiom the East Pass to Ap-

palachicda $100 OQ

Bemoving obstractkms in Black river, Ohio 6,410 08
Renioying obsttw^ns in Cuiimndiam creek 6,000 00
BeoKmng obstntctkms in Ashtabula creek. 8,000 00
Kemovinir obstructioas in Conneaut creek. . 5,000 .00
Survey of t)ie southern debouch^ of the Disr

maf Swamp to Wineyaw bay, SouA Car- .

olina . £,142 00

Survey <^ Black and White rivers, in Ar-
kansas and fifisaouri 1,000 00 .

Boads and canals 26,349 70

Cumberland road in Ohio, west of Zanes^ . . .

vine : 170,016 60

Cumberland road in Indiana. .122,000 00

Cumberland road in Illinois 68,462 66

Rroairs of Cumberland rcmd east of the

Okno river 7,188 63

Aziearages due contractors on the Cumber-
land road. .. . 299 26

Military road from Mississip^ between the

mouths of St. Peter's and Des Moines. . .

rivera^to Red river . 11,600 00

Road from Memphis id William Strong's.

house, (^ the St. Francis river 80,000 00

Road fixMu Fort Towson to the northern

boundary of Louisiana . 1,384 72

Road from northern boundaiy of Florida to. .

Appalachicola . . 80 96

BmvejB of a nuUtajy character, and for de- .

fence of the Atlantic and Western, frnn-

liirs... 2,832 70

VoWjiteegr andran additional regiment of .

ingooos 10,211 78

Ptfevraiti^g^and suppressing Indian hostili- ...

ties... ..* 4,010,162 08

Cnrxent erpenaes of the Indian Department, .

per act 3d March, 1837 31,694 11

Miecdjmeous objects , 22,360 00

FmlfilK% treSaties with the —

' Pottawatomies 101,313 30

Creeks 418,684 93.

Florida Indians -. 118,740 00

Six NatioiiBi New York 11,619 38

Skmx 14,270 00

Sacs^qdFoses 90,91100

Ottoes abd jMissOuries. ^ 7,430 00

Oipahas - 4,860 W

tam%B: 9,490 00

Cliobtaw*,-.. 46,969 60

#

Digitized by

Google

nt VEPoammTtm [xor.

Fulfilling tieades with tbe —

8«C8, Fo:Mi, loM^as, Sioux, Omabas,

Ottoes^liftd Mi^lBoarieff..x.i^.^..j IS^SSV 0^

Wyandot^v MnnseHBs, and Dekw^tfiesi 1»000 60^

Senecas, 6f New York. . . i^ • 6,000 O©*

WyandoUv.t.** *^- 0,680 OO"

Ottowas ..*....-:w*4. I6,48d 80

Christian Indians w^i.4iii^.^^ 400 W

Miamies.jj.w-ij* 38,818 50

Cbippewas, Ottawas, and Potta:wa:to-

mbs^.w....^^ 6^jl46 00

WiniiebaA*fi^..*i; .•• 85,206 00

Menomonies ***..a...i j^* »0,870 00

Chippewd»-.i.**^x 6380 00

Kanzas.-.i- 6#680 OO

Osaces.. •.......* 10,680 00

Kickapoos ...j^.^.^.j. 6,7*0 00

Kaskaski^ and Peorias. • 3,000 00

Piankeshaws i . w - - . .. - . . 1^000 OO

Weas a,000 00

Kaskaskias, Peorias, Wead, and PiAqh

keshaws i..^*....*.^ 680 OO

Delawares* •*..-- . 10,ldO OO

Shawnees * ..*- 6,780 »

Benecas.-.-.i.-i -^ 2,440 00

Shawnees and Senecas .*.4^.j i. 6S& 00

Chickasaw*. » 1,616 OO

Quapaws -..j.. M77 00

Pawnees^*--- 9,300 OO

Cherokees i j . 6,266 60

Caddoes ^.^.^.^i. 10,000 00

Ottawas ftnd Chippewas 48346 00

(Srilization of Indians 6^976 7t

Payof the Indiant agentsand superintendent

of Indian affiurs :i-**A.**i*i 676 00

Pfcy of Indian iWbi«^te-* 1,627 22

Presents to Indians .-•.-*-... 11^60 IS

Provisions for Iildians at the distribution of

annuities ..w J. J 879 61

Houses for agents and blacksmith shops. . 6^804 94

Contingencies of tk6 Indian depart-

ment *i....-i.i 8^68 21

Locating leaePfkddiA ^€r act 14tli June, .

1836)... .......i • a,9«» 81

Tiaxisportatioiiiind incidental expenses (act .

2dJuly, 1886)-*..^; 126 00

Indian annuitied ..*.. ^ ft0,184 IT

Education of iodianybuths . .6,528.65

Transportatiod And incidental expenses. . « . 30,181 IS. .

Bemoval and Mxkiiteiide of Indians « . JSS^0l^86. 67 .

Digitized by

Google

3 SECRETMOr oar the TiaASURt. tit

Canyiagmtoeflfect treaty of Chicago of 36tik

Sc^ 1883, per act 8dMat)di^lS86 S8J90 27

Exp^iaes of anexploringpaitf . ^ « « 1487 <^

CSanying into eflfect treatiea with S^iecaa^

Sutwnees, and Seneca^ aild fitttMmeea,

ofl831 1,696 68

Canryim[intoefiecttreatywil^.CbeK)kees.of .

29th Dec*, 1886— act 2d July, 1836. . . . 1^132,884 81
Canying into eflfect treaty witbOtttwas and

Chippewa8,of 28th and Slst March, 1886 46,794 62
Annnities, per act 26th Febrtiary, 1799. .. 309 88

Belief of Francis Lasselle and other Micbi*

ffanvolunteers «^.^« 476 46

B^ief of sundry ddzens of the United States

for property lost by depredotitttt of cerr .

tain Indians, act 30th June^ 1884 1,127 00

Belief of Jose{di Hertick .« 140 00

Belief of James and John Brown, per act

8dMarch,1837 *•.. 977 09

Belief of Jerah Tenner, per act of 3d Marchf

1837 28 64

Bdief of Ellen A. Smuck, per act of 28th.

Jane, 1836 836 71

Bdief of Frances Bashford, per a4:^t of 28tli

Jane, 1836 326 87

Belief of the legal representatives of Willie

Bknmt, per act of 17th February, 1836 . . 1,074 22
Ypginia claims, ]»er act 6th July, 1832. . . 80,800 78
Bevcdnticmaryclauns, per act 16th May,1828 87,460 10
Bev^cdiiticmary pensions, act 7th June, 1882 1,166,816 93

Pensioiis, ner act 14th May, 1836 1,312 36

One mcmtn's pay, ftc, to ndlosieers and

militiaofKentucky, Tennessee, Alabama,

Misaonri, frc., per act Ist Mareh, 1837 . . 116,000 00
Bebiiildii^%hthouse on Brandywine shoals 7^000 00

From which deduct the fdkiwii^ repay-
ments, via:
Boontiesand pieminms....;w 81,339 24

Fott at Grand Terfle......w 16,000.00

BaflaekiatKeyWesU.*.... 166 36

Bemoying obstructicms fiom

SavBimah rilPWv*v^..4 1^426.71

fiarvey of the qKiulliM'Milwau- ...

kiernrer...^^:«««.^« .400 00

load from Deimif 10 Chicago, . .980 76
load bom (kksnm t» Tamp^*.

Bay .-fc.^^.w^.-,^ .211 74.

BopafiromFfNttHomudtoFort

Crawfi]id..«A.^^««^«...««. 392.96

^6^376366 Of

Digitized -by

Google

ISa REPORTS OF TSE [IfiWi

Monument over the remaing of

Mig. Gen. Blown tsa 70

Pay of the niinois militia -7,138 3S

For the more perfect defence of '

thefrontier 8,900 61

Pay of Missouri and Indiana . . , .

militia 880 81

Repressing hostilities of Semi-
nole Infiaiis . . ^--. 7,118 68

Suppressing hostilities of Creek
Indians 18,318 10

Pay of interpreters and trans-

tetors... 619 00

Blacksmidis* establishments . . 3,686 64

Treaty stipulations ...... 8,789 4S

PurcHaseofiron, steel, coal, &c* 86 8d

Pay of gun and blacksmiths. . 16 13

Holding treaties with certain In-
dians, per act 14th June, 1886 87 87

Treaty with the Delawares, per
actofad March, 1881 816 87

Treaty with the ELaskaskias and
Peorias, per act 3d March,
1888 $160 00

Treatjr with the Piankeshaws
and Weas, per act 3d March,
1888....^.: 389 19

Transportation and subsistence
of Indians migrating west. . 67 61

Tansportation of agricultural
implements 879 81

Transportadoti of annuities. . . 943 86

Road from Fort Smith to Fort

Towson 378 94

Road fit)m Ohio to Detroit. . , 6 67

Road from Pensacola to Talla-
hassee 186 64

Road from St Augustine to

Tallahassee 308 34 .

W6,166 70

^ ^16,810,808 3S

NAYT BBTABUSHMBirr.

Pay and subsistence of the Navy - 1,671,386 04

Pay of superintendents 49,(KM 09

Provisions : 667,816 63. -

Medicines, surgical instruments, ice 47^644 78

Navy-yard at Portsmouth 16,000 00

Navy-yard at Boston w... ..168,360 31

Navy-yard at New York 68,908 13 '

Navy-yard at Philadelphia. * . . ; . ... - - S6>886 10 - - '

Digitized by LjOOQIC'

18W,] SECRETAKY OF THE TBEASURY. lai

Navy-yajrd at Washington « 't42,744 00

Navy-yard at Ncrfrfolk. 94,300 47

Navy-yard at Pensacola... •.*.*- --- 17,888 18

Porchase of land within the navy-yard- at

Gosport.^-...-..- 4,779 00

Wharves at the navy-yard at Pensacola* • 500 00

Pov^der magazine 10,874 97

Brick wan or enclosure « . 8,692 25

Naval magazines, Charleston and Brooklyn 3,125 00

.Completing and furnishing hospitals 1,684 19

Hospital at Boston « 1,350 00

Hospital at Brooklyn. ^ 40,300 00

Hospital at Norfolk -. 16,560 00

Hospital at Pensacola 16,956 00

Navy asylum at Philadelphia. 6,064 08

Ordnance and ordnance stores 34,167 08

Gradual mcreade of the Navy. 96,468 69

Gradual improvement of the Navy 167,123 40

Bepairs of vessela in ordina]7,-aiid wear

and tear of vessels meominission 1,000,393 91

Contingent expenses of the Navy .... 340,616 32

Cctttingent expenses not enumerated 8,446. 13

l!^ber to rebuild Java and Cyane 11,036 47

Rebuilding frigate Msicedonian. 26,076 67

Rebuilding fiig^ Congress..... 7,600 00

Building smd equipping two sloops of war. • 49,308 11

Tiannching diip-of-the-line Pennsylvania. • 63,600 00
Completing steam vessel building at navy-

yaid, Brooklyn 87,685 00

Agmcy <m the coast of Africa for the sup-
pression of slave trade 649 83

Arrearages for survey of the coast and har-
bors of the United States. 670 00

Purchase of a site and erecting a diy-dock

atNewYork 1,000 00

Surveying and exploring expedition to tiie

Pacific Ocean and Soutii Seas 68,681 87

'Examining shoals of George's Bank, for the

purpose of erecting a li^t-house 4,438 69

Payment of Thomas J. l£mis for the cap-
ture of a piratical felucca 29 16

Bdief of John Stiles 140 00

Relief of Philip F. Voorhees 600 00

Edief of F. A. Parker. 200 00

BdiefofCharies W.Pickering 266 49

Relief of Charies Blake 180 00

Pay and subsistence of the marine corps. . 116,425 33
Subsistence of non-commissioned officers

senringoo shore.. ,.-. 47,443 62

Ckjthing 41|708 64

Digitized by LjOOQ IC

lit MPORflS OF TUB (XHS.

Medicines and hoflpitBl 0lorea«. «•«•.•••• iS^7B& M

Fuel w.^.. •^,...... 84SS 80

Military stores* 4 .** .•••••• 6W 88

Contingent expenses a..^^^^^^^^.. Ilf697 7ft

Transportation and recruiting., ..^ •«••,« iy926 $9

Repairs of barracks* -.-.^*.... 8,606 40

Arrearages of pajr^ Sstt^ to officers of the

marine corpB«. ..««.«... ft^S 10

■^ ■ $6t068^fta 60

Deduct the foUowmg repayments^ vi£ :

Building naval stoi« ship 800 16

Coverinff and preserving ships

in ordinary*......* 1,872 88

Contingent expenses for 1829* 50 00

Contingent expenses for 1831. 67 67

Contingent expenses prior to

1824 *-...* 54 96

Contii^ent expenses fiv 1830* . M 07

■ ■p' >■■>■■ ', 8426 78

■ ■ ■ 6«061,i8M 87

■■M^ ■!! I. It HI » mm *

<9&,418>&16 57

Tbbascbt Dbpajeithbnt, '

Bbcusxbb's Opficb, NovmberHQ, 1S37. .

Digitized by

Google

liMK] SECRETAIOr OF ^ffiS TBaBA8URT. lt»

B.

Trbasubt Dbpartmbiit, DMtAei^i 1837«
Sir: I have the honor to transmit, fiir the information of &e House of .
Bepresentadyes, ,an estimate of the appropriatiohs proposed to be made
fcr the service of the year 1838, amounting to .$20,6)^3,249 19

Via: '

Civil hst, foreign intercourse, and miscellaneous. ..... S,lt2,884 98

Military service, including fintifications, armories, arse-
nals, ordnance, Indian afl^drs, jrevolutionary and mili-

taxY pensionst and internal improvements 11,6^4,612 09

Naval service, including the m$u:me corps. .'- , . ^ 6,6S5,752 18

To tl» estimates are added statements, showing —
1. The am>ropriatiGHtls for the service of the jwr 1838,
made oy former acts of Con^ss, includmg arming
and equipping the militia, civihzation of Indians, revo-
Intioiiajry claims^ revolutionary pensions under the act
df 7t& June^ 183fi, AUkms of tfee Slate of Virginia,
^ sradual improvenkent of the Navy, and public debt. ^ 2,2^2,000 00
& The CTkring appibpiiatibnd whi<Hi will not be recjuired
for die sarvide cil the year 1837» and which it is pro-
posed to apply in aid of the service of the year 1838,

amcHmtingto 3,762,561 20

t. The eadsting appropriations winch will be required to
eomj^btcf tilie service of the year 1887 and firmer
years, b6t widdi vtriU be expeiided in 1838, amounting

to..^ ..J.-.-.-...........:... -r-.... 10,8*9,091 81

llnne is also added to tte estimates k statement of the
several ap^priadons whieh will probably be carried
to the surpliis fund a^ the close of the preii^m year,
eittier because the objects for which- they were made
are comnleted, or because these rams will not be re-
qmred for, or will do longer be a|>plicable to them,
amoimttogto. J.. .-.•:... i.*.i..i^ \,> >.*».*. . 8^1,889 98

I baVe die Kkoiat to be^ v^ry i!espectiully, yotir most obedient ser*

LEVI WOODBURY,

Hon. JlMks iL Polk,

apMker ^ th$ Hokt^ of Uepte^enMim.

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IH REPORTS OF THE [1887,

RECAPITULATION.
CITIL LIST*

Legislature $917,290 00

President and Vice President of the United

States. 90,000 00

Secretary to sign patents for public lands. 1,500 00

Department of State 61,300 00

General purposes of the ncnrtheast executiye

building. 4,860 00

Treasury Department 867,550 00

General purposes of the southeast ^tecutire

building 14,100 00

War Departrrcnt 131,237 50

General purposes of the northwest executive

building 7,650 00

Post Office Department 164,086 98

SurveycMrs and their clerks 41,620 00*

Commissioner of the Public Buildings and

his assistants.... 4,262 60

Mint of the United States and its branches - 182,000 00
Governments in the Territories of the United

States 61,126 00

Judidary 463,950 00

Navy Department 44,600 00

General purposes of the southwest executive

building 4,600 00

$2,431,621 98

BaSCELl4ANEOUS.

Armuities and grants 1,050 00

Light-house establishment 356,863 00-

Surveying the public lands 8,600 00

Survey of the coast of the United States. . 90,000 00
Salaries of the two keepers of the public

archives in Florida 1,000 00

For finishing the pubUc warehouse at Balti-
more 25,000 00

Registers for ships and vessels and lists of

crews 4,000 00

SCscellaneous claims not otherwise provided

for , 12,000 00

498,413 OO

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Salaries of Ministers 45,000 00

Salaries of Secretaries 10,000 00

Salaries of Charge d'Affidres 54^000 00

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Salary of dragoman, &«., to Turkey $6,600 00

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abroad 80,000 00

Salaries of the consuls at London and Paris 4,000 00

Intercourse with Barbary Powers . . . . i . . 17,400 00

Relief and protection of American seamen- 30,000 00

Cleik hire, &c., to American consul at Lon-
don - 8,600 00

Contingent e:^nses of foreign intercourse. 80,000 00

Guards, interpreters, &c., to the consulates

in the TuiKisb dominions 6,600 00

$236,900 00

3,166,934 98

MBLITART BSTABLI3HMBNT.

Pay department 1,666,479 26

Recruitmg service 24,264 00

Purchasing department. ...... 414,749 63

Subsistence department. .1,040,797 60

Quartermasters department. 636^000 00

Medical department 39,200 00

IGlitaiy Academy, pay department- . 97,060 00

Do. engineer department.. 47,432 64

Fortifications ................. ... 903,916 00

Roods 664,007 34

Harbors and rivers ....:..... .1,066^067 00

Examinations and surveys, &c., Topograph-
ical bureau 496,969 11

Military road, &c., Quartermaster's depart-
ment 90,00 00

Qitinance department 1,001,226 00

Pensions 1,066,032 62

Arrearages 4,200 00

Indian department 1,620,212 00

11,664,612 00

NAVAL BSTABLISHMENT.

General service of the Navy 6,186,124 91

&pc«ial objects 139,160 00

Marine corps 361,477 21

6,686,762 12

20,616,299 19

KBCAPITULATION OP STTBIOSSIONS.

Asmstant messenger, office First Auditor. . 360 00
Two clerks in the office of the Third Au-
ditor 2,400 00

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SVAVBMBNT OV APPROPBIATIONS liCABE FOR THE 8ERVI0B OF TKB TEAR
1838, BY FORBfER ACTS OF CONGRESS.

Anning and equipping the militia, per act

of 23d April, 1808 $200,000 00

Civilization of Indians, per act of 3d March,

1819. 10,000 00

Revolutionary claims, (indefinite,) per act

of 1501 May,1828... 102,000 00

Revolutionary pensions, (indefinite,) per act

of 7th June, 1882 , .1,360,000 00

Claims of the State of Virginia, (indefinite,)

per act of 6th July, 1882...... $69,000 OQ

Giudual improvement of the Navy, per act

of 2d March, 1883 600,000 00

For public debt, payable at the Treasijiy,

peractof 3d Ifwch, 1817 60,000 00

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c-

A iiaUfneva exhBimg tke pdlue ef h^ports aiid ExpcrU during the years
ending on the 30th o/September, 1888 and 1837.

1836. Impofted, inerchandise fi-ee of duly, value. $92,066,481 00
Do. pa-yuig ad valorem

duQTr value «.... 6(^,343,388 00
Do* p^yuig specific du-
ties, value 38^580,166 00

$189,980,085 00

1836. Exported domestic produce, &c., value... $106,916,680 00
Do. foreign merchandise, value 21,746,860 00

$128,668,040 00

1837. Xmpcvted in tiine months, to the 30th June,

16(57, value.... $118,028,369 00

Do. in the third quarter of 1837, being
the fourth quarter of the com-
mercial year 22,829,611 00

Ck)n6istii^ of merchandise fi^ee of

duty. • . . . $69,170,120 00

Congisting of merchandise paying

ad valorem duty 31,617,498 00

Consisting of merchandise paying

specific duty , 40,065,362 00

— $140,852,980 00

1837. Exported domestic produce, &c., during

nine months to 30th June, 1837, value. . $82,077,489 00
domestic produce, during the
tWbrd qiiarter, being the fourth
quarter of the commercial year. 13,105,510 00

1837. £

xported foreign merchan-
<£se, durmg nine months^

to 80th June $15,669,337 00

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aise« durinc; the 3d quar-
ter, being the 4th quarter
of the commercial year. 6,063,^

$95,183,199 00

year. 6,063,524 00

21,722,861 00

Value $116,906,060 00

TrnxASimT Dbpahtbcbn^t,

Bboistbb's Offiob, December 1, 1837.

T.h.aWmUjBegitUrofthe Treatyry.

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REPORT ON THE FINANCES.

DECEMBEB, 18S&

Trbasxtrt Dbpartbaent, DecenAer 3, 1838«
The undersigned respectfully submits the following report, in obedi*
enceto the "Act supplementary to the act to establish the Treasury
Department:"

' !• OF THB RBTBinTB AND 8XPBNDITI7BS8.

The balaace in the Treasury on the 1st of January, 1839, which will
then be available and applicable to public purposes, is estimated
at $2,765,342 36

This result is derived from the following data:
On the 1st of January, 183^ the balance in the Treasury,

exclusive of trust mnds and those belonging to the Post

Office, was $46,337,688 36

The receipts during that year, from all sources exclusive

of the funds aforesaid, were 32,643,973 63

Viz:

Customs $11,169,290 39

Lands 6,776,236 62

Miscellaneous 1,706,467 47

^Treasury notes 2,992,989 16

These, with the balance last mentioned, constitute an '

aggregate of. 68,981,661 89

The expenditures during the same year, exclusive of the

trust funds and those belonging to the Post Office, were 31,816,409 91
Viz:

Civil list, foreign intercourse, and mis-
cellaneous $6,624,262 76

MQlitary service, including jR»:tifications,
Indian afiairs, pensions, arming the
militia, the Flonda war, removal of the
Cherokees and Creeks, improvement of
rivers and harbors, construcmng roads,
and buildti^ armories and arsenals. . 19,417,274 .44

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^

176 REPORTS OF THE [1888^

Naval service, including gradual improve-
ment and exploring expedition 6,862,059 80

Public debt 21,822 91

This left in the Treasury, on the Ist of January, 1838, — — —
a balance of. $37,166,251 98

The receipts during the first three quarters of 1838, with
exceptions similar to those before named, are ascer-
tained and estimated to have b^n. . .$31,075,733 19
Viz:
Customs, including post-
poned bonds $12,228,770 56

[Of this sum, about |3,900,000,
receiyed in Treasury notes, can-
not, until the settlements to which
they belong shall be completed by
the accoiwting officers, be entered
upon the Register's books. A
part will be canied into the Treas-
ury by warrant during the fourth
quarter, and the remainder next
year.]

Lands 2,036,828 64

Miscellaneous 238,431 86

Proceeds of third bond of

United States Banksold

for 2,264,871 88

Part of second bond 1,600,000 00 ....

Issueof Treasury notes. 12,716,820 86

The further receipts in the fourth quarter

are estimated at 7,062,230 84

Viz:

Customs, estimating the

actual receipts during

the quarter, and not the

sums which may be for*

maUy carried upon the

Register's books from

former quarters $6,260,000 00 -

Lands 1,100,000 00

[Including only a portion of
the prei^mpuons, and such oC the . . •

sales as may be actually paid into
the Treasury before the year ex-
pires.]

Mscellaneous '. 16,000 00

On second bond of United

States Bank, due in ... ...

September, 1838, and

paid in part before and

m part after that date . 687,230 84

These united make the aggregate of receipts for the year

1838, as ascertained and estimated 38,127,964 03

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Mte.) SECRETAET OF THE TEEASURY. 177

TkiSf wMi liie baknoe on the 1st c^ Jamuuy la^ would
amount to : .>$75,8a4,8Q6 01

The expenditures during the first three quarters of ISSS,

widi similar ei^qeptionstwere 38,4iB7|S18 66

Vi?: . , .

Civil list, &c-.,. ,.. ,.$4,029,674 13

MQitaiy service,, &c 16,7^,323 62

Naval service, &c., 4,325,563 21

Poblic debt 1,217 08

Bedemptiaii of Treasury notes, including
interest. .,. 4,339,440 64 —

The particles are giv^n in the document annexed (A.)
The expenditures durm^ the fourth quiver, including
$1,000 interest on funded debt, and the redemption of
$3,760,000 <rf Treasury notes, are estimated by the
different Departments at $13,611,920 10» But it is
not expected tbat the redemption of all these notes will
appear on the Register's books till next year. Nor
does the undersized anticipate that the actual eipen*
ditures within tins quarter, mduding the above notes ^

redeemed, will exceed 12,000,000 00

Ibking an aggregate of expenditures for the year 1838 of 40,427,218 68

This -computation would Ieav6 in the Treasury, on the 1st of January,
1839, a balance of. .$34,866,987 33

It is proper to ascertain, in the next place, how much of this balance is
not immediately available and appUcable to public purposes.

The sum of $28,101,644 97, which has been placed with the States
for safe keeping, is a part of that balance, and cannot, by the pro-
visians of the act of October 14, 1837, be made available till directed
by Congress*

Another part is . about $1,100,000 00, due chiefly &om various insol*
root banks aa account of the money that before 1837 had bemx placed in
their custody to the credit of the Treasurer, and still remains unpaid.

Anoth^ pcMtipn is near $2,400,000 00, which is due fiom banks that
masp&aded specie payments in 1837, and vn3l probably not be paid during
the present year.

Aoout $600,000 of the amount which has been placed in the Mint, for
dbe specific purposes designated in the laws on that subject, is aiiother
part of that oalance, which could not at once be made available for other
objects without much pubHc inconvenience.

The aggre^;ate o£ these- items, not inmiediatdy amilable and appli^
tti^B to pubhc purposes, is $32,10^1,644 97 1 aiKl if deducted fiom the
fofeguiiig balance, it would leave on the 1st of January next, as stated in
die commencement of this report, only the sum of $2,765,342 36 then
available and applicable to those purposes.

8ubj(^ied is a condensed view of the receipts and means, as well as

Vol. IV*— 12. , n^n^nlo

Digitized by V:iOOQlc

4

L76

P,EP0RT8 OF THE

f aval service, including gradual improve-
ment and exploring expedition 6,852,069 80

?ublic debt 21,822 91

Phis left in the Treasury, on the 1st of January, 1838, -
a balance of. $37,166,261 9'

Che receipts during the first three quarters of 1838, with
exceptions similar to those before named, are ascer-
tained and estimated to have been. . .$31,076,723 19
Viz:

Customs, including post-
poned bonds $18,1^8,770 66

[Of this sum, about |3,900,000,
eceived in Treasury notes, can-
tot, until the settlements to which
hey belong shall be completed by
he accounting officers, be entered
ipon the Register's books. A
lart will be carried into the Treas-
iry by warrant during the fourth
[uarter, and the remainder next
'ear.]

liands 2,036,828 64

^sceUaneous 238,481 86

Proceeds of third bond of
United States Banksold

.for 2,264,871 38

?art of second bond 1,600,000 00

ssue of Treasury notes . 12,716,820 86

Che further receipts in the fourth* quarter

are estimated at 7,062,230 84

Viz:

Customs, estimating the

actual receipts during

the quarter, and not the

sums wWch may be for*

maUy carried upon the

Register's books fix)m

former quarters $6,250,000 Oa

Liands 1,100,000 00

[Including only a portion of
he pre-emptions, and such o£ the . .

ales as may be actually paid into
he Treasury before the year ex-
pires.]

^Cscellaneous . . . '. 16,000 00

)n second bond of United

States Bank, due in

September, 1838, and

paid in part before and

m part after that date . 687,230 84

rhese united make the aggregate of rt it ijpts for tfa
1838, as ascertained and estimatq^ .j

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SCSETAKT OP THE TREASURY-

ITT

a^:

tfae 1st of Jaofurj lasCt wooM

.•75,9M.^M 01

<? ^c^'acitiiBs dmdpg the firat three quarten of 1838^

^fc «cir cxcepdoos, were 28^37,314 M

Tar

f itte. $4,029,674 13

t=Er-«r-xe, fcc U,7tn^^2il f^

^^'s-^a^Jtc. 4,3SiS,.563 21

-^ >^.- ^ 1^17 rj8

at Tieascay notes, ipclndrng

4,330.440 ^ -

^-i^ ~-^::>n2bisaze given in the docuwera: zasaf:'%f:fi ^U)

'* '^•^nmies dniing Ae Ibanh qiaarter,. incuulwitar

*^^* ^aereat on fiinded debt, and thij mdftmT5nnn '-Y

^^^ ^•. '<> of Tieasuy notes, are 0^^jaaxp:ft '-,7 -he

=^=^ DcpntuKnts at f UU^llJrSO l*K £« r *

^^»%d that the ledempcsrnr^'^rheiK 3r,fi^ -w il

^'^•a^iie Regianr's bmks cli a«r j-^^tr^ .^*r

'•*^ mdosgned antaciD>ve raac 'la? ^rrnat ^T*v^n-

5::=?»^itlnii tta qtanhrir 3B:iintine :lie anr*w^ 3r»fi*«

- — -wfflcBceed. : li.VW.VtO 'V*

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^aaalaaceoL .^,

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178 EEPORTO OF THE [IMa

the expenditures hr 1838, aa anceotained and eadmaled; also the fiuujb
not available in that year. ...

Summary for 1838.*-jR0t!eipei-ar Meaau*

Balance on the Ist of January, 1838. . ... ^ .$87,166,261 98

Receipts from customs 17,478,770 66

Receipts from lands 3,136,^8 64

Miscellaneous 263,431 86

w^reasury notes issued 12,716,820 86

Second and third bonds of Bank of the United States of
Pennsylvania - . . 4,642,102 28

$76,294,206 01

Expenditures.

Civil and miscellaneous, first three quarters $4,029,674 JS

Military, first three quarters 16,731,323 62

Naval, first three quarters 4,326,663 21

Estimate of above expenditures for the fourth quarter. . 8,249,000 00

Public debt for the year 2,217 08

^ Redemption of Treasury notes for the year 8,089,440 64

Balance on the 31st of December, 1838 34,866,987 33

$76,294,206 01

UnamUable Fwtds in 1838.

Deposites with tiie States $28,101,644 97

Due from insolvent banks before 1837 1,100,000 00

Due fix)m banks that suspended payment in 1837, and

not payable till 1839 2,400,000 00

Part of money in the Mint 600,000 00

Total 32,101,644 97

From balance on the 31st December, 1838, being $34366,987 33

Deduct total unavailable, as above 32,101,644 97

Available balance remainii^ . . . $2,766,342 36

n. OP THE PUBLIC DEBT.

The paynoents on account of the funded and unfimded debt since the
1st December, 1837, have been as follows :

1. On account of the principal and interest of the funded debt:

Principal $216 27

Interest 2,001 81

$2,217 08

Leaving unclaimed and undischarged $326,620 83

Digitized byV^OOQlC

1838.] SECKETAfty Of THE TREASURY, 179

Viz:

PriDcipal $75,964 47

Interest i 249,666 36

3. On account of the unfunded debt existing previous to
1837, including $1 08 interest on Treasury notes of
1816 $21 08

Leaving the amount of certificates and notes payable on
mesentatiiNi $36,913 40

Certificates issued for claims during the revdkrtionaiy

war, and r^[istered prior to 1798 $27,293 31

Treasury notes issued during late war. . . 6,300 00

Certificates of Mfesissippi stock 4,320 09

In addition to the above, the United States, under the act of the 20th
May, 1836, for the relief of the corporate cities of the District of Cohim-
Ina, have assumed the following debts, bearing an interest of five per
cent exclusive of charges, viz :

Of the city of Washington $1,000,000 00

Alexandria :......-.:.. 260,000 00

Georgetown. 260,000 00

$1,600,000 00

The payments for die year 1838, on account of the in-
terest and charges on this debt, amount to ^. . $76,996 99

i. StaCemetU in relaUan to the issuetmd redemption of Trecuvry Notes in 1837

and 1838.

bmed under the act of the 12th October, 1887 $10,000,000 00

Do. do. 21st May, 1838 6,709,810 01

$16,709,810 01
Of this amount, $6,888,809 60 were at 6 per cent.
4,280,273 72 ** 6 "
2,784,844 73 " 2 "
1,766,881 96 ^ 1 mill per cent.

The following amount has been redeemed :
There have been entered to the credit of the " account

of redemption of Treasury notes " on the books of the

Re^ster $6,063,197 41

And there have been cancelled and re-

toined to the Treasury, and are now

in the course of settlement, as appears

fiom the records of the First Auditor

and the Commissioner of the General

Land Office 2,892,062 69

$7,966,260 00

Leaving outstanding ••..•,^,,*.*.*,*.«i,«. .•- $7^7^4^66001

Digitized byi^OOQlC

180 REP0RT6 OF THE [18I&

m. EXPLANATIONS AS TO THE APPROPRIATIONS OUTSTANDINO.

The appropriations heretofore made, which will lemam unsatis6ed at
the end of the year 1838, and be chargeable on the balance then in the
Treasury, and the revenue subsequently received, are estimated by
the other Departments at $13,187,426 83, but by the undersigned at
$1,511,990 10 more, in consequence of estimating the expenditures of
the fourth quarter difibrently*

Upon the view taken by this Department it is computed that
$12,369,623 68 of those appropriations will be required to be paid in
order to accomplish the objects contemplated by them*

Of the remauider about $370,360 40 may go to the surplus fund, or
not be needed to accomplish those obfects, and the residue, being
$1,959,362 85, it is proposed. ta apply to the service of the ensui^
year without reappropriation.

IV. BSTIMATB OP THE RBCBIPTS AND EXPENDITURES FOE 1839.

The receipts into the Treasury during the year 1839 are estimated

at $28,780,000 00

Viz:

Customs $19,000,000 00

Lands 4,500,000 00

Miscellaneous 600,000 00

The proceeds of the fourth bond of the

Umted States Bank, if sold 2,380,000 00

And the sums Ukely to be realized finom

former deposite oanks on instalments

whidi become due in 1839 2,400,000 00

These, with the estimated balance of $2,765,342 in the
Treasury, which, on the 1st of January, 1839, will be
available and applicable to public purposes, oonstitute
an aggregate of efficient means amounting to. ..... . 31^545,342 00

The expenditures for 1889, including the redemption of eight millions
of Treasury notes, and interest, falling due in that year, are estimated
at $80,500,000 00

Thus, of the old appropriations which will be outstanding
on the 1st of January, 1839, it is computed that there
will be expended m that year $7,500,000 00

•The Treasury notes to be redeemed, and interest, will

amountto about 8,000,000 00

Of the new appropriations called for, together with those
which are permanent for I839» it is con^puted that
there wiU be eiqpended within the year. 15,000,000 00

These constitate an aggregate of actual expenditures for
1889, estimated at-...-.-..--.^ ^..w $80,600,000 Oft

i

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Umq SECRETARY OF THE TREASURY; 181

Leaving a bedance in the Treasury, on the 81st of De-
cembert 1839, available and applicable to public pur-
amounting to $1,045,342 00

The estimate^ for new appropriations now presented
firom the different Departments, amount to $21,666,089 96

To these naay be added permanent appropriations for the
service of 1839, made by former acts, equal to 9,894,000 00

These make all.the new and permanent appropriations

for 1839 : $31,669,089 96

Viz:

CivH, foreign intercourse, and miscella-
neous $3,668,167 87

Mifitary service, &c. 13,969,836 01

Naval service, &c 6,881,096 07

Redenmtion of Treasury notes and other
publicdebt 8,060,000 00

Voft fiirther particulars, see the details of the annual estimates.

It will be perceived by these statements that no surplus balance will
probably exist either on the 1st of Januaihr, 1839, or during that year, to
be deposited with the several States for safe keeping as a fourth instalment
under the deposite act of June 23, 1836. Indeed, great care will be
aecessaiy in restricting the appropriations to the necessary wants of the
(Sovemment, or the receipts will not be suflBcient to meet the current
demands on the Treasury, unless those receipts should unexpectedly
exceed the present estimates.

When an unusual excess existed in the Treasury it was proposed to
place that fourth instalment with the States for safe keeping till needed ;
Dut before it became payable, the money was wanted to discharjge
existing appropriations. The deposite of it Was therefore postponed
by Congress tul next January, and the money has been used by the
United States, to which it belonged, without incurring the expense and
inconvenience, to all the parties conc^emed, of paying and tnen imme-
<fiately recalling it. That instalment is not a debt due to the States,
and, m^nce, is not required to be paid like an appropriation for the ^
public service. Yet me remark may properly be added, that if a
8nr;pln8 should hereafter accrue large enough, after defraying all the ^
existing charges imposed by Congress upon the Treasury, to make the j
deposite origmally contemplated, this Department, with its present *
▼lews, would feel bound to carry it into effeotj unless Congress in the
mean time should forther modi^ the laws now in force in relation to the

V. EXPORTS AND IMPORTS IN 1838. »

The exp(nts during the year ending SeptCTiber 90, 1888, are computed
lo have been $103,136,000..

or these about $90,666,000 were of domestic, and $12,470,000 of
faftei gn origin> ^

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18S REPORTS OF THE £1888-

The fiynner hove dxmmished fiom die p];eyi0ti8**year, 94^8^414, an4
the. latter, $9,384,962.

The hnpcNTts for the same, year were $112,00(V000.

These are $28,989,217 less in value than those of the previous yew:,
being nearly $78,000,000 less than those under the enormous orvertradSng
and other overactions which characterized 1836.

For further particulaxs reference maybe had to the table annexed, (O.)

It is an interesting fact, that during the last three years more than
$86,000,000 annually, or an average of nearly nine-tenths of our whole
domestic exports have been denved from agriculture. More than
seven-tenths of our whole population are probably employed in diat
useful pursuit.

VI. EXPLANATIONS OF THE ESTIMATES OF RECEIPTS AND EXPENDITUBI^
AND SUOOESTIONS ON THE MODE OF MEETING PLTTCTirATIONS IN THEM.

The receipts from cust(»ns during the present year will vary but
Kttle from the estimate submitted in the last annual report. The receipts
from lands will be less ; but .the amount of sales maae» and preemptKHi
rights existing, will not diflfer essentially from what was anticipated,
thouffh the act of Ccmgress as to the. latter passed so late that payments
for all of them could not be realized till another year, without causing
much inconvenience and unnecessary pressure in some pcHtions of the
country.

The estimates presented for new appropriadcHis and fcM" expendi^res,
in 1838, were qmte as large as the views of the different Departments, at
the time Congress assembled in December last, appeared to justify. But
the uneiqpected continuance of the Florida war, a solicitude to induce
the Cherokees to remove peaceably, and an earnest desire to siappress
with promptitude all threatened disturbances on our northern frontier,
with sevei^ other measures of less importance originatinfif in Congress,
led that body to make appropriations amounting to nearfy ten millions
beyond those lequested in the annual estimates. Some provision of
additional means corresponding to this excess, became, therefore, neces-
sary ; and in order to discharge the excess and guard against contin-
gencies, as weU as avert the consequences of a protrateted suspension of
! specie payments by the banks. Congress wisely granted the additional
authority both to sell the bonds of the United States Bank and to^^ssue
new Treasury notes instead of such as might be paid in before the time
for their redemption arrived. The apprehensions of embarrassments in
the finances within the year, which had arisen fix)m those imexpected
appropriations, and fix>m the failure that then continued among the banks
in most quarters of the Union to return to specie payments, were remoy^
by these opportune provi^ons. Occasions, however, have not yet arisen
to require the full use of either of them*

The whole amount of Treasury notes outstanding at any one time
since they were first authorized, in October, 1837, has neyer equallef[I ten
millions of dollars. The amount now outstanding^ is oiiW $7,754,560 Ol •
Beside the restrictions on the sale of the bonds of the United States
Bank, the want d power to guaranty their eventual payment, and tliiG

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ISBR] SECRETARY OF THE TREASURY. 18S

abort period tiiey had to nin, with the great qaantirjr of State stocks in ^
the iraxfcet of a better character for perman^t investment, caused some
temporaxY inconvenience, and prevented any oflfer for them above par
either at home or abroad. The sale, however, of one becoming expedi-
ent, it was effected within the limkations prescribed. It ha« not yet
be^n found necessary to dispose of the other. But it is expected that,
when the period for redeeming most of the outstanding Treasury notes
arrives, it must be sold, unless other means to meet the public' engage-
menls shaQ^ in ^e mean time, be provided by Congress.

If the receipts fix)m customs or lands should .exceed the estimates
made for the ensinn^ year, whieh, in the vacillaticms of trade, is not veiy
improbable, still it is not supposed the excess will be so large that ail
the expected charges on the year can be defrayed without a sale of the
remaining bond, or some equivalent resource.

The estimates <rf receipts ftxr 1839, rest on the following general views :
An overflowing tide of speculation and bank issues, like that of 1836, is
not anticipated while me recent evijb and disasters from these sources
are fresh in remembrance. Nor, on the contrary, is any eiq^ectation
entertained of a repetition, so sochi, of the mercantile revulsions which
characterized the year 1837.

The receipts fiiMn duties during the last year, if the bonds had not
been postpcnaed, would have been about $16,000,000. Those of the
present year,- in the ordinary operation of the laws, without the po^-
poned bonds, will-not probably exceed $13,000,000.

By supposing a large increase of 50 per cent, id 1839, beyond the
oidinary receipts for the last year, they would amount to between nine-
teen and twenty millicms, and would be lar^r than the receipts in 1835.
Such an increase would be greater than m any previous ye^ of our
history not aflEected by commercial restrictions, foreign wars, or important
changes in the tariff.

Considerinff that, under the present credits the duties actually ptid
within any ci^ndar year must be estimated chiefly on the iiiHX>rts from
die 1st of July preceding to- the Ist of July in that year, and that two
biemiial reductions in the tariff have occurred since 1835, it is believ^
that nineteen or twenty miUions is an estimate sufiBciendy high for 1839.

Bat as the rec^pts of late have depended much less tb^u formerly,
when credits weie longer and aloiost universal, cm the amount of bonds
taken in previous years, the estimates must be much more conjectural ;
and intestine commotions, wars in Europe or on our own borders, fluctu-
ations in craps or prices, and various other contingencies in the ensuing
year, which cannot be foreseen or computed, may vary the result several
ikiiOion&

The xedoeed receipts both from lands and duties in 1837 and 1838, as
compared with the two preceding years, were anticipated by the Depart-
mea/t in 1836, and^ a permanent provision to meet any deficiency was
earnestly urged on the consideration of Congress.

Ckmfident as were the expectations entertained by many that die
levenne of 1887 would be so great as to justify fruther large d^posites
with the Btates, and sevese as were the censures bestowed on those who
flEpreaaed a{)piiebeiMaoiis of 2^ di&iei^ result, a striking diminution m

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A suaetneiu exk&kmg the edhe (f taparts ahd Exports during the yean
ending on the 30th of September, 1886 and 1837.

1836. Imported, iiierchan£se free of duty, value. $92,056,481 00
Do. pajnuig ad valorem

duty, value..... 69^,343,388 00
Do. paying specific du-

tiest value 88,680,166 00

$189,980,086 00

ld36. Exported domestic produce, &c., value... $106,916,680 00
Do. forei^ merchandise, value 21,746,860 00

$128,668,040 00

1S87. Imported in tiine months, to the 30th June,

M7, value $118,028,369 00

Do. in the third quarter of 1837, being
the fourth quarter of the com-
mercial yeax 22^829,61100

Consisthig of merchandise &e^ of

duty. • , $69,170,120 00

Consistiii^ of merchandise pd,ying

ad valorem duty 31,617,498 00

Consigting of merchandise paying

specific duty. • . ^ , 40,066,362 00

— $140,862,980 00

1887. Eiq>orted domestic produce, fcc., during

nine moitfhs to 30th June, 1887, value. . $82,077,489 00
domestic produce, during the
third quarter, being the fourth
quarter of the commercial year. 18,108,610 00

1837. Exported foreign mercban-
mse^ during nine moi^s^

to 80th June $16,669,337 00

Exported foreign merchaH-
oise, during the 3d quar-
ter, being t£e 4th Quarter
of the commercial year. 6,063,624 00

$96,183,199 00

21,722,861 00

Value $116,906,060 00

TEBASimr Dhpaetmbny,

Bboistie's Office, December 1, 1837.

T. L. SMITH, Begiaer rf the Treamny.

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SECRETARY OF THE TREASURY.

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REPORT ON THE FINANCES.

DECEMBER, 183&

TRBiiBUBT Department, December 3, 1839<
The undersigned respectfully submits the following report, in obedi*
ence to the ^* Act supplementary to the act to estabUsh the Treasury
Department :''

' I. OF THE RBTBNtTB AND 3BXPENBIT17BS8.

The balance in the Treasury on the 1st of January, 1839, which will
then be available and applicable to public purposes, is estimated
at $2,765,342 36

This result is derived firom the following data :
On the 1st of January, 183^ the balance in the Treasury,

exclusive of trust mnds and those belonging to the Post

Office, was $46,337,688 36

The receipts during that year, from all sources exclusive

of the funds aforesaid, were 32,643,973 63

Viz:

Customs $11,169,290 39

Lands 6,776,286 62

Miscellaneous 1,706,467 47

^Treasury notes 2,992,989 16

These, widi the balance last mentioned, constitute an ■

aggregate of. 68,981,661 69

The expenditures during the same year, exclusive of the

trust funds and those belonging to die Post Office, were 31,816,409 91
Viz:

Civil list, foreign intercourse, and mis-
cellaneous .•..-... $6,624,262 76

Bfilitary service, including finiifications,
Indian aSairs, pensions, arming the
militia, the Florida war, removal of the
Cherokee^ and Creeks, improvement of
rivers and harbors, constnK^ing roads,
and buildii^ annories and arBenals. . 19,417,274 .44

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176 P,EP0RT8 OF THE [1888.

Naval service, including gradual improve-
ment and exploring expedition 6,862,069 80

Public debt 21,822 91

^

This left in the Treasury, on the 1st of January, 1838,

a balance of. .$37,166,261 98

The receipts during the first three quarters of 1838, with
exceptions similar to those before named, are ascer-
tained and estimated to have been. . .$31,076,723 19
Viz:

Customs, including post-
poned bonds $18,228,770 66

[Of this sum, about |3,900,000,
received in Treasury notes, can-
not, until the settlements to which
they belong shall be completed by
the accounting officers, be entered
upon the Register's books. A
part will be earned into the Treas-
ury by warrant during the fourth
quarter, and the remainder next

iear.]
-ands 2,036,828 64

Miscellaneous 238,431 86

Proceeds of third bond of
United States Banksold

for 2,264,871 88

Part of second bond 1,600,000 00 . .-

Issue of Treasury notes . 12,716,820 86

The further receipts in the fomth* quarter

are estimated at 7,062,230 84

Viz:

Customs, estimating the

actual receipts during

the quarter, and not the

sums winch may be for*

maliy carried upon the

Register's books from

former quarters $6,250,000 00 - . -

Lands 1,100,000 00

[Including only a portion of
the pretoiptions, and such o£ the . . •

sales as may be actually paid into
the Treasury before the year ex-
pires.]

Mscellaneous . • . '. 16,000 00

On second bond of United

States Bank, due in

September, 1838, and

paid in part before and

m part after that date. 687,230 84

These united make the aggregate of receipts for the year

1838, as ascertained am estimated 38,127,964 03

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pi

Si

Mte.) SECRETARY OF THE TREASURY- 177

This, with tibe balilnoe on the Ist of Janoaiy last, woald
amountto : >f75|a&4,206 01

The expenditures during the first three quarters of 1838,

widi similar exqeptions, were 28,4S7,S18 68

Vi?: . , .

-CSvillist, ftc-.,:...,,...,,..^ ..$4,029,674 13

Militaiy servioe,^ &c ..16,7^,323 62

Naval service, &c.,,., 4,826,663 21

Public debt 1,217 08

fiedemptkm of Treasury notes^ including
interest- 4,339,440 64 —

The particiiJars are giv^i in the document annexed (A.)
The expenditures during the fourth quarter, including
$1,000 interest on funded debt, and the redemption of
$3,760,000 of Treasury notes, arc estimated by the
different Departments at $13,611,920 10. But it is
not expected that the redemption of tdl these notes will
appear on the Register's books till next year. Nor
does the undersized anticipate that tte actual expen-
ditures within* dns quarter, mcluding the above notes ^
redeemed, will exceed 12,000,000 00

Making an aggregate of expenditures for the year 1838 of 40,427,218 68

This -computation would leave in the Treasury, on the 1st of January,
1889, a balance of. .$34,866,987 33

It is proper to ascertain, in the next place, how much of this balance is
not immediately available and appUcable to public purposes.

The sum of $28,101,644 97, which has been placed with the States
for safe keeping, is a part of that balance, and cannot, bv the pro-
visions of the act of October 14, 1837, be made available tiil directed
by Congress.

Another part is about $1,100,000 00, due chiefly fix>m various insoU
t&DSL banks (HI account of the money that before 1837 had be^i placedm
iSb/sax custody to the credit of the Treasurer, and still remains unpaid.

Another portion is near $2,400,000 00, which is due from baims that
auspended specie payments in 1837, and will prebably not be paid during
the Dresent year.

Aoout $600,000 of the amount which has been placed in the Mint, for
ibe specific purposes desimated in the laws on that sub^ject, is another
part of that balance, which could not at once be made available for oth^
objects without much public inconvenience.

The aggre^;ateof these* items, not immediately available and appli-
cable to pubhc purposes, is $32,101,644 97 1 aiKl if deducted fiom the
fiireguing balance, it would leave on die 1st of Januaiy next, as stated in
the commencement of this report, only the sum of $2,766,342 36 then
available and applicable to those purposes.

Subjoined is a condensed view of the receipts and meanSi as weU as
Vol. IV* — 12. . c^f^ci\c>

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178 REPORTS OF THE £l8Wl

the expenditures £»* 1838, aa ascertained and eatimated; aba the fundls
not available in that year. . .

Sunmaryjbr 1888.— 18«!«^-or Meaau*

Balance on the Ist of January, 1838. . : - . i .$87,166,251 98

Receipts from customs 17,478,770 66

Receipts from lands >...-.. 3,136,828 64

Miscellaneous ' 563,431 86

.-Treasury notes issued ^ 12,716,820 86

Second and third bonds of Bank of the United States <^
Pennsylvania -.- 4,842,102 22

$76,294,206 01

Expenditures*

Civil and miscellanecms, first three quarters $4,029,674 13

Military, first three quarters 16,731,323 62

Naval, first three quarters 4,326,663 21

Estimate of above expenditures for the fourth quarter. . 8,249,000 00

Public debt for the year 2,217 08

^ Redemption of Treasury notes for the year. , 8,089,440 64

Balance on the 31st of December, 1838 34,866,987 33

$76,294,206 01

Ufuwailable Fwids in 1838.

Deposites with the States $28,101,644 97

Due from insolvent banks before 1837 1,100,000 00

Due from banks that suspended payment in 1837, and

not payable till 1839 2,400,000 00

Part of money in the ftCnt 600,000 00

Total 32,101,644 97

Frcmi balance on the 31st December, 1838, being $343^6,987 83

Deduct total unavailable, as above 32,101,644 97

Available balance remaining $2,766,342 36

II. OP THE PUBLIC DEBT.

The payments on accoimt of the funded and unfunded debt since the
1st December, 1837, have been as follows :

1. On account of the principal and interest of the funded debt:

Principal $216 27

Interest 2,001 81

$2,217 08
Leaving unclaimed and undischarged $326,620 83

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l«8e,] SECRETAfiY OP THE TRSA8URY. 179

Viz:

Prinopal $75,964 47

Intarest i 249,566 36

2. On account of the unfunded debt existing previous to
1837, including $1 08 interest on Treasury notes of
1815 $21 08

Leaving the amount of certificates and notes payable on

presenteuioii ^ , $36,913 40

Vm:

Certificates issued for claims during the revokitionaiy
war, and regist^ed prior to 17^ $27,293 31

Treasury notes issued during laite war. . • 5,300 00

Certifiscates of Mississippi «tock 4,320 09

In addition to the above, the United States, under the act of the 20th
May, 1836, for the relief of the corporate cities of the District of Colum-
bia, have assumed the following debts, bearing an interest of five per
cent, exclusive of charges, viz :

Of the city of Washington $1,000,000 00

Alexandria ............ 250,000 00

Georgetown. 250,000 00

^ : $1,500,000 00

The payments for ^e year 1838, on account of the in-
terest and charges on this debt, amount to — $76,995 99

S. StatemaU in rdation to the issuetind redemption of Treamry Notes in 1837

and 1838. ""

Issaed under the act of the 12th October, 1837 $10,000,000 00

Do. do. 21st May, 1838 5,709,810 01

$15,709,810 01
Of this amount, $6,888,809 60 were at 6 per cent,
4,280,273 72 ** 5 **
2,784,844 73 " 2 "
1,755,881 96 ^ 1 mill per cent.

The fi^wing amount has been redeemed :
There have been entered to the credit of the " account
of redemption of Treasury notes *' on the books of the

Register $5,063,197 41

And there have been cancelled and re-
turned to the Treasury, and are now
in the course of setdanent, as appears
fiom the records of the First Auditor
and the Commissioner of the General

Land Oflfice •. 2,892,062 69

$7,955,250 00

Leaving outstanding.... .^.....^^^^^^^^^^^.^^ $7,754,560 01

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180 REPORTS OF THE [ISSS.

m. EXPLANATIONS AS TO THE APPROPRIATIONS OUTSTANDING.

The appropriations heretofore made, which tviU remam unsatiflfied at
the end or the year 1838, and be chargeable on the balance then in the
Treasury, and the revenue subsequently received, are estimated by
the other Departments at 813,187,426 83, but by the undersigned at
$1,511,990 10 more, in consequence of estimating the expenditures of
the fourth quarter diflferently*

Upon we view taken by this Department it is computed that
$12,369,623 68 of those appropriations will be required to be paid in
order to accomplish the objects contemplated by them.

Of the remamder about $370,360 40 may go to the surplus fund, ix
not be needed to accomplish those objects, and the residuei being
$1,959,362 85, it is proposed to apply to the service of the ensm^g
year without reappropriation.

IV. BSTIMATB OF THE RBCBIPTS AND BXPBNDITURES FOR 1839.

The receipts into the Treasury during the year 1839 are estimated

at $28,780,000 00

Viz:

Customs $19,000,000 00

Lands 4,600,000 00

Miscellaneous 600,000 00

The proceeds of the fourth bond of the

Umted States Bank, if sold 2,380,000 00

And the sums likehr to be reaJized £nom

former deposite oanks on instalments

which become due in 1839 2,400,000 00

These, with the estimated balance of $2,765,342 in the
Treasury, which, on the 1st of January, 1839, will be
available and applicable to puldic purposes, oonstitute
an aggregate of efficient means amounting to 31^545,342 00

The expenditures for 1889, including the redemption of eight miUions
of Treasury notes, and interest, falUng due in that year, are estimated
at $80,600,000 00

Thus, of the old appropriations which will be outstanding
on the 1st of January, 1839, it is computed that there
will be expended in that year $7,600,000 00

*The Treasury notes to be redeemed, and interest, will

amountto about 8,000,000 00

Of the new appropriations called for, together with those
which are permanent for 1839, it is con^puted that
there will be aqpended within the year 15,000,000 00

These constitate an aggregate of actual expenditures for

1889, estimated at--,-.-.-^..>.^ ...w. $80,600,000 00

■ ■ ■ ' i

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Mas.] SECRETARY OF THE TREASURY; Ifil

LeaTBig a bala&ce ia the TFeaaury, on the 31st d£ De-
oembert 1839, available and appUcable to public pu]>
pbsest amounting to..... $1,045,342 00

The estimates for new appropriations now presented

fh)m the different Departments, amount to $21,665,089 96

To these may be added permanent appropriations for the

service of 1839, made oy former acts, equal to 9,894,000 00

These make all. the new and permanent appropriations

for 1839 : $31,559,089 96

Viz:

Civil, foreign intercourse, and miscella-
neous $3,668,157 87

Militaiy service, &c. 13,969,836 01

Naval service, &c 5,881,096 07

Reden^tiott of Treasury notes and other

pubhcdebt .: 8,060,000 00

For further parficulars, see the details of the annual estimates.

It will be perceived by these statements that no surplus balance will
probably exist either on the 1st of January, 1839, or during that year, to
be deposited with the several States for safe keeping as a fourth instalment
under the deposite act of June 23, 1836. Iiideed, great care will be
necessary in restricting the appropriations to the necessary wants of the
Government, or the receipts will not be suflScient to meet the current
demands on the Treasury, unless those receipts should unexpectedly
exceed the present estimates.

When an unusual excess existed in the Treasury it was proposed to
place that fourth instalment with the States for safe keeping tiU needed ;
but before it became payable, the money was wanted to discharge
existing appropriations. The deposite of it Was therefore postponed
by Congress tul next January, and the money has been used by the
Cfnited States, to which it belonged, without incurring the expense and
inconvenience, to all die parties concerned, of paying and then imme-
diately recalling it. That instalment is not a debt due to the States,
and, hence, is not required to be paid like an appropriation for the ^
pubhc service. Yet the remark may properly be added, that if a *
surplus should hereafter accrue large enough, after defiuying all the ^
existing charges imposed by Congress upon the Treasury, to make the j
deposite originally contemplated, this Department, with its present •
views, would feel bound to carry it into effect, unless Congress in the
mean time should ftirther modi^ the laws now in force in relation to the
Bul^ect.

V. EXPORTS AND IMPORTS IN 1838. •

The expOTts during the year ending September 80, 1838, are computed
to have been tl03,136,000..

Of these about $90,666,000 were of domestic, and $12,470,000 of
fixeign origin.

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182 EEPCmTS OF THE £1888.

The former have dhnbi^ied fiom the pxeviotis^jear, $4^808^414, nckA
the. latter, $9,984,962.

The imports for the same year were $1 12,000,000.

These are $28,989,217 less in value than those of the previous yea^
being nearly $78,000,000 less than those under the enormous overtrading
and other overactions which characterized 1836.

For further partii^ulars reference may be had to the table annexed, (O.)

It is an interesting fact, that during the last three years more than
$86,000,000 annually, or an average of nearly nine-tenths of our whdb
domestic exports have been denved from agriculture. More than
seven-tenths of our whole popidation are probably employed in that
useful pursuit.

VI. EXPLANATIONS OF THE ESTIMATES OF RECEIPTS AND EXPENDITURBa,
AND SU0OESTIONS ON THE MODB OF BIEBTINa FLtTGTTJATIONS IN THEM.

The receipts Grom custcnns during the present year will vary but
little frOTn the estimate submitted in the last annual report. The receipts
from lands will be less ; but .the amount of sales made, and preempti^i
rights existing, wiU not diflfer essentially from what was anticipated,
though the act of CcxigTess as to the. latter passed so late that payments
for all of them could not be reaUzed till another year, without causing
much inconveniience and unnecessary pressure in some portions of the
country.

The estimates presented for new appxjpriations and fca* expenditures,
in 1838, were qmte as large as the views of the different Departments, at
the time Congress assembled in December last, appeared to justify. But
the unexpected continuance of the Florida war, a solicitude to induce
the Cherokees to remove peaceably, and an e£umest desire to siftppress
with promptitude all threatened cUsturbances on our northern frontier,
with several other measures of less importance originating in Congress,
led that body to make appropriations amounting to nearfy ten millions
beyond those requested in the annual estimates. Some provision of
additional means corresponding to this excess, became, therefore, neces*
sary ; and in order to discharge the excess and guard against contin-
gencies, as well as avert the consequences of a protrateted suspension of
specie payments by the banks. Congress wisely granted the additional
authority both to sell the bonds of the United States Bank atid to^issue
new Treasury notes instead of such as might be paid in before the time
for their redemption arrived. The apprehensions of embarrassments in
the finances within the year, which nad arisen from those unexpected
appropriations, and from the failure that then continued among the banks
in most quarters of the Union to return to specie payments, were remoyM
by these opportune provisions. Occasions, however, have not yet arisen
to requi^ the full use of either of them«

Tne whole amount of Treasury notes outstanding at any one time
tence they were first authorized, in October, 1837, has never equalleii ten
millions of dollars. The amount now outstandingis orihr $7,754,560 Oi.
Beside the restrictions on the sale of the hams of the United States
Bank, the want o£ power to guaranty their eventual payment, and tlie

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isasr,] SECRETAET OF THE TIEASURY. 18S

iinort pefbd diey had fb nm, with die great quantiQr €{ State Btocka in ^
the market of a better character for permanetit mvestment, caused some
t^nporanrinoonveiiieDce, and prevented any ofier for them above par
eitber al^bome or abroad. The sale, however, of one becoming expedi-
ent, it was effected within the lirrvitations prescribed. It has not yet
bei^i found necessary to dispose of the other. But it is expected iaatf
when the period for redeenung most of the outstanding Treasury notes
arrives, it must be sold, unless odier means to meet the pubHc engage-
ments shall, in ^e mean time, be provided by Congress.

If the receipts fix)m customs or lands should .exceed the estimates
made for the ^ssmn^ year, whieh, in the veM!illa,tic»is of trade, is not very
improbable, still it is not supposed the excess will be so large that aH
^ expected charges on the year can be defrayed without a sale of the
remaining bond, or some equivalent resource.

The estimates of receipts for 1839, rest on the following general views :
An overflowing tide of speculation and hssk issues, like that of 18^, is
not anticipated while the recent evils and disasters from these sources
are fresh in remembrance. Nor, on the contrary, is any Gspectaxjoa
entertained of a repetition, so soon, of the mercantile revulsions whidb
eharacterized the year. 1837.

The receipts from duties during the last year, if the bonds had not
been postponed, would have been about $16,000,000. Those of the
present year,- in the ordioaiy operation of the laws, without the post-
poned bonds, will-not probably exceed $13,000,000.

By supposing a large increase of 60 per cent inf 1839, beyond the
ordinary receipts for the last year, they would amount to between nine-
. teen and twen^ millions, and would be lar^r than the receipts in 1835.
8uch an increase would be greater than m any previous year of our
history not a£^ted by commercial restrictions, foreign wars, or important
changes in the tariff.

Considering that, under the present credits the duties act^ally paid
within any calendar year must be estimated chiefly on the inHX)rts nom
&e 1st of July preceding to- the Ist of July in that year, ana that two
biennial rediu^tions in the tariff have occurred since 1835, it is believed
that nineteen or twenty millions is an estimate sufficiendy high for 1839.

But as the receipts of late have depended much less than formerlvt
when credits were longer and almost universal, on the amount of bonds
taken in previous years, the estimates must be much more conjectural;
and intestine commoticHis, wars in Europe or on our own borders, fluctu-
atkms in crops or prices^ and various other contingencies in the ensuing
year, which cannot be foreseen or computed, may vary the result several
Oullions.

The reduced receipts both from lands and duties in 1837 and 1838, as
compared with the two preceding years, were anticipated by the Depart-
ment in 1836, and a jpermanent provision to meet any deficiency was
eftmesdy urged on the cooperation of Congross.

Confident as were the expeetations enlartained by many* that the

revenue of 1887 would be so great as to justify frirther large deposkes

wxtb the Btates, and severe as were the censures bestowed on those who

.^BLpre$Mod appieheittioiifl of a^ dWdH&at result, a striking diminution in

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184 BEPCffitTS Of Tfli [tSR

f^e mronqe actxisSLj occmrnd* Althotu^.uijr dtfinreaoe of ofrinkm ott
a point ef so much tmpoitaace to the public faith was deeply leffr^ted
by the Department, yet it fek comstiaified, at that time, to regard mugp
af^pearances of extraordinary p^perity as delusive; the existing surplot
BB temporary and fiJlacioDs in xts character; and consequendy beheved
that much of it was likdy to be reeniired in a few years to meet d^cieiH
cies in the revenue^ arising from toe progressive reduction of the tadflf
and those fluctuations -in mc(Nne and expenditure to which all Qoveror
^ments are more or less subject, and to which our own qrstem ef fimuooe
is peculiarly eiroosed*

Apait fiom the contiijgendies of war and other eng^ncies afiectina
expenditure, it is impossiUe, under the ebbs and fiooas of trade and
i^culations of all Mnds, which with the present banking system are aa
certain though not so regular as the tides, that a revenue dmved chieflv
fiom foreign inmortations mid the sales of land should not vibrate wita
such changes. The Department, therefore, has dischax^sd a duty deem^
imperative in urging on the attention of Ckmgroes, at several sessions^
some perman^it and efficient arrangement for enabling the Treasuty to
meet such fluctuations widiout injury to the puUic ciedit

On one occasion permanent legislation in respect to this point did idiBe
place. But that has been repealed, or indefinitely postponed, by the act
of October 12, 1837 ; imd the tempc»ai^ measures substituted havk^
neaiiy ceased their (^ration, the necessity for some further jnrovisien i?
apparent. The form seems to be the great question of difficnihy; these
being, it is apprehended, a general concurrence of views in favor of
having some eiroctual provision on a subject of such obvious importanioe.»

The investment of a part of the surplus in thie Treasuiy in State
stocks in the nuumer which fcfr several years has been sucoes^bUy:
practiced, under tiie acts of Ccmgnras, as to laige sums belongilig to tlui
Indians, so as to constitute a provident fund to meet coDtingencies and
flqctuations, was the mode first recommended by (he Department. But
a substitute (or this jdan was preferred by Congress, which directed .the
whole surplus to be deposited with the States for safe keeping, and
enabled the Secretaiy of^ the Treasuiy to recall it whenever needed for
public purposes. In the autumn of 1887, however, wfa^!i Ae necessity
c^ resorting to this substitute was in view, Congress poflftponed its opera-
tion. Instead of it, the power to issue Tieasiiry notes br a limited
period was granted ; and for additional security against deficiencies. Has
depoaite of the fourth instalment with the States was deferred tiU neit
January; and afterwards the power tosell tfaebcmdsof the United StaMI .
Bank was added. * But both of tiioee powers will soon be inoperative^
and without some further legislation on this subject which shall be of aa
efficient character, and be availaUe at an eeily day, the pie^rvation of
dud public feith must be endai^red.

Recent experience is fiiU of admonition oft this qu^stbn. Since tha
extinguishment of the national debt, and especially within the last threa

?ears, it has been the policy of Coi^ress to avoid a lazge balance in the
'reasury immediately avcuUble, which, if unemployed for ^ pubha
service, was regarded totakenfixxn the eiioulation of the country and hr
acune degree boaided, thoHi^ depeeited ia banlM whksh had loa^ ^

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188a] SECRETART OF TH& TREASURY. 18ft

Qdblk;ixKMEie3r&&b«8bofeiilaig^0p6Mionfl. Thispclkr^yaaitolmaURi
m& hazard attending such opertiitionsy as well as the imputation of im-
piQp&c iofluence in die management of the money, is certainly the most
prudent* But the pre^rvation of the public iaitb, either under the
miner practice of l&eeping the money in inrnksi or under the proposed
a^Btem df an Independaiit Treasury, may occasionally renaer other
resources necessary, fiom the considerable fluctuations which are
fipequendy occimjng in our receipts and expenditures fiom year to year>
ana even fiom montlPlQ montL Thus, the receipts from the usual
•ources, which were in ISdiabout twenty-one millions, rose unexpected^
ijEL 18d6 to forty^-eigfat millions; but feu again as suddenly in 1837 to
ciily about nmeteen millions* Bo the a^^gate expenditures in 1884
ana 1835, iodependent of any paymentslbr trusts or the national debt,
were only seventeen or eighteen millions; but fix>m Indian wars and
other causes they rapidly rose^ and, notwithstanding the diminution in
mo^pia^ have remained smce not &r &om thirty miUions 3rearly • Again,
in &e month of January last, the expenditures were only about one mil^
Ikm ei^ht hundred thousand dollars; and in May last, only two million
two hiKidFed and fi>rty-two thousand dollars; but in July they suddenly
incieaAed to over four million five hundred thousand dollars, beiog an
excess in a single month, of nearly two miUitxis and a third, or more
than enough to sweep off in thirty days the whole balance on hand.
Consequently, at any period, with only a million or two in the Treasury,
imd the current receipts b^isg less than two miUions monthly, it is
€d>vious that the p^iblic engagements conld not all be punctuaUy met^
noless some pow^, like those before named, shall exist to povide for
caUs so unequal in diflferent portions of die year, as well as m different
years. Thou^ the receipts for any one year may be equal to the whole
expenditures within it, even that will not remove . the difficulty. The
expenditures maybe required in larger proportions in the first half of the
f^i and the greatest receipts occur in the last hal£

Having the power to issue Trecwury notes during 1838^ the Depart*
raent has b^n enaUed by the aid c^ that and otner means, to meet '
every authorized engagement with punctuality. A power of a similar i
kind has been fimnd in other counjtxies, during more than a century, to i
be indispensable to sustain public credit. If we keep only a small >
available balance in the Trea^ny, and realize only the comparatively I
small income which is desirable since the discharge of the national debt, |
ttd this inoome shall continue to be afiS^^ted by me periodiccd fluctua- j
tions of receipts which are probable, under the changes going on in the
XBxiS, as well as in banking and the habits of trade, this power, or some j
e^valent resource, seems to be ess^itial to the support of the public J
faith in the scrupulous manner required by justice and sound pohcy .

The estimates q£ expenditures in 1839 have been formed on the most
eocmonuoal basis which the diSeretit Departments think the public
i^tdrests wiU permit. They are less than those of either of the tvro
preceding years, under many heads, and are several millions less than
eUatex the a{^ropriatioi» made by Congress in those years, or the
expeoditures actually paid wkbm diem. Judging fix>m past experience
-^ — tba prfthfttilitiea would be that ^ a{^roprii^&>ns to be made at

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186 REPORTS OF THE [1888.

the present session will exceed by some millions the estimates sub-
mitted*

But such additionftl apptt>priations, to any considerable extenti am
not anticipated, when the whole circumstances of the country and of the
Treasury shalLhave been calmly reviewed by Congress. No doubt exists
with the undersigned that prudence at this time 'requires a reduction,
rather than an increase, in tne aggregate of the annual appropriations^
Besides what is dictated on this subject by a wise public frugality, and
the straitened condition of the Treasury, it- ilPjSrobable that, hy the
gradual reduction in the tariff which is in progress under the existing
laws, the receipts from customs, which now average sixteen or seven-
teen milUons yeady, will by 1842 be so far diminished as not tben to
exceed ten or twelve millions. Hence, if the annual expenses do not by
that period undergo a reduction in some degree corresponding, so as not
to surpass that sum and the few additional millions which may then be
derived from the sales of the public lands, an unpleasant resort to anofiier
increase of the tariff, or to a recall of deposites with the States, or to
permanent loans, will then, if not sooner, oecome indispensable.

The further details connected with the diminution in our revenue by
184&, under the existing laws, were so fully exhibited in the annual
report in 1835, that the undersigned forbears on this occasion to repeat
them. But in commencing the unpleasant task of reduction in the
expenditures, a Question naturally arises as to what items it should first
be applied to. The Department would not be understood as urguEiff
retrenchment or parsimony, where the object is great, pressing, and
constitutional. .It has always approved, not only those appropriations
which are necessary to satisfy the ordinary wants of the pubUc service,
and others rendered proper to vindicate our rights and national char-
acter in war, but. those which our unexampled increase in territory,
numbers, and wealth may have required, in order at all times to afibra
due protection to persons^ and property abroad, as well as at home, and
discharge with efficiency all those momentous duties which have been
clearly and wisely devolved on the Government of the Union. A judiciary
for twenty-six, instead of thirteen States, must of course require more
officers and expense. An army to guard an inland frontier of five thou-
sand miles in extent, and embracing one million and a half of square
miles of territory more than in 1789; and a navy to protect a sea-K^oa^
of over three thousand nules; and a commerce of two millions tonnage,
instead of less than half million, with annual import^ and exports of
nearly three hundred millions in value, instead of forty-three millions,
must necessarily require a large addition to the public burdens. But,
at the same time, some of these circumstances evmce, with equed clear-
ness, a flattering change in our ability to sustain those burdens.

This country is not like most otiiers, stationary in either its fiscal
wants or its fiscal means, but exhibits more clearly eveiy year the inter*
esting development of the wants and means of manhood, compared widi
those of infency.

Besides die increased demands on the Treasuiy befiH'e mentioned,
there has sprung up a light-house establishment, exceeding in extent
that of any of tl^ Powers in Europe, with a phm of nver a&d haibcxr

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ISffi.] SECRETARY CMP THE TREASURY. 187

fanproTements^ of oonsmicting national roads, hospitals, mints, forts,
arsenals, anhories, navy-yards, docks, and various public edifices, in
some degree suited to our present ^wth and necessities*

On the other hand, corresponding changes, equally great, in our
resources have fortunately occurred, and which last, whenever required
by the public wants, have been displayed with great focihty. As
evinced m the increase of our annual revenues fit)m five to twenty and
' thirty millicMis of d^b|s, those resources have enabled us not only to
dischar^ alt the awHRited eunent expenditures, but to defi:ay from one
to two nundred mStions of ncuional debt incurred in defence of our
Uberdes ; extinguish the Indian title to the greater part of several new
States, so as to extend the boundaries of civilization and Christianity;
and make a liberal deposite with all the States of a surplus in our income,
exceeding twenty-eignt millions of dollars. Hence the various officers,
institutions, and departments, appropriate for administering the whole of
•these affidrs, and in fine for executing the laws of the General Govern-
ment in respect to sixteen instead of four millions of people, are not so
much just topics of c(Hnplaint as of admonition to increased caution in
regulating establishments and expenditures necessarily so much enlarged.
It 18 certain that some of them, however laudable in their origin, can be
judidously reduced as the advanced prog^ss or completion of the busi-
. ness and WOTks to which they relate may sanction the measure. This
* would be sound economy ; and its reasonableness should be dul^
appreciated by those who consume as well as those who pay the pubhc
revenue..

In the midst of fiscal operaticNas so much greater in amount, and
extended over a territory so much wida", none can be insensible to the
further fact that they open an avenue, which cannot be too closely
guarded, to various excesses in expenses odierwise useful, and to numer-
ous incidental charges, which, though not dishonest, may, on scrutiny,
be found neither necessary nor useful. All these will demand untirinff
watchfulness, or their accumulation must prevent those' reductions which
it is believed the public service can in many cases bear without injury ;
which comport with the economical principles always to be cherisned in
. republican. forms of govemmept; which the frugal and virtuous, habits
of^the great mass of our population demand, and which are deemed
essentia to avoid -^nbarrassment in the present and approaching condi-*
tion of the pubtic income.

The system of internal improvements is, for instance, voluntary, but
very expensive, and the growth almost entirely of the last thirteen years*
So is a large part of our. light-house establislunent and fortifications.

Does not true wisdom require reductions aqd postponements in appr^
priatfons towards these objects, at least till the revenue of the country
shall again cleajriy indicate the safety and convenience of pushing them
with more vigor?

la the prospective state of the finances, ought not numerous donations
to local projects, which have of late years- been so common, to be like-
wise forborne?

Our pension grants, which are in a great degree gratuitous, exceed in
*6Kpe&8e, annufOly, what was ^the wbole yearly cost of the General

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186 REPORTS OF THE [1893.

Govemm^it, indep^idept of the public debt, fiom 1789 to 179^. How-
ever generous, therefore, and grateful, and often just, may have been the
feelings which led to their increase in times of a great and increasii^
revenue, does not prudence teach us to exercise caution in makmg fur-
ther additions to them while the tariff is undergoing a gradual reduction?
These su^estkms mi^ht be extended to other nmtters of a simikur
character, nut enough nas been specified to attract attention to the
subject generallv* The amount of receipts andjuenditures depending
on the laws ana the conditbn of the country, sflRbt on this i>epart*
ment, the latter can only recommend measures which appear suitable
in relation to them. Having done this on the present subject, it cheer-
folly leaves their adoiption or rejection where it properly belongs— to
the superior wisdom and experience of Congress.

VII. ON THB KIND OF 0T7&RBNCT RBCBIVBD FOR THB TXJBIAO DUES, AND
THE RB8UMPTI0N OF SPBCIB PAYMENTS BT THB BANKS.

The two circulars annexed (D and E) contain all the instructi<ms
which have been issued by this Department concerning the currency
receivable for public dues, since the passage of the resolution of Congress
on that sulinect in May last, and the act of July 6, 1838. Previously
the notes of specie-paying banks, as well as specie and Treasury notest
were permitted to be taken for duties, but only the last two for lands.
A great part of the actual receipts, however, for bodi duties and lands^
was in specie and Treasury notes. Since those instructions were grirea
more than lialf of the receipts for duties has consisted of notes of specie-
paying banks. Most of those for lands ccmtinue to be as before.

The kind of currency that should be taken for the public dues has
heretofore been (uUy discussed by this Department, and as the views
dien presented remain unchanged, it is not proposed, at tins time, to
enlarge on any former suggestions.

But what currency it is the most proper to encourage for private as
well as public purposes, is a. topic intimatdiy connected with the recent
resumption of specie payments.

Both these matters have of late had a highly important bearing on our
financial operations; and the striking contrast between the state of the
, country in 1814 and its condition in 1837, in recovering fix>mthe suspen*
sions of specie payments which occurred in thote years, furnishes so
instructive a lesson on the subjects before mentioned as to justify and
require a few details in connection with them.

At the former period there wereonly about seventeen millions of specie
in the United States, whether in banks or in active circulation* This
sum would, average but two dollars to each individual of our populatioa
at that time. Sinall bills were receivable in almost every State and by
the General Government. Such being the amount of specie and die
condition of the currency, the Government felt compelled to acquiesce in
the impolitic as well as unjust reception of depreciated paper ot all kinds
for public dues ; and the suspension of specie payments, always calam-
itous however short, was protracted nearly mree years. It was then
terminated only by great pers(»ial sacrifices, by numerous insolvencies^

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1888.) SHCRETABY OF THE TREASURY. im

aad, 86 wm^ have sappoiedy W die eaopemtiQn of a mw natiepal
bank, ^^sidch its fiiends eatablish^d under the belief dT its utility, if not
Becesfflt^, to efifect the accomplishment of that otgect*

But m 1887 the condition of the currency had became materially
ehansed. Th^re were about eight]^ millions of specie in the country,
equal to five dollars per head of our population, or more than double the
ibrmer average*

It had been thus increased, principally by the firm and perseverii^
poUcy of the Greneral* Government, during the last four years, to dis-
courage the use of small notes, and inli?oduoe goldn^iore extensively into
the curr^icy.

In this state of things the public officers at once declined to vicdate
the laws and countenance parliali^ amcHig debtors by receiving depre-*
dated paper, and that of very difl^rent vcuues, for public djies. With-
out hesitiuion they also refixsed unjustly to abandon the specie standard
of value, either as to payments or receipts, and hence sustained, throujB^^
oat, both that standard and the uniformity in imposts so wisely estab*
lished by the Constitution.

This step tended strongly to encourage a resumption of specie pav^
ments, and, in consequence of it, and of other measures about to Se
explained, the suspension, though it was more general than the former
lone, ceased in some places within less than a. year, and has already
ended in most parts of the Union without any ajfcd fix)m the dangerous
and overohadowii^ influence of a national bank. The essential di£fer^
e^ace in the <M>urse which the pubUc oflGk^ers were able to pursue as to
the kind of mon^ rec^ved, and the earlier period and greater ease of
lesuming ^pecde payments, bear no unequivocal testimony to the wisdom
of the pohcy which had previously been adof^d in relation to the
impiovement of the currency.

It is believed that about seven hundred banks and branches situated
in twenty-two States and Territories have already resumed specie pay-
meatB^ These, including not far fix>m thuty which never suspend^,
make seven hundred and thirty now paying specie. Seventy more are
expected to resume on or before the 1st of the ensuing monui. Of the
residue, amounting to about twenty-five, with a capital of fixrai three to
four millions, it is believed that six or dght are winding up their con*
oems because unjmxfitahle, and that the rest are insolvent.

Sooii after the suspension this Department urged the deposite banks
to use their utmost c^rts to resume specie paym^its at an early day.

It was pressed that each, as an act of sound poBcy no less than of
attong moral obligation and imperative duty under the laws, should
resmne spe^ paym^its the moment it was able safely to effect them^
CMT, at least, that all the biemks in particular neighbOThoods, cities, coun-
ties, and States, should unite in doing this whenever able, without
waiting for weaker institutions or more embarrassed regions of the
country.

The adqpdoQ of that coiffse in some States, however much the
measure was questioned at the time, and perseveringly (^pposed by
naaoy banks. as well as influential individuals, has proved fortunate, and
reflectB great cxeditoD the sagacity^ fimmess, and intelligence ci those

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1»» REPORTS OF T^ [18i8.

who adopted it. The encouragement given by fine Departmait to such
institutions as resumed specie payments, by taking no pa^r but theirs
for public dues, and by preferring them m the transaction of public
business, was not without salutary influence* Suits against the banks
in de&ult, unless apparently insolvent, w^ also forborne, and drafts
contmued with great advantage to be issued gradually on all that were
disposed to make satisfactory arrangements with the pubUc creditorsi
ana thus lessen those large immediate liabilities which stood in the way
of an early resumption.

Indeed every &cilily was promised and extended which the limited
power of the Department permitted, and on its recommendation further
measures of |easonable indulg^ice to the merchants and banks indebted
to the Government received the {»ompt attention of Congress, and doubt-
less contributed much to shorten the suspension.

Under the laws granting such indulgence the aggregate of merchants'
bonds the payment of which was postponed is supposed to have reached
between four and five millions of dollars. The chief benefit of this
measure was felt in the Atlantic section of the country, while a similar
extent of relief was experienced principally iq the West and Southwest,
by the allowance to tl^ banks ot a long delay in paying the balances
due from them.

The curtailment of paper issues which was ui^ged by this Department
in 1836 as indispensable to prevent impending msajsters, and in 1837 as
equally indispensable to remove jliem and restore specie payments, has
since their suspension equalled at least thirty millions of dollars. An-
other striking met is, that the curtailment was most rapid and thorough
in those sections of the country where the resumption of specie payments
first took place and the exchanges were first equalized. [See a compar-
ative table annexed for each section of the country between the 1st of
January, 1837, and the 1st of January, 1838, (F.)] The diflference is
believed to be still more striking between May, 1837, and May, 1838.
Nor has this event been accompanied, as many predicted, by any ruinous
fall in the prices of labor or of our great staple commodities. As a
further illustration of some of the real causes and cures of the embar-
rassments in the currency, it is computed that within a year fh)m the
suspension a reduction was effected m bank discounts exceeding forty
millions ; that there was an increase in the whole amount of spede in
the country of five millions; and that the aggregate at this time must be
fixHn eighty-five to nmety millions of dollars. The ofGkdal returns of the
imports and exports of gold and silver during the year ending September
30, 1838, are given in the table annexed, and the former in that time
will be found to exceed the latter more than fourteen millions, (G.)

Intimately connected with the currency and the suspension of specie
payments is the condition of the domestic exchane^es during the past
year, as compared with some former periods. Although in 1826 a
national bank had been in full operation for several years, and in 1819
for two years, those exchanges were then quite as much deranged
between most places as in 1837. But of late they have improved more
rapidly than in the two former periods, without receiving any aid fixHU
new banking incorporations by the (jren^ral Government*

Digitized by CjOOQ IC

1888.] SECRETApy OF THE TR8ASURY. 1«

Thia &ct demoDStratea that the spreat ncmiiiial diflbrenc^
at both periods has been produced.^^circumstaaces over which national
leo^lation possesses but little influence.

When excesses of indebtedness, or other commercial causes, render
money more dearable in one place than another, then, and not till then,
the legitimate diSerence in exchanges begins, and that diflference can
never oe corrected by banks or legislation, but only by the great laws
of trade changing the relative indebtedness and demand*

But when a nominal difference in domestic exchanges occurs, extend-
ing beyond two or three per cent*, or the small actual cost of transporting
specie to the most distant cities in the Union, it is the consequence not
of an unequed indebtedness alone, but of that and an unequal quality or
value in the local bank currency, and which event has been produced
and can be removed only by measures operating on the soundness of
tbart currency. Each State has in its own power an effectual remedy
for any suffering by high exchanges fix)m this source. Independent, and
true to its vital interests^ it can always adopt such effectual regulations
in banking as wiU remove the scourge of a depreciated paper, and thus
avert any ruinous rate of domestic exchange.

From the whole of these considerations it is manifest that the recent
resumption of specie payments and the equalization of exchanges have
both been &cilitated by the large amount of specie which has of late
years been introduced, and the course of pohcy pursued in other respects^
by the General Government on topics connected with the circulating
xnedium and the banks.

A restoration of equalitjr in the forei^ exchanges, also, and a perse-
verance in extinguishing old debts, vdth increased forbearance to contract
new ones, either at home or abroad, have revived that foreign confidence
which had been withdrawn with such disastrous precipitation. These
favorable changes, united with a diminution in speculations, whether in
banks, lands, or ccHumerce, and a return to stricter fiiigality in individ-
ual expenses, and to more industrious energies for a hvelihood, have
aided good crops and some minor agencies in bringing about, with
ffreater rapidity, events the most desirable, and a condition of the country
highly auspicious. In many quarters money has become comparatively
abundant, mterest lower, and trade and manufactures active. .

Nothix^ more seems to be necessary to perpetuate the present healthy
action of the currency, except a rigid adherence to the system of policy
which, by honest and resolute efforts, has produced the improvement. It
cannot but be wise, in respect to the circulating medium, for the General
Govemmait to persevere m a course which prepared the country better
to meet, and qmckly carried it through, so fearful a crisis. It would seem
prudent, likewise, K>r the States, profiting by past emerience, to insist
on reform in their banking institutions, and particularly on greater seli^
denial in their business, by imposing additional checks on overissues,
and strcHifi^er limitations to excessive discounts. The present system, if
unchecked, has inherent defects of an alarming character; and, without
indulging in timid mis^vings or unjust suspicions, it may be said to tend,
by its expansions and inevitable contractions, to unsettle frequently the
value of labor as w^ as of th^ whole. property, of the coi:mtry«

Digitized by LjOOQ IC

IM REPORTS OP TH£ [IMK

Hie General and State Cbvdlmments nngfatt abo^ widi manifest
advantage, abstain from applyingjany stimulants to the overaction of «&
kinds, that, under such specious but treacherous hopes, deluded so many
into the recent embarrassments.

This would not evince any hostility either to banks or ta credit, xfhea
well secured and prc^iiy regulated ; but would -serve to av^rtruin from
both.

Several of the banks, which are under the control of real capitalist*
and officers of prudence and foresight, have become satisfied that the
use of the public money for discounts, subiect'to the restrictions of the
{present deposite act and the listbilities to rerand it suddenly which must
exist with a small balance in the Treasury, is attended with much
inconvenience, and is likely, in the end, to prove more injurious than
profitable to the banks and their bonx>wers, as "^ell as to the Grovem^
ment. So widely impressed has this conviction become, that some of.
those institutions have declined to receive public deposites under the
qiecial provisions of that act.

VIII. ON THE MANNER OP KBBPINO THB PUBLIC MONBT, AND THE
CHANGES PROPOSED.

The present laws in regard to the keepii^ o£ the public mon^ wee
defecuve in several particulars, which were exfdauied in the last two
r^x>rts on the finances.

The fiill advantages, either of the system of State banks or the pr^
posed one of an Independent Treasury, are not now enjoyed; while the
Department, without all the securities which are practiccJ^le; is subjected
to some of the inconveniences and many of the risks attending Ix^.

The measures it would recommend as most suitable to remove the
various imperfections which exist on this subject, have been so recently
and fiiUy explained, that a reconsideration of &em afl at this time
cannot he regarded as necessftry.

It is deemed proper, however, to communicate to Oongiess such details
as are material for understanding with accuracy the imde in which the
public money is now kept, and for appreciating duly rfie importance of
those additional checks^and securities which, thou^ proposed as a part
of the plan for an Independent Treasury, appear to be inaperatively
required under any system.

Four of the six banks reported at the last session of Congress as
retained under the deposite act of June 28, 1836, still continue to be

general depositories. Of the other two, the People's Bank at Ban^r and
le LouisviUe Savings Institution, the former has surrendered its diarter,
and the latter, having declined the general trust, is now employed merely
for special deposites. The names of the four banks retainaa are annexed,
with the amounts in each subject to draft on the 1st instant, (H,) and
their condition generally, (I.) Collectors and receivers, residing near to
these institutions, have continued to deposite in them as formerly. Drafts
are seldom made directly on officers so situated, n€>r are any consider^
able amounts of public money long retained by them. At points* wheie
other general depositories were neededi tiie Department has not yet

Digitized byLjOOQlC

1818.} SECRETARir Cff TBE TUlAStJRY. 1^

been-able tD craofdete nrmx^gtmsBtM vnAi anv banies wliieh were heA
competent and willing to be selected under tne specific pitivisioixs of the
deposite act.

in many of these last cases, thei^fore, the practice has been to lea^e
the public mcmey with the officers collecting it, to be held in their own
custody, or plai^ in special def^te in banks, during the short period
which might elapse before it was wanted, and drawn fiom them by drafts,
in fav<Mr of the pi;^lic credilors* •

A list of the collectors €ind receivers fifom whom the money has gene-
rally been So drawn, ^d who had any amounts on hand subject to draft
the 1st instajit, is annexed, (J,)

The rest of those classes of oflScers, who have collected funds beyond
the sums needed to defiay their current expenditures, and who were
not conveniendy sdtuated to conform to eithei* of the above arrangements,
have been required to make deposites of the same in banks to the special
credit of the Tiedsurer.

Other funds received fit)m the exchange of Treasury notes, from col-
lectkms by attorneys and iparshals, fiom patent fees sund miscellaneous
sources, have also, in most instances, been placed in banks to die credit
of the Treasurer, in special deposite, except such amounts as could
advantageously be put mto the Mint and its branches, for the only two
purposes authorizea in the laws on that subject.

An exhibit is presented of the names of these special d^ositories,
with the sums m each. The amounts retained in the Mmt and its
branches under the provisions of those laws, axe subjoined, (K.^

In the absence of suitable general depositories, some money, ouefix)m
certain State banks, has been allowed to remaiii in deposite to the special
credit of the Treasurer, till it wa^ wanted for pubUc payments ; they
being, under all the circumstances, considered proper depositories for
that temporary purpose. A schedule of these banks, with the sums re-
maining m each subject to draft at the last return, is annexed. (L.)

But this system of special deposites, or of deposites to the special
credit of the Treasurer, nas, fi:om convenience, and indeed almost from
necessity, not generally cOTresponded with the usual forms of special

A moment's reflection will show that any deposite not subject to be
paid out by the banks in the absence of the depositor, though at times
ONdvenient for oflScers living near bankis, would cause much inconvenience
to those residing remote from them ; and that the making of fiequent
disbursements from it by the latter would be utterly impracticable. The
Treasurer, in common practice, shduld retain his fiinds only in such
condition as will allow tnem to be paid out promptly on the numerous
drafts which must be made in favor of claimants in every section of the
country. For this purpose^ when a deposite of them is made, it must
be general, or, if special, it must be with an understanding or contract
not ooiy that they are to be ready fpr his call at all times and under all
csrcomstances, but that they are to be paid out on his various drafts
without his actual presence.

Fn»n these details it is apparent that the preseitt system t^ keeping
ifae puUic money is very comidicated, and it may be deemed fortunate

VOL^IV.— 18. ' . f^f^nlo

Digitized by VjOOQIc

IM BSrOSISOP TUB

thit Ae Pe|MiitiHfK Mg bum jJiic nwiiythg pMt
" lopeiatioiMaeiierit wMiuwi gweat pqpiic
( can doobt that soBoe'ciiaiige in uk laws on ubs auliicct k

wlialfcvei pfani CoiigpeBa inaT adopCt too j^ncaf can^canoc be

ci^d in pnmdtnff tbe best poasiHe secatiliea. AB ihooe

raaids against deiniks wfaicli bare been nrgeodr leemMMueuded m Ae

Sat two leprirtsdo the finaiif<^ or incorpotatedi^

In^peodeot Treasonr, aie coosidefed muMHtauL Recent (

leipect to the benefits oT only oidinaiy collasenl

oofi^ oTsucb measnes.

Tbos the losses expected to be sostained finn depuaiie
1834 aie Tety small m ccanpaiisoo with dnse sustained between tbat
period and 1817« This,inaconaderabledegrBe,istobeatUiflimcJi!>Ap
additional requirements of socfa secuiUy>

Tbe improvement was i^ohmtarily mtxudnced bj* tbe DepaitiBent io
18339 and was afierwards sancdoned bj Congress in the deposiieact of
1896,

Tbe measore insured greater care in the management cfiSbt hnntay
and an increased watchfulness by tbe sureties in tunes of dUficnky, tt^ *
take efficient steps to mdemmfy the Treasu^.

With a Tiew to iDustrate further tbe eftcts of fequking coHalerai
security, in cases both of banks and coHectin|^ officers, as w^ as to
communicate interestmg fects in connection with ibe saiety of keepn^
die public money from the firondation of die Goinetnmentt se^end tabu^
lar statements, prepared by the Department, are herewith presented*

Firrt* A Hst of the banks still indebted to die United States fa' de&i^
previous to the close of 1884, none of which are believed to have given,
originally, any collateral security, is annexed, (M*) The whole amount
now due, wiuiout computing interest, equals $1,000,676; and a great
part of this must be regarded as a total loss.

SecofuBy. Another list of indebted banks is annexed, most of which
gave collateral security, (N.) The remaining dues fiom them to the
Treasurer on defiudts accruing between 1834 and October, 1837, though
at first ^ery large, have been reduced to about $2,400,000, and most, if
not all, of these debts, with some others owing to public disbursMig
officers for xnonrf on depo^te, it is confidendy expected will in tbe end
be paid*

The first instalment due fiom those which have since executed other
bonds and given new securrfy under the act of October, 1887, has been
promptly met, and portions of the second have already been advanced
oy some of them. Suits are pending against only two on account of
tbdr liabilities.

Thirdly. The eventual losses CRistamed from receivers and collectors^
wfaiie, as a part of the bank deposits system, they were colSecting the
pubUc funds, to be afterwards placed for safe keeping in banks, wens
at the last sesi^ion estimated at a sum ranging from $900,000 to $1,200,000.
(80S prmted report to the House of Representatives, 5l8di February,
1838, No. 101.)

Cdktberal security bad genemlly been taken of thede ofilcers; bat in
former tim^s it w«s not always in so large a9K>iial^ aud vrKh m gmajt ^

Digitized by LjOOQ IC

1888.} SECRETAJIY OP THE TftEABURY. 1^'

caie ad 6f late, and cbiteequeiitiy most ik'the bregoing Ibsses faa|>peiied
nttuay yeafe dgo.

A list of all those officehrs who on the I3th of October, 188T> the titoe*
designated in the re^tition of the House of Repiiesentati^es, stdod on
the bodks of the Treasury as having Defected to setde their accounts'
in season, may be seen, with the ann)unt charged to eac^, m the prin^
npott made on the 15th of Janualy last, (document No. 111.) But
eeyeral df these #ere not then actually in(]bbted to the United States,
though, having neglected to adjust Aek acccmnts lit the Tieftsury, they
came within me express words of the tesolution,'and conseauently were*
iiickided. Some defaults have occurred, or been discovered since Octo-
ber, 1837 ; but it is not apprehended that any losses will ultimately bef
sustained from them except in the case of the former coJUector 6f New
York. That case has been recently detected, an4 the defalcations apel '
supposed to have been continued for many years, and to have reached
a large amount. ^From tiielr character, they could perhaps have beew
cSfecSiaHy prevented only by penalties for false rettims, a system of cash
•duties, and personal inspections of money and vouchers, with punish-
Qients for misuse of the public* funds, simdar to what was urged in the*
report from this Department on the finances in September, 1837. It is
intended to make the particulars of this case the subject of *a special
itoort to the President for the consideration of Congress.

The requirement of collateral bonds has undoubtemy diminished many
of the losses before mentioned. But notwithstanding every precaution
and security heretofore in force, the whole of these defaults, x^bether
by collectors, receivers, or banks, have ofccurred under the old systems
of making de{k)sitesin a United States Bank or State banks tor safe
<Justody. '

Umier either of those systems, if unreformed^ Congress niust continue
Id employ officers to collect the public money, as well as banks to keep
it after collected, with all the former rii^ and probable losses incident
to both classes of agents* But the proposed plan of an Independent
Treasury, with all its checks and guards, will dimini^Ai the nmnber of
risks, and tend, ih several respects, to strengthen the public security.
By requiring the officers now employed in collections to hold mdst of
the money tor a time in deposite, it adopts onty a part of the agent*
under ather of the former systeihs; ana hence, dis^iising with the
i)aDks, unless it may be for a few strictly special deposited, avoids mosti
if not all, of die risks and losses which have been sustained from that
dlaasof a^nts.

It is true that, under this plan, it is contemplated to impose on coDect-^
ing officers the duty of keeping somewhat longer in a few ca^s, and in*
aoms somewhat laiger in o&ers, the money Which, under the oAer sys-
tems since 1^89, those dffiders have collected ; cmd three or four new
offioers are proposed to be established, to lH>ld general receipts in
deposite at a fbw ceittrdi points. These chahges are stll the material
ones wfaicfa have been recommended on tins {M>mt^ Bdt to increase tlie^
puMie security under all duties new or old, as well as those c^ any neW
agents, ample bonds are to be required; obcasionid ^Ealniilsltions of their
funds and accounts of a new and ri^orooft diaxacttf iothklttoed ; •the

Digitized by LjOOQ IC

JJd6 REPORTS OF THE [1888,

use of the fiumer strictly prohibited; and new and severe penalties
should be imposed on fraua, falsehood in returns, and embezzlements^
by rendering them pmitentiary oflfences.

Honest dmgence can never suflfer by these changes, while careless-
ness in business and laxity of jMinciple will be prevented, or exposed
and properly rebuked.

Aaditional safeguards like the^e are also of vital importe^ice in a
nK>raI view, by more efiectually preventing as well as punishing wn»g.

They are, merefore, earnestly urged again on the- conaderation of
Congress* Whether looking to further security or other important ends,
one of the most desirable alterations which is mcorporated mto the plan
of an Independent Treasury provides that any use of the public money
for private purposes be hereafter considered illegal and punished as a
dangerous breach of trust. The experience of the last few years dem-
- onstrates the propriety of such an organic change in our system, whoever
and whatever may be the fiscal agents employed. The change, so far
as respects mere collecting or disbursing officers, will have a decisive
tendency to preserve not only the Government, but them and their secu-
rities, from those losses which it was never contemplated they should
hazard by makinj; loans or speculations with funds held in sacred trust
fi>r purposes entirely public in their character and constant in their
demanos. Had such a provision been adopted early in our kgislation
doubtless it would have prevented most, if not all, of the losses hereto-
fore sustained from those classes of officers, and much wretchedness
which has be^Jlen both principals and sureties. Some of the earliest
acts of Congress wisely prevented officers of the customs and of the
Treasury I)epartment from bein^ concerned in commerce or dealinff in
the public Imids or public stocks. These restrictions wene doubdess
introduced chiefly with a view to remove the temptation and hazard
incident to the possession of the public money. But the prohibition to
employ that money for private purposes, under severe penalties, has not
yet been introduced, except in substance in the Mint, by making embez-
zlements there punishable as felonies. Its expediency has been urged
by th.e Department heretofore^ and seems confirmed by experience as
well as theory. The success of such a pix)vision in the Mint, where no
losses from its establishment to the present moment have, for so many
years and after having the custody of so many millions of money, been
known to occur, is a very striking; illustration -of its efficacy.

Finding that no new act on this and some similar points was passed
by Congress at its late session, a circular bearing on them was issued
by this Department soon after the adjournment, a copy of which is
annexed, (O.) . .

In regard to deposite agents, heretofore consisting chiefly of banks,
the change fix>m former usages which would be introduced by such a
prohibition would be greater. But the present ccmdition of die Treasury
and of the country is hifi;hly aiisjncious for the reform. ' Diminished as
is the balaqce of me public money now on hand, and manifest as is the
policy of the Ooiremment to keep it so hereafter, the apparent pecuniary
disadvantage caused either to tne banks or their customers would t>6
gtighter than at any former period.

Digitized by LjOOQIC •

188&] 8ECRETAEY OP THE TREASURY. in

In the mean time, and under the 8peq:(lating mania of the age, fjie
alteration would yield a most valuable protection against the recurrence
of disastrous adventures, so for as stimulated "by the more easy loans of
such funds through bank depositories, and against the conseauent losses
to .the institutions themselves, as well as bankruptcies ana misery to
numerous individuals.

Above all other considerations in fiivor of this change, if we advert to
sound views in political economy, will be its influence m removing evety
temptation to the dangerous disposition to increase taxes or revenue on
account of their incidental use for assistance and capital in private en-
terprises. It would also restore ofiicial practice to the true theory of the
Constitution, which, in its primitive purity, must undoubtedly have
intended that the pubUc money should be collected solely for public
purposes, and should be kept not for the emoluments of individuals or
corporations, but for the single object of meeting with promptitude and
fidelity the obligations of the Government

Originally the departure in practice fix)m this theory was not in any
case, even in imphed terms, allowed by Congre^. It was permittea
only by early construction of the Treasiuy Department, and m relation
to deposite banks alone, for the benefit, through them, of the mercantile
interest, which constituted their principal customers and owners. But
since the extinguishment of the national debt, and the accumulation of
large balances m the Treasury, this departure has been expressly sanc-
tioned by Congress in the deposite act of 1836, and has tended, very
unde^gnedly, without doubt, to place the Government in the invidious
attitude of a creat money-lender of its current fiinds rather than of a
surplus, and mat for the apparent benefit, not of public bodies, such ais
States or of all persons equally, but of particular corporations and
particular classes of society immediately connected with them. Besides
this, the public servants, however scrupulous, have thus become exposed
to the grossest imputations of fiivoritism, partiality, and comiptidn, in
making these indirect loans. A radical change m the system in dus
lespect is therefore very desirable, and by preventing any individual
<m: corporate employment of the public money, would render both the
possession and the siqperintendence of it, which are now objects of Just
jealousy, but mere naked powers, and, by their ffreat responsibility,
dangerous only to their possessors. They would become entirely
useless for either poKtical influence or private emolument, and could
contribute nothing to the depraved appetite of the age for power and
speculation.

But important as are the eventual ^safety of the pubUc money, and
puri^ of character in its management, it must be manifest fi'om the
remarics already made, and fix)m the warning events of the last two
years, that legislation should look not only to them, but much forther.

Recent occurrences have shown that the whole treasure of the United
States when intrusted to banks is liable in critical periods to be swept at
once fix»m the use and control of the General Government.

The good feith of the Union may thus be suddenly placed in extremcJ
jeopardy. Indeed it will be fortunate if the accumulated ills of a broken
pQblic credit throughout the land are not actually added, and are not

Digitized by LjOOQIC

.yitaXfii xm the W)or an4 puwuits of tjip^ whol^ peqpfe. It fiJJ9W% ^re-
Jbi^, (thp9i|g(i bai^Jdi^g ija^txtutioiishave never been regarded by the undep-
^gpn^d as a pla^ of agents ^emerally unaaf^t when jiooking to eventual
loBsest and though the additional securities and prQhibitio|i& before men^
tioned mig^t he ineprporated into some system of banks, but with less
facility than into the plan of an Independent Treasury,) that the great
and widerQpcead dan^r experienced of late fix>m the employment of
panka qb fiscal depositories is one which ought if possible to be avoided*.
A^sing as it does from their Uability to a general suspension of specie
.payments^ the individual officers who hold money in deposite are exposed
tq. np such calamity; and when the recent suspension happened, the
ppecie in the possession of many of them pioved exceedingly jseg^nabte
and useful in discharging the public oblig9.tiops in the mani^er ini^pera-
tively required by law. Though an apparent security against some of
the mortifying embarrassments resulting from such a general suspension
might be ol^mned by adopting a system of special deposites, yet m order
.^ render sucl]^. deposites convenient in fiscajToperations, the banks must,
ajs heretofore explained, have ^cess to the funds,^ and be tempted in an
emeigeucy to use tffem. The changes which have been proposed in
keepmg tne public money by an Independent Treasury would entirely
obviate most of thesp dangers.

If individual agents were chiefly employed, if the several checka and
secmities proposed were adoptea, ana if the use of the public mioney
for private purposes were prohibited under severe penalties, candor nmsji
concede that there woijd be much less tendency to any of the evils
heretofore described, and none to the greatest of all disaJsters in fiscal
agents — a general refusal to meet their liabihties in a legal manner.

No caaise either for special favor or hostility between the hsifiks an4
the Government would then exist. Without any alliance offensive or
defensive between them, an appropriate and occasional use would still
be made of (he banks by the Trelisury, as is done by. others, whenever
convenience should require it. But neither party would be forced into
Q. species of vassalage— a constant, necessary, and dependent connection,
which in the recent crisis has been found npt only peruqus to publip credit
but derogatory to one of the parties, and subjecting both to x^ntinuc^
imputations of those unworthy influences so disreputable to the commu*
nity as well as the Government.

On the whole, it is apparent that the system of anindependent Treasury
is more plain and simple in its arrangements than any other, and mudb
more accordant with tnat originally in use after the adoption of the Con-
atttution.

. It is truer to the spirit of that sacred instrument, and those plementqry
^elf-sustaininff princijies which belong to an independent governments

It is more Ecee fix^m several fomidable dangers; and under the addir
tional gu£)xds and restrictions proposed is llSely to unite all attainable
security witii ejficiency and punty m the custody of the public funds.

In fine, ejqierienqe has fuinisbed satisfactory proof that the collecting
Queers pan in most places keep ^d disburse as weU a& collept the public
quos, wWiout great inconyewenpe } and that the exclusive employment
9^ banka.^ d^^c^sibe agents, though no^ jtegaird^d af compsLratiyely un^e

Digitized by i^OOQ IC

SfiW^J SE0RET4»y W THE TREASURY. 190

in relatim to cns^fttaal pajroirat,}|i9^pfO¥^an^)iand^ii^

m other Ji^pectp^ and ia qwwcaeftfliy , provided a few additionj^ receivers

9ad the additkiaal re^ul^tioaaf cbe»ck^ i^id seqipidqs which have be^^

I

QU ON. raVSIUUn IGSCBLLA^fS^TO Bl^TT^Jifif

S^aiate £epi^t0 wiU sooQ be made on vi»ioM3 othier jQ^
uaten^ confided to the charge of this DepartmexU;*

These will include one on the pro^Q^^ made in the maiui^ture of
we%h$s and nie$^ureg| and their aistnh^tion among the different Stat^w
and custom-housesy as well as on the important survey of the Atlaola^
coast of thB Uivied States. Another will be sabmitted cm the erection
ai|d discontinuance of light-houses; and others on the affairs of the Gen-
eral Land Office, and the Mint and its branches.

Sinc^ last Pecember tiie su^th instalment due from Frvico^ and the
fifth &om Naples, for indemnities, after being punctually paid, have been
transferred to this country, and distributed among the claimants. Notice
has also been recently received that the arrearages of interest due bora
France upon the first four imtalments have been paid, and the amount,
exceeding a million of firancs, will forthwith be adjusted with those enti-
ced to it

The Smithsonian lage^y^ amountii^ to more than half ^ million of
dollars, has been received and invested. For particulars, reference gan
be had to a special report which will be made to the President and l^iid
before Congress, under a resolution of the House of Representatives.

At an early day it is intended to submit to that House a valuable
collection of mcts, in compliance with its resolution calling for infonpn-
tjpa oMic^ming the numoer of steamboats, locomotives, and other
machineiy moved by steam within the United States, as well as the
Muaes m the e^qplosion in steam-boilers, and various matters connected
with that interestm^ subject

Such other questuHis of minor importance as have been iceferred to Hm
cffioe will be answered as early as practicable*

It is hoped that the undersigned will not b^ regiurded as too importu^
mte if he Again represses an earnest desire for a relorgaxuKation of tbf
Treasnry Depoatment

With some dight changes, rendered proper by new legislation finw
183fi, the less complex and more efficient system at that time, recom-
pi^^uled in a separate report would be s^ great improvement

That portion of it proposing a separation of the duties of Commissioner
4if the CnsU)ms ftom those of comptrolling accounts, and requiring tb^
undivided attmtion of one bureau to each subject is of the most pressing
importance, and would greatly conduce to promptitude, exactness, and
skul in the respective business of each.

' An alteration in the commencem^it of the fiscal year, and a revisits
c{ the number and compensation of custom-house officers, and also of
several laws connected with the collection of the imposts, are measures
still as desirable as when they were heretofore submitted to the consid-
aatifm of Congress. Some legal provision on the sutgect of return

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900 BEPOETB OF TfiE [1898.

dtitieSy regdatHigllie man&er of keeping diem while mid^ piolest, and
die mode of repayment, is necessaiy to remove doidits and pnHnote the
public security. The en^doymeot of more boys in the.m^chant service
IS in 8(HDe degree connected with the castoms,on acconntctf itstendoicy
to affi>rd addmonal protection to the lives and prcqperty engaged in com-
merce, as well as to improve the morals of mariners and prevent smog-
gli^, mutinies, and piracies.

The encouragement bylaw of such an acouisition to the marine of our
countiy by ooaa bringing into active usefiilness a class of intelligent,
virtuous, and able seamen, would tend materially to avert some c» the
numerous evils from that quarter which now bear upon commeidftt
energy and prosperity.

Respectfully, youre, LEVI WOODBURY,

SecrOanf of the Treanaj.

Hem. R. M. Johnson,

Vke PretidefU of the United SMee^ and President of the Senate.

LIST OF DOCUMENTS.

1. Expenditures of the first three quarters of 1838, mariced A.

2. Statement of imports and e^pcnts for 1838, maiked C.

3. Circulars as to the kind of mon^ recrivable, D and E.

4. Comparative table of bank circumtion, F.
6. Imports and exports of specie in 1838, 6.

6. Amount subject to draft m deposite banks, H.

7. Condition of deposite banks, L

8. Amount subject to draft in the hands of collectors and receivers oi

public money, J.

9. List of late deposite banks employed as special depositories, widi

amount subject to draft in each, K.
l6. List of banks holding public money in special deposite derived fiom

debts due bv banks to the United States, with the amount in each

subject to draft, L.
11. List of banks in de&ult previous to 1834, and die sums due from

each to the United States, exclusive of interest, M.
Id. List of banks selected as depositories under the act of 23d June,

1836, which gave bonds for the sums of public money held by
them on taking the credit authorized by the act of 16th Octob^,

1837, and the sums now due fiom esu^h, N.

18. Circular respecting the safe keeping of the public mcHiey, issued oa
the adjournment of the last session of Congress, O.

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188&} SECRETAKT OF tBE TBEASURT. MSL

SiatemeiU of Expendkures rfih» Vnitei Suoes^ exclusive of the Trm^ JPtnub,
from 1^ (fJammry to S(Hh ofSeptember^ 1838.

OITIL, BflSCELLANBOUS, JUa> pOBBiaK nrPEB^

L^slature •893,808- 20

Executive Departments ^ 668,540 72

Qfficersand clerks of the Mint^aodbmiiches. 17,194 78

Surveyors and their clerks 33,377 92

Secretary to sign patents for public lands. . 1,979 17

Commissitoer of the Public Buildings 1,725 00

Crovemments in the Territories of the United

States 54,306 71

Judiciary 298,117 92

--^1,959,049 49

Sundiy annuities, per acts of Congress 900 00

Ifint establishment 81,115 22

Suppc»t and maintenance of light-houses, &c 249,814 36

Building %ht-houses,&c....... 103,129 8»

Surveying the coast of the United States... 62^691 82

Surveys of public lands 88,793 46

Registers and receivers of land offices ^ ^ • . > 760 00 -

Keepers of the public archives in Florida . . 750 00

Repayment for lands erroneously sold 18,729 81

Ifarine hospital establishment 83,653 00

Bfarine hospital at Mdbile 4,000 00

Roads and canals within the State of

Indiana ;.. 16,000 00

Roads and canals witMn the State of Mis-
sissippi 6,900 00

Roads and canals within the State of

WBchigan 4,994 96

Furniture for ibe President's house 678 27

Public buildings, &;c., in Washington. .... 201,858 50

Penitentiaiy in the Distript of Columbia* . 7,000 00

Completion of tiie Al^Eaadria canal 75,000 00

Relief of the several corporate cities in the

iHstrict of Columbia 66;370 99

Biailding custom-houses and -warehouses^ a. - - 165)375 17

Documentary History of the Revolution . • * 20,000 00

ReBef of sundiy individuals .. ^ ..*.--.. . 92,485 09

PavnwBntfor horses, &c ^ 28,456 67

Additional compensation to collectors, &c. . 64,404, 04

Debentures and other charges. 4 • 315,181 06

Patent fund.... .... 80,267 00

Registers of ships and vessels, and lists of

ciewt. -*w ..- 4,000 00

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OK BKPOfCTB OF TBE fllW.

Expenses incident to issuing Treascuy

notes : $10,661 86

B^iefof certain inhabitants of East Florida. 111,558 25

JGtcdliuie^^us - 1^M2 69

» ■ $1,905,031 60

Salaries of Ministers of the United States . . 28,500 00

BalariesofS^cwtqaies of I^egalknEi^ ..>.«. ^ ^MO 09

Salaries of Charges d'Afl&ires 84,816 44

Outfit and salary of dipbioatic agent to

Texas.. ^... S,S6X 89

Outfit of Minister of the United SUUtos 9,900 00 .

Outfits of Chai]g*s d'Aflfeires , , . , 9,000 00

Contingent expenses of missiocis ab]K>adi . , 11,669 SO
Salaiy of dragomaii to Turkey, and omtin-

gencies 1,647 76

Contingent expenses of foreign iQt^rcQurs^. .11,272 80

Salaries of consuls at Lrnidop and Paris^.* 4)000 09

j8dwf aiki prot^tjon of American seamen. 85,711 91
Allowance for clerk hire, &c„ Ajoericaa

consulate at London ...^..^,^.,, 9)$78 09

Intercourse with Barfaaiy Powers^ . » 6,187 81

Expenses of commission und^r conyeotioa

with the Queen of Spain.... 2^77 85

Carrying into effect tne 4th tgrticle of 1^^

treaty with Spaan 1,884 40

165,698 U

^•*^

>tJBLlC DEBT.

Interest on the ftmded debt 1|001 81

Redemption of the 8 per cent, stock* . ^ « • • 215 37

Reimbursement o£ Treasury notes issued

per act of 12th October, 1887 4,2794W> 48

Remibursememt of Treasuiy notes issued

per act of 2l8t May, 1838, 58,151 881

Interest on Treasury notes issued per act of

12th October, 1837 7,698 48

Interest on Treasury notes issued por act <if

21stMay, 1888 104 91

■ ■M.ri 4,840,657 79

MILITARY ESTABLISHMENT.

ParoftheArmy , 951,899 89

Subsistence of offioero., ,..«,. p. ^. 848,560 91

Subsistence department ,,^^n««.^aa% 608,966 55

Quartermaster's depajtment^^^^..^^.^^^ 287,159 30
Incidental expenses of the q\iartenBa#te{^a

department. ,.,.*...*%%* 71,702 36

Transportation of officers' bagg9gQ^^^^%«^ 40,547 64

Transportation of the Army., ..*.,,.,..• 188^56254

Forage ,,,,...4.., . iPt^ST 89

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Payments ui IfQU (^ ck^hing fi)r di^iiarged ...

soldiers ..•^.,,^,.,.w 27,338 Od "

C\oiiang{oT(^^t^^ 17,721 48

Two months' es^xapay to reenlisted soldiers 25,248 95

Ck)ntinffendes pf t$e Aimy...../.....,, 4,947 83

Mediccu and bcMpital depsutm^^^ 24,134 46

Arrearages jmor to 1st July, 1816 2,972 76

Invalid and naif-pay pensioi^rs... r* **>••: -I. 166,281 63.

Pensions to widows and orphans 4,902 93 .

Pensions to widows and orphans, per act

of4thJnly^l836 ..,..,,.-.:. $90,810 49.

Bevdutionaiy peipioQS, per act 18th Alarch

1818 ...,.,...,....:...,....... 276,763 14

Wegt P&iiu Acadmy.

Pay of (^cers, cadets, and mnsknans. . . « 89,064 W

Subsistence of offieers and cadets. ^ . . 29,946 00

Fora^ for officers' horses 1^318 00

Clothmg for officers' senrantsl... 337 00

Fuel, fimijBie, stationery, printing, Apq 7,647 60

Pay ofadjutanCs' and Quartermasters' clerics 476 00

Expenses of the boara of visitors. « 2,696 79 '

R^Mtks and improvements of buildings,

grounds, &a ». 3fiS8 75

Miscellaneous and incidental escpeasest . . * l^S 7-5

Increase and expenses of library 400 00

Erectkm (tf a bunding for recitation and mili*

taiy exercises 18,254 60

ErecticHi of abam and pubhcataUes^.... 600 00

Pnnting and binding the reflations' : S60 00

Reconstruction of the buudings finr the

libraiy, &c.»degtioyedbyfire ^.. 13,000 00

Arsenals ,,..,,.,•,; 129,636 20

Supplying arsenals with cndnance stores. . 79,399 92
Payment of taxes on the United States aise-

nalontheSdbuylkill ..^ ^ 1,^60 00

Bmairs and improvements of the in^^enal ^

Chaikston..^...^^ ,.,,...,,... 4,4(^)00

Purchase of site^? ^pd construction of arse*

nals in Ajkan#ui,]MKssouri, and Tennessee 6»679 8d
Purchase of land, &X3., at MMat Yermp

aisenal, Alatwna.n -----r - 2,221 66^

Ma^lBzine at the arsenal at 3aton BjofiigQ^^ , 6,000 00

Clamis of the State of Connecticut. ...... 66,923 70

Tennessee volunteers, liabilitiea iotcurred

by Governor Cannon ,•,..* ^, * , , ^^3 23

Arming and eqfmmff^ ipilitia 212,685 49

Accoutrements of the Army.-, ^ ^.,. 4,063 00

0^dnanceservw»^n^T---•,tt-.l-.•.tt^..'l .406,^72 00

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204 ^ REPORTS OF THE [1888*

Purchaae of light field-artillery, ftja . , , $84,977 79

National armories.... 281,900 00

River wall, tilt hammer shop, &c.. Harper's

Ferry 500 00

Hospitals..... 10,429 76

Pmx^hase of gunpowder 82,775 51 •

Copper rifle flasks . . ' 11,000 00

Percussi(Hi cannon locks 16,000 00

Elevating machines for barbette and case-

mentcarriages 214 46

Armament of fortifications 106,988 29

Repairs and contingencies of fortificatbns. . 8,098 66

Fort Adams, Rhode Island 28,000 00

Fort Calhoun, Virginia 16,800 OO

Fort Delaware, Delaware river 83,480 00

Fort Caswell, Oak Island, North CaioUna. 7,800 00
Fort Schuyler, Throgff's Neck, New York. 90,000 00
Fort Warren, George's Island^ Massachu-
setts 66,000 00

Fort Pulaski, Cockspur Island, (Georgia. . • 48,670 69 •

Fort on Foster's Bank, Fterida. • . 1 16,600 00

Fort BfcHenry, Redoubt Wood, and Co-
vington Battery, Maiyland 7,672 60

Fort on the Arkansas frontier 6,800 00

Erection of a fence round the burying

ground of Fort Gibson 600 00

Preservation of Castle Island, and repairs

of Fort Indejpendence 26,000 00

Fortifications en Charleston, and preserva-
tion of the site <^ Fort Moultrie 68,664 66

Purchase of charter right to bridge acioss

Mill creek. Fort Monroe 4,000 00

Repairing Fort Niagara, New York 2,000 00

Fortifications at New London harbor, Con-
necticut 2,000 00

Incidental expenses of fortifications, and

purchase ot lands in their neighborhood 916 00
Barracks, quarters, storehouses, &c«, at

Fort Jesup, Louisiana 10,000 00

Barracks, quarters, storehouses 110,610 60

Breakwater at the mouth of Delaware bay 69,000 00
Breakwater at Stamford's ledge, Portland

harbor, Maine. . ^ 6,098 00

Breakwater at Church's Cove harbor, in

the town of Little Compton , 2,778 70

Breakwater at Sandy bay, Massachusetts. 6,000 00
Breakwater and pier at me harbor of Bur-
lington, Vermont 14,000 00

Pier and breakwater at the mouth of the

St. Jois^h's, Mcfaigan 18^784 00

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1888.] SECRETARY OP THE TREASURY. SM

Breakwater and pier at the harbor of Plattp-

burg, New Yorft. $9,137 00

Constructing two piers, and impiOYing the
navigation at the mouth ol Vermilion
river, Ohio 7,500 00

Pier at the entrance of Kennebunk river,
Maine. 2,425 00

Pier to give direction to the Mississippi river

near St. Louis ^ 47,166 88

Pier fmd mole at Oswego, New York 12,569 82

Deepening the channel of the Cocheco lead-
ing into Dover harbor 1,700 00

Deepeningthe channel of the river Thames,

Connecticut •*..... 4,600 00

Deepening the channel between the islands
ot North and South Hero, near St. Albans,
VemKmt. . - - 4,000 00 .

Building icebreaker on Staten Island, New
York 9,600 00

Securing beach at Ciedar Point, in Connec-
ticut 160 00

Works at the mouth of Genesee river, New
York 8,600 00

Improving the harbor of Presque Isle, Penn-
sylvania :.. 8,600 00

Improving the harbor of Chicago, Illinois. . 9,000 00

Improving the harbor of Dunki]±, New York 6,^00 00

Improving the harbor at the mouth of Bass

nver, Massachusetts 8,050 00

Improving the harbor of Saybrook, Connec-

bcut , 4,290 00

* Improvmg theharbcMrof Westport, Connec-
ticut.. '. 1,700.00

Improving the harbor of Portland, on Lake

Erie,NewY<wrk 18,439 46

Improving the harbor, at the mouth of Sal-
mon river, on Lake Ontario, New York. . 8,081 00

Improving the harbor at the mouth of Oak . <^

Orchard creek, JJew York. 6,000 00

Improving the harbor at the mouth of Black

mcr. New York 7,^8100

improving the harbor at the mouth of Cat-
taraugus creek, <» Lake Erie, New York, 12,Q41 00

Improvmg the harbor of New Brunswidc,

New Jersey 6,963 00

Improving the entrance of Whitehall harbor,

on Lake Champlain. 2,600 00

Opening a passage, between Beau£>rt and
Pamfico Soui^d, and improving New
Bnmswidt, ^....^ 12,600 00

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S06 ftfePOfe^ or TBBfc [1888.

Conatmction of a hjirixff at MrcKgto Oity,

Indiana ; ...v ...% •..i-. .. i. i -ii tl8,886 60

Improymg the harbor of New Gastle, Dete-

ware. 7^000 06

Removing sand bar in the faaribior of New

Bedfoid, Massachusetts i 600 00

Improvii^ the harbor of Wihnington, Del»-

ware 3,000 00

Deepening the harbor of Bahknoie, Mar3^

land : ./. w '6,011 00

Improviug the hailbor of Mobile, Alabama. 6,000 00
Improving the harbotr ofClevdaad, Ohio. . 24,^90 00
Improving the harbor at the mooth of the

nver Raisin, Miclugmi :..... i. 0,000 00

Improving the navigation of the Hudson

nver. New York..,. 48,660 2fr

Improving th^ navigation of Cape Fear

nver. North Carohna. . . . - . 6,062 99

Improving the navigation of Cumb^aad

nver, Tennessee . .^ i . . 26;600 00

Improving the navigation of the Ohio^ ^

tween Pittsburg and the FaBft. 20,000 00

Improving the navigation of- the Ohio, ftfi»- ' fj

souri, and Mis^sipjn rivers 21,000 00

Improving the navigation of the Ohio and

Mississippi rivers, from LouisviHe to New

Orleans ... 21,087 00

Improving the navigation of the Mississippi *

river above the mouth, of the Ohio, and

the Missouri river 40^000 00

Improving die navigation, of &e Aitansas

nver 6,000 00

Improviuff the navigation of the inland

channcd between the St Mary's aiid St

John's.. : »,960 00

Improving the navigation of the natural

channels at the northern and southern

entrances of the Dismal Swamp canal. . 6,000 00'
Increasing die depth of water in tne moudi

of die Mississippi river. . : 181,000 00

Improving the navi^tion of Red river. . . • 70,000 00
Removing obstrucuons from Huton rivclr,

Ohio. ...1... I,2f6<r 00

Removing obstructions from Grand rrver,

Ohio * 7 , 1 48 00

Removing obstructions from Big Sodtmrbaj, -

New York'...-.:.. ...10^00000

RemovingobstructionsfromBladtriverjObiO 8,660 00
Removing obstructions from Cunnk^gfaam

dreekOhio* ...w........ 8,000 0»

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ISM.} SECRETARt Ot Vtm "fRtASCRY. . SW

Semoving obstructions firom Asbtftbolii -

creek, Ohio. .i..-i — -. ...... ... $3,370 00

BeHKivii^dbstructioiis from ConMant creek,

Ohio ....^.*. 3,500 00

Selection of sites for Marine hospitals on the

Mississippi and Ohio, and Lake Erie. . . 35 97

Improving the navigatbn of PaneJico or Tar

nver, telow Washington, Ji&rtk Carolina 1,000 00

Works at Bufl&lo harbor .........^ 10,260 00

Erecting a mound and sea-wall along the

peninsula which separates Lake Erie

from Bufl&lo creek. .;:..... 15,000 00

Preservation of Plymouth beach-. 4 i..... .1,200 00

Rebuilding U^-house on Brand jwwe

shoals- .^.. • 7,«)0 00

Light-house on Flynn'a knoll, near Sandy

Hook 2,69074

Boads and canals 13,9166 62 '

Cumberland road in Ohio, west of Zanes^

viUe 61,608 17

Cumbeiland ro^ in Itidiana 86,471 96

Cumberland road in Illinois 67,000 00

Bridge over Dunlap's creek, on<jumbeiland

rrad, in Pennsylvania 9,000 00

Bfilitary road from the Mississippi, between '

the mouths of St. Peter'^s and Des Moines

rivers, to Red river. 29^411 72

Road from the northern boimdaiy of Florida

to Appalachicola. 18,821 00

Mars Hill mihtaiy road 364 08

Mail route and post road through the

Creek country 1,644 60

Surveys of a mihtaty character, and for the

defence of the Atlantic and Western

frontiers :..........-.. 8,608 60

Survey of the railroad from AClwauMe to

Dubu<}ue 2,000 00

PreventingandsxJppressii^IndianhostiKties 994,223 27
Fora^ for dragoons, volunteers, officers, &c. . 869,976 36
Frd^t or transpolrtation into Florida or

Cherokee country 203,449 92

Wagons, carts... 86,226 20

Transportation of supplies, Sec 368,012 96

Miscellaneous and contingent charges • 467,289 60

Hire of corps of mechanics, &G. 79,384 40

Transport^ttion of four thousand volunteers 91,676 38
Drafts lying over, sfcnd aiTearafles foi servi-
ces in Florida, or the ChenStee cotmtiy l,044,6ftl 60
Pay of four thousand volunteers for 1838,

mdnding arreate^s &r 1837 947,966 34

Digitized by LnOOQ IC

998 B£P0^T6 OF THE [Ifl

Spbsistaice for militia, volunteevsy and

friendly Indians I $185,S34 29

Purchase of powder and other n^aterials

for cartridges 34,950 00

Correcting an error in paying Indians in the

public service in Florida .> . 7,776 63

Airearages of annuities for Cherokees 62,000 00

Protection of the northern frontier. ..,...« 342,683 86

Civilization of Indians -I 7,179 60

Pay of superintendents of Indian affairs and

Indian agents 7,940 76

Pay of sub-agents 6,943 66

Pay of interpreters. ... . 6,213 68

Presents to Indians 4,893 68

Provisions for Indians ^ 4,636 44

Contingencies 16,737 91

Salary of a clerk for the acting si^erintend-

ent, Western Territory 600 0&

Salary of a clerk for me superintendent, •

Wisconsin Territcny 400 00 ""

Fulfilling treaties ynth the Pottawatomies . 121,917 66
Fulfilhng treaties with the Pottawatomies

of Huron 400 00

Fulfilling treaties with the Pottawatomies of

Prairie.. 16,000 00

Fulfilling treaties with the Pottawatomies of

Wabash 20,000 00

Fulfilling treaties with the Pottawatomies of

Indiana 16,000 00

Fulfilling treaties with the Creeks 282,373 72

Fulfilling treaties with the Florida Indians 62,181 00
Fulfilling treaties with the Six Nations, New

York 4,600 00

Fulfilling treaties with the Sioux of IVCs-

sissippi .... 7,340 00

Fulfilling treaties with the Yancton and San-
tee Sibux. i, 3,980 00

Fulfilling treaties with the Sacs and Foxes 12,473 76
Fulfilling treaties with the Sacs and Foxes

of Missouri 3,280 00

Fulfilling treaties with the Sacs and Foxes

of Mississippi ... 40,780 00

Fulfilling treaties with. the Ottoes and Mis-

sourias ....... 4,430 00

Fulfilling treaties with the Omahas 3,680 OQ

Fulfilling treaties with tJie lowas. 34,430 00

Fulfilling treaties with the Choctaws 41,229 43

Fulfilling treatieis with the Sacs and Foxes,

Ipwas, Sioux, Omahas, and Ottoes and

Missourias.....,...,.-..,..^ ,., ,1,684 00

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SECRETIIIT tm 9IHE>1SEA8URT.

ISilfilliDg treaties with the Wjpndc^

seeSyandDdswfti^^A..^'..^..^^^..^^^^. . . .iaL»009 OQ
Futfilling treaties with the SdOM^aui^ of Bhi»

York v-y.....,.J 6jD0O 00

Fulfilling treaties with the Wyancfate*^.... 6y480 00

FnlfiUingtreatfestnr^AeOttawas U^ 00.

Fulfilling treaties with the Chdatiaii laiiia» 400 00

Fulfilling trealias«ri£b the Miamies.. 07»]jM) 60

Fulfilling treaties with the CbippewttSf Mb-

nominies, Wifartftbii^s, ana. Naw York. ....

Indians ^^^^^^^l^^^^ 760 00

Fulfilling treatfds f^Htii Urn Chippewas, Ot-

tawas, and PotttwralomieB ...l.^^^ 84|4)6 00

Fulfilling treaties with the MwciafiumiiM. » « . 81^630 00 .

Fulfilling trealm trifb the Winnebagoea,. . .38467 26

Fulfilling treaties i^rith the Qkmemw. ... 960 00
Fulfilling treaties with the Phippavas, erf"

Saainaw ^...^^^i.^.^^ iJKH> 00

Fulfilling trealiittitidd} the Kanzas .M60 00

Fulfilling treatieswith the 0«^^ J. ^^*^ 1^948 •^S

Fulfilling treaties with the Itickapoos^^^^ $4^0 00
Fulfilling treaties with the Kaakaskias aoA

Peorias...-i.j.L _• .^ .3>Q0O 00

Fulfilling treaties ktlth^ the Piankeshawa^^ 800 OD

Fulfilling treaties. with tiieWeas....^,,^* MOOOO .

Fulfilling treaties with the Delawaaec^. f^TBO 00

Fulfilling treaties with the Shttwneea. •<.. l '^JM 00

Fulfilling treaties with the Senecaa. 1,940 0» . .

Fulfilling treaties with the 4%awiieei' alid

Senecas..*... ...^ 1,890 QH^

Fulfilling treaties with the Ofaickasaws.... 063 00

Fulfilling treaties with the Qm^wa. . . . ^ IBfiBl 60 :

Fulfilling treaded with the P)a?wnee8--.-^ 0,800 00

Fulfilling treaties with the Ohevokeee^.^.* ) 6,617 60

Fulfilling treatibsiwith.the Caddoes lO^HlO 00

Fulfilling treaties with the OtteiPiraa add

ChippewaS^i.**.^JL • ..67^888 00

Fulfilling treMiei with the Eel Ktfem ^.. 1400 00

Current exposes of the Indiail dc^ftaiteeiit . 980 00

Miflcellaneoue oWects .3,286.90

Subscription to ^e Indian Badgrapkf^. ^4. 800 00 '

Expenses of Indiaiiiiiedals I. ^SjOM 3L

En^enses of delegation of Jcml^aa, Yanefon

&OUX, andSaes and Foxes-in 1837.. .: 6,M3 18
Expenses of detegatiDn of Paw-nees, .Ol^
toes,andMiBSoariasandC)makM,inl'a87 8,996 97
For value of impiavettients'on^lands cedi^

byMiamies - -.-• 808 00

Carrying into fefiert tamXY with Chippewas i

of Saipu^ 1887-%...;.!. •..••_ lOifiW 61 :

Vol. IV.^14. Digitized by GoOglC

sie ' BEEPomns cr tbe [ma

Canying into effect treaty wkk Chqqp^rwu . '-1

of Mississippi, m 18W -^ J $183,000 00

Canying into eflfect treaty wiA Stoux of- i I

Mississippi, in 1887 - 132,000.00.. . i'

Canying into effect treaty with Sacs and '\

Foxes of Mississippi, in 1837 J8,860 00

Canying into effect treaty with' Sacs and

Foxes of Missouri, in 1837 2,600 00

Carrying into eflfect treaty with Ymnotcni '

and Santee Sioux ^. , 4,000 00

Carrying into eflfect treaty witLWiaoebar ...

goes ei4,8d0 64

Carrying into eflfect treaty with lowas. * • * 3,600 00 >

Canying into eflfect treaty with Oneidas at

GreenBay 2,646 6*

Payment to the Choctaws far dejuedatioiiis 826 00

Expenses attending the negotiation of tbe

treaty with Senecas and other bands of .

New York Indians,. 8,1W 86

Expenses of submitting the Seneca treaty '1

tor the assent of the tribes 1,000 00

Negotiation with the Miami Indians 870 00 . i

Treaty stipulations- -«... 166 62 .

Education of Indian youths 2,611 OOi i I

Transportation and m^idental expenses. . . 38,983 18 1

Removal and subsistence of Indjaas 261,124 23 I

Holding treaties w(di certain Indian tribes, f

per act Uth Jnne, 1836 1,166 94 J

Carrying into eflfect treaty with the Che0»- \

kees of 29A December, 1836 870437 43 . .

Carrying into eflfect treaty with the Ottowa - i I

and Chippewa fodians of 28th March, l

and supplementaryact of March 81, 1836, 20,712 41
Expenses of removing Choctaw Indians

from AGssissippi 11,090 00 i

Fulfilling treaties with the Osages, per act t

6th Januaiy,18S8 12,000 .00

Completing medal for General Bipley. 1 . • 210 00^: »> ;

Expenses of medab and swODdaftrCrbghaa ^ ^ ^

and others 200 00.

Pay to Adam Echfeldt for medals to ofl&>

cers, per act 16th April, 1838. 1,008 86

Balance due to the heu-s of William ftfel-

drum, per act eA April, 1838* ; . . . 268 6S i

Relief of sundry individuals 90,968 10 '

Virginiaclaim8,per act 6th Juljr, 1832... . 38,119 1*^
Revolutionary claims, per act 16tti May, 1828 76,199 a9
Revolutionary pensions, per act -7tk June,. . .

1832 846,872 7ft )

Unclaimed pensions, per act 6th April, 1838 30,912 62

Dlgiiized&yGOdgle

SECRETAET OB THE TRBASURY.

Commissioners to adjust claims, under the

treaty with the Choctaws -. tt7,41« 57'

$16,000,780 26

From which deduct the following repay- ...

ments, viz:

Fort Monroe, Virginia

$304 32 .

Bemoval of light-house on

*

Goat Island

6 76- - .. io ;•

, Removing the wreck in the

1

harbor of New Bedford. .

166 73

Arrearages of astronomical

observations '

88 69 .

Vdunteers, and an additional

regiment of dragoons '

«^440 90 .

Repressing Seminole hostil-

ities ..•••...•

8i,677 91

Suppressing hostilities of
Cr^k Indians

1,481 73

Blacksmiths' estabUshments

603 49

Indian annuities

406 00 . .

Purchase of iron, steel, coal,
&c

Carr^rin^ into eflfect treaty
with me Cherokees, per act
4di June, 1832

Treaty widi the Cherokees,
per act 2d March, 1831. .

Canyin^ into efl^t treaty
with me Pottawatomies of
1832,.

Treaty with the Pawnees, per
act 28th June, 1833

Treaty with the Shawnees,
per act 4th June, 1832. . .

C<»nmission west, per act
28th June, 1834

Pawnees, Ottoe^fuid Missou-
rias, per act28th June, 1834

Senecas and Shawnees, per
act 4th June, 1832 •

Pay of the Army, and subsist-
ence of officers

Bounties and premiums .

Pay due the executive staff of
the (jovemor of Tennessee

Tennessee volunteers, mus-
tered into service by (Jov-
emor Cannon's proclama-
tioQ of 28th Aprfl, 1836..

978 69

546 79.
11 00

14,820 1&

1,336 20

84 00

38 03

^ 131 27

. 268 74 .

232 66
426 08

384 43

<6,494 43.

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Complelb^ steam vesaels buflding at the •

navy-yard at Biooklyn.... t(s078 M

Arrearages of survey of the coast and har-
bors of the United States • 166 M

ReKef of Charles Blake 180 00

Relief of Daniel T. Patterson: 8>891 00

Reliefof Abraham Lansing. 108 96

Pay and subsistence of the marine corps. . 108^991 76
Subsistence of non-oHnmissioned (^cers,

8cc.i serving on shore 19,766 09

Clothing 48,454 44

Medicines and husintal stores. .••••••.••• 8|301 88

Fuel 16,863 44

Military stcnres *. :« 1,513 84

Contingent expenses 16,709 04

Transportation and ilBcruhing. ^ ^ * «. ^ . . . • 3,991 77

Repairs of barracks 4.44.-.^ 5,068 68

From which deduct die f(d]owiog- repay-
ments, viz :

Powder magazine at Pensaccda » $0 10

Brick wall or enclosure. Peases

cola 4v^^8eo 00

Gradual increase of the Navy^^^ - 108 83
Repairs of sloops of war. . . . .-. S33 50

Irontanks v.. 92 50

Surveying and exploring expedi-
tion to the Pacific «,866 48

Arrearages to captains and itlb-

altems, marine corps -wv 1>049 81

-$4,337,806 77

11,645 56
4,S»^6eS 21

$88,4&i',91» 68

TbBASURT DsPABmifT, .

Rboistbk'» OjrPicB, MntctiUfer 3Q, 1838. .

A sUUement eoAibuing the value ^^In^porU mnd JSsporto imit^ ike
ciid ytor ending on the dOtk ff Stf^mbcTf IMS.

Imported merchandise free of dtity $60,146,060 Ofl[

Imported merchandise paying duty ad valorem 28,650,000 00

Imported merchandise paying a^cific duties 29,204,000 00

Value of imports . : • $1 12,000,000 OQ

* ' " ■ LI ■ ' ' -^

Digitized byi^OOQlC

IBSK] 8ECRETAS7 m THB TRSASURT. ifd

QMdktadisefieeof dntj ...:. |B^ia)M« 00

Sxpbtted merciiaiHUfle payihg duty ad ..: 2,09<MHI0 00

Btxpoited m^ckandise payii^ specific dtiQr 2,387,900 00

Foreign merchandise -> 12,470,000 00

Domestic produce, &a ♦. 90,666,000 00

$108,13^,000 00
TmBASVKT DBPASTBfEirr, • ■■ ■'. ■ ■"

RamsTBR's Ofpiob, Ihember 3, 1888.

T. L. SMITH, Jfe^ti^.

D.

Ciretiat to off C&Omcv^ and Remwn 9f Putlic Moiuy.

Trsa3XJ^t D^^as^buu^t, June 1, 1838.

By a resoliitidn,pa»edtke 3l6t ultimfcn Congress has declared, <^ that
'it shall not be lawfbl fyt the 8terel»iy of the Treiasury to make, or to
* continue in force, any general order which shall create any diflference
'between the difl^eict bninohea of revenue, as to the money 6r medium
'of payment in which ddbis or <bies^ aoecidng to the United States, cttay
*bepaid."

To cany this readhiticHi into effect, it has become necessary to issue
Bpw instnicticHis to collect(»9 and iJeceiTers of public money*

By the present laws, €npecie and Treasury notes alone aore ex[»esflfy
Bttda receivabfe fiv all kinds ci public dues, and you will of course
amdnue to take them till otherwise instructed.

A ciieular was issued, under, the direction of die President of the
United States, on the 11th of July, 1836, which, aAer a certain period,
prohibited any correocy from beingtaken in payment of the public lends
ezce)^ specie^ no anthofiQr for the issue of Treasury nolea being then
in exist«(iee« ,

This ciioular did not order dny/difieient medium to be taken for
duties) ybt the various reasons cbi^ned in it were not applicaMe to the
revenue fitun olMtomsy and a practice had existed bei>re, and has been
continued since, to receive bank notes of a certain character in payment
of duties. *

In tins oondyiion of things^ and wi^Hmt any new legidation eitli^ to
extend the provisions (A that cireular to every braach of the revenue* or
ii>'ab(^ish the practice of taking bank, notes for any branch of it. Con--
gien directed, by the resdkition above quoted^ that no difference or dis«
elimination shall be created or condnued in force by any general' order
emanating fiom this Department. It haa thus been made the imperative
duty of the Secretary of the Treaaunr to either require the o^ectiiHi of
^ whole levenuei in dl its branchMt in gold, or silver, or Treasury
Bote% ot to permit^ under sueh restrictions as the existbi^ laws impose^
asd aa the safety of the public money may seem to requute, the acoeptp
•Ma.of haak liotiris foclattda soU at weH aa for othtf p«Mic du$«<

Digitized byi^OOQlC

' B6W6VW dtsiraMe it loay be, oa atttne aocotmtSf iiwit Aciqchipte«rii[

Eayments^lhe (}«iieral Ooveramcnt viiaH be ia the cnuteoey |[>re¥ide3
K the CoDfldltttion, axid licmev^ ipexpedient il maj be to giTe midn&
^tkcouragement to a diflferent currency, which, by its fluctuations is^
^uaatity and value, dften renders th^ * wages of labor uncertain, give4
mstabifity to the vatue of property, arid thus enables the artful to accu-
mulate wealth at the expense of tk^ unwary, it is not believed that this
Department can find a sufficient warrant, iadieprooeedings of Ckwgti^ss
or m public opinion, to jtisdfy the sodden and total eiKskitieaii at this
time^ of ibe noteB kji specie-paying bsuiks from reception for public dues
of every description.

Important changes have also tahan place since July, 1836, in the con*
dition of the banks and of buuness generally, which have diminished
the necessity for unusual checks on excesses and overactions.

Influenced by these considerations, and by a desire to accommodate the
public dehboni as ftriiB is compatible vntk Ae re^tactkxm of law and
the safety of the pecuniary interests committed to my care, I feel bound
to enforce the uimonnity now required, by availing myself of the dct-
mksion fn the lesriution of 181^ to reod^e &e noles of >)dnks, and by
extendkig, under suitable limitatioiis, dm receipt ^ wach adtes equa%*
to all branchas (^ the pobhe zavcnue.

The hmitasdons as to the cbaimcter of tlm iwteis nceiv^lef itSU blor
such as sxe requite by expwas lawa, or hf necessanr implieaitioii.
Some of these limitations have always, except at one brief interval, bemr
adopted in pmctice shiee the fofmation df the Constteition, and are
deemed essential to maintain a sound: etmenc^, so indispensable to llis
prosperity of tm«le and a healthy state of pubtic moroh* Otbem hcive
Men introdttoed tnone feeeotly to promote fiscal oon^enieneey ihe poiUio
security, and an equal standard oi value* • »

1st. rou ipnS, in eonfonnily to the ob^rkms fafUBBi of tke teMotioA of
ISlOj Uake such bank notes omy as tu» *^ payable, and paid cm demand^
in ibe legkl cunteac^ of the United States.'^

adi. You win eeoem none of a less dtonomiimtkilitina twenQr
the reception of all smaller denominations being virtually pitdiibited b^
^ second section of the act of Apiil 14tht 1886, tvhioi ibtbids theu:
h^/ag paid out to any creditor of tbe Umted States^ Tkkigb smaiiiti>
notes ofl^red for dtrties could, from the nearness of banks in aoost satH
porte, be tskea, and cnsify exchanged beftv&middfig
the remoteness of many land offices &om banl^, this could not b0
€fibcied there ^Rrithouc much delay and expense i and asi wdfonniQr is
low reqaired, the provision must be tnadie ^eitil.

dd* Nor win vbii aocept iMtnk notea of airf denooiiiiatioii^ unless thd
same be *^payat)ie, on demand, in gdd cr s^er coin at tlkfbu»wkgr^
iifiMl,'^ and *< eqtiivaleiit to siiecie at thepbue wbne^^ leemved, as ia
substantially required by thebs^^nehtioned act ilk resjieot to payments^
Tliese requirements can, m the opnion of the ItefBsmxatf be enforced
trHh greater certainty, and uBoecassary rids said lass more snreljy
arfoidM, fay confining t^ jpece^ as has men the usage at some fonilaa
periods, to die notes ct banks situated vHdaa yoar Bmt and m idba
adjcnning fitates, ; The credit of these n6(BaeBBUsindfyiie4iMtr

Digitized byL^OOQlC

3M9^ SECBEUmf mi Vm 'HmJiBURY, m

cooBterfeits of t^im xoptp e9sSfy detepts^d^npA spexie t^f^^ tiieiv

with less delay when it Is waiil$i»d fcnr poHie. purposes. 1 J- \

4th. ToirwilTfiot ta]c» the notes cX, any bcubk whidi, s^e the 4di tf
July, 1836, has Issued 'Hmy note orbiSi of ^ less denomination thanfiiif'
dolhrs;'' the notes of edl s|ich banlMi tbeing expressly expluded by th^
eighth section of the! act of the 23d June, 1§36. <

Great care w3I be ei|)eG|ted fiom you ia^canyjng into efiect tliis aa^
all former circulars still in force; aad particQlarly is iteiydned thA
receivers be vigilaiit to famish every f^cSSty tc^ th|B registers for ptiaking
the (nonthly^examinatioiis, necendy lequiieav oi the fi^da and veuchei3i
OD hand, and to guard'it^nst the imposition upon the land oflSces of
bank notes not s«e or eauivafent to specie, and not well kiipiTm to be
receivabk according to tne spirit of tiiese instructions and the ms^ufeat
inteBti<His of the acts of CcNOgress which di^ coe designed to euibrce.

RfispeetfaHy, LgVlWOODBIJBX^^/S^crafy^^e Trcom^

Circular to all ColhcUn^ and JRsc^^s^Jt

TftBASfTiCT DsJ>4BT9[BNT, Aihf 6, 1838.

Cdngresff faavkig passed die following act, the fouirth limitation specified,
in the circular of this Department, issued . on the 1st day of June Iftst^
will be conttdered as modified so as to conform ta the present law:

AN ACV ^ n^tdify^elmt ciMue of tlie fifth Atciioii of ihe>de^nte ikst of the tw#nty-&iii-
of Jtne, %ht6eii husirad and IhiHyHOic.

Be k enacted ly the Sew^ie and Bpt&e ofIlg^e$entatwe$ of the TMt^Jt
8tat$$ ffAmericatn Congrett^ cumrMedj That tte last clause of the fifth,
section^f the act entitl^ "An act to regulate the depbsites of the pubUa
money," approved on tRe twent5r-third day of Jime, eighteen hundred
and ^ thir^-^x, declaring that the notes or biUs of no bank shall be
lecoved m payment of any debt due to the United States, which shalL
after the fourth 4ay of JTuly,, in fhe yleatooe thousand eight hundred ana
thirnr-six, issue any note or bill of a less denomination than five dollarsi
shall be, and the sai^ieis herebyv^o fiur modified as that the interdiction,
as to the reception of the bills ai^ notes shall not cobdnae against any
bank which has, since the said fourth day of Joly,^ in the year one thoi^
sand eiKht hundred and thirty-six, issued bills or notes of a less denomi^
nation tnan five dollars, or which shall issue any sifich bills or notes priof
to the fir^ day of October, in the year ei^teen huadred and thirty-eigh^
but that, Itom and after' the said last-mehtibned day, the bills or notes
of no faaj& jAiall be leceived in payment 0f ai^r dejlrt: due to the United
States, which b$nk shall, after that date, issvte, reissue, or pay out any
bill or note of a denomit^tion less than five ddlar^ [

Approved Ju^ 6y 1838* .' i ,'

Respectfiilly, \ LEVI WOODSiVKY^S^cr^t^ ^okTrtmtnf. \:

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Statement ex^ibi^i^ the vake of SuOian and Specie mpot;ted ami exfortei
durint m year aiding aH. the 3QA cf Sefptember^ 1838.

IMPORTtD.

BVLUON.

SraenB.

tTOa«

Si]T<r.

1837. 4th quarter. . . ^
183& Ist qu&rter, ...

1838. 2d qoArter^....
1838. •Sd quarter-;...

$22,978
83,364
62,7«l

437,10B

110«,746

107^773

4«bl43

l«;29d

$526,880

883,038

8,681,701

1,610,686

$1,360,360

l,261j897

1,969,964

898,400

296,220

281,966

11,401,766

EXPORTED.

1837. 4th quiuter. . . .

1838. Istqultster^...
1888. 2d quiuteir. ...
1838 *dd qutirteo:...*

$3»600

i. ?^gQ^

$373,282

171,631
66,837

726,383

6,470^611

$1,34»,168
168,037,
466,1<
^3^6981

2,646,968

Total imports -.. ,$17»460,642

Total exports ...^...^. ♦♦ *..... 3,274,8^8

Excess of imports j .. .r. ^ ... ^ .. ^ , ;:^ ..••..«.*......• J:. . . .$14,176,696

TBXASiTftT I>BP4aTsaiQr, NomitT 29, 1888.

iMt €f general IPe^mite Btinlfz and ^ amount in each sAjeet to Ara^^ ami
in accordance with rettrm received at the affke of the Tteatiurerj totheltt
December, 18t88. - ..

Brooklyn Bank, Brool^n, New Toijc.^- $23,160 39

Planter's Bank of Georgia^ Savahnali, Georgia 2,069 2S

Insurance Bank of Commbus, Cpltitnb\X9i (^rgia ^.. 3,699 60

Bank of the State of Missouri, Sk* Loui^ Missouri . . ^. . 164,101 73

• ' $213,030 88

Note. — ^Tbd Ccnam^rcial Bank of CiQciflnipiti, Ohio, did not avail of the
credit authorized i>y the act of October^ 1B37, buticontinued to pay the
drafts of the Treasuxer rmm die amount on generdl deposite theaem.
The amount ot gdn^rai (fepoate to ciedit of the Treasurer

of the United ^i.|es^ od the 1st iJantuuy, 1838, was . . . $402,196 09
The amount subject ^ draft, to credit ^ iii0 Treasurer of

die United dtates,:Oii tiie 1st of Dwcembet, 163$, is 68,$48 97

TBBASiTRSBfs OvwtCBt^ Ihc9mber 1^ 183S. ,

1 JOHN CA}tPBXJl^ Treamtrer 0/ the United J^ates.

t It. ,■ ■■ 1 111 1. ■■ m ■■■ 1 <i II li I ■ * I ■■

*The amount bf impotu «nd tixpdru for the Hlfld' (^foarter of 1838, is made up.from tht
WMkly retonia mad* hj Uhe.oalbcto|8t»ttoSecntaryer ike'immarf.

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1888^

SECRETAftY OF THB TRtASURY.

S37

J,

•n vftM. drt^ hmteftmn tfme to tinu heenpUctd,aitd an bUended to bt toMmuUxfar Hu (innrlv
wM the rtlwrm rteeitetf at i&w i^Ut %^ to Dttmier 3y 1638. . .

Dci*sof

Mtunu

State.

Town.

Collectors.

Alnount sub«»ct
lodraft.

Not. 24

Maine. ••«..•••••■

Portland

Burlington. ....

Gloucester.

fialem^

Bosto«r..,4*...«
FaURiTcr.....
Proridcnce.....

Bristol

New HaTSQ. . • •

Oswego

NewYorkw...

Baltimore......

Alexandria

Richmond.....

Petersbttig

Plymouth

Wifattington....

Charleston

New Orleans. . •
Mob^

John Anderson ........

#10,167 47

301 06

6,115 34

14,440 41

S7^692 14

9,283 59

19.859 00

9,640 00

11,162 69

2.60000

65,296 24

27,541 32

19,902 81

188 88

3255

1,219 97

100 00

9 67

29,592 70 .

1 92

66832

Oct. 1

Vvmont ••

AjxihibaldW,Hyds...v,
William Beach. . , ♦

Oct. 27

Massachusetts....
Massachusetts.*.^
Massachusetts,. , . .
Massachusetts. • . •

Rhode Mand

Rhode Island.....

Connecticut

New York

NewYorit.

PennsjlTania.....

MaryMd

Dist. of Oolumbia.
Virginia,.. «.....,.,

Virginia

North Carolina...
North Carolina..,
South Carolina. >«

Louisians

AlabanMu..tf.%fe.^

NoTw 3

James MiHer......

Not. 24
Not, 24
Not: 24
Not. 94
Not. 17
Not. 5
If or. m

Oeon*e Banooft. .......

Phineas W. Leland

W.R.Danforth. .......

Samuel S. Allen

William H. Ellis

George H. McWhorter . .
Jesse Ho^

Not. 96

GeofgeWolf.

Not. 24

William Prick

Not. 94

Georsv Brents .........

Not. 94
Not. 94
Not. 2<4
NbT. 91
Not. 94
Not. I9
Not. *

Thomas Nelsott

John W. Campbe^

Joseph Ramsey

L. H. Marstslfer

James R. Prinze.. .....

James W. Breedlove

John B. Hogan

#285,216 08

Date of
letnnt.

. State.

Town.

ReceiTers.

Amount subject
to draft.

Not. 24

Ohio. .;...•. '.'•..

Bucyrus

Lima. .••«.«...

Joseph H. Larwill

Wiffiam Bhickbom

Charles Humphreys. . .. .
JohnH. Vieni...

#430 00

93.251 77

9,613 98

98 98

901 56

7,032 79

7,673 03

5,787 17

485 01

789 53

503 68

441 26

224 08

5,701 08

1,650 44

446 62

205 16

6,074 74

32 15

9,019 40

13 14

97 94

3,024 02

2,521 08

245 78

663 70

6,535 24

4^355 25

14,580 93

8,203 25

N6t. 17

Ohio ••.M......f

Ohio

Not. 94

Marietta

SteubenTOIe. . • .

Wooster

Zanesville

Chicago.

Shawneetown . .
Cahdba......#.

Huntsrille

Sparta

Oct. 31

Ohio

Bept. 8
Not. 94

OWa..

James Findleir. .........

Ohio

John Hall...

Not. 10

Illinois

E. D. T«rlo£..

Not. 3

Dlinois ..........

St«phen R. Rowan

MdtthewGayle

July 91
Not. 19

Alabama...

Alabama

Samuel Cruse. .........

Not. 10

Alabama.

Alabama. .••«••*.

A. D. Carey ,

Not. 19

Tuscaloosa....;
Chocchuma ....

Columbus ^

Washington....

Bfonsoo •..'....

Detroit

Monroe.

Saganaw.

BatesTiUe

FaTSttsfviUe ....

Helena

Little Rockt....-
Washington....
Tallahassee ....
St. Aucustine . .

GhreenBaj

Milwaukie

Pontotoe»

Wm.G. Parrish

James A. GirauH

Francis Leech. .........

Not. 3
Not. 10

Mississippi.

Mississippi

Mississippi

Louisiana

Michigan........

Bfichigan

Bfichigan

Michigan

Arkansas

Arkansas*.... ...

Arkansas

Arkansa»v .......

Arkamns

Florida.

Not. 3
Oct. 90
Not. la
Hot. 17
KoT. 17
Not. I#
Not. 3
Ost. 6
Get. 31
Not. 10
Oct. 31
Not. 17

Anthony W. Rabb

Benj. Rush Gantt.

Thomas C. Sheldon

Jonathan Rearsley

Daniel B. MUler

Charles a HascaU

Aaron W. Lyon

Biatthew L>eiper

D.Thompson..........

P. T. Crutchfield

DanidT. Wilter

Hehry Washington

John C. Cldand.

Thomas Lee

Not. 17

Florida. .••••.•••

Not. 10

Wisconsm

Wisconsin

MMmkpfM

Not. 12

Rufus Parks

Not. W

SofomonCkNdc

#113,602 76.

TUASOBSIi's OtncSf

JOH27 CAMPBELL, Trtamrer t^tke XJniUd SUOea.
l»mmlir3,ieS8.

Digitized by i^OOQ IC

998 BEPOBXB OS* TBS (ISaSL

Lttl of late DeponU BcaJa m which " tpecud d^^osUaT ham leem wiaic to
the cnik ^ the Treamartr cf the Umttd SitOet; imj^ m MxUmmgt fir
Treasury notest Patent/ees^ ^ a$ veS as hf tomepuUu: agcen; and the
amatmt of such nedal depontes ssjb/ect to drafiamAe 1st l/ecemiert 1888;
to which is added the amowU ssjbfect to draft w the Mimt amd its hmnekes^
tosamedate.

Piflcataqua Bank, Portanoatli, New OuDpsfaire $14^656 26

Merchants' Bank, Boston, Mas8achQ9ett3 80455 48

Bfeichams and Farmen' Bank, Albany, New Todt 5 SS

Manhattan Company, New YoA city 167,889 22

Bank of America, IfewYoAdty 410,973 4»

Merchants and fifano&cturers' Bank, Pittsbmg, Pten.. . 598 66

Fraiddm ^nk, Baltiniore, Maryland 909 34

Bank oTMetropc^ Washtncton, District of Colmid)ia. . 29,803 19

Branch Bank of Alabama, itobfle, Alabama, 883 00

CSommercial Bank, New Orleans, Louisiana 6,970 4S

Planters' Bank of BCssissippi, Natchez, BGssissippi 33,180 80

Union Bank of Tennessee, Nashville, Tennessee. 1,191 49

LouisTiBe Savings InstitutioQ, Louisville, Kentucky 75,263 18

Commercial Bank of Cincinnati, Cincinnati, Qhio^\» 3,038 88

1813^817 56

Mint of die United States, Philadelphia, Penn^brania. . .$1,184,437 62

Mint of Ae United States, branch, Charlotte, rf . C 33,000 00

ACnt of the United States, branch, Dahlonega, Gecu^. . 30,000 00
Mint of the United States, branch, New CW^ms, Louisiana. 84,400 00

$1,330,837 62

Trsasurbr's Officb, DecesfAer 1, 1838, '

JOHN CAMPBELL, TreoM^rer United States.

L.

List (f Banks in which ^^ special deposites^^ have been madCf to the credit (ft^e
Treasurer of the United States^ derived only from de^ due from Banks^^
and the cmount in each subject to drafts on the 1st of December^ 1838.

Bank of the United States of Pennsylvania, Philadelphia. $1,788,488 86

Bank of Virginia, Richmond .^.«...,. ..., 33^46 38

$1,770,634 64

Tebasukbe's Office, December 1, 1888.

JOHN CAMPBELL, Treassatr UfsUed States.

* Some tsw dtpontas, deriwd from ititts dae from hue doMMite banks, hava been made, and
plAodin bankf (leeluitE) wMch hold money deriydlal«f voaiotte:aottr«e». . i

Digitized byL^OOQlC

1888.]

•tKCBi^AST 0F "An: TfiKAfiORr.i

S9»

M.

StMement <f Btdtmegi mud to h due tk« United SttOesm the l^lk of
Nvvmhert 1884> fitm Banks fatmerhi depiuiloriee <)f <A« ^mUXie w»uy\ as

5r report of rt* Seeretevry ^ M« 3V«o««fy • to Congress t^ the 12ril <f
ecember, 1834; with the credits to teJUcA tim are emptied far faymnts
since that date; and the balance due from them November lOih, 1837, aJUr
deductingihose credits, and including interest/rom the date ofilmr stoppage
ofjpayment to thai day.

If ana and atyle of the Bank.

Balance due ^orem-
berlO, 1834, per re-
port of the Seoelaiy

, ^ the TreanuT of
December 12, IB34.

Fitjmcnta made
aince the 12lh
of December,
U34.

1817
1817
1817
1817
1817
1817
1819
18Sa
1821
1821
1822
1823
1823
1824
1825
1825
1826

isan

1838
1831
1834

Saline Bank of Virginia

Juniata Bank of Pennsylvanitt'.

Bank of Wasfaington« Pennsylyaoia. .

Cumberland Bank of Allegany ...

Baiik of Somerset '.".

Miami Exportii^ Company. ...

Fanuiert and Mecbaoics' Baokof Cinn.

Baak of Viitcennds

Bctakof MiBSouri ^

Bank (^Edwardsville

GS^dtaan Bank of Wooster

Centre Bank of Pennsylvania

Franklin Bank of Alexandria.

Bank of C(^ambia. ..,

Bank of Illinois^ Shawneetown ....
Fanners and Mechaoios' Bankof Ind,

Bank of Steqbeaville ,

TombecUneeBank

Bank of Nashville .^

Batb Baak,.of Maine.

Bank of AJexandria.. . ^

$10,021 00

3,200 00

2,484 67

1,176 61

55,273 41

8,791 00

86,966 01

168,328 27

113,552 22

46,800 00

39,364 00

8,928 48

48,000 00

215,287 61

28,367 85

23,325 00

134^86 38

83,910 64

6,267 00

20,623 65

21,200 30

$548 62
3,013 27

1,160 00
4,966 91

25,173 16

20,647 56

2,082 84

6,635 86
3,103 55
7,967 00

$1,075,964 OQ-

$76,278 76

Digitized

d by Google

9» RISPQftTS OF THB {IMS.

K.

List of late ffeposke Banks in which '^ special chposites^ have heen made to
the credit ef the Treaeurer of the United States f bein^ in eoxhange for
Treasury notes. Patent feesy ^., as weU as hy somepuUtc oMcers; and the
amount of such special dtposites subject to irajion ^ IstVecember, 18%;
to tohich is added the amouTU subject to draft in the Mint and its branches^
to same. date.
Piscataqua Bank, Portsmouth, New Hampshire ,......, $14^6^ 26

Merchants' Bank, Boston, Massachusetts .••»•• 804^5 43

Merchants and Farmers' Bank, Albany, New Yoik 5 Sft

Manhattan Company, New York city. . . •. 167,889. 2Z

Bankof America, New York city. 410,973 4»

Merchants and Manufacturers' Bank, Pittsburg, Penn... 598 66

Franklin Bank, Baltimore, Maiyland i..* 309 34

Bank of Metropolie, Washinffton, District of Columbia. . 29,803 19

Branch Bank of Alabama, Mobile, Alabama* • ' 883 00

Commercial Bank, New Orleans, Louisiana 6,970 46

Planters' Bank of Mississippi, Natchez, Mississippi . . . . . • 33,180 80

Union Bank of Tennessee, Nashville, Tennessee 1,191 49

LouisTilIe Savings Institution, Louisville, Kentucky 76,263 18

Commercial Ba^ of Cincinnati, Cincinnati, (^o^ , ^ . • . • 2,038 88

l|813ii^B17 66

Mint rfthe United States, Philadelphia, Penngylvania. . .$1,184,427 62

Mint of the United States, branch, Charlotte, W. C 32,000 00

Mmt of the United States, branch, DaWonega, Georgia.,. 20,000 00
Mint ofthe United States, branch, New Orletos, Louisiana. 84,400 00

$1,320,627 6»

Trsjlstjrbr's Offigb, December 1, 18S&

JOHN CAMPBELL, Treasurer United Sttoes. :

List of Banks in which *^ special dq^osius*^ have been made, to the credit cft^
Treasurer of the United States^ derived only from debts due from Banks^*
and the amount in each subject to drafts on the 1st ofDec&nbeTf 1838.

Bank of the United States of Pennsylvania, Philadelphia. $1,788,488 96

Bank of Virginia, Richmond :*.....►. ..,.,.. ^3244628

$1,770,634 64

Trbasusbe's Office, December 1, 1888.

JOHN CAMPBELL, Treassatr Umted States.

*3<>ine few dtpontat, deriTad from ddbti ckie tefom late doMMOte banks, have been made, and
placid in bai^(M« lift E) which hold money deriy«l«ii^.ftani4^^ ,

Digitized by LrrOOQ IC

1«S8.]

mcas^tAst OF iME TRfiAdORir.i

M.

SuttemeiU cf Bdaman mud to b$ dw the Umitid SttOet <m the M^ <f
NtMembeTi 18d4) Jh»m Btuikt farmmjv dtlpMtoriet tf <A« jMiMto wmeg't at
ner nporr tf f^ SeertMry if tA« Trtatwry ■ Uy Congrm 0f «Jk \^th <f
jDeeember, 1834; with the creditt to tehieh ikeu are emttAedJar frnpaetOt
nnce that date; and the balance due from them November IQth, 1837, aftar
deducting those creditt,' and including interettjirom the date qf^mr stoppage
o/jpagnuat to that day.

NuM and atjrle of the Bank.

Balance due ^orem-
ber 10, 1834, per re-
port aftiie SeoMtarx

, jof the Treaanrv of
t>ecember 12, 1834.

Pajnunta node
aince the 12th
of December,

ias4.

1817
1817
1817
1817
1817
1817
1819
18St;l
1821
1821
1822
1823
1823
1824
182$
1825
1825
1827
1828

isai

1834

Saline Bank of Virgima

Juniata Bank of Pennsylvanitt'.

Bank of Washington^ PennsylTaoia. .

Cumberland Bank of Allegany . . .°

Badk of Sotaeteet. .......'.''.

Miami Exporting Company

Fanoen and Mechanics' ^lokof Cirai.

Baak of Viacennde

Baakof Misaouri ^

Bank o( Ed wardsville '

Gecfaan Bank of Wooster. ...>..
Centre Bank bf Pennsylvania. ...

Franklin Bank of Alexandria

Bank of Colombia <.,

Bank of Illinois^ ^awneetown..
Fanners and. Mechaoios' Bankof Ind,

Btmk of Steubeaville ,

TombeckbeeBank. .»....,.

Bank of Nashville i..

Bath Bank,.of Maine

Bank of Alexandria .«...'....>.. .
t.

$10,021 00

3,200 00

2,484 67

1,176 61

66,273 41

8,791 00

86,966 01

168,328 27

113,662 22

46,800 00

39,364 00

. 8,928 48

48,000 00

216,287 61

28.367 86

23,326 00

134^66 38

83t910 64

6,267 00

20,623 66

21,200 30

$648 62
3,013 27

1,160 00
4,966 91

26,173 16
d0,647 66
2,082 84-

6,626 86
3,103 66
7,967 00

$1,076,1964 00

$76^78 76

J .

Digitized

d by Google

9m vMPoaxB or tub flsciBTAinr, *t. (uk.

Xitf tffmmer Dtjfomt Bmh wUek wmfmU tfede fm/mmif^ md gave
ka^t^iktUmkd Smt», wmder At mmmmm ^ Ae ma ^ l^ik Odoier^
1837« mmi hmt maifaii ike wUe imftmm im; tmntktr with tie mmm dm

i0 At Vmkd SkOmfnm mek, % At TiwwiiV imb, cm At 9i <f

Commercial Bask, Bufl&lo tl6,670 51

BfBDch of the Bank of tbe 8tate of AI^Mnna, Mobile... 592,429 57

Planleiy BankofMiMi«ippi,Natche« 397,1S7 49

Agricubml Bank, Natcfaes. 5S1,644 14

Bank of Kemoclnr, LoaisviDe S7,263 34

Franklin Bank of Cincinnati 55,257 05

Bcate Bonk of Indiana 206,034 78

Bank c^Michkian, Detroit 333,090 46

Faxmexsand Mechanics' Bank, Detroit 186,028 41

$2,345,535 75

To CoBecUfn amd Receieen ofPMic Motuyt.

Tbbasubt Dbfarthkkt, M^ 14, 1838.

Congress baring a(]0onmed without making anj additioiial proyisioa
for the security or safe keepii^ of tbe public money, it is obvious ihat, in
the present state erf* the laws and c^the banks, an unusual responsibiKty
devolves upon those who collect the revenues of the Cteneral (Jovemment.
The difficulty in obtaining suitaUe depositories for it, as well as in
transferring or paying it out conveniently, without tbe aid of that fur&er
legislation the necessinr and character of which have been folly explained
in public comnninications from this Department, imposes on bU coMectors
and- receivers the duty of extraordinsuy vigilance and care.

The President expects that exertions corresponding to the occa«on
will be cheerfully made by every officer, and that no eSixX will be
spared to have aU the laws, as well as the regulations and instructions
of the Treasury Depcutment, scrupulously enforced. Accurtey in your
accounts; punctualitjr in returns; prompti^ss in your deposites and
payments, and an eitfire forbearance to use any part of the public funds
for private purposes, will, it is hoped, characterize the wkc^ dass of ^
cdiecting officers heieoftei. In the present condition ofthings, if any
departure from such a course should unfortunately occur, it will be mucn
regretted ; and however unpleasant the task, an exemplary and severe
notice of the irregularity will become necessary, in cwraer to secure the
great public interests involved in the subject. The duty on the part of
public officers to abstain from the employment of the public money for
private advantage is so apparent, that no excuse whatever for it can be
deemed admissible.

Bespectfidly yours, LEVI WOODBURY, &c'y (fihe Trtatury.

Digitized byL^OOQlC

REPORT ON THE FINANCES,

DECEMBEB, 1880.

Treasury iDsPARTMENT, December 3, 1839.

Tbe undaisigned respectftOily submits to Congress the following report
oo the finaBcest in obedience to the ^^act ^iqplemeotary to tte act to
establish tbe Treaauiy Department.^'

It ia gratifying to be able to atate, notwithstanding die embarrasscaents
of the piesent year, that the revenues oi the Greneral Government have
been increaaed, the expenditures diminished, and most of the Treasuiy
notes redeemed.

RBVBNPB AND MEANS FOR 1839, EXCLUSIVB OF TRUSTS AND THE POST

OFFICE.

The balance in the Treasury on the 1st of January, 1B39, which could
be considered- available for general purposes was $2,466,961 96

The data on which this computation rests are in the table annexed, (A.)
The receipts from customs, the fost three quarters, as

api^ring on the Register's books, are $18,328,393 60

This includes about two millions and three-fourths col-
lected last year in Treasury notes, but not carried on his
books tin 1839. From this cause the actual receipts
in this year will, to that extent, appear larger than they
.ought.
S^ipts from lands the first three quarters, including also

some collected last year in Treasuiy notes 6,417,286 31

IGscellaneous receipts 126,208 78

Estimated receipts tor the fourth quarter from all those

sources 6,700,000 00

Receipts on some of the debts against bank3 not avail-
able on 1st January, 1839, but since paid. 1,322,686 00

From the third issue of Treasuiy notes under the act of

March 2,^1839 3,867,276 21

Aggregate means. $37,217^812 76

Digitized byL^OOQlC-

N.

Liit (^firmer Deponte Ba/kh which smpended specie foywumU^ amd gace
b(mds i0 the Umted Siafes, under the vrtHf^^

1837t and have not paid the whole balances dm; together with the nmu dne
to the United States from each, hy the Treantrtr's hooks ^ on th^ ^ of
December, 1888, not rndttding interest.

Commercial Bank, BuflEalo- $16,670 61

Branch of the Bank of the State of Alabama, Mobile. . . 692,429 67

Planters' Bank of Mississippi, Natchez - . 397,187 49

Agricultural Bank, Natchez • 681,644 14

Bank of Kentucfy, Louisville 27,263 34

Franklin Bank of Cincinnati. .- 66,267 05

State Bank of Indiana 206,034 78

Bank of Michigan, Detioit. • 833,020 46

Farmers and Mechanics* Bank, Detroit 186,028 41

$2,346,636 76

O.

To Collectors tmd Receivers of Public Moneys*

Tbeasuey Depabtmbnt, Jtdy 14, 1888.

Congress having adjourned without making any additional provision
for Ae security or safe keeping of the public money, it is obvious tfiat, in
the present state of the laws and of the banks, an unusual responsibihty
devolves upon those who! collect the revenues of the Oeneral (Jovermnent.
The diflSculty in obtaining suitable depositories for it, as well as in
transferring or paying it out convenientty, without the aid of that further
legislation the necessity and character of which have been fiiHv explained
in pubhc communications from this Department, imposes on aU coMectors
and- receivers the duty of extraordinary vigilance and care.

The President expects that exertions oorrespcMiding to the occasion
will be cheerfulbr made by every oflBcer, and that no eSbn wiU be
spared to have all the laws, as well as the regulations and instructions
of the Treasury Department, scrupulously enforced. AccurfeMjy in youir
accounts f punctualitjr in returns; promptness in your deposites and
perjrments, and an entire forbearance to use any part of the pul^c funds
.for private purposes, will, it is hqped, characterize the whcde dass of'
collecting tracers hereafter. In the present condition oTthings, if any
departure from such a course should unfortunately occur, it will be mucn
regretted ; and however unpleasant the task, an exemplary and severe
notice of the irregularity will become necessary, in cwoer to secure the
great public interests involved in the subject. The duty on the part of
public oflScers to abstain from the employment of the public money for
private advantage is so apparent, that no excuse whatever for it can be
deemed admissible.

Eespectfiilly yours, LEVI WOODBURY, Sec'y of the Treasury.

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KEPORT ON THE FINANCES,

DKCEMBEB, 1880.

Treasury Pepartmei^t, December 3, 1839.

Tbe^ undaisigned respectftOily submits to Congress the following report
oo the fioancest in obedience to the '^act rapplementary to the act to
establish the Treiusuiy Department."

It is gratifying to be able to state, notwithstanding die en)baira«SD9dmts
of the piesent year, that the revenues c^ the General Government have
been increased, the expenditures diminished, and most of the Treasuiy
notes redeemed.

RBVENtTB AND MEANS FOR 1839, EXCLlTSrVE OF TRUSTS ANDi THE POST

OFFICE.

The balance in the Treasury on the 1st of January, 1139, which could
be considered" available for general purposes was $2,466,961 96

The data on which this computation rests are in the table annexed, (A.)
The receipts from customs, the first three quarters, as

ap{>earing on the Register's books, are $18,328,393 60

Tms includes about two millions and three-fourths col-
lected last year in Treasury notes, but not carried on his
books tin 1839. From this cause the actual receipts
in this year wiU, to that extent, appear larger than they
. ought.
Receipts from lands the first three quarters, including also

some collected last year in Treasury notes 5,417,286 31

Miscellaneous receipts 126,208 78

Estimated receipts tor the fourth quarter from all those

sources 6,700,000 00

Receipts on some of the debts against banks not avail-
able on 1st January, 1839, but since paid. 1,322,686 00

Frc»n the third issue of Treasuiy notes under the act of

March 2,^1839 3,867,276 21

Aggregate means. . • , $37,217,812 76

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339 REPORTS OF THE [18a9*

\

BXPENDITUBBS FOR 1839, EXCLUSIVE OF THE POST OFFICE AI7D TRUSTS.

CivU, foreign, and miscellaneons, for the first tlueequait^ $3,649,508 98

Military, for the first three quarters 10,791,799 91.

Naval, for the first three quarters 4,713,701 67

Estimate for all, during the fourth quarter 6,600,000 00

Funded debt for the year ^.. 14,668 98

24,769,667 99
Redemption of Treasury notes in the first three quarter^

interest as well as principal 9,891,769 83

This includes two miUioBA and three fcmrths paid in
for duties and lands last year, but not carried on the
Register's books till 1839. From this cause the expendi-
tures on that account will appear larger by that anK)unt
than they actually have been within those quarters.
Estimated amount ofiwtes redeemed in the fourth quarter 1,000,000 00

Aggregate payments ^. .«. 86,661,497 89

Leaving an available balance of money in the Treasury

on theSlstof December, 1839, of. 1,666,364 93

I ii I

$87,917,818 7»

General exhibits of the receipts and expenditures in 1838 are pre-
sented in the table annexed, (B!)

The funds computed to be not available nor applicable to public pur-
poses at the commencement and at the close of the present year, can be
seen in the table i)efore mentioned, (A*)

Details of the expenditures in the first three quarters i)f 1839 are also
given in the subjoined statement, (C.)

, PUBUO DEBT AND TltBASURT KOTBS.

The condition of the small remains of the funded debt has not mate-
rially altered since the last annual report A statepient of it, with the
several pa^rments made within the year is herewith exhibited, (D.)

Though incommoded by repeated pressures in the money market and
dtiS{)ensions of specie payment by the banks within the last three years,
the interest and all the principal due on that debt, as well as on Treasury
nores, have been punctually paid iii specie whenever desired. A detailed
statement of the issue and redemption of Treasury notes during 1839 is
annexed, (E.)

. .Not more than one fourth of a million of the first and second emissions,
and two millions and a half of the third, will probably remain outstanding
at the close of the year. The former emissions have teen for some
months redeemable, but the last one does not begin to be till Marchi
1840, except as previously ofiered in payment of public , duqs. The
aggregate of two millions and three fourths of principal is therefore all
that is computed will be unpaid of nearly twenty mUlious, which were
issued since October, 1837, m consequence c^ indulgences granted to the

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18S».] BECRETAET 0(F THE TREASURY. »8

Biezchants^n their hoo&s^ and the banks on theiif dep6»tedeb(s. Atno.
ttme has the aniount of notes outstanding been allowefl to exceed ten n^
BulHonsy and the present veny reduced a^tegate unredeemed is less '•
Ihan the sums still owing firom the banks that suspended specie payments
in 1887, and from the Pennsylvania Bank of the United Stales on its
bond due in September next; and might with ease have been paid
during die present year had the money been received on those claims*; *.

RZFOBIXS AND IttfFOKTS WITHIN THB COMMBBCIAL TBAR 1839.

The exports during the year ending September S(^ 1839| are oomputed
to have been $118,359,004. This is $9,873,388 more than those m the
year 1888. ...

CM" the whole exports only $17,408,000 were of foreign origin; and of
the etsc^s in eaqports ever 1888^ <»Eily about five miUions were domestic
produce.

The imports during the same year were about $157,609,560, bdng
the veiy large eopcess of $43,892,156 over those during the previous
year. This may be a solution of a postioa of tbe pressure in the
money matket. The difierence between the imports ana exports, being
$89,260,566 in favor of theibrmer, is larger .than in any year, excejf^
three, since 1789, and is much larger than any diflference in the valuation
of the same articles with the prc^ts in the foreign trade added. It must,
therefore, except so &r as reduced by an unusual quantity of goods
consigned here from abroad,, and vet in store unsold, be a very decisive
evidence of an increased indebtedness by this country to other nations.
And except so fiu: as this new indebtediuess may consist of stocks sold
and the pro()eeds. returned here in merchandise, it must furnish another
proof of one immediate cause of the present pecuniai^ pressure.

The history of our conmierce dunng the twenty years from 1818 to
1838, {»«sents a singular chan^ in the last half of that period, which
tends strongly to illustrate the correctness of these suggestions. During
the first half of it the excess of imports over exports was only about
seventy-five millions of dollars, or in the proportion of nearly seven mil-
lions and a half annually on an a;verage»

But during the last ten years of it the excess was nearly two hundred
and twelve millions,. or over twenty nrilKons annually; and thus more |
than two hundredandfifi^im' cent* greater than it had been. Supposing j
that the seven and a haU millions vrere composed principally of me fan:
profits and difference in valuatkm, the excess over that rate in the last
ten years milst constitute a debt, either mercantile. State, or corporate.
It equals nearly one hundred and thirty-seven millions before 18^. The
debt thus computed to have been created abroad, by stocks and odaer-
'wise, within that period, will^with the amount of pi'evious indebtedness,
form an aggregate quite as large as has been estunated by many fixjm
other data»

Further pardculars, possessing a general interest and rdating to this
subject dunng the last six years, are exhibited in the statement annexed,
(FA Additi(mal informatkm of «ome importance ome^ming our exports
IknposisfiomtbecoaDQcionoemeDtofthe Govexiaaeittto^l^SfinclusiMy

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tti SEPOIITB or TBBR [1889i

has been prcpaiedt and is subjoined ia otber tables, (G and EL) Tbese
tables ai:e intended to be in a finnn conv^iient for lefeienoe, send are
ealcnlated^ by easy as well as extenshre campaziscns, to throw new light
en serend sobjects of Gommerce and otber branches of industry cotmected
with the finances* They exhibit not onty the whde exports and imports
hk each year, bat the consumption of the latler, and the changes in the
whole amr^ate valne of etm prindpal ardde, wheth^ exported or
in^rte<Cdnd the progress of our foreign trade to and fiom each State
separately, as hr hack as is practicable, and to and from each country
of much OHnmercial importance abroad* A few of the most striking
tesnlts are condensed in a note, (L)

BSTIMATB OF THB RBCBIPTS AND BXPBNDITUBSS FOB 184D.

For reasons heieafier to be explained, the receipts into the Treasury
the ensuing year caimot be estimated so high as in 1839*

From tl^ best information possessed by this Department, it is com-
puted that die aggregate of them available for public purposes wifl not
exceed $16,600,000, viz: fiom

C ustoms $ 1 5,000,000 00

Lands. 8,600,000 00

Miscelkneous 100,000 00

Add to these the balance available and applicable to other

purposes, which it is supposed will be m the Treasury

on the Ist of January, 1840 1,656,885 00

The efficient means in that year will then amount, in the
Mgregate to 20,166,886 00

If Congress should make appropriations to the extent
desired b^ the difierent Departments, the expenditures
for 1840, independent o£ the redemption of Treasury
notes, are estimated at 20,000,000 00

Including all the Treasury notes to be redeemed, the

segregate expenditure would be about 32,750,000 00

This would leave a deficit in the Treasury at the close

of the year, amounting to 2^593,615 00

But there will be due from the United States Bank, in

September next, on its fourth bond, about. 2,626,676 00

The principal now due on the Treasurer's deposites in
other banks, which suspended specie payments in
1887, is 1,149,904 00

Should all these claims be collected in 1840, they would
prevent a deficiency, and leave an availaible balance
m the Treasury of nearly 1|082,866 00

It is not, however, considered prudent to rely exclusively on the ool-
kctioa of these deiits.

One mode, then, of obviating an^ difficulty fix>m that circumstailK^,
will be to reduce the agfpBegaite of new appn^niations, by postponing
iome and lessening others, so that the means pMbaUyamalaMe will be

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M8&p] SECRETASir OP THE TBEABURT. M»

mAaeM to m^etaJl calls upon the Treasury, and leave iii itan &v«»ge
balance of about two millions*

It is believed, for reasons enumerated hereafter, that such a reduction
is possible nvitbout essential iiyury to any useful object, and diat thi^
balance is the smallest which is adequate to secure f»romptitude and
good faith in public payments so heavy in amount as ours, so unexpected
at times in tro demanas for them, and so dispersed over a wide territory.
If the appropriations are not thus reducea it will be wise to provide
seasonably in some other way for die amounts of the contingent defi-
ciency, and of such a balance.

According to the opinions of the different Depaitments as to the stlms
of money proper for each, and which constitute the basis of the estimated
snbmitled to Congress, the new appropriations required for die next
year will equal the^ sum of^_. ^ ,.,..,$18,280,600 66

Vib:
Civil, foreign intercourse, and miscellane-
ous 4 ...$4,981,344 19

Military serrices, passions, &;c. ........ 8,213,610 74

Naval sendee... 5,085,645 62

For further paiticular^ as to these, see the axmual estimates herewidi
submitted, (J.) Besides these, the permanent appropriations which,
l^ existing laws and the modification of them recommended, first
become cuugeable on the Treasury in 1840, amount to $1,586,000.
They are in the War Department $1^6,000; in the Navy, $340,000;
and public debt, $10,000. The principal on Treasury notes falling due
wiU DC about $2,750,000 more. The appropriations already made and
chargeable, which will remain uncallea for at the end of the present
jrear, are estimated by the difierent Departments at the further sum of
$11,827,371, thoi^h that is considered oy the undersigned as Ukely to
be about two mij^ns too small. Of these they compute that nearly
$84)70,793 will be required, in order to accomplish the objects contem-
ploled by them. It is proposed to apply $3,014,711 to the service of
the ensuing year without reappropriation; and the residue of about
$641,866, not being required m order to accomplish these oI:gects, will
go to the surplus fund^ It therefore fc^ows, if all the new appropriations
called for axe made, that the whole charge upon the Treasury m 1840,
exclusive (^ the Treasuiy notes outstanding, wiU amount at least to
$31,153,106, of whu^, as previously observed, it is computed that
^20,000,000 will be expeiKled within that year for ordmanr purposes,
or two millioas and threcNfourtfas more, including the redemption of
Treasuty notes. From these statements it must be perceived that our
conditictfi in relation to the.deposite of another instalment of publio
money with the States remains much the same as at the close of the

SUr 1888. Consequently, the views then expressed by the Department
ve coBtiniied to govern its course.

This stale of the fixmnces retiders it also unneceBsary to submit any
lemarkft upon the impoUcy of providing for the additional deposite or
distnbmMn nf nnrplnnnn nnt lilrnly ttr occur» or for aiy donation of di0

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S36 KEPORT6 OP THE [I899i

proceeds of die public lands, while lliej oe sill needed to defi^y tk9
ordinary expenses of the General Government.

Besides the further objection to some of these measures asdfliiig from
their apparent conflict with coostitutianfil princ^les, it mufit be manifesi
tliat if tne proceeds of the lands should be given away when needed
to discharge the appropriations, the deficiency must be made tip by th#f
unpleasant alternative of a resort to loans or increased taxation.

SZFLANATIONS OOKOSRNma THE ISBtmXTSn OP BfeCBtPTS.

The estimates of receipts from duties and knds daring the next year
have been made lower than for 1639, for the following leasons:

A further reduction of certaiB duties, amounting to nedriy |800,0<te,
will take place after the close of the present year. It hfcewise hap^ent
that subsequent to a large importation and a fidl of prices in articles
exported, as in 1839, the amount of imports often declined for one or
two years. After 1826, it declined unintferruptediy for six years.

The contractions and expansions of our paper- currency have at times
proved another striking mdication of the redaction and increase in
importations. Without dwelling here on the intimate connection betwfeeti
them as cause and effect, by means of the foreign exchanges, and the
necessity, after overtrading and overissues by the banks, (tf drawing' on
them and adjusting large balances in specie, it may be obtorved that a
diminution in the circulation of paper has been going on for several
months. Hence a diminutroh in the imports has already commenced*
and is confidently expected to continue for soipe titne.

The country is also supposed to be supplied with fc^eign m^xhan*
disc in greater abundance than it was a jest ago. This will lead not
only to a reduced demand for the importation of more goods, but to a
greater export of what is already hefe to other and better markets^ and
thus by increased drawbacks, as well as diminished imports, materi^Jly
lessen the net receipts fixim customs.

The price of some of our principal articles of export being lower,
the same quantity will likewise (umisfa less ability to make purohdses
abroad ;. and where die quantity is laif;er, the commercial embarrassments
both there and here will tend to prevent buying, on either side of the
Atlantic, much bejrond what is needed for early consumption. Tht
greatly increased haUlities on the part of many corporations and Statesi
for the payments of interest and dividends on their stocks owified by
foreigners, will still more sensibly aflfect the revenue. Those payments
must require millions of ejcpcMts either irl produce or specie, which \viH
lead to no returns in additional imports. It is believed that within a
few years past an annual tax or drain on this country has' thus been
created, equal to twelve or thirteen miiiions of dollars.

This is a 6ew and important element, besides overbanking and over->
trading, to disturb the industryt the commerce, and financed of the Union^
Its rapid growth has been accelerated bv the distribution of the surplus
in deposite among the States, tempting them in several instances t^ tew
and unprofitable enterprises, ana stimulating delusive hopes of sti&
forther distributions. Its ixifluence fyc evi 1ms beein aggravaDdd by«.

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jmet.} SECRETARY OF THB TftEASUfeY. S87

kfW €timrii99m^% Mne of them iMipocaiy io duriitieai aod liontod in
extei^ but otbe^a diffused in a degree over considerable ix)rtions of the
civilized W(n:ld» aqd presenting ataae singular anomalies in credit,
currency, and trade. But without enlarging on the consideration rf
them here> the following conclusions may be regarded as inevitable* »

Should the States not speedily suspend more of their undertakings
i{irhich are uoprpductiye, but, by new loans or otherwise, find means to
employ armies of laborers in consuming rather than raising crops, and
diould jmoes thus continue in many ceuses to be unnaturally inflated, aa
they have been of late years in the face of a contracting currency, the
eflfect of it on ouit finances will be still more to lessen exports, and con-
sequently the proBjperity and revenue of our foreimi trade« It will also
impede the sale or the piblic lands, by diverting labor from the soil to
works which, for some tune> must be wholly without profit. Circum-
stances like those, with the scarcity of money and high rate of interest
abroad produced by them and other occurrences not necessary to be
now repeated, have already diminished the income in the present ^ear
below what it otherwise would have been> and will probaoly manifest
Jtheir power mud) mone in the year to come.

The estimates for revenue fi^m lands have been reduced the most in
proporUon, because, besides the diminuticKi of sales winch will probal^
ne caused by the present and prospective scarcity of money and Ml of
the prices of produce, the amount received fiom them during the present
year has, as was anticipated by the Department, been mucn increased
by the temporary influence of the late preemption law.

The unusual quantily of land newly advertised during the year 1839,
and the consequent large receipts connected with that cwase and the
preemptions» are circumstances not likely to recur in 1840. It is believed,
therefore, that the low estimates submitted as to lands will p]:ove suffir
ciendy high, unless a graduation bill ^uld pass. The effect of such a
bill, jndginff fix)m resBcm and fix>m analogy to the graduated prices, under
which lands are now selling, on account of the Chicka3S.w Indians, at
Pontotoc, much more freely thanelsewhere within the same State, would
be to add considerably to ue revenue for a few years*

SXPJLANATIONS OF THB ESTHCATES AS TO BXPBNBITUBBS ANP OF SOMB
FUBTHBB BJSPUCTIONS IN THBM.

The estimates of expenditui?e for ordinary purposes in 1840 are in the
aggregate about five millions less than what it is computed wiU be spent
in 1839. This great reduction has been proposed, although the expenses
0[ 1839 will be quite six millions less tnan those of 1838, and those of
1838 were somewnat less than the expenses of the previous year.

The various items of new appropriations asked for are, as usual, in
the amounts requested by the different Departments having chai^ce of
the different subjects. If any omissions or miscalculations occur in them,
they must, therefore, happen from inadvertence by those officers best
acquainted with the business within ihek own peculiar province.

fiut, in the present condition of the country and the finances, it is not
^xpeotedtljat much necessity will arise, eitbier in the opinion of those

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9» Kfil'ORa^ or TH& [1889.

Oepartmem^or of Ooagiess, t& ttiake knpoMuit itdditioiifr to flie sanA
now requested. On the contraiy , it is confidently htfjped that «oine re* '
ductions from them can be efiected without material injiiry to any great
national interests.

« It is difficult in a young, growing, and enterpri^g community, tS
restrict public expenditures within reasonable limits. Certain exigencies
also occa^onally occur requiring extraordinary sacrifices. When p^^rio^
ism and honor d.emand large pecuniary contributions, the latter are richly
iBpaid by their tendency to impart vigor and security to the former. But
an expenditure of twenty millions for ordinary purposes, tlnnmh much
reduced from the aggr^ate during a few years past, is beliered by the
tmdersigned to be moire, instead of less, than sound poUcy justifies, while
the present unusual embarrassment in moneyed affiurs shall continue.
Indeed, strong doubts exik if it be not Hiore than the real neGe8sitie6
of the GenerS Government usually require. The reasons for this c(mh
elusion are briefly these: It is true that such^an expenditure, equalling
only a dollar and a fourth per head of our population, is not a very lar|«^
one to sustain a confederacy with such widely extended duties as thisi
If reduced to the amount of imposts, which are the wfacde real burden»
and if compared with the taxes elsewhere, equaUing sometimes fifteen
dollars per necul, under political institutions of difierent forms and less
frugality, the pressure from that source here would seem to be remark*
abty U^t.

But it should be remembered that the people of the United States are
obliged to defray a large amount of other public expenses, imposed upon
them by State authorities, and, at the same time, that their forms of
covemment^ among various excellences, have been preferred particulariy
for their economy. Hence the true question with them in respect to
expenditures is, not how laige burdens can be borne, but how much can
be dispensed with. It is not what is splendid, but what is useful and
necessary ; not how much can be collected from them without sufiering,
but how much can be left with them, both of money and power, and
insure all the benefits of the social system.

As the interests and wishes of the people fcwmed the Government^
they should control it.

Considering these circxmistances, and the severe simplicity and frugal-
ity befitting a republic, what amount of public expenses is necessary?

In 1831, it was calculated that the ordinary expenses of*^ the
General Government need not exceed fifteen millions of dollars, the
undersigned expressted an opinion four or five years afterward, that
sixteen or seventeen millions would then be sufficient ; and he still
beheves that, notwithstanding the continued increase of our poptilation
and wealth, they might with prudence be limited to eighteen millions in
1840, and, perhaps, after the expiration of most of the present pensions
and the removal of the rest of the Indians, be for scnne time, diminished
still lower.

Indeed, in point of ftict, so recently as 1834 and 1886 the whote
yearly expenses were only seventeen and eighteen millions, independent
of the public debt. Though the amount has since been increased by
wars, pensions, Indian removals, and othei: peculiar causes, deem^ at

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UMl] SECRETABS OF 7BE TSZASURT. Mt

|)ie tioid, in ittojit cases, iuffickoit 16 justify <be a^pioprialkii(is by kigs
and often unanimous votes in Congress, yet a reauction has been going
cm during 1838 and 1839, and all me ormnary expenditures would not
in the present year, but for the pension Ust and Indian disbursements^
exceea the Mnallest sum last mentioned. The whole increase* however^
has not been confined to these two items, nor could the whole reduction
safely be, which, in the opinion of the undersigned, sound economy
a^speaiB to require.

In the inquiry as to the amount of expenditure which should b^
considei^d necessary, li^t may somedmes be obtained by adverting to
the increase of population and wealth. Looking to those, if the expen-*
diture, independent of the public debt, was reasonable in magnitude
during the first eight years of our present Government, the sum of
8ev»[iteen or eighteen millions annually would not now be greatly dispro-
portionate, nor probably be found either much deficient or very unneces-.
sary. It would be nearly five times the average amount about half a
century, ago, while our population, since that time, has undoubtedly
increased more than fimr^fold, and our wealth and resources have prob-
abfy increased in a ratio still larger. The last remark, however, is a
matter of inference firom various data more or less accurate in them*
selves: such as the average importations, which have only doubled in
the last for^ or fifty years; the foreign tonnage, which has increased
but in a like ratio; the exports of domestic produce, which have quad-
rupled since 1793; and the whole tonnage, including domestic as well as
foreign, which has also quadrupled and become more than proportionally
efficient by irriroducinginto it over eight hundred steam vessels,

Odier data, less accurate but not less sure indications of a still larger
increase in wealth, are to be found in the vast extension of agriculture,
manufactures, the mechanic arts, and various useful applications of
steam^ as well as in opening roads and canals, building up flourishing
cities, enlarging our territory, diflSising practical education, and multi-
plying, by wavs too numerous for repetition, the comforts, advantages,
ftnd powers of a great and posperous people.

But such gen^ul consioerations, though benefidal in comparative
examinations, are usually better tests of me ability to pay thah of the
propriety of the expenses themselves. A scrutiny into the principal items
<^the latter, and their amounts at this time^ compared with those fix)m
forty to fifty years ago, will aid much, in connection with the consider^
aticms before mentioned, in forming a more £u;curate jvidgment on the
propriety and necessity of most of the present expenditures. It will
show what branches mLve since sprung into being, and what, firom their
chatecter, should or i^uld not be longer continued.

Some suggestions were submitted on this subject in the last annual
report, and its importance must be the excuse for adding more. on this
occasion. The expenditures nominally connected with foreign intercourse
have increased least. Those connected with the "War Department have
increased most* The civil and miscellaneous charges continue compar-
atively moderate. But several of otn* heaviest burdens, such as the
Navy, the pensions, Indian disbursements, and a class consisting of light-
hpuses, fortifications, roads, and improvements in harbors and rivers,

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840 szpaRt%ar4VE [;

have BX^oamtbd veiy bigety sioce the fimt d|^ T^*'* ^ ^ Oovoeih
inent. Some of them have mcrea«Bd more than fiity-fold.

On a careful examination it will be deen that various vindicatioaa, moie
or less plausible, have been made for these additions at difi^mit peikxls;
but they cannot be now arolicable for the continuance of them alL

Thus, the enlargement of our naval expenses firom less than half a
million yearly before 1795, to more than six millions now, waa in scHiie
degree justified, from time to time, as an efficient aid to foiidlgH iatec^
course with semi-beurbarous people, ami for the protection of our commerce
and citizens against injustice or rapine, whether in remotest Asia ch* nearer

auarters of the globe. The increase of pensicms fitom only fixly or fifiy
[lousand dollars yearly at first, and only eighty thousand as late as 1811,
to nearly four millions now, was defenoed on various grounds. But in
most cases it was considered less as a libanal charity tnan as a payment
c^ the revolutionary debt to a patriotic soldiery who advanced arduoos
services in the field rather than money, and endured suflferings in the
establishment of our Uberties which a grateful posterity should endeavor
to remunerate. The Indian expenditures, enlarged from a few thousands
to diree or four millions of dollars^ have been regarded as the most
efficacious means of improving permanently the condidon of the abo-
rigines, as wisely extenaing the boundaries of civilization over the new
States, and, in a fiscal view, as profitable advances of mcHiey soon to
be fully repaid by the sales of lands to which the Indian title has thus
been amicably extinguished. The other group of items, for forts, ligbty
houses, roads, harbors, and rivers, some entirely new, and tlie whole
augmented from fifty thousand doUars to three and four millions, have^
on several occasions, and to a proper extent, been considered as prudent
precautions for national defence and useful aids to the extension and
security of commerce. Some expenses of smaller magnitude may have
swollen quite as fast as these ; otners widi less rapidity; and othiars stiH
have been wholly created since 1797. Part of them have aj^peientlf
become a permanent charge on the Treasury, and part undoubtedly may
be, as others have been, properly discontinued. But, without time now to
go into the consideration of detaols as to any except those four enumerated
classes, it may be added that these are, when united, nearly quadni{de
all the other ordinary expenditures ; and either of those four daises alone
amounts yearly to a sum about equal to all the other ordinary expend^
tures, and more than the whole of eveiy kind, except the public drfjt,
each year, firom 1789 to 1797.

The precise periods when the greatest increases happened, and the
ratio of^thero, have not kept a uniform pace with the piogiess of popur
lation and wealth. In many respects the ratio has not been nearly so

¥eat during the last ten or twenty years fLa in scone previous terms,
hus, the whole expenses of the Government in 1793, with the excepdoa
before mentioned, were about three millions yearly; and in 1818, after*
the lapse of a quarter of a century, had increased, though in a peziod of
peace, to fifteen millions of dollars, or ^ve^fold, while our popuiatxm in
that period had only doubled. But, during the next sixteen or seventeen
years, as in 1834 and 1835, the expenses had enlarged not twoity-five
per cent., while our population had advanced at least sixty-^ per ceaL

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18S9i.3 8ECR£TAKP Of THE TRXA8URT. 9«1

Dmii^ the pv^eat yemtt thcm^ in intennediate periods, chiefly &om
Indian waiB and remoYaisj considembly hi^ier, they will not exceed the
amoont in 1818 more than sixty-six per cent., while oar population has
since increased more than eighty-four per cent. Again, take the progress
in the ordinary civil expenses, whtCT include time of the executive,
legislative, and judicial depei^Daents, misceUaneous and foreign inter-
oourse: all of them united were but a little over half a million of dollars
in 17dd, while in 1818 diey had increased to nearly four millions, or
dight hundred per cent*, though our popcdadon had augmented only one
hundred per cent.

But since the last date, that class of expenditures has not enlaroed
forly per cent., having been not over five millions and a half in eimer
16^7, 1888, or probaUy 1839, while our population has advanced eighty-
four per cent., or more than double that rate. All can thus perceive
wii^e, when, and in what, the greatest increases ,have occurred ; the
prind^ai reasons, whether sufficient or otherwise, assigned for several
of them, and the ample opportunity which stiU exists for farther retrench-
ments, so far as the pubhc interests are supposed by Congress to require
them, in any or all of these large burdens on the public Treasury.

As some encouragement to hope for a continued reduction in several of
them, without injury to any of the important estabUshments of the countiy,
it may be observed, that pordcns ot these items of expense, and several
smalleroiies, most cease fimver with the temporary occasion for them, and
adiexs ^wili aot, when once completed^ require renewal soon, if ever.
Such are numerous speckd donations and grants, durable public build-
ings of all kinds, diy-docks, improvements at navi^ yards, torts, arsenals,
and arms, roads ana harbors constructed, obstnrctions in rivers removed,
dte mamifoetore of wek[ht8 and measures, the survey of the coast, much
of the removal of the £idians, the extinguishment of Indian titles, and
mo^ of the existi^ pensions. But unpleasant as is the task of reduc-
tion, it niay also become necessary to go nirther and diminish on a g^ieral
pro raki scale or otherwise^ the connpensation to all officers, civil and
nnlitaty, executive, judicial, and l^islative. It is surely much better to
do this, so for as the public exigencies may require and justice sanction,
than to expose the Treasury to bankruptcy by ccmtinuii^ to make appro-
priaticN[is beyond the certain meai» provided for the payment of them, or
to resort, in a period of peace, to tne spendthrift and suicidal policy of
effbcting permanent loans to definy ordinary expenditures. Pecu^e is the
time to pay rather than incur debts; and it would be wiser for any nation
even to noaid during peace than to borrow largely, and thus encumber
itiU more those energies and resources which are naturally crippled by
war, but whose w1m& vigor is so conducive to its success.

The {receding remarks are applicable to ordinary expenditures. But
for eactradrdiilary ones sach as, within a few years past, the expensive
rraioval <^ the Gteeks and Cherokees, the Black Hawk and Florida
warst while equal caution may well be exercised in deciding on their
ttecesmty, yet when once dwt is admitted, less ol:^ection exists to tempo-
lary mieasures tot reliei^ like Treasury notes or short loans, provided a
permanent inerease of taxation is not likely to be required in the end.

in votiQg for eactraordinary cfaaxges, as well as in sanctioiiing, fixnn
VoLi IV.— 16. J ^^^1^

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fM KEFORTB OF THE [:

OTznpathy or jtisticei unexpected; appropnatbns txymmdB hx^e pnhnie
cieumfi and interesdi^ loced objtets^ it often happens that hesvy pay*
ments are imposed on the Tteastuy fi)r purposes not Gootemfdated in tfaa
ordinary estimates.

And the obvious propriety of g^tieraJly making at the same time acnne
new provision of means adequate to die discharge of sudi addidoml
burdens is sometimes unfortunately overlooked. I&ut, when acting^ on
these or other cases, if Congress cannot, consistently with its views of
duty to the country, adopt the course suggested, and restrict the anwHwit
of appropriations, whetner ordinary or extraordinary* to the ceitam
current revenue, the only remaining courses which seem defeosSde are
these : either to provide for recalling portions ci the public money xmow
deposited with tne States, or estabUsb an adequate system of direct
taxation, or at once resort to the conting^it power contemplated in the
existing laws concerning the tariff when changes become neoessaiy fix-
purposes of revenue, and restore the duty on sevetal arUoles of hacaay
now free.

ON SOMB PBBMANBNT 8AFBOUABD mnniR FLUOttTATlOlCS IN RBCBIFSS

AND BXFBNDITUamU

Much has at times been wisely done by Ckm^ress to st^ppiy means ibr
peeting unexpected defidenci^. But all I^al j^iovisions heretofoie
adopted for that purpose having expired, our foancial operations will be
ccmstandy exposed to danger unless some permanent saf^^uaid nader
contingencies is established.

Th^ circumstances mustcdnstttute an apokigy for okic6 mGoe ezplaiB*
ing some of the grounds in fiivorof such anKa6ure,and earnestly aaking
speedy legislation concerning it.

The principal sources of our present revenue aie sensiUy aflfected by
fluctuations not only in commercial prosperity, but in the crops^ the
banking poUcy, and credit systems of even foreign nations. The inflo-
^ice of toede causes seems to become yearly nx>re chang^sUband moie
uncertain in its extent.

NumexbuB illustrations in support of these views have be^i referred to
in former reports. Some of them show a sudden and great falling offiii
the regular receipts, though during peace, as the duties in 181^ from
nine millions in one quarter to onfy three in the next; and as the sales
of public lands, from twenty-four millions in 1686, or an amount over
hall of aUreceived in the previous forty yedrs, to less than three nulhoitt
in 1838. But the returns from the distncts in some States, daring d»
last two years, present Guldidozial facts equally striking on this mibj^

in Michigan, for instance, the sales of public hnds in 1836 exceeded
five millions of dollars. They fell in 1838 to only $164,i^; andm
Mississippi, where in 1835 and 1836 they exceeded thi^ millions eac^
year, thsy fell in 1868 to only $96,636. As before intiimed, a pcvtui
of such extraordinary fluctuadcms results from the vadllating chaiacter
of the sources from which our revenue is derived. But most of then
are evils inseparable from the periodical contractimis and expansioM
incident to the present defective ^stemof bankii^r in a countzy so foil

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1«»*] SECRETARY OF TBE TREASURY. Bit

^ cnteiynse as tnirm tridi indb freedom in moraitSt ssob faofltties of
ioteifOQuiBa, and ancfa strong temptations to lasa speculation.

Tfae fiactuationS) however, aie not confined to die inceipt^ The
€9q)enditttre8 which may be sanctioned by C<Migiess anaually aie verj
-naoeiCain in their amonnt, as vteXL as doubtftd in the proportion of them
which will be called for witlun the year» or in any particulacr pordon
ofit. •

All these, and similar conmderations in favor of %oaiep^«nanient pro-
wi^xm on d]is;8ubieet» flf>piy with still Bieater fixce than they have heief
tofeie. The a^auable babuoce in die Treasury to fiiciUtate its operations
is mndi snndler than has formerly been usoaL The receipts on the debts
■till due from banks, after two previous disappoii^ments as to some of
them, must be regazded with increased doubt; and if thcnr should be paid
within the coming year, the outstanding Treasury notes bcicome ledeem-
ftbfe in the first &df of it, and must be discharged some months befom
llie bond of the United States Bank fafls due in September.

The introduction of steam in voyages across die Atlantic, besides die
great revolution it must fHoduce in other respects^ will so expedite cotters
And imports c» to produce a sensible departure from the former mom
uniform periods of^ laying in stodLs of certain kinds of merchandise in
advance, and must tnus add to the im^ularity in our recdpts fix)m
importst as well as to the uneertaimy in previously esdmatmg their
-smount.

The pvacdce of incurring expenses in certain cases, sometimes le^is*
lative and sometimes military or of a difierent character, in andcipa^n
<tf appropriatioos, and occasioned by unexpected necessides or unusual
<ftria5rs, seems to be increasing. It augments the risk of a temporary
deficiency becSaiise large sums thus become payable in a mass, and
fordi with» from the Troasury, when most of the members of Congress, at
the time of making die appropriatuHiSt expect that the burden will be
spread somewhat equally over the whole of the ensuing year.

Wlgrdien should not a constant safi^uard, or some permanent remedy
onder such irregularides, be pravklea? The omission to do this csui
haxdly be consuiered the true check on extravagant expenditure, as that
^Ysheckwotild seem to consist rather in a forbearance to make tumecessaiy
a{^pEopriadDns,.dian in a refusal to provide ample means for paying with
pfompdtnde under all probable contingencies what has already been
wprojMriated;, and has thus received the deUberate sanction of Clongres&
The nadcmal ptide, n6'«less than its hoiior and credit, appears to be con<-
cemed in adopting some measure on tins subject, stable, efficient, credits
able tofi»e insdtudons, and possessii^ a paramount influence to preserve
unspotted the pubUc fk^

The States now possess, separately, quite as deep an interest in such

an arrangement as the General Government, since a blow oa^ the ciedit

. of the Is^r would, like an electric shock, be felt through the whole of

tfacoi,and inevitably depreciate still more their immense amounts of

stocks.

It is hoped that an actual fidlure to furnish means to make prompt
fmyment, xmder all contingencies, and thus producmg iim very viokdon
of g^ fittdi so much, to be d^piecated, wiU iiot be necessaiy t^

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MA REPOKTB OF THE [ISSB.

il8 gteidians tDtlietnr|eiit importanoe of mnemcliSBiiwdial]^
a measarewkboutwlnchvmuieflbapeof aninTOflUnent w twihnice

on handy or anthoritj given to postpooe certain dasaet of af^woprialian
when the reveane proves maumcient for the whole* or some pawner to
bOTTow moDey, oar issoot oa inteiesC, when neceasaiy, drafts or eaachequer
bills, no financial system in any enlightened coundy has been, or can be^
long administered with safety and hraor.

In our system the proviskxi on this subject was vei^ mafistm and
permanent, till the extinguishment of the national dd)t m 1836« Pre-
vious to that time, a lai^ balance beyond the expenses Saw ordinaiy
purposes was generally collected, and being kept on hand till near the
close of the year, so as to assist in any contingencYt was dien, if not
thus wanted, applied towards the payment cf tte debt.

After that time, the first resort m the event of fluctuations was tern*
p(»raiy, and consisted of the accidental and unexpected accumidatioo
which immediately followed. When parts of that aocumnlation weic
expended, and the residue was dividra amooff the States, instead of
bemg invested and h^ to meet deficiencies, the recall of it, aa &at as
needed for the latter purpose, was still sanctioned fay .Coogzeas, and
constituted the next permanent remedy. But this power of recall was
afterward taken fixim the Treasuiy Department, and instead of it ^
payment of one instalment was postponed, and a very limited authoii^
^ven to issue Treasuiy notes for aid in any contingency^. That a«thor>
ity also emired in June last, and while m force contained reqoisttioos
immediately to receive those notes in payments when oflEered, and at the
same time preventing the reissue of them, which proved to be exceed-
ii^ly inconvenient aiMl haiardous; which have alieady rendered two
aimitional acts of Congress necessarvt and which, in a moneyed criab
like the present, not (hi^ endangers au fiscal operatbns, but would have
stojqped s(Mne of the most important of them, if not obviated in a degree
by seasonable arrangements made in anticipation of difficulty*

The Department, dierefore, is now vnthout any resort, tempoiaiy or
permanent, in case of material deficiencies; and considering ail the cip>
comatances before mentioned, with the dangerous liability in law to have
the whole of the outstanding Treasury notes jiaid in at any moment for*
public dues, without a power remaining to issue others in their stead;
considering also the present revulsions in the commercial world, wfaicli
nSkct so serious^ the receipts fiiom both duties and lands; oon»idftrtM
the disasters which are befioUng the hajoks and rendecing our ccdlected
fimds in some cases wholly unavailable, and the advances necessary to
be soon made for the large payments of pensions, and Treasuiy notes
folUng due in March, the earbest attention to new leoislaticm on tms 8id>-
ject seems highly prudent, if not indiq[>ensable for me efiectoal security
of the public credit.

THB IfANHBH OP KBBPINa VHX PUBLIC MONBT, WTtH THB PBOPBR OUyumS

▲OAIN8T L068B8.

During the preaent year, the pul^ money has been k^ in the fidl^
ii^ manner: Whece snitaUe banks could be obtained, in oanfonn^

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l^a] SECRETAEY OF THE TREASURY. 645

the act<»f June-SS) 18S6, it his been |flaced in tiiem, in general depoaitie.
When 8i2ch could not be obtained, and the amounts were UkAj to be
pennatiendy large, or were not colkcted by any pubfic officer, the money
nsB been placed in banks, in spedsl deposite, either in the modified
fimn, as explained last year, or under particular stipulations in wrking.
In other cases, where it was small in amount, or likely to be wanted
immediately fbr public use, it has remained with those collecting it till
drawn for.

Only two banks are now emplo3Fed as eeneral depositories, undet the
act of June, 18d6. Their names, and the amount ofpublio mon^y in
each 9ttl]^ect to draft at the last returns, are annexed, (K.^

A tabular statement is also appended, which shows tne condition of
tbbee banks and the reasons for the discontinuance of three of that class
since the last session of Cosigress, (L.)

Id respect to the system at present in use, it is not proposed to add
much to the c<Hnmeiits which have been submitted on^its defects in
former reports. The fidlures among the banks within the last &w
mtodis have a^ain strongly i&ustrated those defects.

Without fiiruier legislation, this system cannot be made, and it cer*
tainly is not now, the most safe and convenient one, whether Coni^ress
intend to continue a system of banks, or adopt one independent of banks,
or emidoy a itiixed one conq>osed of bodu But it is a system forced
on the Department by the pecuUarities of the existing laws and the
present conditfon of our bamking institutions. It is beueved to be the
oest one possible, consistent with them. Under the present arran^
ments no eventual losses are supposed to have been susttiiiied which
are properly attributable to this mode of keeping the puUic money.
Any small ones, which are likely to ham)en, appear to be the result of
the usual risks incident to the mere collection and disbursement of the
moneVf without reference to the manner of keeinng it, and these kii^
of riws are inseparable fix)m any system her0toK>re in force on this sub-
ject, whether consisting of a United States Bank, or State banks, or
either of those mixed with individual officers.

An exclusive use of bank corporations for cottecting and disbursing
as well as keeping aU the public money, could alone dispense with the
employment of individual officers for the two former purposes, whidi
has prevailed fixim the foundation of the Government. Such an mno*
vation has been proposed by some, and more especially in the krge
seaports. But it would create a radic^ <^hange in the whole theoty of
all our coUeodon laws. It would subject the GovecnmeaU in most of 'm
fiscal concerns, to an entire and humiliating dependence on moneyed
corporations. And should the latter, though increased so mudi in p9^er,
not aspu^ more to misuse it, yet a wider door would thus be opened to
skiister in&uenoes as well as to great fiscal derangements and ultimate
losses. Recent eventd have evinced the dangers of these so strikingly
as to justify all in being more mistrastfiil, and to render the fimher ccm-
sideration of such a pkn unnecessaiy.

The ciiief difficulty under the old systems need only be understood
eleaiiy to be duly appreciated. It has not been in making large pav-^
ments or laige traiMfers^ when using for deposile either the State banks

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U» REPORTS OF THE [18ti.

or the.United States Bank. Recehrers and cdSeetoiiB have also in many
places eflfected payments with promptitude and to gteat anaounts, aod
almost every trouUe in transfers by tbem ^^ronld be obriated b^ Ae
authority heretofinie asked for the Treasurer, to receive money for tends
in advance at points mutnally convenient to the purchaser and the
Treasnren But the greatest defect in any fixmer system, connected
with this disturbing subject, has always been of a dimrent charader.
It consists in a want ot an absolute prohibition to employ the pnUic
money for any private purpose whatever, and in die want of severe
penali^ to enforce sucn a prohibition, and of other adequate checks
and guards possessing a preventive operation on hoA die tninds and
acts of officers sufficiently powerful to diminish defalcatiohs.

This defect has exposed the Treasury to constant losses fiom the
foundation of the Government, and under all systems hilberto in me. It
can be eflfectually remedied by no official regulations, as these have
neither the extent, respect, nor farce of laws, but only by such new
legislation, both penal and prohibitory, as has been repeated^ receoah
mended by this Department, and as experience in most other countries
has shown to be indispensable to check peculations in the most eflfective
manner.

The correctness c^ the statement as to the existence of these losses
under all systems and all administrations of them which have provailed
since the present form of Government went into operation, nas been
shown generally ficom' official records in reports made to Congress within
the last two years, and it will appear more in detail in a reply, soon to
be presented, to a resolution of the House of Representatives, caUmg
for particulars ccmcerning defaults in '< each Admimstration,^ from 1789
to 1837.

It is not proposed to enter here into minute particulars crniceroing the
resuks as contained and exhibited in that reply. But a few general
statements from them will throw light on the topic under considera-
tion*

Losses appear to have occurred from defaults among officers in every
^ Administration,'* or presidential term, from the formation of the present
Government. Thus, among disbursing officers, they aro found in every
term since 1789; among collectii^ raScers^ in each since 1798; and
among deposite officers, or banks, m all since 1817.

The largest amount of loss from each class within the period described,
has been by deposite officers, consisting of banks, and including, as the
resolution requires, the depreciation on such of their notes as were taken
for public dues. The loss by this class, at the lowest estimate, has
exceeded six millions and a half of dollars ; and, adopting a cotoiputa-
tion made by a committee of the House of Representative^ in 1882,
would equal ^nrty-five millions. The next largest amount of loss, as
ascertained and computed by the proper bureaus, nas been by dtsbursmg
officers, and has been a little under five millions. And the least loss has
been by collecting officers, not much exceeding two millions. The
aggregate of all these losses, taking die lowest estimate for banks, is
about thirteen millions and a hal£ If, in Connection with tins subject,
were considened the losses in ooUecting the revenue bylhe non-pftyment

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mfc] SECRETAinr 0F the TSXASURT. ' MV

^ haudB Sot dnsMs oa wUck eredtf was given to merdnntet semetliiDg
Ofer se^n and a hak* millioss of daUars mim be added, increasing the
aggregate to more than twenty«one millions* The proportionate losses
by these classes have been thus : Those by the bcui&s and by the duty-
bonds amount to mofe than-twtKhirds of the whole. The losses, eidier
by the banks alone or the merchants' bonds alone, have been nearly as
great as by both disbursing and collecting officers united ; and either is
more tlum three->fi>ld as great as by collectors and receivers, and several
motions more than by them not onty irem 1789 to 18d7, but^m 178d
down to the present moment.

The particular losses in each presidential term bdng also desired by
the resolution, they have been ascertained ; and as they furnish a strik-
ing solution of some of the general causes of those losses, the periods
in which the kurffest and some of the smallest ones happened amoi^
each class of public agents may be usefully designated nere* Among
die banks the largest losses were from 1813 to 1817, then consisting
entirely of depredadon on notes taken $ and next from 1821 to 1824,
eooflistiDg then chiefly of deposiles;. while fix>m 1829 to 1833, and from
1833 to 1837, they were smaller than in any period Ance 1813. Among
didbursing officers, looking to • the amount oisbursed, the largest losses
were £rom 1831 to 1825, next fiom 1817 to 1821, and next from 1809 to
1813 ; and th^ were smaller fix>m 1829 to 1833, and 1833 to 1837, than
ki any other term whatever, except fiom 1789 to 1793. The loss on
eaoh $100 &&m 1829 to 1833 was only ninete^i cents, and from 1833 to
1887 only twenty-six cents ; while in some previous terms it was as high
.as two dollars and sixteen o^its. In this class the most numerous
keses, compared with all in c^Sce, were from 1817 to 1821, next from
1^1 to 1825, and next from 1813 to 1817. The smallest proportion in
this respect, except during the first two terms under the Constitution,
was from ISSQ to 18^ ; and except those and the third term, the next
smallest was fimn 1833 to 1837.

Amoi^ collecting cheers, if looking to the amounts collected, the
largest losses were from 1797 to ldo£ next fiom 1809 to 1813, next
fiom 1817 to 1821, and next fix^m 16Q5 to 1809. The most numerous
de&uks, compared with the whole number of that class in office, were
fiom 1809 to 1813, next fiom 1805 to 1809, next fix>m 1821 to 1825,
next fix>m 1817 to 1881, and next from 1825 to 1828. The ratio of them
fipom 1829 to 1833, and 1833 to 1837, was not one^urth as large as in
some of die periods just ennmemted. Indeed it was less than in any
previous terms fixmi the foundation of the Government, except four, ana
the number <^ sodi defaulters was less than in any presidential term
since^804.

The accounts of the Post Office establishment being kept separately,
and its officers acting in the capacities both of collecting and disbursing,
are not included m ue above results, but will be given in the special
report in distinct tables.

On & earefiil review of these data it must be obvious, that in the
absence of any penal prohibitkn to use the public money for pnvate
purposes^ ana of other adequate securities against misconduct, the
memsed ieaocs doriijg.some of the- teims mentioned must have hap^

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S48 * 1EPO&T0 OV THE [isaft

peoed more from tbe 9tixmg temptatioDB to mimte the mota^t oonbaied
with the calamities incident to war, extnLordinaiy expannosk and cost'
tractions in the currency, and great qiecolatioiis and ccmvukkxtt oi
trade, than from any peculiar rapacity among those thai in public tn^
or any special neglect on the part of tnoee wb3 vreto then eitiier accooo^
ing officers or possessed of the power to a{q[K)int and remove unfiikfaM
agents.

Thus in 1831, 1833, and 1883, |»ospeioii6 but not merabtinff yeazs,
in the interior scaiFcely a single loss is supposed to have nappened amoi^
receivers, though some were then reported for suiton previous defaults;
imd the same may be said of collectors then and in 1886, prosperous but
not speculating years, on the seaboard* But in moie calamitous periods
of trade, like 1797 and 1798, 1808 to 1813, 1818 to 1831, and 18S7»
sometimes succeeding others of rash speculation, d^defismlts multiplied
among collectors as well as disbursing agents. 8o, in similar periods ia
the interior, like 1818 to 1821, and 1836 and 1837, they increased amcmg
the receivers and the banks much in a ratio with the inordinate durst
for hazardous investments and the overwhelming disasters which ^isued
from them and overissues of paper money.

Another veiy strong illustration of this is to be found in the pmodsof
the greatest losses on merchants' bcmds, compared wiA ttie whole
aniount of duties collected. These losses were die highest from 182§ to
1829 of any term ^nce the commencensent of tbe Government* doubt-
less in a great measure growii^ out of the excessive meccantile specu*
lations aiHl failures of that period ; and the next largest were from 1821
to 1825, resulting probably from like causes; while from 1839 to 1833,
a period of comparative regularity in trade, the loss was smaller tban m
any other term since 1809^ and less than even from 1793 to 1797, and
1797 to 1801.

On' the other topic, as to tbe feasibility and utility of additional dieoks
and penalties against defalcations, the illustrations refenred to, as drawn
from examples abroad, are these: Out of twenty-seven Govemm^its in
refflpect to which accurate statements have been obtained, and which
include almost every impcHtant civilized country in the world, twen^
six seem to prohibit any private use of the public money, either by
collecting or disbursing agents. In ekx cases only do the deposite agents
appear to be allowed me use of public funds, and that is only when
those agents are banks, and the money is placed with them in geDend
deposite. In a great msgority of these Governments the employment of

Euolic funds for private purposes by any agents whatever is not only pio>
ibit^ but pumshed by severe penalties, such as impcisonnsent, or the
galleys, the penitentiaiy, and in some instances death. More ndinute
checks and guards also are introduced in most of them, and less is left
to discretion or regulation, even in monarchies, than here.

That course of making full and explicit statutory provisions on all
these important points, and duly restrictmff executive discreten, so liaUe
to degenerate into tyranny, has her^x>fbre been repeatedly ur^d by the
undersigned, from a regard as well to correct pohtical principles as to
an increase of the pubnc security and a dkninuuon of die diffipulties
and responsilnlitiea he has of late years been compelled tt> pagatfaztwig^

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J 8ECR£TAfiT OP THE TEBASURY. f4»

& a peticN) of mckt inmieDse coDectioliB and diflbcmeBi^Qts, accompar
nidd by flo B&vexe rerulsiofis in cominerce nxid such haraesing bank
flBroensiDiis*

Dwefiing bo longer nofw on this topic, he is convinced, not only that
the measnres tor gieater security in tne collection and disbursement of
lite pnUic nxnuey, but the other provisiofK heretofore recommended, in
the estabfishment of an indepenoent Treasury for keying and trans^
ferringit, should be eaiiy adopted. Prominently among these last is the
aepaaratkm between the banks and ttbe principal fiscal operaticms of the
Governments That would be likely to produce many advantages, which
have been explained so fiilly on former oocaskms that onlvafew of them
need here be adverted to^ and this very briefly. It would render a bank*
ruptcy of the Treasuiy impoisible by a wide if not general suspension
of specie payments. To the loss, vexation, and discredit of this, the
Ooverament ims already been more than once subjected, and a United
&ates Bank, judging from experience abroad and analosy at home,
wouU form no more eflK)ctual guarantee against it than State banks during
periods of extraordinaiy conralsions in mde, if administered under the
present imperfect system of bankiw; or, in other words, under similar
defective charters, and occasionaJUy similar false banking principles*
Sudi a separatimi would relieve both the btoks and the Grovemment
ftom any furth»* exposure to mutual importunities, embarrassments, and
CTiminatiops. Both, and doubtless beneficially to both, would be left
more to dieir own resources and less to dependence on each other's &vot»
whetha: instk^ated bv cupidity on die one hand <»: pditical ambition on
the otb^* testead of increasing, it would diminiish executive pow^^
for the latter would be strij^ped of all bank influence, and be allowed in
ks slead neither the use nor possessimi of the puhhc money except
under agents not selected by ksdf alcme, as in case of the banks; litde
ktcieased in number, guarded by additional securities, and forbidden by
the severest penalties to use a dollar of it for any private purpose. It
laroubl tend to (dieck improvident paper is^ies, that in some degree dete-
riiMate the exchcmgeable value of specie itself, as well as of paper, and
it would secure the best possible currency in the present state of tl^
Gonfedtution and laws. In fine, it would remove all inducements to
^board what could not be used for profit, to delay payment of what could
not be otherwise employed, to augment taxed or tanfis for deposites that
can yield no emoluments, and to indulge in reproaches or sufier inconve*^
nianoes, as banks now €b, at b^g deprived, oy public drafts, of funds
virluch, uader the prdpoaed system, would omj add to the risk and
reqNinsibility o{ the depositary instead of his gains, and would therefore
be^adly parted mth..

CONDITION OF BANKING INSTITUTIONS OENERALLY, AND THB KIND OP
MONET RECEIVABLE POR PUBLIC DUES.

l%e condition of^he banking institutions generally in the United States
is alwaya a topic of some financial interest. But it now possesses less
with the Oheneral 6ovenm»iit than it <lid when the coimectioa between
ihem was more^intimate«nd extensive.

It is r^retted diat space r^nains on this oocasira. for but httle mom

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SSO SXPO&T8 OS^ THE . [1898.

emK^erniii^ their coiidHk>n &an a raference to

aoon be submitted bom the lait anthciitio ratoms that can be obtsined.

In the mean time, however, it may be inferred from retiiros not TWf
numerous, and from some general data, that since the 1st of Janoaiy
last the circulation o( those banks now payii^ specie has probab^, tm
an average, been curtailed quite cne^ddra, or between sistaea and twentf
millions; that the circulation of most of the others had not been Bideaeed
at the time of their late suspension; that the aggregate amount of specie
in all of them is not reduced more than eight or ten mfflioDs; and that,
«nce the fall in Icn^ign exchai^, these institutioBS, with a few exoep-
tions originating in gross departures from correct banking principles ij
embarking in trade, and by making large in^iescments mi hmg hmost
often not to business men nor fer common busiiiess purposes^ aiB as able
as ever to sustain specie payments, provided they felt disposed to exercise
their former forbearance and indulgences towards eacn other, and dhe
eomnmnity towards them. It is a source of much satisfactioii to add
diat the recent suspension has caused fer less embarrassment, dehy, aad
probable loss to the Treasury, whether by dspositas in buiks or the
possession Of their notes, than have ocoumd heretofcre on skoilar occar
sions.

Two reasons exist §ar this. The banks have of lata been en^iloyed
and their, notes taken to aiess extent than was before customary, aad
the suspensions among them have been less general by not reaching^ it
is computed, over one-third of the whole number in the United 8tttBS»
diottfi[fa including, perhaps, more than half of die whole banking capitaL
' Of those suspending, fortunately oiUy three or four hdid any considcnabfe
amounts of pubUc money deposited with them since 1887 ; and they, as
well as the rest now in public employ, have made comniendaUe exer-
tions to meet with fideliQr dietr en^[agements to the Treasniy.

The admonitions, however, which the late suspension has given ia
respect to the importance' of some new legal provisions connected with
the keeping of the public money, have not been slight, and have already
been sufficiently noticed.

They appear to be equally stionff in &vor of some new legislation or'
additional regulations as to the kind of currency which should be
received for pubKc dues.

In relation to this last point the Constitution and laws are nowexplkat
enough concerning what constitutes money.

But the practices under them in receiving other things than gold and
silvier as money, or rath^ as a currencrf or substitute for money, havs
continued so long and been at times so loose as ^ create much dapger
and difficulty. The views of the Department on all portioas ctfdns sub-
ject were so fully explained to Congress on previous occasions, and more
particularly in TCptember, 1837, as to render it unnecessary to repeat
them here.

Bat some illustmtions and confirmations of those views, oontained in
ihe transactions of the present year, are new, and are as follows :

In sundry instances banks, as wdl as iiidividualB» holding the Trea**
urer's drafts, have insisted on specie in payment, and lafiissd to aooept
Ae current notes of qpecie<^ymg banks.

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ISSS.J^ SECRETARY OP THE TREASURY. 361

TliiB they had an undoubted right to do, and thus the idea has ' been
strongly corroborated that, however much both pubUc and fiscal conve-
flience may be promoted by the use of a paper currency Gyt either larre
or distant payments, yet the receipt of anything short of specie, or me
notes not only of specie-paying bsmks, but such as are^convertible into
specie on the spot, and at par, can never eflfectually protect the public
credit The practical importance of this question under our present system
will be the more obvious when it is understood that near twenty mtUions
of the twenty-five expended this year for ordinary purposes, have been
or will be paid by drafts drawn directly on collectors and receivers, and
moit therefore be met, not only by them, but in specie or its equivalent..
It seems impossible also, that eventual embarrassment and occasional
k>Mes by bwk fidlures and suspensions should be obviated, if anything
but specie is long kept on hand by public agents of any description.
Nor can any system operate as a check on overissues by banks, restrain
die tendency to eambung ^culations, and aid ^[raduaUy in improving
the ciirreiicy of 3ie country, as well as preserve m purity the true con-
sdtutkmal' standard of value, unless the notes received are sjpeedily paid
over for public debts when acceptable to creditors, and, at bnef intervals,
any of them left on hand are returned for specie to die mstitutions that
fisoed them.

It appears that the eftect which such a course would produce on the
currency at larse, by permanently withdrawing specie either fix)m banks
or ftom circulation woidd, kj ordmaiy times, be much less than many
persons have apprehended. In the collection and payment of the above
twenty millions by collectors and receivers, the whole amount on hand
with all of them, at any one time, has seldom exceeded jme miUion and
afaaK

At New Yorl; ci^, where near- two thirds of the customs of the whdb
Union are collected, and where the gross receipts this year will exceed
.fifteen millions of dollars, the amount on hand at any one time has not
«v«raged half a million of dollars.

As an illustration of the system of drawing for this money speedily,
it may be added that the amount left at the close of each week subject
to drafts has seldom equalled one-twentieth of a million.

At the recent suspenskm of specie payments most of the fimds in the
costora-houses were composed of bank notes ; but nearly half of those
in the land offices consisted of specie. Though the notes on hand were
iflsiied by banks pajring specie and in good credit at the time they were
taken, yet even a part of them, suddenly becoming irredeemable, has
eansed some inconvenience, several protests, and a ^w injurious delays^
with both receivers and collectors. At the former suspension, as specie
was the only currency then allowed to be taken by receivers, most of
diese diflScmties were obviated with them, and w^re confined chiefly to
die deposite banks and l€u-ge collectors. The great amount of specie
which the receivers then possessed contributed much also to the general
relief of the Treasury, and especially furnished most opportune means
lor makk^ legal as well as satisfectory paymewts of the heavy Indian
aimtiities soon aftei^rard fkUing due in the West

9oine ctm^erationB wco^ intended to be next presented on the penna-^

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969 REPORTS OF THE [1889«

nent de&^ieiicy apprehended as likelj to happen in the fevenoe bAbt
1841, under the operation of the present tariff ^ut the Ieii|[th to ^^dudi
this communication has akead^ extended, and the doubt whether Congress
may deem it advisable to, legislate so lon^ beforehand in anticipation of
an event whict^ possibly, but not probably, may be avoided, have
induced the Department to postpone £>r the present any particular
remarks on a topic involving considerations of so difficult and agitating
a character*

inSCBLLANBOUS.

Some of the leading changes which this Department during the but
five years has thought proper to* tu-ge as material in connection with the
finances may, before closing, be summarily and perhaps usefiiUy con-
densed, and presented togewer to the consideration of Congress.

They are as follows :

A new organization of the Treasuiy Department in such respects bm
to insure a more appropriate division of labor, a stricter accountability!
and a closer supervision over the coUection of the revenue by officers
exclusively devoted to it.

An increase of the checks and securities against defaults in all officers,
whether collecting, keeping, or disbursing public money, and UHHre
especially by pronibiting its use for private purposes under severe
penalties.

Some provident fund, to be formed when any occasional and acci-
dental surplus happens to be in the Treasury, (but never deeigtiedly
raising one by taxation,) which shall be employed to meet contin-'
gencies and fluctuations instead of our being compelled fi:equently to
resort to loans or increased taxes; and, in the absence of such a fin^ a
permanent authority to be given for the procurement of means, vrhea
needed, under unexpected deficiencies.

A reduction in the ordinary expenditures, so as for several years not
to exceed seventeen or eighteen millions of dollars annually, unless when
die revenue is abundant the great national works which it is intended
to complete in any event should be hastened more, and when the
revenue is smaller, be proportionably retarded.

The passage of occasional preemption and graduation laws as to the
public lands, under judicious limitations ooncerning the quantify sold in
any one case, and for the prevention of fi^uds and partialities.

To reduce the tariff, whenever the amount of revenue justifies the
measure; and always regulate its provisions with a paramount r^aid
to finance» discouraging articles of luxury, and encouraging usefiil and
necessaiy pnes only as incidental objects in tariff legislation.

In connection with this poliOT of protecting freedom of trade, to resial
monopolies and exclusive privileges, whether in banking or commerce.

The exclusion of small bank notes firom circulation, so as to enlaxge
the quantity of specie within the country, increase the use of it, and
especially of gold for cmnqion purposes, and thus jHX»tect as well the
banks againt runs or panics as the ^laboring glasses fix>m losses and
depreciations incident to every paper currency like OMrs, not founded on
a specie baws as broad as tbq paper itselC i^oid finally the rapid

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ag89.] SECRETARY OF THE TREASURY. SSS

mJdiigQmhmmtt of any natiotial debt; wd the cieatbn of no new one of
a permanent description in peace.

A promini^t feature m the policy which has thus been recommended
as to our fiscal affairs, has been to leave to State legislation all matters
of doubtful jurisdiction, as well as all clearly of a domestic and State
character, whether connected with the revenue or the currency, the
txchanges, or commerce, or some other exciting interests of the country
less intermingled with the immediate business of this Department. The
nadersigi^ takes pleasure in acknowledging that several of those .
enumerated measures did not originate with him ; yet they have all
received his earnest official support, and he is gratified that steps have
already been taken by Ccmgress insuring in part the success of some of
them.

The rest, as wdil as those, am again respectfiilly commended to favor-
able consideration, h^ing that the scrutiny of longer discussion and reflec-
tion may have satisned its members that thefuU adoption of them all
would jm>mote the durable prosperity of the finances, and at the same
time be in harmony with the Constitution, and favorable to most of the
great interests of the country.

In respect to several remaining matters connected with the numerous
duties devolved on this Department, it is proposed to postpone the con-
sideration of most of them to special reports to Congress, and separate
communications to suitable committees.

Among the latter is a mass of questions, chiefly connected with the
public lands and the custom-house establishment. Among the former
are the state of the light-houses ; the progress in the survey of the coast ;
the manufacture of weights and measures; the condition of the Mint
and its branches; the situation of our trade with the British provinces
and West Indies ; the disposition made of our deposites with the several
States; and various other subjects of minor importance.

In a note annexed (M) are explained briefly a few topics still difierent,
and some of them more urgent m their character, such as the exclusive
employment of pne of the present comptrcdlers as a commissioner <^the
customs; a revision of the number and compensation of ofiicers in the
customs, and especially thetr pay during the past year; the requirement
of official security from district attorneys; a change in the commence-
ment of the fiscal year, making ako the commercial the same as the
calendar year; appropriating m certain cases for five quarters, and
keying and publishing all accounts and returns by cj^uarters as well as
years; new provisions concerning papers in whale ships and in vessels
<m the coast of Afiica; a declaratcny act as to the duties on silks and
worsteds; and the fiirther extension of the laws for the rdlief of insolvent
debtore.

Within the present year, the business as to the French indemnity has
been closed by distributing the additicmal interest obtained on the first
lour instalments. The si^ra pajrment due fiom the Kingdom of Naples
has also been received and divided amonff the claimants.

The annutd eidiibit of the condition ana business of the General Land
Office usually accompanies diis report, but, fiom its length and import
tance, it will be presented separately in a few days. The veiy success-
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SM B£P(»ITS OF THE [1809U

ful proffcess made in bringing up the arrears of bosiaesst and n the
dispatcE of the enormous amount of current duties devolved on that
office by the unprecedented sales in 1835 and 1836| deserves special
notice. It bafi enabled the Commissioner to dispense with the employ-
ment of nineteen of his former clerks. Disaffceeable and embarrassing
as the discontinuance of oflicial servicer usuiuly is, a strong sense of its
propriety in an economical view has led to the measure on this ocoasioa
witnout an^ special direction by Congress* It is also a^ain urged as a
proper topic mr legislation, and without which it cannot be edited, thai
the number and consequeml^ the expense of the old land .offices be
reduced, by uniting several with others adjoining, where the quantity of
business, has become much lessened* A simiusr course as to some of
the collection districts on the sea-board has before been recommended,
and is still considered worthy the attention of Congress. In all these, as
well as in larger savings, economy is undoubtedly true wisdom.
RespectfoUy, LEVI WOODBURY,

Secmary cftke Treatufy*

To the Speaker of the Home of RepreserUatmf,

LIST OF POCUMENTS

ANNEXED TO THE BBPOKT ON TH& FINANCES*

A. Avmlable fiinds in the Treasury 1st January, 1839.

B. Receipts and expenditures for 1838.

C. Expenditures of first three quarters of 1839.

D. Payments of public debt to 80th November, 1889.

E. Issue and payment of Treasury notes fiiom 1^ January to SOtii

November, 1839.

F. E^qports and imports in 1839.

G. and H. Exports and imports from 1789 to 1839— consumpCioii of

foreign goods, and value of principal articles impcMted and

exported.
L Note on the above tables*
J. Ajonual estimates.
K. Names of general deposito banks, and amounts to the csedit cdf

Treasurer thereiut
L. Condition of general deposite banks at last retums^^-names and

reasons of discontinuance since last session*
M. Note on some miscellaneous topics.

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lAl

SECRETAKT OE THE TREASURY. SSS

Siatemmt offmit amiloMefor geMe^kH 'pwrpo^m GUiktXxt ofJaamaryi 1839.

Tbe gross balaxice.m.tbe Treaimiyy at ^bax date, exclusive of.po^

oflBce maaej, was, according to the books of the Register of tl^

Treasury $36,891,196 94

Of this sum there were deposited with the

several States, under the a(^ of 23d.

June, 1836, and not available for tbe ...

public service until new directions are

given by Congress. . ... ..'..•..*•. •$38,101,644 99

There were held by die Treasury in tn^st,

for indemnities, &c-, about 600,000 00

There were, of fiinds whiles had been

unavailabte £>r a 4^ig^*period, being

prineipally balances due fiom banks s

employe^ as depositories, which had

failed previous to 1837 1,100,000 00

Debts due, by the Treasurer's statement,

from banks which fidled in 1837, and

which had not paid the balances due,

by the sum of* • 2,472,690.00 . .

Portbn of balance in the Mint and its . . ... ,

branches, which cannot be drawn out .

without much inconvenience *• . 600,000 00 .

— ^^ 33,674,284 99

Leaving a balance aj^parendy available on 1st Jan., 1839. 4,216,961 96

Bul;>d>e aggregate of warrants outstanding on that day,
the amount of which i&to.be deducted from the balance
in the Treasurer's hands, was larger on the 1st Jan-
uary, 1839, than at the commencement of each of the .
four years preceding 1837, by at least 1,760,000 00

As these v^anunts were deducted from the appropriations
to which they were chargeable, it is proper to deduct
this excess of these warrants jfrom the amount of what
would otherwise have been available means* Com-
puting this excess at the above sum, the eflfective
avaikJble balance, on the 1st of January, 1839, was. . 2,466,961 96

The aggregate of unavailable funds in the Treasury on
the first day of January, 1840, will probably remain
about the same amount, excepting that the sums due
from deposite banks which became defaulters in 1837-
will be diminished to about $1,160,000 00

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SM REPORTB OF THE [1890.

B.

BeemftM and Expeadkam af Oe Omited Statm Jir tMe year 1896.
Balance in the Tieasuy ontbe lot Janoaiy, 1888 $37,3S7;363 69

RBCBIPT8*

Ctwtoms $16,156,800 86

Lands 3,081,989 47

Second and third instalments doe fitom

the Bank of the United States. 4,542,102 22

MisceUaneous items 369,813 29

Treasury notes., 12,716,820 66

Trustfunds 2,149,906 40

$39,019,382 60

76,346,686 29

BXFCMIUT U USa.

Civil, miscellaneous, and foreign inter*

course j J6,666,702 68

ftCUtary 19,936,811 67

Naval 6,941y881 94

Public debt 2,217 08

Trensoxy notes redeemed, including in-
terest 6,603,603 19

Tnutfonds 2,306,321 80

39,466,438 36

Balance cm the Ist January, 1839. ....« $86,891,196 94

TaBASURT Dbpartbibnt,

Rbgistbr's Officb, November 27, 1839*

T, L, SMITH, Register.

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G. -■ - ' \

SuumnefU cf Ea^^^Sittr^ ^ the Umied- States. txehmoe^fO^ IfrM ISmd^}
frdni 1^^ January ^90^ of September, 18d9J '

crnii, Mid^BliANBoMt Afny FORBiair iNrrEBccnmdB.

Legislature .i .-..^..... $403,710 Oa

Executive Departments. . . . . . .........* 639,492 01

Ofl^rsandcleil^oflti^Mintaiktbi-cak)^ 48,800 00

Surveyors and thteir cicifks. • ..... . .-. .... 35,663 OS

Secretaiy to sigti MXents for pubHc lands. 1,126 00 '
Commissioner o( Fublie Buildii^, Was^

ington .' .:. .. 1,726 Oa

Ciovemments in Territories of the United

States i... 104,306 61

Judiciary : 8^,212 89

^ja^_^ — —^$1,699,826 it
Payment of sundrjr ahhuitiesf -per acts rf

Congress 899 68

Mint establishment 78,700 00

Support and maintenance of Hght^houses: 97^,614 8&

Binfding li^ht-houses .- ... 169,094 23

Surveying the plAlic lands ....... 80,676 13

Surveying the coast of the Uni«ed States. . 64,996 78

Registers and receivers of land offices * 666 97 '

K^epei^ of the ptdbKc archives in Florida. 760 00

Repayment for lands erroneously sdd 14,238 01

Marine hospital establishment ... . 90^,114 06

Marine hospital at New Orleans 24,016 00

Repairing marine hospital at CharlestcHi-.-.' 2,000 00

Roads and caneds^wilbin State ef Indiana...- 18,630 00

Roads and canals'within State of Arkansas-. 21,740 00
Encouragement of learmng withkt ^ State

ofDUnois 23,400 00

Public Buildings, ftc., m Washin^ra^. . . . > 297,032 Si .

Penitentiaiy in the District of Ccdumbia. . 10,689 40

Completine; the Alexandria canal. -...-. . . -. 40,000 00

Refief of me several corporate oities in Ae- - - -

District of Columbia. .. . ... ....-.*.. v 66,749 77

Building custom-houses and warehouses. . 193,246 66

Documentary History^ of the Revcdution. . 6,602 00

Relief of sundry indrviduals. ^ . . . .i. t . . . . 31,046 28

Payment for hOTses, &c 24,437 40

Rdiefofcertain inhabitants of East Florida. 83,992 68

Additional compensatbn to coUeetors^&c. . 66,839 28

Debentures ana other charges^ % % ^ ...... . 11,091 20

PatentfiiQd .^^tv,..**-. 27,979 22

Sxth census ^...^v >.•..•. 2,000 00

Vol. iv^— 17* ^ r

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Expenses incident to the issuing of Treasury

notes $480 64

Miscellaneous 25,023 06

Refunding doties 74^667 99

Documents o]:dered l^y the Senate 16>000 00

$1,863,094 49

Salaries of .Ministers of the United States. 46,780 00

Salaries of Secretaries of Legation , . . . 8,601 22

Salaries of Charges d' Affaires. 47,66102

Salary of dragoman to Turkey, and contin-
gent expenses of the legation , 2,683 10

Outfits of Ministers. 9,000 00

Outfits of Charges d' Affaires 4,600 00

Relief of certain diplomatic agents 11,766 67

Contingent expenses of missions abroad. . 16,299 23

Contingentexpensesof foreign intercourse. 6,770 63

Salaries of consuls at London and Paris. . 3,000 00

Relief and protection of American seamen. 30,816 69 . /i^

Allowance for clerk-hire, &c., in the oflSice

of the American consul at London 0,270 29 ^ ;

Intercourse with Barbaiy Powers. ....... 10,178 00

Interpreters, guards, &C,, consulates in the » -

Turkish dominions 6,000 00

Expenses of commission under the conven- , t

Uon with the Queen of Spain 62 86

Expenses of commission under the conven-

Uon with the King of the Two Sicily. . 120 00

203,188 69^

MILITART ESTABLISHHSNT.

Pay of the Army $774,394 83

Subsistence of officers 289,444 64

Subsistence department 493,637 69

Quartermaster's department 146,848 69

Incidental expenses of the Quartermaster's

department 116,970 04

Transportation of officers' baggage. ... - - 49,768 61

Transportation of the Army 124,366 68

Fora^ 66,991 80

Purchasm^ depj^rtment ------ 617,677 96

Payments in lieu of clothing for discharged

soldiers 29,302 93

Clothing for officers' servants. 17,340 74

Two months' extra pay to reenUsted sol-
diers, and expenses of recruiting 37,088 90

Medical and hospital department 24,364 04

Contingencies of the Army r - - • - . 1,933 33

Arrearages prior to July, 1816. • . 1,99$ 89.

Invalid and half-pay pensions, ....... - .. . , 160,$36 29

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1889.] SECRETARY OF THE TREASURY,

Pensions to widows and orphans, (payable

through the Third Auditor's office) $5^35 78

Pensions to widows and orphans^ per act .

of 4th July, 1836 881,532 96

RevolutionaJry pensions, per act 18th March^

1818, , , 355,472 91

Revolutionary claims, per act 15th May,

1828 ^ 62,591 40

Revolutionary pensions, per act 7th June,

1832 789,012 78

Two years' pensions to widows and orphans, .

per act July, 1838 1,036,051 78

Vii^ginia claims, per act 5th July^ 1832. • . * 4,875 50

Unclaimed pensions, 6th April, 1838 59,393 94

West' Point Academy.

Pav of officers j cadets, and musicians 54,418 00

^bsistence of officers and cadets 30,700 00

Fdtage for officers' horses : 1,227 00

Clothing for officers' servants ., 255 00

Exposes of the board of visiters. ....... 2,000 00

Ifiscellaneous and incidental expenses. ... 731 50

Repairs and improvements, and expenses

of buildings, grounds, &c 7,221 60

Pay of adjutants and quartermasters' clerks 475 00

Increase and expenses of the Ebrary 1,000 00

Department of philosophy 600 00

Departmentof mathematics. 97 54

Department of chemistry 827 50

Depajtment of drawing 285 00

Department of tactics 360 00

Department of artillery. S!75 00

Two fire engines with hose comj^te. 1,900 00

Arsenals 165,238 U

Purchase of land at the Allegany and Wa- . .

tertown arsenals. 3,500 00

Arming and equipping militia 227,423 50

Accoutrements and arms for infantry^ cav- . .

airy, militia, . &C. 44,538 56

Ordnance service 68,011 93

Ordnance, ordnance stores, and supplies... « 39,110 70

Purchase of Ught field artillery 11,389 82

Expenses of preparing drawings for a

uniform system of artillery 1,000 00

National armories 288,722 67

Blacksmith's ^p, &c*^ at Watertown^

Massachusetts; 6,600 00

New machinery at Springfield armory. . • . 6,000 00

Barracks, quarters, &c. .- ^ 73,632 11

Barracks and quarters ^a western fiontieis 70,976 S2

Digitized by

Google

m$ R£POIll?S OF TH£L (]»8L

Barracks at Baton RouiB^e « 1849 64

Barracks and odier buimings at Sackett's

Harbor 9^00 00

Barracks and other buildingaat Plattsburg 6^200 00

Purchase of gunpowder * 1»521 16

Elevating machmes for barbette and case? .

ment carria£[es ..* 3,600 00

Armament of fortifications 128,669 84

Repairs and contingencies of fi>rt$catioii8. 4,764 66

Incidental expenses of fbrtificationa and

purchase of lands, &c ^. »....*..•. . %,128 30

Fort Adams ...^ 48,069 39

Fort Niagara — ^^ 10,360 00

Fort Dekware 4^00 Oa

FortCaswell ' * 7,000 00

Fort Schuyler, New York 68,000 00

Fort Warren, Massachusetts -. 87,500 00

Fort Pulaski, Geoi|?a, ^ -..,... 62,060 00

Fort on Foster's bank, Florida. • 21»60O 00

Fort McHenry, Redoubt Wood, and Cov-
ington Battery, Maryland 16,486 00

Fort Monroe, Virginia 63,186 74

Repairing and rebuilding the old fort at
Oswego, and construction of barrack,
1839.. - 6,739 28

Preservation of Castle Island, and repairs

of Fort Independence 49,930 00

Repairs of Castle Williams Mid Fort Co-
lumbus, and ofi&cers' quarters at New
York.. 2,000 00

Fortifications at Charleston aiid preserva-
tion of the site of Pent Moultrie. . . . 92^,232 41

Repairs of Fort Marion, and searwali at Sti

Augustine . ^^ ^ 18,616 6&

Repairs of the old fort at the &an»neag,

Pensacola. ^^^^ 34^80 00

Fortification at New London harbor, Con-
necticut *-.-..- 7,000 OO

Protection of the northern fit)ntier. Sec - 62,326 14

Preventmg and suppressing Indian . hostili^

ties ^.. , 94,966 04

Forage for dragoons, and volunteer officers,

&c 360,648 87

Freight on transportation inta Florida -or.

Cherokee countiy — , ^. . 127,630 6t

Wagons, carts, &c ...^. 71,792 14

Hire of corps o£ mechanics ^^^-^ ^^ . 143,399. M

Subsistence of imbtia, volunteersir and

fiiendly Indiand^ *^,.,^ 30,443 66

Transporti^on of supplies, Ssa « . . ^ 196,003 46

Digitized by

Google

I8»J SECRETARY OF 'fHE TREASURY.

Miscellaneous and contingent charges. . . • $128,806 04
Paj of four thousand volunteers for 1838,.

including arrearages for 1837 123,d89 6$

Parchase, ftc., of three small vesseb to

cruise along the coast of Florida, 1830. 29,700 00
Paying three companies of Indian militia. 788 64

Selection of sites for marine hospitals on

the Mississippi, Ohio, and Lake Erie... 387 26

Surveys of a muitaiy character, and for the

defence of the Atlantic, &a 4,827 04

Breakwater at the mouth of Delaware Bay 71,504 75
Breakwater at Stamford's ledge, Poithndf,

Maine 11,680 00

^eakwater at'Clmrctfs Cove harbor, in

the town of Little Compton. 7,041 00

Breakwater at Skndy Bay 10,000 00

Breakwater and pier at the harbor of Buiv

Ur^n, Venmmt.. : 27,020 00

Breakwater on pier at the Aioitth of St

JosefA I 21,586 00

Breakwater in the harbor &t Plattsburg. . . 13,750 00
Breakwater at Hyannis harbor, Massaahu*-

setts V... 5,9SS 00

Constructing two piers and improving the . . .

navigation at me mouth of Vermilioif ^

liver, Ohio.... 10,777 00

Pier at the entrance of Kennebunk liver. • 1,867 50

Pier and mole at Oswego 18,962 46

Pier at the northern extremity of Lake Win*

n^>a^, Wisconsin ^ 500 00.

Imim>vmg the hdxbor at Saybiodc, Con-

neeticut 6,460 00

Improving the harbor of Presque l8le»

Penns^vania 13,954 00

Improving the harbor of Chicago, Illinois. 15,000 00
Im^vinjg the harbor at the mcmlii of Bass

nver, Massachusetts, 1839. *........:. 6,935 00

biproving the harbor of Westport . . 2,300 00

Improving the harbor at the mouA of Sal-
mon liver, OD Lake Ontario. . 17,237 67

Improving the harbor of Black river, New

Yoik. : 11^200 60

Improving the harbor <>f Cattaraugus creek^ . .

liakeErie... 12,908 00

bnrooving the entranee bf While Hedl huv

&»-, LiULe Champlain w. 6,830 00

Improving ibe harlH)r df Portland, on Lake

Erie ...-i*.i..i. 17,062 00

In^^viqgtheihaitdr^sf NewCastkL...! . 2,000 00

Digitized by

Google *

am REPORTS OP THE [188»^

Improving the harbor of Wikningtony Dela-
ware $2 , 000 00

Improving the harbor of Mobile. . .^ 80,037 00

Improving the harbor of Cleveland 15,062 00

Improving the harbor at the mouth of the

river Raisin 7,600 00^

Preservation of Rainsford Island, in the har-

borof Boston 5,230 00

A sea-wall to preserve Fairweather Island,

near Black Rock harbor 2,9&5 90

Works at Buffalo haibor 1,733 00

Preservation ofthe harbor of Provincetown. 4,358 4S

Protection and improvement of Little Egg

harbor 5,297 00

Removing sand bar in the harbor of New

Bedford 5,881 87

Deepening the harbor at Baltimore 10,000 OO

Construction of a harbor at Michigan City . 27,424 00

Deepening the straight channel of East

Pass, at Appalactncola ^ 9,900 00

Rebuilding Ugnts on Brand3rwine shoals. . 6,547 00

Deepening channel between the islands of

North and South Hero, near St.* Albans,

Lake Champlain l;250 00

Mound or sea-wall between Lake Erie and

Buffalocreek 12,57100

Works at the mouth of Genesee river 10,210 00

Opening a passage between Beaufort and
PamBco Bound, and improving New
river, &c 12,500 00

A light-house on Fljrnn's knoU, near Sand j

Hook........... - 25,000 00

Removing Hffht-house on Goat Island 8,706 75-

Improving the navi^tion of Cape Fear

river, North Carobna 14,000 00

Improvingthenavigationof Hudson river.. 46,358 17

Improving the navigation of Cumberland

river, Tennessee 8^000 00

Improving the navigation of the Ohio be-
tween Pittsburg and the falls. . .^ 94,000 00

yvin^ the navigation of the Ohio and
"'"'ssippi rivers from Louisville to New .

84^560 681 '

the Missidsirt>i river above the
Rfthe Ohio, and the Missouri liver. 32,000 00
the navigation of the Arkansas . .
rer. -..I. .-.-,. 17,451 76 . I

Improving the Maad channel betweenthe ...

St. Ma^'sattdStJohn's, PJoridtf.-.l./ %a41 00 ^ .*;. '

Digitized byC^OOQlC

1S8*4 SECREtAlfflr OF THE TREASURY-

Improving the navigation cpf thenatui^l
channels of ihe noitiiem -and southern -

entrances of the Dismal SWamp canal. . 99^700 00

creasing the depA of water in tne nMHith

of the SCssi^sippi river ; . .' • 4,d0O 00

Improving the navigation of Neenah and

Wisconsin rivers; and connecting them

with a navigkble canal. .. ^ . ^ ........ . - - • 1^000 00

Removing obstnictions from the -Savannah-

river ...i... S^6S5 W

Removing obstructions from -Huron river>- -

Ohio .. ....i. . 750 Od

Removing obstructions from- Grand river,

Ohio. ..:... 2,859 00

Removing obstnictions from Ashtabula

creek : 1,600 00

Removing obstructions from -Conneaut -

creek : ' 8,100 00

Removing obstructions at the- mouth-of Su- • - -

wqnee river ...... 4,660 00

Survey of Rock river, &c. . . . . .... . . . i . 1,000 00

Survey of Yellow river, Florida, with riie

view of removing raft ..-..-- SOO 00

Survey of Red Cedar river, in -fowa Terri-
tory 1,500 00

Survey of roads and canals - 484 98 -

Cumberland itmd in Ohio and west of

Zanesville 46,100 06

Cumberland road in Indiana 13,000 06

Cumberland road in Illinois.....^. .. 86^006 00

Repairing road from Jacksonville te TaHa^

hassee ^z .. 606 00

Mail route and post tcrtui thiough the Creek *

country..... ■"' 460 00

Road from FoH: Howaixi to northern boiin-

daiy of Illinois ... 6,000 00

Construction of a bridge, &c,, between

Prairie du Chien and Dubuque. 10,060 60

Road from Milwaukie, by wBsy of Madison, ' *

to Mississippi river opposite Dubuque . . 10,000 66
Rood from Fort Howard W Fort Craw-

fold 1 6,600 00

Repairing road, &c., from St.- Augustine td -

Picolata .-.•..-.... . : . . 7,828 00

Militaiy road ftbm the Mississippi to the

Redriver..:..: .-.; ' 39,760 66

Road from Sauk harbor, on Ln^e Afich^n,

to Dehonee, on WisWnsin river . ...-...-• 6,000 00 - •
Boad from Fond du Lac, (miittke WitOf^ . ^

bago, to the Wisoonlon river- ...rtf^.-.- .-.-.- 69OOO 00

Digitized by V^OOQl€

REPORTS OP THE

Lnprovihg the harbor of WUmington, Dela-
ware S2,000 00

Improving the harbor of Mobile. . — 80,037 00

Improving the harbor of Cleveland 15,062 00

Improving the harbor at the mouth of the

river Raisin 7,600 00^

Preservation of Rainsford Island, in the har-

borof Boston 5,230 00

A sea-waU to preserve Fairweather Island,

near Black Rock harbor 2,9&5 90

Works at Buffalo harbor 1,733 00

Preservation ofthe harbor of Provincetown. 4,358 4S

Protection and improvement of Little Egg

harbor -. 5,297 00

Removing sand bar in the harbor of New

Bedford 5,881 37

Deepening the harbor at Baltimore 10,000 OOf

Construction of a harbor at Michigan City . 27,424 00
Deepening the straight channel of East

Pass, at Appalachicola ,.- 9,900 00

Rebuilding Kghts on Brandjrwine shoals. . 6,547 0(>

Deepening channel between the islands of

North and South Hero, near St.' Albans,

Lake Champlain - 1,250 00

Mound or sea-wall between Lake Erie and

Buffalocreek 12,571 00

Works at the mouth of Genesee river 10,210 00

Opening a passage between Beaufort and

PamBco Sound, and improving New

river, &c 12,500 OO

A light-house on Flynn*s knoU, near Saodj

Hook.......: 25,000 00

Removing light-house on Goat Island 8,706 75-

Improving me navi^tion of Cape Fear

river. North Carobna 14,000 00

Improving the navigation of Hcdson river. . 46,353 17
Improving the navigation of Cumberland

nver, Tennessee 8,000 00

Improving the navigation of the Ohio be-
tween Pittsburg and the fells ^ 94,000 00

ovin^ the navigation of the Ohio and
^ 'ssippi rivera fix>m Louisville to New

i - 84^560 eat

the Misriasipjpi river above the
Fafthe Ohio, and the Missoiiri river- 92)000 00
the navigation of the Arkansas . -

rer -i.L....... 17,451 76

Improving the italaod channel between. the -

St- Ma^'s attd St. John's, PJoridtat . . .1 . - '7,341 00

[188»»

Digitized by

Google

veai^ SECREtAKlf OF THE TREASURY.

Improvinff the navigation of theTiatural

channeLB of the northern - and southern -

entrances of the Dismal Swamp canal. . 99,700 00
Increasing the depth of water in the mouth

. of the Mississippi river i ^ . .' 4,9S0 00

Improving the navigation of Neenah and -

Wisconsin rivers; and connecting them

with a navigiible canal. .. i . i. ...-..-. ^ - - d^OOO 00
Removing obstmctions from the -Savannah-

river ......i... 8^626 00

Removing obstructions fibm* Huron river>-

Ohio ...: . 750 00

R^noving obstitictions Scorn- Grand river,

Ohio. .: 2,859 00

Removing obstructions fiom - AshtaJxila

creek : 1,600 00

Removing obstructions from Oonneatit

creek : • 8,100 00

Removing obstructions at the mouth of Su- •

wanee river ::.... 4,600 00

Survey of Rock river, fcc. .... .... ...... 1,000 00

Survey of Yellow river, Florida, vnth the

view of removihg raft ...•..- SOO 00

Survey of Red Cedar river, in Iowa Terri-
tory - 1,600 00

Survey of roads and canals - 484 98 -

Cumberland road in Ohio and west of

Zanesvine 46,100 00

Cumberland road in Indiana. 13,000 Of>

Cumberland road in THinois. . . . . ........ 86^000^00-

Repairing road from Jacksonville to TaUa*- ' *

hassee ...... ■ 600 00

Mail route and post road through the Creek *

country..... ^......L...: "- 400 00

Road from FortHc/ward to northern- boun-

daiy of Illinois : ........ 6^000 00

Construction of a bridge, &c., between

Prairie du Chien and Dubuque 10,000 00

Road from Milwaukie, by way of Madison,

to ICssissippi river opposite Dubuoue : . 10,000 0#
Road from Fort Howard to Fort Craw^-

ford .: 6^000 00

Repairing road, &c., from St' Augustine to ' '

Picolata ;7,82» 00

MUitaiy road Aom Ae Mississipp to the

Redriver.....: .-.; '..-. 39,700 00

Road from Sauk harbor, on hvSkb Mkh^ftn,

to Dehonee, on Wisctinsin rifver-. ...... • • - 6,000 00 - •

Boad from Fond du Lac, (xi Labi Winike^. .. / . .^

bago, to the Wisoobiin river-.-, .r^^. •.-.•.••• 6f000-00 ^ '

Digitized byLjOOQlC

^t

Boad finm Dainiqiie to the totthem bouk-

daiy of BCaflomi ^ $80,000 «0

Road from Boriingtafi towards tbe Ipdia^i

agency on the Des MoiDes ••, MM 00

Boad from BnriJnafWi to De Haqoes ..... 9j600 00

Chrilizatioo of IndianB l../. 6,030 00

Payof saperiotendems of IiMliaii fffiurg aip4

Lidian agenti 7404 S6

Pay ofsub^igentB 11^ 4^700 00

Pay ofinteroreterB... -r--? ^^4^ QP

Prefl0it8 to Indians p.. ....1^!.^. 3,034 80

Provisbnsto indiant ^>275 00

Buildings and repairs 1,«^. 8,650 00

ContingendesoTIodiap department..... 24,646 66

Fulfilling treaties with Pottaipr^iopubs . . t ^ iM64 OS
Fulfilling treaties with Pottawatomies of

Indiana .•......-.^. 16,000 00.

Fulfilling treaties ifith Pottawatomies of

Huron J 400 00

Fulfilling treaties with Pottawatomies of

thePrairie.v ,,.......,^J 16,000 00

Fulfilling treaties with PottawalxNoies of

Wabash ,,,..,,..,.. 1^,000 00

Fulfillingtreatieswith Creeks. ..^..^ 0,432 63

Fulfilling treaties with Six Nations, New

York ,,,,,,,,..., 4*600 0^

Fulfilling treaties with Senecaa, New Yp^. ^,P00 00

Fulfilling treaties with Qacs and Foxes . . . 10,460 00
Fulfilling treatieB wilh Qttoes and Missou-

rias -..,....;.,,. 8,$6P 00

Fulfilling treaties with Omahaa»*^.^r**«* SfiQQ QQ

Fulfillingtreatipf with lowas. .,........,, 16,470 00

Fulfilling treaties with Choctaws.. ^ 46,936 7^

Fulfilling treaties wpth Sacs and. Foxes,

lowas, Sioux, Ottoes, and ]yCsap|^iap.\, 1,617 60 *

Fulfilling treaties widi Wyandpts. ....... 6,480 OQ '

Fulfilling treaties with Ottowfts. p!...., 643^ 8ft

Fulfilling treati<HkMrMh Wy^QtSiMuns^es.

andDelawares ,*....♦•...• 1,000 00

Fulfilling treaties with Miamies 89,221 12

Fulfilling treaties with Chippewa QtlaiFfiSf

andPottawatomiaiw> 88,602 30..

Fulfilling treaties with MenomoQi^^. . . . ^ . - ^).«il6 OQ

Fulfilling treaties wiA Winnebagoes . - - • -. 64,780 00

Fulfilling treaties with Chipp^i|ifas^i^.. J J^ " §i60 (W

Fulfilling treatiat ifitb Christian Indians . . 400 00

Fulfilling treaties with Chippf^w^ pf Mj^, l : ;

sissippi ...4-. 4*^^^.. .............:» ; 10,jl^ JSI7 ...

Fulfilling treaties with Chippi»l^f^i|fSf||^. . > .. *

naw .^V....^^...^..^^.....^. ,* fe84P^ ..

Digitized by LjOOQ IC

fi^Wrl

8ECRETAPP ^ .^ij» ia«:A8UEY. fH

•-n ^^^t

Fulfills treades with ChiDpeivp^s^Qi^^^

nies, Wiimebagoes, and New Yoiik In4iaD9

Fulfilling .treatjp$ wi^ Kanzas . . . ...

Fulfilling treaties widi Osage^.. ^
Fulfilling treati(^ jf\iii Delawares
Fulfilling treaties with Chickf^^afwpit t ^ * <- • <%
Fulfilling treaties prjt)) ^uapaws - . , . , .^^
Fulfilling treaties with Chero^i^aes. . p ^ . . . ^
Fulfilling treaties wi^ Ottowas and Chip-

pewas , . •• ^ t •- 1 - -

Fulfilling treaty W}^ Sioux of Mississippi^.
Fulfilling treaties with Yanctoa m4 3q^^

Sioux . * t -♦ » » -T • - •- - • -.••.-

Fulfilling treaties with Sacs f^^d Foxes of

Missouri ,., -*,•• v f — -... •?-••

Fulfilling treaties with Sacs a^ Fo^^^ of

Missisdppi rr*f*t

Fulfilling treaties with Kickapooa. * . .. ; ^ ^
Fulfilling treatie^i yfi^ ^askaskias and Pe-

orias-. ,...,.... p

Fulfilling treaties wkih Piankeshaws. . . ^ ,
Fulfilling treaties with Weas^^r-rr r'^-rf^'-
Fulfilling treati09 with Suwanees. ......

Fulfilling treaties with Seneqi^ im:m^ &fi^^

nees i^r-sti- •••.••.•.•.••:?

Fulfilling treaties with Senecfup^ « ^ ^^ , ^ ^
Fulfilling treati^ wi^ Pawnees. . .....

Fulfilling treaties with Caddo^ft. r • ^ r • ?
Fulfilling treaties with Eel Riyais^ - 1 * i •
Subscription to In^iw I^iipgraphj- -••;•. -^
Mission of A. P, Qfacnilwu among t})e wild

Indians, &C|^ viQ«((...
Expenses of delegations of lQwas» Ywcton

Bioux, Sacs ^d FtMEes, of 1837 .,,..,
Holding treaties with the Osf^g?^. ^ • t ^ . ^
Holding treadfn vdth tlpe Creek4« « ^ .^ . •
Holding treaties with Wyandoti pf Ohio,.
Eiqpenses of a delegation of S^^^c^^Indiaq^-
Expenses of a paitj of Sacs ai^d Foxes u^

1838 ,♦.,. ,.

Expenses attending the negf|t;i£^oo pf the

treaty with fi^nmm^ find other bands pf

New York Indians ,».*.f^.... ,^

Salary of a clfff)c ,ia i^e ofiSce of supeiip^

tendent of Indian affidrs i^outb of tba

Blisaissippi •,4^4H«n*f- •>.- ;•-• •.•.•.••.-
Temporary subsistence of li^4^fl[ W^a^

and expensefri^tHjWJing distribution pf thq

same under the dire9tion of %cj;^t9U of

War U).4)^'t^tfc

$7M 00
4,080 00
800 00
8,180 00
S,m SO

4,960 00

^^6 00
Wf418 38

?,7»0 00

» ttr.%*.\*.^«.^\^

47,34§00

3,000 tw

800 00

3,000 00

P.940 00 ,

lfi¥> 00
1,040 00
4,600 00

IP,P00 00
,1400 00

. . .900 00

0,2?7 «8

Mm
860 67 ■
200 89
700 00
904 62

931 $0

709 00 *

i •

#00. OQ

2^,000 w . 1 '

Digitized by ^.jOOgle

JMS REPOBTB OT ¥fi& {iSM.

CommiBeionen to adjust cboBtt aoder
Choctaw treaty of 1830, per act of MfiArk
8,1837 - $760 00

Eipenses of remoTing aiMl stdMiatiiig Credt

Indiaiw 2,610 «4 ;

Expenses o( the delegation of Stockbiidge,

Htinsee, and Seneca Indians — 2,000 00

Holding treaty with the Seminole In-
dians 3,358 00

Carrying into effect treaty witfi the Chijqpe-

wasofSaganaw, 1887, 1838 23,029 99

Canying into eflfect treaty with the Chippe-

was of Blississippi, 1837 7,362 04

Carrying into e&ct treaty with the Sioox

of Mississippi, 1837 49,978 67

Carryi^ into eflfect treaty widi the Sacs

and Foxes, 1837 966 38

Carrying into eflfect treaty with the Sacs and

Foxes of Missouri 4,130 76

Carryii^ into eflfect treaty with the Winne-

bagoes , 36,806 26

Carrying into eflfect treaQr with the Oneidas

at Green Bot 30,260 00

Carrjring into effect treaty wirii the Ottowas

and Chippewas ... .. 372 68

Sales of the reserves of Creek Indians under

treaty of 1882. , .i... 707 00

Objects specified in third article of treaty

with the Cherokees, of 1888, per act of

June 12, 1888 968,897 66

Removal and subsistence of bdians 31,618 36

Education of Indian youths 664 00

Transportation and incidental expenses of

Indian department. - 2,148 85

Payments to Miamies on rati6cationof diiid

article of trea^ of November 6, 1888 . . 60,000 00
Payment of claims provided for in fourth !
' and fifth articles of Miami treaty of No-
vember 6, 1838 9,412 00

Payment of the first ten annual instalments

to Miamies, per third article of tueaty of

November 6, 1838 12,668 00

Expenses of examining Miami claims, ac- • •

crued since October 23, 1834 1,200 00

Expenses of removal and subsistence of

Fottawatomles of Indiana. ..-.-. .. ...... - 11^000 00 '

Payment of expenses of investigating frauds '

on the Creek reservation, 1889 660 00

Payment of 6 per cent, interest for one year

on$360,000,peraBt....w,...-.,r.-.,.f.- 17,600 00

Digitized by LnOOQ IC

1839;] SECRETA&Y OF THE TftJfcASURY. i&T

Payment of claims of the Mcintosh party,

per fifth article of Creek treaty, 1888. . $81,103 83

Payments for improvements on mis^onary
reservations, per fourth article of treaty of
December) 1885, with the Cherokees. . . 9j306 87

Payment of the purchase money firt* fiMty

acres of land, per first artide of treaty of

1839 with the Chippewas of Saganaw . . 890 00 ■

Expenses of negotiating treaty erf 1839 with

me Chippewas of Saganaw 185 ftO

Payment of aikitiity to OsageS) per second

article of treaty of January 11, 1889. . . 19,199 64

Support of two black^niths' estaUishments, '

&c., for Osages : 1,000 00

Cows, calves, hogs, pteugihs,&c«,feFOsages- 7,800 00 '

Expenses of a conmiissioner to examine and

settle claims for Osa^e depredations. . .-.- 2^)00 00

Payment of purchase money for Osage re*

servations . .^ ........ 43,530 00

Reimbursement of annuity deducted fit)ai

Osagelndians in 1836............... 3,00000

Reimbursement of annuity deducted firom

Clermont l)and of Osages in 1829. . . ... 8,000 OO

Payment of one year's interest od $157,000,'

at 5 per cent., to Iowa Indians. .. ... .-. - • 7^850 00 '

Bui]4ing ten houses for lowadbibfii . . 3,000 00

Completing sittrey under treaty with the
Delawares, and expenses of locating
Miamies and Wimiebagoes . • • - "500 00

Purchase of five sections of land fifom Wa-^

pan-se4ra, Pc^ttawatomies* chief, by the —

Executive ..i... 4,000 00

Expenses of holding a treaty wkh the Stock-
bridge Indians 800 00

Employment of physicians to vaccinate In*

dians i...........i 1,500 00

Twelve maps, showing the pdfsition of the
lands of each Indian tribe, for use of War
Department and United States Senate^ -. 151 00

Expenses of surveying and marking bound-
aries between the Indian tribes west of
the Mississippi ' 8,908 00

Relief of James Baker, per act*, feOO 00

Relief of Ellen Schmuch, per act June 28, • • '

1886 ..., 880 00

ReUef of Benjamin H. Macall, per act. . . 810 00

Relief of Thomas J. Trijrfett 1,187 00

Relief of N. S. Colquhoun, per act March

8,1889 i..;A 687 40;

Digiti

iz^d by Google

Relief of the k^ representatiTep of Mi-
chael Fenwii£,per 9Ct March 8, 1839. » $7»000 00

Relief of Joseph J ackson, per act ,. . » * 116 ^

Relief of the levy court of Calvert couhQTi

Maryland 8,000 00

Relief of Joseph M. HemaiKleSy per act

March3,1839 6,009 80 .

Relief of Jamet Tbomaa, per act July St,

1836 17,6i6 70

Relief of BuncUy oiti^ens for Indism depr^

dadons, per act June 30, 1834. ...... p 1,870 00

Relief of A. J. Pickett and George W.

Gayle, per act March 3, 1839 198 00

Relief of Heniy.Offitdy} per act Marph 8, .

1839 606 00

ReUef of WiUiam Clark, per act March 3,

1839 «4 00

ReUef of Thomas 8innard, per act March

3,1839 , .. 670 84

Relief of William Traverse, per act March

3, 1839 828 00

ReW of Francis Gardiner, pec act March

1,1839 34100

Relief of Irad and Datus Kelly, per act . i

March3,1889 186 76

Relief of die adminiatrator of Hemy Gl^

tiot, per act March 3, 1839 , 1,418 70 )

Relief of E. H. Williams, adminifltrator of

Dr. Hazel W. Crouch S40 00

Relief of Ann 8. Heilman, per Mt June 33,

1838 ,.. 860 OOs

New dies to renew the medal ipade in honor .

of Brigadier General Daniel Moigaa, per

actMarch8,18Sl7 703 60

I " ■ I ■ ■ I') . I

11,886,386 ^6 .

From which deduct the foUowing repays
ments :

Pay and subsistenw ,,.t8»406 47

Bounties and premiums. ... 36 00 r

Repairs, Sec., of the arsenal

at Charleston . ,^8.4 36

Purchase of Ufod$^ ice., at

Mount Vernon arsenal 1,884 66

Tennessee volunteers, mus- . ... . ^

tered intd service by Gen- .i .; » .*

eral (Raines, Apiil* 1836, . t .'. . . i ,> .j

and proclamation of Gov. i -. . '

Cannon, April S8» 1836. fi9. 39. . .

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tSSBl] SECRETASS^ or THE TItASURT. tM

One nxmtb's pay, ftc*, to

voltinteers, «c., of KeiH

tncky, Tennessee, Ala-
bama, Mississippi, &:c. . . • 'i!f,198 66-
New machinery at Harper's • '

Ferry armory 11,672 77

Fortifications, (old acc*t)... 20 00 '

Fort Calhoun 1,414 06

Fort at Orand Terre 1,806 08

More perfect defence, of the

fiontier 8W 36

Transportation of 4,000 vol-

miteers 4^.... .^ 6»if9»0 78

Ib-aAfi Igftag oter, fee, for ser-

vices in Florida, &c 48,047 61

Purchase of powder and cdser ,

materials for cartridges, &c. 2,029 41
Repressing hosttffitfeS'^SI^di*

mole Indianii....*.! 49,664 60

Volunteers, and to addilmial

regiment of c&agootig. ....- 0009
Suppressing hbstilities^ of

Creek IndiatoU.-.^.j 4,648 30

Removing the'%hl«*cmse at-

Old Point Comfert into

Fortress Mofrtoe 243 43

Light-house on ^fatOsweco 406 60

Improvement 4f£ Pascelgoum

nver. 19i 46

Survey of St Fisancis, Black . -

and White rivers 678 98

Opening and constructing

road from Talliahassee to

lola 220 00

Road from Memphis to

Strong's, on the St IVancis

river 1,664 17

Fulfilling treatiei trtth Flor-
ida Indians... 36,189 99

To aJd certain Creek Iiidkns

to remove west of the Mis-
sissippi, per aet SOth May

1836 400 00

Expenses of delegation, &c., . - -

per act 31st May, 1832. . - 56 00
Carrying into efl^ct treaty

with the Cherokees, per

act 2d July, 18W. 840388 4)1

Arrearages of annuities for

Cherolrees.; a»,00t 0»

Digitized by

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(M« BSPQRTs w 'am tarn

Indian annuities $445 89 : ^

Reliefof Robert Keyworth* 46 60
Pay and subsistence of the

mounted rangers 216 46 . - ^

Road from Detroit to Saga-

naw wid Fort Gratiot. . . ; 4 62 . .

Transportation of annuities, . .

per act28th February, 1834 96 42 .

Annuities, per act 20th May, ...

1826, and 2d March, 1827 88 32
Annuities, per act 4th June,

1832 260 00

$1,093,686 34

> — ^ 10,7«1>799 31

NAVT BSTABLISHBOIIiT.

Pay and subsistence of the Navy $1,680,691 62

Pay of superintendents ......*. . 46,948 68

Provisions 366,687 97

Medicines, surgical instruments, ice 46,168 27

Navy-yard at Portsmouth 23,280 00

Navy-yard at Boston 19,700 00

Navy-yard at Newr York 22^86 68 1

Navy-yard at Philadelphia. .-. 496 86 . »

Navy.yard at Washington, ........ . . 26,967 88 . !

Navy-yard at Norfolk 68,410 93 \

Navy-yard at Pensacola 61,768 .80 ?

Survey of the May river from Tybee bar to , ...

Huntmg Island .. 73 83 .

Examination of the IMSssissipi^ ajid Saline

rivers.. ...• • 868 48 .

Magazine on EUis's Island, in the harbor of

Nev^* York , 2,200 00 . ! '

Hospital at Boston . 426^

Hospital at Brooklyn 28»3L26 04

Hospital at Norfolk , . . . . . 1,60Q 00

Hospital at Pensacola 22jCf30 14

Ordnance and ordnance stores 11,873 44

Gradual improvement of the Navy 884,239 11

Repair of vessels inordinary, and wear and

tear of vessels in commission. •. 1,109,267 32

Contingent expenses of the NaVy 324,998 67

Contingent expenses not enumerated 421 60

Rebuilding frigate Congress : . 8,224 64

Building and equipping six vessels of war 289,791 69
Agency on the coast of Africa for suppres-
sion of slave trade 663 87

Prize money for officers and crew of the
private armed brig General Armstrong. 492 .41 .

#

Digitized by

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jyB88^] SECRETAItT QF THE TWASURY. fl[t

Expenses in relation to steam-engines and. t ; /

steamboats $3,006 44

Pay and subsistence of marine corps 126,781 01

Subsistence of mm-commissioiied oncers

serving on shore, marine corps.* ... S4,263 &2

Medicines and hospital stores for marine ^

corps -^ , 2,960 94

Fuel tor marine corps -: 11,316 62

Contingent expenses for marine corps 14,493 25 .

Transportation ai^l recruiting for marine

cocps 4,831 76

Repairs of barracks for marine corps * , 3,776 30

Arrearages to captains and subalterns, ma-

rinecorps.. -..^.a..-..' 7,94188

Clothing for marine corps 81,067 41

Reliefof Charles Blake, per act 28th June,

1886 180 00

ReUef of Charles Rockwell, per act 8d

March,1839 719 «7

ReHefof Francis^ Mallaby, per act 3d March

1889 :... 892 00

Relief of Spencer C. Gist, per act 8d Maxch,

1889 804 7J

Relief of Ezekiel Jones, per act 3d March, '

1889 491 40

Relief of Dudley Walker, per act 9d March,

1839 168 62

ReUef of Jarius Loomes, and heirs of James

Bassett, per act 3d March, 1839. ...... 642 60

ConveyingSdiiiylkill waterto naval asylum,

PMkfcddpWa 4,889 72

4,749^363 76

From which deduct the foUowing repay-
ments, viz:
Gradual increase of the Navy $16,070 28
Rebuilding and equipping

two sloops of wax 4,699 66

BCIitary stores for marine

corps 776 61

Rebuilding the frigate Mace-
donian 3 66

Timber to rebuild Java and

Cyane ' 4,681 86

Iron tanks 92 60

Contingencies for 1830. . ... 18 00

Completing and furnishing

hospitals : 890 86

Completing steam vessel at

the navy-yard, Brooklyn. . 849 49

Digitized by

Google

Naval magajdnefl at Gharlea-
ton and Brooklyn $776 80

Surveying and exploring ex-
pedition to Pacific ocean. S,ldff 57

Arrears of conringencies. . • . • 40 16

Survey of the coast of the ' *

United States 486 00

Contingent for 1891 963 94

Relief of Samuel Sand^Mn. 2^00^00

-*— $SS»«5b I»

$4,718,701 67

PUBLtO DBBT«

Interest of die fimdiBd debt. .'^ ^....^. 34

Interest and reimbKraexoent of the domestic

debt ^ $1^000 00

Paying certain puita of domestic debt . .. . ^ 641 16 .

Redemption of 3 per cent. st(>ck..^ . . .w. . 12 48

Redemption of exchanged 4^ per cent* stock . . 8,000 00

Redemption of 5 per cent, stock lO/HIO 00

Reimbursement oi Treasury notes, (old).. 6 00 .

Reimbursement of Treasury notea iaiiied

per act 12th October, 1837 4.076,133 62

Reunbursement of Treasury notea issued

per act 21st May, 1838 6,461,212 18

Interest of Treasury notes issued per act

12th October 1887 92>786 44

Interest of Treasury notes issued per tol

21st May, 1888.. 261,627 68

9^»06,418 8I>

I

$29,061,427 82

TrBASURT t)BPARtMBNT,

Rbgistbr's Officb, November 28, 1839.

T. L. SMITH, Register.

D.

0/ the Public DeU.

The payments on account of the (old) ftmded and xffllliYided deW
since the 1st December, 1838, have been as follows :

1. On account of the principal and interest df the ftmdetf debt:

Principal $13,012 48"

Interest 1^000 34

14,012 82
Leaving unclaimed and undifitehaiged .r^......*... 311)«09 01

Digitized by LjOOQIC

ISSa] SECRETARY OF THE TREASURY. tT8

Via:

Principal ^ $62^1 99

Interest • 248,566 02

2. On account oFthe unfunded debt $646 16

Leaving the amount of certificates and notes payable on

presentation <86,267 24

Viz:

Certificates issued fer<daims during the revolutionary war,

and registered prior to 1798 $26,652 15

Treasury notes issued during the Tate war . . . 5,295 00
Certificates of Mississippi stock 4,320 09

Debts of the corporate cities of the Di^ct of Columbia, assumed by
the United States, via :

Of the city of Washington $1,000,000 00

Alexan(Sia 250,000 00

Georgetown 250,000 09

1,500,000 00

The payments during the year 1839, on account of the
interest and charges of tins debt, amounted to $76,374 77

Treasury Department,

Register's Office, November 20, 1839.

T. L. SMITH, Register.

E.

Statement of the issue and redemption of Treasury Notes from the 1st of
January to the 20th of November j 1839.

The Treasury notes issued during the period above mentioned, under
the acts of the 21st of May, 1838, and 2d March, 1839, amoimted
to $3,857,276 21

Amount redeemed during the same period :

1. Of notes issued under the act of the
12th October, 1837, there have been en-
tered in the books of this oflBice $4,148,848 98

And there are at present under examina-
tion by the accounting officers of the
Treasury, notes which had been received
in payment for duties and lands, aiiK)unt-

ingto 126,413 66

4,275,262 63

2. Of notes issued under the acts of 21st
May, 1838, and 2d March, 1839, there
have been entered in the books of dds

office - 6,845,979 18

Vol. TV. — 18.

Digitized by CjOOQ IC

*74

REPORTS OF THE

And tliere ate at present under examination
l^ ihe accounting officers of tbe Depart-
ment 608,017 26

£1889.

6,363,996 44

Total amount redeemed since tbe 1st January, 1889... $10,629,269 07

Tbbasubt Dbpartmbnt,

Reoistbk's Office, Novembtr 26, 1839.

T. L. SMITH, Rt^utar.

F.

A ttatemmt exhibiting the palue<^In^portt and Exportt during the yeem 1834,
1836, 1836, 1837, 1838, and 1839.

You-end-

VALUE OP IMPORTS.

incaOth
of Sep-
tember.

Prte of dntjr.

Payiof duty ad ra-
lorem.

Paying apeetfe
duiiae.

Total.

1834..
1835..
1836..
1837..
1838..
1839..

$68,393,180
77,940,493
92,066,481
69,260,031
60,860,006
72,040,719

$36,608,208
46,817,740
69,343,388
37,716,374
27,090,480
42,563,739

$22,619,944
26,137,609
38,580,166
34,022,812
25,766,919
43,005,102

$126,521,332
149,896,742
189,980,036
140,989,217
113,717,404
167,609,660

Tearend-

VALUE OP EXPORTS.

Total Imports.

iiKaOtli
of Sep-
tember.

Domeatie produce.

diae.

Total Exporta.

1834..
1836..
1836..
1837..
1838..
1839..

$81,024,162
101,189,082
106,916,680
96,664,414
96,033,821
100,961,004

$28,312,811
20,504,495
21,746,360
21,854,962
12,462,796
17,408,000

$104,336,973
121,693,677
128,663,040
117,419,376
108,486,616
118,369,004

$126,621,332
149,895,742
189,980,036
140,989,217
113,717,404
167,609,560

Tbbasitrt Dbpartment,

Rboistbr's Office, NaoenJber 38^ 1839.

T. L. SMITH, Ri^i^er.

Digitized byi^OOQlC

SECRETARlr OF THE TREASURY.
6.

276

1839.]

Jmportt into the United Statei from thelUof October, 1769, to the S(kh of

September, 18^.

Value retained

ARTICLBI.

i

Total value of
imports.

in the country
for consump-

Cotton man-
ufiEU^tures.

Woollena.

Wines.

Spirits.

Teas.

5n

tion.

1790

(23,<j5o,0OO

#22,460,844

(«)_

1791

29,300,000

^,687,939

.

1836,121

|1,859',975

#352,509

1799

31,500,000

29,746,902

.

••

.

1T93

3MOO,000

2S,^^<^4a8

-

.

1794

34,600,000

2H,073,767

.

-

1795

69,756,268

6J ,26(^,796

.

.

1796

8JJ36,]64

55,136.164

"

.

, ■ -

•

1797

75.37^,406

48,379,406

.

.

179a

68,55 U700

35,551,700

.

.

.'

1799

79,069,148

33,546 J 48

.

•

180O

91,252J«8

52,121.^91

.

. .

.

1801

111,36.3,511

64,720.790

.

-

1802

76,333,333

40,558,362

.

2,828,391

5,025,558

2,206,348

1803

64,66G,G6€

51,l>7^234

.

2,204,702

5,508,026

2,963,977

1804

e5.(K>t*,<KK)

iS,imA(\3

.

3,843,022

7,342,487

1,911,195

1805

m},mi,\m

67,4a*J,y8l

•

.

•6,170,333

.

1806

129,4 10,<KIO

69,126,764

.

.

•7,197,560

.

1807

138^JO,t)00

78,^56,442

.

.

•5,808,315

.

1808

56.990,000

43,992,Sd6

-

.

•4,130,812

.

1809

59,40<J,000

38,602,469

•

.

•3,364,294

.

1810

85,40(1.000

til .008,705

-

•

•4,604,361

.

1811

53,4rX),0tM}

ri7 ,377,210

.

.

•5,455,245

.

1812

77,030,000

6d,534,873

.

.

•6,022,334

. ,

18J3

29,005,000

19,157,155

-

.

.

.

1614

12,965,000

12,819,831

-

.

.

-

1815

133,041,974

106,457,924

.

^

.

1816

U7,103,00(J

129,964,444

-

.

-

1817

99,350,0f*0

79,891,931

.

.

.

1818

-121,750,000

102,323,304

-

.

.

1819

e7,125,mXJ

67,959,317

-

.

.

1820

74,450,rM)0

56,441,971

-

' -

-

1821

62,5^5,734

41,283,236

«7,788'',ML
10,680,2!F

17.238,954
IL 752.595

1,873,464

1,804,798

1,322,636

1823

83,341,511

60,95539

l.^rvi i;27

2,150.261

1,860,777

1823

77,579,267

50,035,645

8,869,482

7,r^53,451

1, ill 42

l,T^l]J19

2,361,245

1824

80^49,007

55,211,850

9,157,667

tMi-'>53

1, 98

2,1 : 12,620

2,786,252

1825

96,340,075

63,749,432

12,509,516

1( 73

1, 63

3,135,210

3,728,935

1826

84,974,477

60,434,865

8,348,034

■3-26

1, - 88

'1,:^-^7.712

3,752,281

1827

79,484,068

• 56,084,932

9,316,153

&,23K515

l,(i-^■■35

1,^^-^1,436

1,714,882

1898

e8,5(l9,8^24

66,914,807

10,996,230

e,>m,559

1,5^ 33

2,:i'*i.6:>6

2,451,197

1899

74,4^1!^, :^i>7

57,834,049

8,362,017

( - 35

1, 62

l,447,ia4

2,060,457

1830

70^6,^^

56,489,441

7,862,326

t 34

1, 02

658,9W

2,425,018

1831

103491,124

83,157,598

16,090,224

IS 28

1, 58

l,-»37,737

1,418,037

1832

101,099,266

76,989,793

10,rr'^^53

i 62

2, 79

l,:it^5,fil8

2,788,863

1833

108,118,311

88,295,576

13/.-'.;..-.[)9

Vi:''M,i49

2,^.mj55

l,>:i7,226

5,484,663

1834

126,521,332

103,208,521

iaj4,'>.281

7,379,;i28

2/>4 4,388

1,319,245

6,217,949

1835

149,895,742

129,391,247

15,367,085

10.mhr^20

3,7MU108

I,6a2.fi81

4,522,806

1836

189,980,035

168,233,675

17,M7(ij87

15^.,.-, 130

4,:^'^':,|^34

1,017,381

5,342,811

1837

140,989.217

119,134,255

ll,15i),b41

4,243,548

4, 41

1,17(Kh02

5,902,054

1838

113,717,404

101,264,804

6,599,330

6,967,530

2,- :82

l,;:6,!a8

3,497,156

(«) For the earlv yean, the aggrecate of the value of impona does not appear on tlie official statement, and baa
oontfl oy different persona, and that tfaat cojumn and the column as to the value of

Bat the difforenee will not- be

toea estimated at diilRsrent amounts .

te«iffa merdiaiidise consumed will not always correspond with (brmer reports,
iwd so great as to aflbct materially any general result.

(*) A greater portioii of imports were exported before 1819, or during the kaig wan in Europe, as may be seen
ki tlMB oiDcr table.

(e) Tbe nraeiiee oTmaking regular reports of the value and quaattar of each article Imported did not commence
m 1881. Previous to that, therelbre, only detached returns can beobtained for a few articles and a Ibw yean.

•Tke value has been esumaied agreeably to the prices eurreat returned by ooUeeton of the customs in their
fBHterly absoacts of exports for eaeh year.

Digitized byi^OOQlC

976

REFOft'TO OF THE

|1889.
Statement G

AiiTicLBt— Continued .

•

1

SftlL

Molanes.

Ironanditeel.

Crockery
ware.

Silks.

Coffee.

«

1790

-

-

-

1791

#185,047

#1.438.921

#580^12

1792

-

-

1793

.

-

1794

.

-

1795

.

-

1796

.

-

1797

.

-

1798

.

- .

1799

.

-

1800

-

-

1801

.

-

1803

740^6

S«094',384

8,927,208

1803

815.895

2,109,357

3,851,718

1804

739,716

1,8(93.813

12.339,20»

1805

-

-

1806

-

-

1807

-

-

1808

.

.

1809

-

•

1810

.

-

1811

-

-

1812

-

-

1813

-

-

1814

.

-

1815

.

-

1816

.

-

1817

.

-

1818

.

•

1819

.

-

1820

.

.

1821

609,021

1.719,227

#3,212,861

#629,032

#4,486,924

4,489,970

1822

625.932

2.398,355

5,210,056

1,107,264

6,840,928

5,522,649

1823

740,866

A <*«j '^OQ

5,083,35fa
4,584,191

1,095,126

6,718,444

7,098,119

1824

613,486

^,;.:^.13

856,326

7,204,588

5,437,029

1825

589,125

2,547.715

5330,517

1,011,826

1039,743

5,250,828

1826

677,058

2,h:j8:t?j8

5,451,333

1,239,050

8,327,909

4,159,558

1827

5354M)1

av^l:^.'H2

6,002,2(16

1,091,757

6,712,015

4,464,391

1828

443,469

. 2,7^^^,471

7,286,033

1,485,652

7,686,640

5,192,338

1829

714,618

1,484,1^4

5,752,925

1,229,817

7,192,688

4,588,565

1830

671,979

995,776

5,930,070

1,168,477

5,932,243

4,227,021

1831

535,138

2,43^^,4^

7,192,979

1,516,435

11,117,946

6,317,666

1832

634,910

3^W4^1

8,804,832

1,857,542

9,248,907

9,099,464

1833

996,418

2,8fi7,n'?6

7,742,763

1,669,336

9,498,366

10,567,299

1834

839,315

2,98SJiaO

8,534,458

1,372,800

10,998,964

8,762,657

1835

665,097

3/174 J 72

8,965,889

1,697,6^2

16,677,547

10,715,466

1836

724,527

4,077,:* 12

12,892,648

2,709,187

22,980,212

9,653,053

1837

862,617

3,444,7iH

11,119,548

1,823,401

14,352,823

8,657,760

1838

1,028,418

34Hli6.!i.S5

7.418,504

1,233,536

9.812,338

7,640.217

(c) The ei^rta of coffee in 1802 eqaaUed #6,015.939; in 1803, #2^38,462: and in 1804
#12,185,948.— SeCjjjaa to exports of other articles. 1 Co " ^^— ' '""^

. 4b S. Digest,
proportion.

Commerce and Navigauon, page 658j
The eiqwrts of sugar and teas were near half the imports, though below that

Digitized by

Google

1839.] ■ SECRETARY OP THE TREASURY.

277

AtTTCLBB— Oontinued.

1

Sugar.

Spi660.

Lead.

Lmen.

Hemp.

Specie and
Bullion.

1790

.

.

.

1791

11,676,085

#71,441

1792

1793

.

^

;

1796

■ '

1797

.

1798

•

1799

•

18B0

^

1801

•

1809

7,704,383

145,376

-

1803

5,684,363

916,533

1804

9,993,918

319,094

1805

1806

i.

1807

1806

1609

1810

1811

1813

.

1813

1814

.

1815

1816

^

•

1817

.

1818

•

1819

-

^

3i53,56tt

Hflio^m

284,701

#2,364,159

#510,569

#8,064,890

8^

5,034,4M

505,340

9^6,441

6340,928

1,054,764

3,369,846

^

3,^,689

580,956

ir)5,l75

3,803,807

674,454

5,097,896

IIm

5,165,800

369,140

1*17,494

3,046,990

941,107

6,473,095

HJH^

4,283,530

636,039

mi^^

3,645,195

431,787

6,150,765

Mm

5,311,631

594,568

i>Gr>.4a9

9,720,565

551,757

6,880 ,966

fif>

4377,361

329,730

303,615

9,360,880

685,854

8,151.130

Bs

3,546,736
3,633,406

439,504

3im,544

9,471,359

1,075,948

7,489,741

S9

461,53$

52,146

9,480,181

655,935

7,403,609

flM

4,636,349

457,788

90,395

9,485,053

900,338

8,155,964

Wil

4,910,877

979,095

59,410

3,145,797

995,706

7,305,945

m?

9,933,688

306,013

194,631

3,391,508

866,865

5,907,504

^p8

4,755,856

919,493

89,019

9,359,085

470,973

7,070,368

IHM

5,588,097

496,563

188,769

301,509

614,743

17,911,633

MM

6,806,^5

713,638

54,119

5,939,568

598,981

13,131,447

j|pi

19,514,718

1»088,039

37,591

8,971,913

815,558

13,400,881

jjjpf

7,908,906

847,607

17,874

4,851,857

483,799

10,506,414

He

7,586,895

438,958

10,494

3,588,340

519,506

17,747,116

Digitized by

Google

S76

REP(MtT8 OF THE

[1889.

raoM

5

Grflat Britain

Fraoeeand

^-^

Nethariands

Sweden and

Denmark and

and depen-

dependen.

and depeor

dependen-

dependen-

>«

dendet.

eiea.

ciet.

denciea.

ciea.

ciea.

1790

.

.

„

„

1791

.

.

•

.

1792

.

.

.

.

1793

.

.

.

.

1794

•

-•

.

-

.

1795

^,972,215

190,938,017

|3,94a,4l5

♦3,699,615

1671,496

pSUA^B

1796

AM3T.345

19,043,114

3,863,366

4S:^1.'^U

751333

3jm,l^

1797

'si.mK^;^

18,073397

fi,06a,Ull

.^^eKi.2l9

680,878

2,769,516

1798

23,753,!541

17,868,103

9,447,490

6,53H,i.>i)9

319343

1.343,206

1799

:n,'3ll»9l9

3,186468

I4,47fi,9«

f;,oaH,<)36

569,499

2.941.939

1800

42,5TT.51K)

9,644,393

16,1>T1,918

7,l3a.fii7

474,656

1,376,5119

1801

52,213,533

14,606,945

l^,24y,3i4

8349,473

545,085

3t43e369

1803

.

.

.

.

.

1803

.

.

.

.

.

1804

.

,

.

•

.

1805

.

«

.

-

.

1806

-

.

^ -

.

1807

.

.

^

•

.

1806

.

«

.

.

.

1809

.

-

.

.

•

1810

.

.

-

.

.

1811

.

.

•

.

.

18U

.

_

.

.

.

1813

-

^

.

.

.

1814

•

-

.

.

.

1815

-

-

.

•

.

1816

•

.

.

*

.

1817

-

-

-•

.

.

1818

-

_

.

.

.

1819

.

.

•

•

.

isao

.

.

.

.

.

1891

39,377,M8

5,900^1

9,653,798

^334379

1,369369

1,999,730

1832

39»5S7,839

7,050,342

19376,841

2,708,169

1,544,907

3335,406

1833

34,073,578

^,605,343

14333390

a,125H587

1.503,050

l,324,S3a

1834

33.733,340

!^J2U.763

16377,156

!iJ.:*;V»,.'i95

1,101,750

3,110,666

1835

^394,813

1K^35,.581

9366337

ii,m^i,ri78

1,417,598

1,539,593

1836

33,313,356

li,6m,im

9,633,430

2,n4j81

1,393,183

3,117,164

1837

33,056,374

3,nM,5ea

9,100,369

\J2i,im

1,995,043

2,340,171

1838

35,591,484

10,5j.H7,fH)5

8,167346

l,teJ,431

1,946,783

2,374. Ofi9

1839

37,583,083

I*,fil63T0

6,801374

Ktin,:m

1,303.959

3,(iye>.n7

1830

36,804,984

y>^>4IKy^5

8,373381

l,3fi«,765

1,398,640

l,fi7I,i>18

1831

47356,717

U,rM,b^5

11,701301

I,e53,<i81

1,190,730

I,Bri^,^16

1833

43,406,934

l'2,154,*il5

10,863,390

ii,a5H,474

1,150,804

LlH>i,7(i8

1833

43,085,865

13,<>f^>JH3

13,431307

y34i,:*43

1300,899

I,lfi6,>*t2

1834

53,679,398

17. ,^7 ,245

13337,464

3,1 57.^86

1,196.541

l>fiH4,3**S

1835

65,949,307

m,3ii-2J^^i

15,617.140

2,S0:i,7l8

1316,508

1.403.14112

1836

86,093,915

37,ll.%,2,-i5

19345,690

3,h(t>l,5l4

1399.603

1,1^74.340

1837

534289,557

2^2^97, ml

18,997,871

3;17<KK«

1,468,878

i,2ije;,906

1838

49,051,181

lf^/J37,H9

15371394

2.194/138

900,790

1,«44,865

Digitized by

Google

ia8».] SECRETARY OF THE TREASURY.

— Cootiimed.

av»

FA»if— Coiilinu«d. 1

1

Portoraland
dependencies.

China.

Hanee
Town*.

RuMia. .

Weet Indies,
generally.

Texas. ^

1790

«

.

.

.

.

1791

.

.

.

.

1799

•

.

.

•

.

1793

.

.

.

•

.

1794

.

.

.

.

-

1795

fS4123,7n

#1,144,103

#1,663,433

#1,168,715

#85,186

1796

2,128,336

3,459,410

3,176,486

1,388,978

13,050

1797

2,i3S,305

3,319,964

3,755,677

1,418,418

53,898

1796

1,421,346

339,304

3,738,763

1,067,153

16,873

1799

l,3M.i384

3,319,363

6,938,511

3,374,913

101,397

1800

135,736

4,613,463

4,998,975

134,995

36,937

1801

1,418,434

4,558,356

4,686,757

1,673,059

4,711

1803

•

.

•

1803

.

.

.

1804

.

.

.

1805

•

.

•

1806

.

•

.

1807

.

•

.

1806

•

.

.

1809

.

.

.

1810

.

•

.

1811

.

.

.

1813

.

.

.

1813

.

.

1814

.

.

1815

.

.

1816

m

.

1817

.

.

1818

.

.

1819

•

•

1890

.

-

1891

748,493

3,111,951

990,165

I,8a3,199

3,797

1899

881,390

5,343,556

l,.'>7ft,757

3,30738

130

1893

6,511,435

l/l^L026

3,358,777

7,133

1834

601,733

5,618,503

2,f.i^7,^30

339,663

188

1895

733,443

7,533,M5

3,739,r>^36

3,067,110

9,579

1896

765,303

7,433,186

2316,545

3,617,169

130

usa

659,001

3,617,183

l,63i?l,55e

3,086.077

167

1998

433,555

5,339,108

2Jj44,393

3,788,363

1,860

1899

687,869

4,680347

2,274,275

3,318,995

3,314

1890

471,643

3,878,141

1,873,278

1,631,899

736

1991

397,550

3,0834205

3,49331

1,608,338

10,691

I9K

485,^

5,34437

2365*096

331,853

13,740

199S

555,137

7,541,570

2.2-27.7:26

3,773,550

-

tt94

699,133

7,89337

3,35S,h56

3,595,840

-

1,135,713

5,987,187

3341,943

335,345

-

1896

673,670

734,816

4,994330

3,778,554

4,460

UK

938,391

8,96537

5343.221

3,816,116

3,183

#16334

1898

735,058

4,764,356

2347,358

138,396

317

165,718

Digitized by

Google

REP(»tT6 or THE

Sl^ATBHBlIT G

rm»H-^OoiituiiieiL

1

Mexico.

ColooMu

Central
America.

Bnza.

Ai]geBtiiie
R^blic.

CIdfi.

1790

.

.

^

1791

.

1793

.

1793

.

1794

.

1795

,

1796

.

1797

.

1796

.

1799

•

1800

.

1601

.

1809

^

•

1803

•

-.

1804

.

1805

«

1806

^

,,

1807

«

1806

.

1809

«

1810

•

1811

.

181S

.

1813

«

1814

.

1815

.

1816

•

1817

^

1818

•

1819

.

1890

.

1891

#005,196

.

J899

1,486,567

^

1893

1,214,810

^

1894

2,074,119

.

1895

#4,044,647

#1.837,050

#56,789
904,270

2,156,707

#7^,771

S2xi?l,5{)^

1896

3,916,198

2,079,724

2,156,678

592.769

629,949

1897

5,281,867

1,550,248

951,342

2,066,971

80.UG$

Jr^4,<Jl»3

1898

4,614,258

1,484,856

204,770

3,097,752

817,466

7.Hi,M<a

1899

5,026,761

1,255,310

311,931

2,535,467

91SJ14

4 J G, 118

1830

5,235,241

1,120,095

302,883

2,491,460

1,431-^3

lBL>,r>H5

1831

5,166,745

1,207.154

198,504

2.:7^^29

9S-.lt>3

4I3.7ri8

1839

4,293,594

1,439,182

288,316

3,^ 45

l,56kiJ7l

^y\HS'29

1833

5,452,818

1,524,622

267,746

5,r 93

1,377 J 17

334,130

1834

8,066,068

1,727,188

170,968

4, 69

1,4S US

IHlAi^

1835

9,490,446

1,662,764

215,450

5,; 66

87 IS

917, UU6

1836

5,615,819

1,696,650

195,304

7,1. 90

1,0£ 3

►^11 4^*T

1837

5,654,002

1,567,345

163,402

4,f':H.-93

9€ 3

1 1^

Io98

3,500,709

1,615,2^

155,614

d,]M.^239

1,010,908

:i.:.-.-»5

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3MKl\

SECRETABY OF T^ TREASURY.

Ml

INTO

i

Murne.

New
1 H&mpshire,

VermonL

Ahodekland.

Connectkat.

>•

(«»)

iim

_

,

_

1791

1163^500

*5,95I,500

f225,79D

(160^000

1799

1793

_

I

171}<

1735

1796

1797

j

1799

1

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um

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1»HI

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1804

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1809

leiQ

1911

1812

1813

1814

1815

1816

1817

1816

1819

1820

18^

pmjB^

350.021

I15.9S7

u,ai;j32

1,033,963

313^090

Iffld

943,775

3»0,052

60,897

18,337,330

1,884,144

507.094

18^

391,644

371,770

63/243

17,607.160

1,413,953

456,643

tesi

768,443

245,513

161.854

15,378,758

1,388,336

581,510

1^

l,lta.940

33U244

109,021

15,845,141

907.90fi

704,476

liafi

1,345,235!

348,f.09

228,650

i7,r>63,4ea

1,185,934

736,194

um

1,. 13330

30S,*^11

144,078

13,370,564

1,341,838

6aa,oo4

mm

1,246,809

S99,&49

177,539

15,070,444

1,138,236

485,174

^m

743,781

179,889

305,39S

12,520.744

433,811

309Ji38

^H'

s^nMn

130,838

140.059

10,453,544

488,756

269.583

^Hi'

941,407

14&,m5

166,906

14,369,056

569,161

405,066

WW'

Ma3,326

llStHl

314.C73

18,ll8,9m:i

657,969

437,715

■fiS

l,S8lK3(!ti

167,754

533.360

19,940,911

1,(142.386

353.014

^iW

1,060.1:31

118,695

332,806

17,672.121)

437.024

385,730

less

^3,389

71,514

217,853

19,800.373

597,713

4^,503

wm

930«O8G

64,354

456,846

25,61:^1,463

555,199

468,163

18S1

801,404

81.834

343.449

19,975,667

523,610

31S,849

ms$

899,14^2

Ifi9,9e5

358,417

13,300,925

656,813

343,331

thirds

The yahie of articlef payingr ad Talorem rates of duty in 1791 amounted to about two-
of the imports, and consistM of cottons, woollens, linens, sUks, hemp, iron, crockery-
ware, 4kc. The ralue of the specific articles has been estimated by adding one-third to the
ad Tak>rem. They consisted of spirits, molasses, coffee, sugar, twine, salt, teas, Ac. The
ad Talorera articles imported into each State are taken from actual returns; the others art
appoittoiiad among the States, kff Mfisisle, in a like ratio.

Digitized by

Google

HEPORTS OF THE

[1888.

-

iirr»— GoatuiQ«d.

i

NttwYoA.

FetautjhnL"
nia.

Delaware.

Baryiand.

Diitrictoff
Columbia.

1790

.

,

.

_

1791

#10,739;»0

"|Ji.MO

#11,950,000

«64tS00

16,018300

1793

.

•

1793

.

.

1794

•

.

• »

1795

.

.

1796

.

.

1797

.

.

1798

-

.

1799

.

.

1800

•

.

1801

•

.

1809

.

.

1803

-

•

1804

.

•

1805

.

.

1806

.

•

1807

•

•

1808

.

.

18(»

.

.

1810

.

.

1811

.

.

1819

.

.

1613

.

,

1814

.

.

1615

.

.

1816

.

.

1817

.

•

1818

.

.

1819

/

.

1890

.

.

1891

93,699346

17,606

8>irj83sa

80,997

4,070,849

1399,984

1899

35,445»698

103,190

n, 87 4^70

916,969

4,799,486

470313

1893

99,491^9

5,933

13,696 J70

60,194

4346,179

975,083

1894

36,113.793

637,518

l]»Ni5,531

19,080

4351,449

379,958

1895

49,639,174

97,688

15,0*K797

18,693

4,751,815

977397

1896

38,115,630

48,004

. J3ASK779

10,009

4,998,569

969,630

1897

38,719,644

338,497

]l/n^^l>15

6,993

4,405,708

397,693

1898

41,997,799

706,879

]:l'-HJu8

15,960

5,699,694

181,665

1899

34,743,307

786,947

HML1IM59

94,179

4,804,135

905,991

1830

35,694,070

13,444

8,703,139

96,574

4393,866

168,550

1881

57,077,417

-

1^2J24.033

91,656

4,896377

193,556

1839

53,914,409

70,460

10,fJ78,a58

93,653

4,699303

188,047

1833

55,918,449

170

10.451,250

9,043

5,437,057

150,046

1834

73,188,594

4,499

10,479,^*68

185,943

4347,483

196,954

1835

88,191,305

18,939

J 2,389337

10,611

5,647,153

111,195

1836

118,953,416

94,963

15.(^68,233

107,063

7,131,867

111,419

1837

7931 ,79?

69,159

H,6H0.111

66,841

7,857,033

109395

1838

68,453,906

uoo

9,360,371

1348

5,70136»

199,748

Digitized by

Google

1889.] SECRETARY OF THE TREASURY.

— Contmoed.

S88

WTO— Contmoed. |

1

Vifginia.

ICorthCwroliiia.

South <>uro-
Una.

Geoi^.

Looiaiaiia.

MMMippi.

1790

.

.

_

1791

16,461,750

#355,500

#4^16,950

1058,000

1792

.

•

.

1793

.

•

-

1794

.

.

.

1795

•

.

.

1796

.

.

.

1797

.

.

.

1798

.

.

.

1799

.

.

.

1800

.

.

.

1801

•

.

.

1809

.

.

-'

.

1803

.

.

.

1804

•

«

.

^

1805

.

.

.

1806

•

.

.

•

1807

•

.

-

1808

•

.

.

1809

.

.

.

1810

, •

.

.

1811

•

.

.

•

1813

•

.

•

.

1813

•

.

.

-

1814

•

•

- -

1815

.

«

.

1816

•

•

.

1817

«

•

.

1818

•

•

•

1819

•

.

.

1890

.

•

,

1891

1,078,490

900,673

3,007,113

1,002,694

#34^9,717

1899

864,169

S58,761

2,283,586

989,591

3,817,238

1893

681,810

183,958

9,4!9a01

fMO.705

4,283,125

1894

639,787

465,836

2J(3fi.lB:i

551,8fli^

4,539,769

1895

553,569

311,308

1,893,297

343,336

4,290,034

1896

635,438

367,545

1,534,483

330,993

4,167,521

18B7

431,765

976,791

1,434,106

312,609

4,531,645

1696

375,238

268,615

1,24^2,048

308.669

6,217,881

1899

395,359

283,347

1,139,618

380,293

6,857,209

1890

405,739

991,992

l,054,ei9

2l^."146

7,599,083

1831

488,599

196,356

1,238,163

399340

9,766,693

1889

553,639

215,184

1,213,725

253,417

8371,653

1883

690,391

198,758

1,517,705

318.99f>

9,590,505

1834

837,395

292,472

1,787.367

54C,caJ2

13,781,809

^^

691,255

241,981

1,89K805

393,049

17,519,814

1636

1,106,814

197,116

^,601,3€1

573,222

15,117,649

«5,6S0

1837

813393

271,623

2,510,860

774,349

14,020,012

1838

577,149

290,405

2,318.791

776,068

9,496308

Digitized by

Google

R£P(mT8 OF THE
Statbmbmt G.

£l939w

1

Ak^.

OUq.

liiddgtn.

Tbubbwh.

Kmtmkj.

WMtoM.

Florida.

1790

.

•

1791

-

1799

-

1793

•

1794

-

1795

-

1796

•

1797

-

1796

-

1799

1800

-

1801

-

1809

-

-

1803

•

1804

•

1805

•

1806

*

1807

•

1806

.

1809

. I

.

1810

•

4811
1812

.

•

1813

•

*

1814

•

1815

.

1816

*

1817

.

1818

.

1819

•

1890

•

1891

♦12
190

»»,076

#13,910

1699

S5I77O

18,377

637t

1893

161

9,159

4,808

1894

91,604

1,886

6,908

1895

113,411

5,695

3,918

1896

179,554

10,698

16,590

1897

901,909

3,774

35734

1898

171,909

3,440

168399

1899

933,790

"993

9,957

153,6«i

1830

144,893

169

91,315

39,689

1831

994,435

617

97,999

•

115.710

1839

107,787

19,399

99,648

306349

1833

965,918

8,353

63,876

#5,881

85,388

1834

395,361

19,767

106,909

135,790

1835

595,955

9,808

130,699

#13"'.796

98,173

1836

651,618

10,960

509,987

36,015

8*997

121,7«

1837

609,385

17,747

490,784

97,401

#17",789

305,5M

1838

534,548

19,895

956,669

537

8,939

15,991

168,690

Digitized by

Google

5

SECRETARY OF THE TREASURY.

H. — Ea^port$ ef (Ae Umted State*, commencing on the 1st of October, 1789,
and ending on the 80th of September, 1838.

▼ALUS or mZPOATS VROM TBB UKITID STXTBS.

TALUS OP TBS PRIMCIPAL^JkaTICLfS.

1

TotaL

Domestic.

Portign.

Oottott.

turee.

1790

120,205456

|19»666,000

#539,156

♦42,285

#4,349,567

1791

19.012,041

18,500,000

512,041

52^000

3,481,616

1792

20,753»098

19,000,000

1,753,098

. 51,470

-

1793

26409,572

24,000,000

2,109,572

160,000.

•

1794

33/)2633

26,500,000

6,526,233

500,000

-

1795

47,989,472

39,500,000

8,489,472

2,250,000

.

179^

67,064,097

40,764,097

36,300,000

2,200,000

.

1797

56,850,^

29,850,026

27,000,000

1,250,000

.

1798

61,527,097

38,527,097

33,000,000

3,500,000

.

1799

78,665,522

33,142,522

45,523,000

4,100,000

.

180Q

70,971,780

31340i903

39,130,877

5,000,000

.

1801

94415,925

47,473,204

46,642,721

9,100,000

.

1802

72,483,160

36,708,189

35,774,971

5,250,000

6,220,000

1803

55,800,033

42,205,961

13,694,072

7,920,000

6,209,000

#1,3k",000

1804

77,699,074

41,467,477

36,231,597

7,650,000

6,000,000

2,100,000

1805

95,566,021

42,387,002

53,179,019

9,445,500

6,341,000

2,445,000

1806

101,536,963

41,253,727

60,283,236

8,332,000

6,572,000

2,963,000

1807

108,343,150

48,699,592

59,643,558

14,232,000

5,476,000

2,309,000

1808

22,430,960

9,433,546

12,997,414

2,221,000

833,090

411,000

1809

52,203,231

31,405,700

20,797,531

8,815,000

3,774,000

1,711,000

1810

66,757,974

42,366,679

24,391,295

15,108,000

5,048,000

2,174,000

1811

61316,831

45,294,041

16,022,790

9,652,000

2,150,000

2,818,000

1812

38,527,236

30,032,109

8,495,127

3,080,000

1,514,000

1,655,000

1813

27,855,997

25,008,152

2,847,845

2,324,000

319,000

435,000

1814

6,927,441

6,782,272

145,169

2,683,000

232,000

274,600

1815

52,557,753

45,974,403

6,583,350

17,529,000

8,235,000

2,051,000

1816

81,920,452

64,781,896

17,138,556

24,106,000

12,809,000

2,331,000

1817

87,671,569

68,313,500

19,358,069

22,628,000

9,330,000

2,551,000

1818

93,281433

73,854y437

19,426,696

31,334,258

9,867,429

2,777,000

1819

70,1^,521

50,976,838

19,165,683

21,081,679

7,636,970

2,245,000

1820

69,691,66^

51,683,640

18,008,029

22,308,667

7,968,600

2,443,000

1821

64,974,382

43,671394

21,302.488

20,157,484

5,648,962

2,752,631

1832

72,160,387

49,874,185

22,286,202

24,035,058

6,222,838

3,121,030

1823

74,699,030

47,155,408

27,543,622

20,445,520

6,282,672

3,139,598

1824

75,986,657

50,649,500

25,337,157

21,947,401

4,855,566

4,841,383

1825

99,535,388

66,944,745

32,590,643

36,846,649

6415,623

5,729,797

1826

77,595,322

53,055,710

24.539,612

25,025,214

5,3i7,208

5,495,130

1827

82,324,827

58,921,691

23,403,136

29,359,545

C ""• M6

5,536,651

1828

72,264,686

50,669,669

21,595,017

22,487,229

5,;^:., 07

5.548.354

1829

72,358,671

55,700,193

16,658,478

26,575,311

5.1iH5,370

5,412,320

1830

73,849,508

59,462,029

14,387,479

29,674,883

5.833.112

5,320380

1831

81,310,583

61,277,057

20,033,526

25,289,492

l,Hli-i,388

5,086,890

1832

87,176,943

63,137,470

24,039,473

31,724,682

r>,n:ni,769

5,050,633

1833

90,140,433

70,317,698

19,822,735

36,191,105

^,i...u.i,J68

6,557,080

1834

104,336,973

81,034462

23,312,811

49,448,402

6,595,305

6,247,893

1835

121,693,57r

101,189,082

20,504,495

64,661,302

8,250,577

7,694,073

1836

128,663,040

106,916,680

21,746,360

714»4,925

10,058,640

6,107,528

1837

117,419,376

95,564,414

21,854,962

63,240,102

5,795,647

7,136,997

1838

108,486^16>

96,033,821

12,452,795

61,556,811

7,392,029

8,397,078

(a) Not till 1803 were export! regularly distinguidied in the retumfl as to the quantity and value of the differ-
ent articles.

(b) Tobacco exports, befbre the Revolution, reached nearly 100,000,000 poonds. and tbe avenge since is about
the same. The hogshead has increased in weight Arom 500 pounds to 1,000 and 1,900 pounds. The price per

Kund has averaged ttom 5 to 7 cents, thoujdi sometimes as high as 15 cents. About one-fourth of exports to
>lland, one- fifth to England, one-sixth to Hanse Towns. More tobacco has since been grown elsewhere, and
eepeciaiiv in Europe, when supplies ftom here were interrupted by the Revolution, and cotton here took extra
lahor and capital.

Digitized by

Google

286

REPORTS OF THE

[18»9

m

Statbmbbtt H

VALUB or tHB Twafc»ML jLRTicLBf— Contmaed.

1

Specie slid
Bullion.

Plour.

Lumber.

Rice.

Pork, Hogt,
Ac.

Fish.

1790

«

#4,591,293

#1,263,534

#1,753,796

#242,306

#941,696

1791

•

3,408,245

966,060

1,136,599

381,910

1,190.384

1792

-

4,163,543

-

-

1793

-

6,845,164

-

-

1794

•

5,845,929

-

-

1795

•

7,746,974

•

-

1796

9,115,689

• •

-

1797

•

4,800,543

-

-

1798

.

4,614,247

-

-

1799

.

4,997,996

-

-

1800

•

, 6,517,459

■

-

-

1801

•

11,300,051

-

-

1802

•

8,012,799

-

-

1803

.

9,310,000

9^,000

2,465,000

1,890,000

3,120,000

1804

-

7,100,000

2,540,000

2,350,000

1,990,000

3,040,000

1805

-

8,325,000

2,607,000

1,705,000

1,190,000

2'^2S

1806

.

6,867,000

2,495,000

2,617,000

1,096,000

2,516,000

1807

.

10,753,000

2,637,000

2,307,000

1,157,000

3,198,000

1808

.

1,936,000

723,000

221,000

398,000

731,000

1809

.

5,944,000

1,843,000

2,104,000

1,001,000

1,405,000

1810

_-

6,846,000

2,537,000

2,626,000

907,000

1,917,000

1811

.

14,662,000

3,195,000

2,387,000

1,002,000

1,405,000

1812

.

13,687,000

1,638,000

1,544,000

604,000

738,000

1813

.

13,591,000

636,000

3,021,000

457,000

391,000

1814

.

1,734,000

258,000

. 230,000

176,000

178,000

1815

.

6,901,912

1,835,000

2,785,000

496,000

702/M)0

1816

.

7.*>9n.ff^

4,004,000

3,555,000

719,000

1,156,000

1817

.

17JSL37e

3,196,000

2,376,880

537,000

1338,000

1818

»

11, 57^,970

2,598,000

3,262,697

754,000

138,000

1819

.

6,m»5,2rtn

2,466,000

2,142,644

1,009,000

1,461,000

1820

.

53(MW!^

3,203.000

1,714,923

1,179,000

1,502,000

1821

110,478,059

4,2DH,(I43

1,512,806

1,494,307

1,354,116

973,591

1822

10,810,180

5,Ifl3/28U

1,307,670

1,563,482

1,357,899

915,838

1823

6,372,987

4,062,373

1,335,600

1,820,985

1,291,322

1,004,800

1824

7,014,522

5,759.176

1,734,586

1,882,982

1,489,051

1,136,704

1825

8.797,055

4.2I3J27

1,717,571

1,925,245

1,832,679

1,078,713

1826

4,663,795

4,131,166

2,011,694

1,917,445

1,692,429

934,992

1827

8,014,880

4,434.wai

1,697,170

2,343,908

1,555,698

987,417

1828

8,243,476

4,*aM3,fi69

1,821,906

2,620,696

1,495,830

l,066,ra

1829

4,924,020

5,000,ri93

1,680,403

2,514,370

1,493,629

968,M

1830

2,178,773

6, 132 J ^

1,836,014

1,986,824

1,315,245

756,6n

1831

9,014,931

10,461,7^8

1,964,195

2,016,267

1,501,644

929,^

1832

5,656,340

4,974,121

2,096,707

2,152,361

1,928,196

1,056,721

1833

2,611,701

5,642,602

2,569,493

2,774,418

2,1M,558

990,290

1834

- 2,076,758

4,560,379

2,435,314

2,122,292

1.7iK:i,(MJl

863,674

1835

6,477,775

4,394,777

3,323,057

. 2,210,331

l.TTf;,735

1,008,534

1636

4,324,336

3,572,599

2,860,691

2,548,750

].:iH3,344

967,890

1837

5,976,249

2,987,269

3,155,992

2,309,279

139,796

769340

1838

3,513,565

3,603,299

3,116,196

1,721,819

1,312,346

819,003

Digitized by

Google

1889.] SECRETAAT OF THE TRSASURT.

'•^<3oiitiinied.

S87

TALTB or mOKCtBAh ▲ATMlAl-'-COB.

BZP««nE» r AOM

i

Beef.Cattk,

Butter and

S^dneand

Maine.

Kew Hamp-

Yermont.

Massadm-

dbc

Cheese.

Fura.

shire.

setts

^

(«)

1790

JM00,233

100|l48

#93,524

-

.

.

-

iTsri

^,105

.1,285

#142,859

-

#2,519,651

1798

-

-

.

181,413

-

2,888,104

1793

*

-

*.

198,204

-

3,755,347

1794

-

-

-

153,860

-

5,292,441

1795

.

.

•

229,427

•

7,117,907

1796

-

.

.

378,161

-

9,949,345

1797

-

•

-

275,840

. -

7,502,047

1798

•

•

.

361,453

-

8,639,252

1799

.

.

.

361,789

#20,480

11,421,591

1800

-

•

«

431,836

57,041

11,326,876

1801

.

.

.

555,055

57,267

14,870,556

1809

.

.

.

565,394

31,479

13,492,632

i8oa

1,145,000

585,000

500,000

494,620

117,450

8,768,566

1804

1,520,000

490,000

956,000

716,091

191,725

16,894,378

1805

1,545,000

415,000

967,000

608,408

169,402

19,435,657

1806

1,360,000

481,000

841,000

" 795,263

193,775

21,199,243

1807

1,108,000

490,000

852,000

680,022

204,285

20,112,125

1808

265,000

196,000

161,000

125,059

108,772

5,128,322

1809

. 425,000

264,000

332,000

286,505

175,782

12,142,293

1810

747,000

318,000

177,000

234,650

432,631

13^13,048

1811

1,195,000

395,000

314,000

368,863

571,104

11,235,465

1812

524,000

329,000

123,000

.203,401

138^647

6,583,338

181S

539,000

95,000

58,000

29,996

-

1,807,923

1814

241,000

59,000

22,000

37,387

-

1,133,799

1815

407,000

242,000

409,000

109,782

161,002

5,280,083

1816

738,000

223,000

553,000

140,293

892,594

10,136,439

1817

845,000

213,000

688,000

197,424

913,201

11,927,997

1818

648,000

195,000

808,000

130,648

240,069

11,998,156

1819

598,000

297,000

481,000

157,919

585,596

11,399,913

1820

858,000

302,000

575,000

#1,108,031

240,800

395,869

11,008,922

1821

698,323

, 190,287

766,205

1,040,848

260,765

263,330

12,484,691

1822

844,534

221,041

501,302

1,036,642

199,699

257,694

12,598,525

1823

739,461

192,778

672,917

895,501

237,705

236,140

13,683,239

1824

707,299

204,205

661,455

900,195

185,383

208,258

10,434,328

1825

930,465

247,787

524,692

1,031,127

198,680

396,166

11,432,987

1826

733,430

207.765

582,473

1,052,575

167,075

884,202

10,098,862

1827

772,636

184,049

441,690

1,070,134

177,398

1,259,441

10,424,383

1828

719,961

176,354

6264235

1,019,517

124,433

239,610

9,025,785

1829

674,955

176,205

526,507

737,832

105,740

808,079

8,254,937

1830

717,683

142,370

641,760

670.522

96,184

658,256

7,213,194

1831

829,982

264,796

750,938

805,573

111,222

925,127

7,733,763

1832

774,087

290,820

691,909

981,443

115,582

349,820

11,993,768

1833

958,076

. 258,452

841,933

1,019,831

155,258

377,399

9,683,122

1834

755,219

190,099

797344

834,167

80,870

334,372

10,148,820

1835

638,761

164,809

759,953

1,059,367

81,681

328,151

10,043,790

1836

699,166

114,033

653,662

850,986

15,520

. 188,165

10,384,346

1837

585,146

96,176

651,908

955,952

34,641

138,693

9,728,190

1838

528,231

148,191

636,945

935,532

74,670

132,650

9,104,862

(a) The IaM;est exports from most of the Northern States formerly consisted of fbret^ ^ds,
lumber, fish, £c. The exports from each State lor each year, from 1790 to 1810, disUnguishing
those of foreign origin, may be seen in Statement 1, Commerce and Navigation, page 99^926.

Digitized by

Google

S88

REPORTS OP THE

[1839.

&TA1

mmrH

1

Rhode Ifll-
and.

Connecticut

New York.

NevJcrtej.

Pennsyha-
nia.

Delcwire.

Blarrind.

1790
1791

#476,131

#710,353

#2,505,465

#26,968

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1799

698,109

879.753

2,535,790

23,406

3 <XV>f/^

133,972

2,623,606

1793

616,432

770,255

2,932,370

54,179

-fi.y.'ki^iijc

93,559

3,665.056

1794

964,599

812,765

5,442,183

58,154

6,643,(K^

207,985

5,6a6JSI

1795

14222,917

819,465

i03-i,r,^i

130,814

ll,il^^,260

158.041

5,811,388

1796

1,589,872

1,452,793

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ll,:A3,^m

901,143

94»1415

1797

975,530

814,506

la 'iM- ui.j

18,161

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98,929

S,811,T99

1798

947,827

763,128

14. ,

61,877

8,Ul3,iC3

183,727

13,746,191

1799

1,055,273

1,143,818

18,719,527

9,722

12,431,967

297,065

16,299418

1800

1,322,945

1,114,743

14,045,079

2.289

11.949,679

418,695

13,364.3n

1801

1.832,773

1,446,216

19.?.'M'IG

25,406

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662,042

i3.76743»

1802

2,433,363

1,606,809

13,7:^'J/j;'3

26,227

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440,504

7,914;»

1803

1,275,596

1,248,571

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7,525,710

428,1S3

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1804

1,735,671

1,516,110

16J^.-].^■'l

24,829

ll,n:MM57

697,396

9,1514ai

1805

2.572,049

1,443,727

23,4-jjiD

20,743

13,7fi2/252

358,383

10,869,460

1806

2,091,835

1,715,828

2i,7«;:j.-4r>

33,867

17,574.702

500,106

14*580305

1807

1,657,564

1,624,727

26w^:,Ji>:i

41,186

16.m:U,744

229,275

14,2»8,98t

1808

242,034

413,691

5,606,058

20,799

4, til a, 330

108,735

3»731,106

1809

1,284,532

666,513

l2,n^i.nf;a

319,175

^M^.Ul

138,036

6,C27306

1810

1,331,576

768,643

17,JlJ,;s30

430,267

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120,342

6,489316

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1,571,424

1,032,354

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1,871

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88,632

6,803,987

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720,805

8,901,1)23

4,186

5,973,750

29,744

5,885370

1813

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974,303

8.1 Hf,, 494

10,260

3,577 a 17

133,432

3.78730

1814

472,434

1,043,136

;:UU.^7U

.

.

14,914

348,404

1815

561,183

383,135

10,675,373

5,279

4,593,519

105,102

5,f^3fi.l»l

1816

612,794

593,806

19,690,031

9,746

7,iyG,a<6

56,217

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1817

950,467

604,139

18,707,433

5,849

8J3.>,5!>2

44,854

ao

1818

1,027,291

577,564

17,872,261

25,957

8,75H,lfr2

31,525

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1819

1,281,434

438,534

13,587,378

1,474

6,21>3J?i^

29,826

.^:lii3^].jK

1820

1,072,762

421,931

13,163,244

20,531

5,743,549

89,493

r».t:j>9,;«4

1821

996,828

876,187

i,i,ii^-,jn

33,711

7,:Jt»1.767

85,445

:i*^:"><j.384

1822

862,363

485,312

17,1W.483

83,551

0,047, >?02

168.592

4,531:; J96

1823

933,114

482,061

19,U3H.1^1M)

26,064

S>617J92

53,837

5,030396

1824

872,899

575,852

2S.M1T.I34

28,989

9,364.^93

18,964

4,8633»

1825

678,467

689,270

,%,r.u,wi

47,213

I]3!>,fl81

31,656

4,501304

1826

761,540

708,893

lil,:ilT,V;n

37,965

s.:iHL7^>?

35,195

4,010,716

1827

804,187

690,275

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25,627

7,^7^,^:i:i

9,^M)6

4,516,406

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722,126

521,545

22,777,649

1,892

ti, (Ik? 1,11^'

29,395

4334,492

1829

390,381

457,970

20,119,011

8,022

4,il^^»,iKri

7,195

4304,465

1830

278,950

389,511

19,697,983

8,324

4,2<JlJi»3

52,258

3,791,480

1831

367,465

482,883

25,535,144

11,430

5,513,713

34,514

4308,647

1832

534,459

430,466

26^)00,945

61,794

3,5l6,«>6f5

16.242

4,499316

1833

485,481

427,603

25,395,117

32,753

4,07^^,9.51

45,911

4,062.467

1834

601,626

422,416

25,512,014

8,131

33H9,74G

51,945

4,168345

1835

296,003

519,270

30,345,264

74,041-

3.739,'>75

88,826

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1836

228,420

438,199

28,920,438

62,809

3.y7i,555

74,981

3,675,475

1837

488,258

532,590

27,338,419

44,217

3,841,599

40,333

3,789317

1838

291,257

643,610

23,008,471

28,010

3,477,151

36,844

4,524375

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1889.] SECRETARY OP THE TREASURY.

•<-^oiitiiuied.

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•

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3,867,908

263,832

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540,901

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6,113,451

537,810

6,991,179

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6,292,986

485,291

8,729,015

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f.

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952,614

7,811,108

2,:jTf>,>^75

1804

1,453,198

r».7^>i'jiiii

928,687

7.451,616

2,077,572

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1,320,215

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779.903

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1806

1,246,146

5/l55,3V6

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1,446,378

4,761,234

745,162

10312,564

3,744,845

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285,317

. 536,573

117,129

1.664,445

24,626

13,115

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703,415

S,894ja5

322,994

3.247,341

1,082,108

3,850

1810

1,038,103

4,^2:3.611

403,949

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2,063,251

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2,568,866

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1,606,409

3,lK)l,n2

489,219

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1,387,493

1,819J23

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2,9{>d,484

1,094,595

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1,013342

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e,21i>,H60

1,328,735

10,^19,409

7311,929

1305

1817

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5,62 L4 22

956,580

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8,790,714

7,749

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7 »0 J 6/246

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11,132,096

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991,351

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410

1820

1,204,915

4,557,957

808319

8,8^2,940

6,594,623

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898,103

3.070,21)9

400344

7,200,511

6,014310

.

1829

1,043,430

3,217,389

585,951

7,260,330

5,484,870

105

1823

801,295

4,006,7t>8

489,417

e,btl8,f^U

4393,666

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1894

722,405

3,277,564

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8,034,0^

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-

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758,367

4,129,520

' 553,390

11,056,742

4,iJ-,-^33

-

1896

624,231

4,596,733

581,740

7,554,036

4.:i*;-,:i04

-

1827

1,182.148

4,657,938

- 449,237

8,322,561

4,j«n,.-^

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1808

707,443

3,3i0,l&i5

533,747

6,550,712

3.1(1^,425

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1829

928,097

3,787,431

- 5&1,506

- 8,175,586

4,iJ>-3,376

2,004

1830

753,973

4,791.644

399333

7,*r27,031

r^^.m^im

.

-

1831

1,220,975

4,150,475

341,140

6.575,201

nAK/:K^:^l3

14,728

1832

1,154,474

4,510,650

342,041

7,7fj2,731

r,^.i:^,H83

58394

1833

1,002,816

4,457,51^7

433,035

8,434,:«5

(;.:i7O.O40

225,544

1834

S»,394

5,483,098

471,406

1L2*J7,778

7.5^;7,;327

241,451

1835

517,639

liJ>64,0fi3

319337

1L33^,016

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1836

326,874

6,193,040

429,851

13,GH4.376

10,722.^00

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469,209

3,703,714

551,795

11,2^^1,161

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1,693,958

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1,588

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2,413,894

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16,761,989

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1832

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2,736,387

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7,574,692

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18881] SECRETART OF THE TEEASURY.

■MSoittinaed* ^

991

KXPOBTKS TQ

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France and

Spain anJ
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1790

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14.668,902

fl,989,42l

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147,240

1224,415

1791

7,953.418

4,298,762

1,301,286

; 1,634,825

21,866

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1792

8,l92,^e

5,674,630

1,769,618

2,402,180

166,146

573,890

17^

8,431,3^

7,050,498

2,337,950

3,169,536

310,427

870,508

1794

8,175,311

5,353,681

4,055,705

5,898,515

381,794

1,298,839

1795

9.318.540

12,653,635

4,714,864

2,^4,817

894,853

1,962,261

1796

23a$4*54S

11,633,314

3,650,678

7,875,364

1,096,407

3,675,599

1797

9,£1343S

12,449,076

6,63fU53

9^4,896

898,315

2,637,309

1798

17,086,189

6,941,486

8,740,553

7,420,650

733,463

2,901,511

1799

36,546,987

2,780,504

17,421,402

5,851,503

733,59?

4,348,839

1800

27,310,289

5,163,833

15,660,606

5,669,016

562,685

3,114,442

1801

42,13^,032

11,261,751

13,610,816

6,922,372

232,208

1,581,186

1803

23,925,091

14,475,537

11,327,859

5.966,858

275,256

1,721,485

180a

25,369,073

8,245,013

4,533,539

1 5,523,423

263,470

1,893,^5

1804

31,829,902

12,776,111

6,728,125

' 16,447,417

691,975

3,346,633

1805

23,047,386

31,072,747

13,672,768

17,835,216

406,043

4,037,454

1806

23,25^,936

18,575,812

14,809,072

20,499,519

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1808

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8,105,839

15,043

10,318,034

1,313,270

9,085^17

4,317,394

1810

16,555,488

137,630

14,941,942

174,078

7,902,001

10,546,535

1611

21,881,555

3,317,876

12,572,^8

'.

1,664,178

444,898

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10,270,9©

3,1S8,***4

9,287,850

30,747

2,136,993

137,250

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3,433

4,277,650

10,113,436

29,160

2,608,322

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18H

10,710

494,626

4,374.572

27,581

1,357,139

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21,589^68

8,727,637

6,230,960

4,580,858

1,021,^5

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1816

39,184,558

13,138,135

8,5H9,718

5,609,534

760.352

1,340,652

1817

43,468,342

12,434,818

8,423,936

5,7K5,318

542,723

2,0J»0,224

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46,717,832

14,490,589

7,556,913

7,215,477

463,316

IJ2?»348

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29,741,739

11,042,201

8,108,259

4,830,114

554,135

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28,893,915

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646,866

2,469,6^

1821

2ti,522,573

6,474,718

7.218,265

6,093,061

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30,041,337

7,075,333

8,438,213

5,801,839

921,434

2,i:*4,046

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27,571,0^1

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10,963,398

7,767,075

558,291

1,953,071

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28,097345

10,552^4

15,367,278

3,617,389

569,428

2,183,253

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44,217,525

11,891,336

5,840,720

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569,550

2,701,088

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28380,020

12,106,429

6,687,351

4,794,070

356,380

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957,948

2,311,174 •

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31,647,881

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6,049,051

4,562,437

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2,014,rJ85

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39,90U79

9,^2,679

5,661.420

3,096,609

540,078

2,(MH),793

1833

37,268,5M

13,344,698

6,399,193

6,035,466

515,140

2,tH»7,551

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39,782,240

14,424,533

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1834

50,797^650

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6,296,556

4,378,739

494,741

1,857,114

1835

60,167,699

20,335,066

7,669,279

4,411,053

602,593

1,780,496

1836

64,487,550

21,441,200

8,081,668

4,799,157

700386

2J22,469

1837

61,217,485

90,355,346

7,604,003

4,285,767

507,523

14540,173

1738

58,843,392

16,352,413

7,684,006

3,772,206

355,852

l,2£»9,9a7

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S93

REPORTS OF THE

[1689.

STAVKMBKr H

1

Portugal and

China.

HanM

ttn^^

WmC Indies

T^

4«pandeDcie8.

(•0

Town*.

tUMHL

gentrally.

1790

#i;W3,4fl3

.

#478,050

•

•

.

1791

1,039,696

-

496,969

pjsn

^'X

"

1799

1,018,643

-

116,871

4,6»

•

1793

. 997,590

. ■

1,805,884

9903A»

.

1794

1,034,941

-

3,999,989

•

994,118

.

1795

764,385

11,038,949

9,656,594

#6391

J349348

1796

559,448

1,352,860

9,507,447

47381

3367349

1797

474,014

387,310

9,589,858

3,450

1,568344

1798

799,089

961,795

14,563,343

•0,783

948,191

1799

857,751

595,949

17,144,400

46,080

99,090

1800

1,365,844

. 1,047,385

8,012,846

-

115391

1801

1,718,759

1,374.506

10,516,197

9,186

979,939

180S

3,160,701

877,967

6.1^,499

73,791

1361499

1803

9,305.548

179.495

3,279,732

•

1,704,404

1804

9,496,858

198,601

4.475,007

•

93943M

1805

9,105,409

899,075

3,232,508

71,379

3,4%,947

1806

9,531395

387,116

6,424.224

19.407

l,T54,9^S3

1807

1,687,516

197,980

3,160.282

446,917

L56fi.5*>I

1888

539,647

-

299,815

-

4fi9,l«lS

1809

8,313.897

3191479

2392,643

849361

. 1L>.*,430

1810

7,679,210

1,126382

3,976,698

3fiO,931

1811

11,466,150

€31,060

•

6,197,667

IX^JHA

1812

9,399,590

184,597

-

1,745397

1.042,565

1813

10,687.928

-

13,086

51.150

45. 2.'*^

1814

591,669

61,998

-•

460

9,456

1815

3,381,101

488,695

9,996,673

574349

l,933,4«5

1816

3,270389

1,034,764

3,534,500

706,844

y.^291,097

1817

1,834,833

548,660

3,345,631

640398

•A^nj^

1818

3,898,177

1,758,698

3333318

441.019

2Jf^imS

1819

3,363,580

1,586,973

3,529,172

0»,691

2,3r*,7il9

1890

1,335,751

1,479,701

2391.375

13893^1

^2,:m,%^

1831

435,700

4.990,560

9,139344

638,894

^mM3

1823

437,491

5,935,368

9,505315

599,081

cA^sm

1833

346,648

4,636,061

3,169,439

648,794

«il3,**«J

1834

518,836

5,301,171

1,863373

391,981

im^sHi

1835

408,160

5,570,515

3,131,039

987,401

i:msii8 ,

1836

313,553

9,566,644

9,116,697

174,648

i;n,8€9

1837

357,870

3,864,405

3,013,185

989344

4m,s&}

1838

991,614

1.483,803

9,995,351

450,495

4fiO,197

1839

833,911

1,354 .R69

3377,160

386,996

969319

1830

879,799

74^M93

3374,880

416375

947,191

1831

994,383

i,a9i>.s:js

3393,172

469,766

695,697

1833

396,218

1,360,5*22

4,088319

589,689

569354

1833

442,561

l,4,TtJ59

2,903,296

703,805

967,779

1834

322 496

. J,01IK4^3

4,659,674'

330,694

408,649

1835

521,413

1 ,^^fiH,5^(l)

3,538376

585,447

450316

1836

191.007

•1,194.364

4363,883

911,013

519,996

1837

433.705

63^^.Wl

3,754349

1,306,739

467,557 fl,0073«

1838

283,131

1,516,60;*

3391,645

1,048389

999352 13473B0

(a) Before the Retolation Ve had n6 trade with -China ; hot it jnra4uallj became impaittfC,
and,'in 1821 and 1822; had tweUed in export* to Canton to fiye mfllions or doUan. Aeoordioi
to a rqport of the Britiah Parliament, made in 1899, (and some American captaina vers exan-
ined aa to the facta,) it waa aaeertatiied tiiat our trade waa equal'to three-foimha of that of tbe
Eaat India Company.

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1999.] SECRETARY OF Tlffi TREASURY.

—Continued.

iCSFORTSD TO— <?ontinued.

1

Mexico.

Colombia.

OMtnd
Amemu

BrazU.

Argentine
Republit.

ChiH.

rm

t .

1791

.

•

1793

-

.

1799

.

1794

-

.1795

.

1796

• <

1797

»

1798

-

.

1799

.

•

18M

.

ia9i

, ^

1809

-

1693

-

1894

, ^ •

/

1805

-

1806

-

1807

.

1898

.

1809

-

1810

•

1811

..

1813

.

1813

-

1814

*

' - .

1815

»

I81S

-

.

IBH

»

•

1818

.

.

1819

•

^

-

ieg»

.

,

.

18B1

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#1381,780

.

Hi

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1,463339
1341390

•

laM

.

3301304

-

vm

#6,470,144

63,339,355

699^,599

3393,754

#573330

#931.438

m^

6,361,050

1,953,663

119,774

3300349

379,340

1,447,498

wn

4,1734857

944,534

994,779

1,863,806

151304

1.703,601

mm

9,886,484

884,534

159,379

1388,705

154338

3,639,409

1839

9,331,151

767,348

339354

1339397

636,053

1,431,134

1890

4,837,458

496,990

350,118

1,843338

639,887

^'SS'Hi

Ml

6,178,918

658,149

906,497

3376395

659,779

1368,155

.1833

3,467,541

1,117,084

335307

3354,794

993,040

1331,119

»3

5,408,091

957,543

575,616

3373,101

699,738

1,463340

1894

5,965,053

795,567

184,149

3,059351

971337

1,476,355

^

9,039,391

1/)64,016

189,793

3308356

708318

941,884

IB9$

6,041,635

839,355

189318

3,094336

384333

937,917

ias7.

3380,333

1,080,119

157,663

1,743309

966,008

1,487.799

im

3,164,097

734,789

943JM

3367,194

336,665

1370364

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•M BEPORTB OF fEHE [£«&

NOTE I.

The object of this, note is to present aowe general resnlts concOTning
our past imports and exports, as appearing in the tables, mtbout aiming
at fractional accuracy or a minnteness^.which was ^ot attainable h(ul by
delay and labor not necessary to this imrpose.

It appears that the whole imports have not more than doubled since
the first four years of the Government, Krhile the exports of domestic
produce have quite quadrupled.

Again : Though we formerly exported more of the foreign mercban*
idise imported tfian we now do, yet the consumption o£ it since tiiose
earliest years has not increased much over a hundred per cent., while
our population has, within the aame period, increased qmte four faundi^
percent. ' • . ^

This didparily has arisen chiefly from the fricts that larger propottbss
of our people are now en&[£^ed in jnanufactures and amculture, tod
supply much more than they once did the products of both for hon»e
consumption. For one series of three years, about a third of a centoiy
ago, and another about twenty years ago, the imports were nearly as
large as during the last three years.

The chants in the amount of some of the leading articles both ot
Export and import have been very extraordinary. As to the first, the
exports of raw cotton, -^ithout reference to the mcreased consumption
of it at home, have altered most. They have augmented fioni a few
thousand dollars* worth to sixty or seventy millions. This vast inonsase
has happened without any real aid fix>m a duty, which should be regarded
as protective, but chiefly by means of a congenial soil and cnnrnte,
assisted by a remarkaUe improvement in preparing cotton for market^
which has proved to be one of the most fortunate inventions on any
subject in any age. By the larger capital and population devoted to
the cultivation of this great staple, arid by the increased domestic demai|d
for other articles of our own production to feed and clothe the greater
numbers employed in its cultivation, and in many flourishing manual;-
tures, afi well as in an enlarged navy and army, all our other principfd
exports from agriculture, as well as from the forest and the .sea, have
remained stationjiry or declined during the last forty years.

For example : Those of tobacco, ranging near six and seven millions ;
flour at about four miHions; lumber at two and three millions; rice fix)m
one to three millions*; pork at a million and a half; and fiirs at neairly
' three quarters of a nmUon; have remained almost stationary. Wide
the exports offish have actuallv fidlen fix>m one and two milhons to le$s
than one ; of beef from one mmion to half a million ; and of butter and
cheese fiom one-half to one-ninth of a millioo. Indeed the only material
increase in any of the important articles of export, besides raw cotton,
has been in domestic manufaptures. These, fiom one million in 1793
have augmented to more than eight millions in 1838.

So great have been the changes in some, of them, affecting to a certain
degree the eL^^ffremte exported, mat in the single State of Abssachusetts,
stiU disdnffui^ed for its fisheries and manufiictures of cotton and wool-
len, the fabrics fiixn leather, humble as they may sQem in diaracter.

Digitized by LjOOQIC

18».3 SECRETARY OF THE TBEASURY. 29$

now jeaxfy exceed in value ^ther of those or any other of its gfiee^
articles df]^txM}uctiQii,aiulemal nearly oae^fourth of tl^ei^^
xrf'raw cotton fixMu the whole Unioii.

These results show the strong direction which industry often takes
from natural causes, -such as bcox and cUmate, as well as from habits
ttqd other peeuliaritSea» whether accompanied or not by special legislative
protection*

This cin^mstance is furdier illustrated by some of the changes in the
princijpal articles of impoit. During many years the demand for those
made from cotton has been very great, fiy means of the increased
public taste for their .uae, and tte reduced price of them throu^
impmvemients in machineryy the imports of cotton manu&ctures have
generally been kiser than those oT any other article.

On an average mey wece eleven millions annually for the last three
years; and in 1836 they reached seventeen millions, notwithstanding aU
the flourishing establisbm^its for those manufactures here, and meir
success to such an extent that considerable amounts of ^e domestic
filbiic have long been exported.

The imBG^ of silk were foimerif smaller in aoKaint than those of
coCton,. ana in 1821 and 1S22 only ^ur to six million^ yearly. But of
late, some of them having been ex^npted from duty by Ciongress, and
others more recendy having become free by means of judicial construc-
tions, and the demand for all of tbem havmg been also quickened per-
haps by the progress of luxury, those imports increased in 1836 to
twenQr-two ottUions, and durkig the last three years, have bejsn, on an
average, quite twelve millions and a half.

9p&cie stands next in the list, the impoits of il having in the same
period been enlarged from three and five millions toe about twelne
yearly; and those of coffee fmm four and five millions to eight>tbou^
fiODffiiaerable portions of these are, as formerly, reexported.

The impcNtts of wodlens have also, in the fiice of^ a high duty and an
increasing manu&cture of them at home, continued to be nearly seven
millions annually for the last twen^ years ; and in 1836, they rose U>
twcdve millions.

But it is worthy, of special notice, 'that with a population to clothe
augmented since 1821 quite seventy-five per cent., the fipreat inmpits of
^»tton and woollen have au^;mented but fittle. And if those of silk have
increased three or four-fold m amount^ yet such is the enlaiged demand
fo them, and the extended focililies fi>r producing them here on a smaU
capital, tbi^ without the aid of any legislative protection In most cases,
indicatibns exist that the growth ami manufocture of silk may be estab-
lished in this country wider and deeper tfa^ any- former article under
the Ugbesl tariff*

It is a striking fact, that a direct bounty on the growth of silk before
Ae BevohitMSQ* leading to a cultivation of it in Georgia and the CamUnas
8o as to deAomiaate them "Silk colonies*'' &iled to d)ccompUsh as much
•8 has recently been effected in almost evety quarter of the country by
inereased skill, experience, and enterprise* in defiance c^ the lediMjjpii
of some duties, the total repeal of others, 9t^i the absence c^any bounty
bom tim General Goveaua^rt* For further details on the preceding

Digitized byi^OOQlC

296 REPORTS OF TRE [1819.

tiqptcs^j!efereiice can be bad to the tables tbenubhres. Some of the
alterations m the trade of particular States and cities in the Union, as
well as in our commerce with several countries abioad, are remarkable.
First stand the exports ftom New Orleans. This city was not within
the boundaries of the Union till several years after the Constitution was
adqpted, and the exports amounted to onty two millioDS in 1811. But
in 1838, by having oecome the principal outlet of so many new and
flourishing communities, the exports from it exceeded thirty-^hree mil*
lionsy or six millions more than any of our oldest and lar^t cities or
even States. In only the first quarter of 1889, they ha:ve m fibct gone
beyond eighteen minions of doUan. The immense gmwth and fine
central position o( New York have afiec^ its imports much more than
its exports. The latter were in 1791 two and a -faalf millions, or move,
than New Orleans twenty years after; and in 1811 were twelve millions,
or six times those of New Orieans in the same year. But they have
since increased only so as to average twenty-six millioieis during the last
three years, instead of the* thirtynthree millicms of New Orleans. Acaoa:
Mobile, a city not orimnally within the limits of the Union, and the
seaport of a State not large enough to be organised as such till thirty
years aiter the Government went into operation, is now the fourth in tlie
union in exports, flipping neariy one-half as much domestic moduce as
New York, and more than all, whether domestic or foreign, of me anci^itt
prosperous, and commercial State of Massachusetts. - But fiom South
Carolina, her rich and ample exports still exceed both the two last, and
indeed all odiers in the Confederacy except the two first-mentioned
States.

Passing to the imports, though New Orleans has increased neariy four-
fidd in the last twenty years, and presents an aggregate of fourteen or fi^
teen millions yearly, yet she is only the third instead of the first inthe Union.
Some other (Hties possess capital and facilities to exceed her in respect
to those, and to supply the smaller .wants in the. lighter kinds of foreign
merchandise of these great agricultural States, most of whose bulky
exports more readily seek the ocean at the mouth of the mighty stream
on whose banks and tributaries they flourish. The imports into New
York now constitute over one-half and indeed nearly three-fifths of those
within the whole United States. In 1802, they were only a litde mare
than one-fourth of the whc^^ In 1821, Aey had enlarged to but twenty-
three minions, while in 1836 they reached the astoni^ing aggregate of
one hundred and eighteen millions. In the reduced business of 1838,
they were nearly eigh^-nine millions. Besides these changes in the
imports, those of Bostcm alone among the old cities and States have
indicated a continuance of them proportionate to what they were in' 1802.
Those of Philadelphia, while remainmg similar id amount, have declined
in their proportion to die vHidb,. neariy one-half

Those or Baltimore, lessened still more in both views; and thoae of
Charleston, Norfolk, and Savannah, in a ratio beyond even b^^.

But several of these cities have at the same time exhibited an increase
initheir domestic trade and mano&ctures, which h^ amply atoned for a
diminution in their fore^ commerce, thcHigfa the details are omitted on
the present occasion) as not bdng so appfoiniate for 6X{damition hove.

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,] SECRErABT OF THE TBEA8URY. JW

The countries 'abroad with which our foreign comtnerce has been
ccMiductedy and the changes and pidporticms of it, are matters of no little
interest, and of more immediate connection with the finances. It appears
that our exports, 'feom being confined during a colonial state aLnost
elLchisiTely to England and h^ dependencies, suddenly changed ; fi:nd, in
consequence of the Kevoltitic»i and subs^ueiit diflScokies, increased to
France, for die first ten^ yeajia of the Government* to about twenty mil-
lions annually, or nearly double their amount to England. Since that
period they have increased with the latter to near sixty millions yearly,
and reniam^ about stadonary wkh the former, or at only one-'third oT
that amount*

To Spain the exports are next in valtie, having incfeased fewtt four to
e^ht muEons without including anypartof Spanish America, now inde*
pendent, and classed separately.

But it is a remariLable fact, that the imports fix>m all those coqntries
have remained stationary or declined. Our foreign supplies, as before
remarked, have increased biit half as much as our exports, and those
supplies are drawn by our enterprise and new marts and tastes fiorti a
wid^r sphere, extending indeed, more or less, to almost every portion of
the habitable globe.

Thus jfrom England, those imports fprmeriy fluctuated fi*oin twenty-
three to eighty-six millions annually, and auring the la3t three years
avera^^ omy sixty millions j while firom France they have usually been
about naif that amount; some five or six millions less fixim Spam than
France, and with China and India about half as much as with Spain.

Coimected with this subject, and further illustrative of results unfavor-
able to the interests embarked in our foreign trade, is the faict, that the
tcmnage Engaged in it, having been in 1838 only 810,447, was actually
less than wnat appears in the returns thirty years ago. In 1809, those
r^ums exhibited 910^059 tons, and in 1810, no less Sian 984,269. The
tonnage owned abroad, which is engaged in this same business, being
lately unmolested by European wars, has also become six times in
quantity what it was twenty years ago. On the contrary, the rapid
improvements in the domestic trade from 189,153 tons in 1794, to
15086,238 in 1838» or an addition more than five-fold, is an evidenpe of
the greatly increased commerce at home, and the diffusion of it over
regions much more widely extended.

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tm BEPOBStB OF TQB {tM9u

. : J. •

Tbeasuet DBPAETBfiBirr^ December 2, X839.
Sm: I hayetbe boMr to tiBi^mit^ ^r.tfae mfimmison of theHouae of
Representativas, aa 69t»Qiite of tb^ appccfiiifilioQa f K^aed to bo mado
fi)r the serooe 4;^ tbe year 1 84», amounling la ,r ....,* ; $16,»90,40a 6»

Civil list, jEbrdigA kitecqowie* imd ma^QeUaiieoi^* t • *^ * « .IjiftOk^ljStH 19

Military service, includinjB[ fortifications, armories, arsenals,

sioo*.... i .-..^ 8,218,610 74

Naval service, including the marine coips^ ,. » , * .^ • * • * » . 6,085,646 62

To the estimates are added statements, showing — .

1. The appropriations for the service of the yegx 1840.
made by former acts of Congress, including arming and
equipping the militia, civilization of Indians, revolution-
ary cmims, revolutionary pensions under the act of 7th
June, 1832, claims of tlie State of Virginia, gi^dualimT
provement of the Navy, and public debt. - $1,686,000 00

2. The existing appropriations which will not be required
for the year 1839, and which it is proposed tp appfy in

aid of the service of the year 1840, amounting to ... . 3,014,711 80

3. The existing appropriations which wilj be required to
complete the ^rvice of the year 1839, and former years,

but which will be expended in 1840, amounting to. . . 8,270,793 84
There is ajlsp added to the estimates a statement of the
severs^ appropriations which will probably be corwd
to the surplus fund at the close of the present year,
either because these sums will not be required for, or
will no longer be applicable to themj amounting to . . * 541,866 32

I have the honor to be, very respeotfiilly, your most obedient servanti

LEVI WOODBURY,
Secretary of the Treasury.
The Speaker 0/ the House of RepresefUaHvei.

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4 l4m &i;/the. iwicganusMiom of i3m E^pactai^ot wi^ sitbixiitt^ to
(JlpMrepa fc^ tb0 i^ijud^sjign^ as Iwg egp aa 1834.

The wt^egt Wftft tkpft d^^eim^ ofc i^fl^ciwt; impKwtanpe for foferenee
to a 'select committee. They reported a bill for carzjring most of d»0

• Sm<?§ tiy^t, tboi^dki thei matter li^as i^oj; eniir^y d^pt, w> Active prph
|fie§at hfts Wen. vmfi^'iu c^latioa tp. i);. At the same timq, wtb. rfi^ great
^1^^ o( bttsjwfls sioqe, th^ necesaity has; iaprea^ed for the priucipal
cbaxige» tb^ ^aiwdl^ w^r of ^ejp^uratog the. supermteadenoe c^ tbj&
^gU^tipftpf duties firoia w^ <^et of. the GompUoUer, whfere it;haa beeSa
long devolved vptb so muoh ipocMivemance 'as. wu& ptb^ ^wcumstance^
%;> le^ to, ^ iu:«^atiaq of; a Second Oom^

T^^. odditjona^epi^p^qs^ Wj[>«jld be Utde on notUi^ ip having* on» of tlte
Mpsf^t CwJtptrollais mM®. exwhwively a jcjomwissioner of the costoms*^
Tbp J^pn]ivea oaes^is aAdskUl of oa^ 6f them in such a situation, to do,
^otWig butsuperviise that ooltectioot and. of the other to si^rvise oiiJy
^le ^di^mmnti ot accoi^nta, miiat be vie^. obvioos^ Each by such a,
i|^tj4jcal divisioni of la^ would, a^t: with moue, pix>mptitude» system,
aii]|iAmitgrf'%nd thos^iig^ imre^ligatiQQi lyad tbet early: (ktegtion of defaultSi
would bwome much more probable». A wish has been often repeated-
fi^: a;i^yision :of the; numbefc a]»} compensatipn of custom-house officers,
4ad i^ ^till slTongly Qherishod^ The diSeitent bUb reported of late years
to c^ngr this dtgeot into ^Eecty and atthe.same time to make other useiul
changes in some of the cc^kiotion laws, have &iled hitherto, it is bopedt
mcnre from the pressure of other business than from serious objection to
dieir final passa^. The whole subject is important to promote efficiency
and uniformity m that branch of the pubhc service, and part of the
Iefi;islation proposed is essential as an act of justice to many meritorious
cculectors. - The failure at the last session to pass the usual clause for
additional allowances, rendered proper since tne reduction of the tariff
in 1832, produced great embarrassment and bid &ir to suspend the whole
business at some of the custom-houses, until it was pardally remedied
by granting in several cases the per diem compensation authorized by a
fiSrmer act of Congress to all persons assisting in the collection of the
customs. Besides these embarrassments, additional onerous duties have
been imposed on most of then! in keeping a journal of their doings under
a resolution of the Senate.

New legal provisions for the security of the public money collected by
district attorneys were recommended to Congress by this Department
as long a^ as December, 1836.^ * Experience seems since strongly to
verify then: expediepcy.

A change in the commencement of the fiscal year is again recommended
for reasons too obvious to need repetition. The keeping and understand-
ing of our public accounts of receipts and expenditures, and of foreign
trade and tonnage, would likewise be much simplified if the year for all
of theni were made to begin at the same date and to correspond with
the commencement of the calendar year. In that event, if tne appio-

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860 EEP0RTS OF THE SECRETARY, to, t^SSd..

priadons for permanent and ordinary puiposies were made for one yeart
vn^ authority to expend a fifth quarter at the same rate when no new
legal provision should intervene, most of the existing difficulties and
confusion in the present system would be obviated. Whether thes^
changes "be adoptenl or not, another improyement would be to require all
receipts and expenditures, as well as imports and expcHts, to be stated
by quarters of the year separately.

An additional provision concerning the papers of vessels employed in
the whale fisheries is respectfiilly recommenaed, to remove the inconve-'
nience, expense, and danger resulting fix>m a recent judicial dfecision in;
respect to the papers in that class of vessels whose enterprise, skill, and
success are so useful to the countr|r9 and so richly entided to liberal le^[ts-
lation. The decision and volummous correspondence on this subject
will be seasonably submitted to the appropriate committee.

Further provisions concemincthe registry of vessels, in consequence
of abuses of their papers in the West Indies and on the coast of Afiica,
seem urgently demanded. A declaratcny act, as to the dtities to be
assessed on certain articles of silk, linen, and worsted, seems also proper
from a like cause, since the construction of the existing laws, which nas
prevailed for several years with the Department, has been unexpectedly
altered by the courts, to the loss probably of a quarter of a million of
revenue yearly. A Isirge number of docmnents in respect to this ques^
tion are ready to be communicated.

The existing acts of Congress for the relief of insolvent debtors expire
on the 2d of March next, and it is considered proper that the provisions
of them should be extended further, and the cases occurring since Jan-»
uary 1, 1887, be included within thek purview.

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REPORT ON THE FINANCES.

i

DECEMBER, 1840.

. . Tbxasubt Dbpabtmsnt, Deoember 7, 1840«
The undersigned Ire^pectfblly snbmits to Congress the following
report on the finances*

He has ^preat pkasure in announcmg that during the present year
the expenditures have been still further reduced; and, though the reve-
nue has not jpfoved sp larcfe as usual, all the public engagements have
been met with. promptitude.

L The receipts and means for 1840, exclusive of trusts and the Post
QflSoe, have been as follows;
The'available balance in the Treasury on the 1st of January, 1840, is

computed to havebeea.*. $1^,246,749 00

Tne data on which this conclusion rests, connected
. with the actual receipts and expenditures in 1839,
and with the unavailable condition of a portion of
the public fimdst may be seen in the statements
annexed, (A and B»)
During the first diree quarters of the
present year the net receipts fi<Mrca8*-

toms were $10,689,884 78

During; the Same period the receipts firom

laiids were 2,630,217 26

ICscellaneous receipts for the same time 77,660 98
Estimated receipts for the fourdi quarter

firan all these sources 3,800,000 00

These make the aggregate of ordinary receipts for the
year 17,197,768 01

Add the estimated receipts of principal
and interest in 1840, out of what was
due fix)m former deposite banks, but
not available on the 1st of January last. 860,000 00

Add also the estimated receipts fit)m the

fourth bond of the ITnited States Bank. 3,600,000 OO

Digitized by V^OOQ IC

352 REPORTS OF THE £18«L

Add also firom the issue of Treasury

notes, instead of others redeemed. . • • 5,440,000 00

Aggregate from these additicmai sources : . * 8,796,000 00

This will make the total means in 1840, as ascertained
and estimated • $28,234,512 01

It is proper to remark, that about $700,000 of the sums computed to
be received within the year, from the banks above described, have not
yet been asceitxoiied.tA be pid<it and it^ ttnttwt^ tor di^ectalaon, there
should be a failure to pay any part of them until next year, it will make
a difierence to that extent in the preceding results.

n. The Expenditures fi^ 184(V e&clu^rve of trusts and the Post
Office, have been as fpUows :

Tor the first three quarters : civU,.dJplomaliC9 and miscel-
laneous..i $4,118,248 64

For the same time, military. 8,750,784 52

For the same time,n«fml..u.^.«^..^...«^..^.,. 4,620,316 35

S<ae partiqi^s of thepi in stateocient am^^ii^, (Q*)
Estimates by this Department (though higher i^ tb^

otheira) &^ all expens€3 dmpng th^. lawrth.^cfft^^ -. -* • 5>000^0di 00
. ' ■ ■ *H

These make the aggregate of current expenses for the

whole year ....,..:;.... a3;*8$,S49 5t

Add for funded debt and interest for that of the cities of

the District of Cblumbia during the year, ascertained '

and estimated. - u. ...,«1 .„'. tOjff,000 (U^

Retiemptipn of Trea^unr. notes, including* principal and'

interest, ascertained* during- the first three tjuartets. . ' S,6i^,3b6 6l
Estimate of note? that will be redeemed in. the fourth

quarter ^....^..... ,.....-;.,.......,. 426,000 00

This wiU make the i^ggrqgato of pajFmeoto oir> Qi|ttod^*
turesof all kinds.... v ...^•a.u....;-*.)-. 26v&4ft^66 12-

Leaving an available balance of money i& the TrrattUry
on the 31st December,. 1840, -Qinil»i^'tq be.. ^ ^4;^^. l,&Bft,^8§d 89

^^234,412 Oi

The funds on.bajMJl Ci^idered.opi^Y^iil^l^Jib^ PhU^P. ffOiWO^^ ^
the commencement as well as cjos^ pf fh^ BF^^^fl^. ye§& «W ffewiibe^ ,
particularly in the atl^iafint annexedi (B.)

Previous to thi^ close. o£ the year, should Congress pass any new
appropriations which loay b^ uxi];q^4^^1y 6^^Pi^^d,^j^
q^i^ txf. that extent wUl mus be • imposed on 1840 j and if amo^t^g
to any considerable sum, it niigVt pru<feni|(Jly be acccHPPfW^*Mi by soip^
provision of new means sufficient K>r: it^ pa|y^ent*: .

nii The condition of the public ; d^bt n^xt dep^wdft cq^^d^^^oxif

An exhibit of, tl^ particulars of^ it, wbethear fi^fied or unfunded,
and of the payments made within tbQ. year o^ acixmnt. of. botlv ift
annexed, (D and, E^ .

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1840.] SECRETARY OF THE TREASURY. 3S9

Pcobably none of the former kind of debt exists which is due, except
what has been forgotten, or the evidence of it ipislaid; as all ever
claimed, whether incurred in the Revolution or since, has b^en promptly
discharged. It is fortunate that no new debt of a permanent character,
has been recently created by the General (Jovernment; and the under-
signed, for reasons formerly explained, which deed not be here repeated,
has uniformly considered it sound policy never to incur one in time of

Siace. But it will be recollected that Congress, by an act passed in
ay, 1836, engaged, under special conditions, to make payment of a
debt due from the cities of the District of Columbia to certain individ-
uals abroad.

The principal amounted to $1,500,000, and was to be paid in yearly
instalments of $60,000 each, beginning the 1st of Januajnr, 1841. But
the interest was payable quarterly, and, during .the last four years, has
been re^larly discharged by the Treasury.

Withm the present year, notice has been received from the agent of
the creditors that payment of the first and subsequent instalments of
tl|e principal is desired to be made, when due, wiUi punctuality. To
insure a compliance with that wish, it will be necesssary, besides
meeting the interest quarterly, to advance $60,000 of the principal at
the commencement of the ensuing year; and the residue must be paid*
in like amounts, annually hereafter, till the whole is discharged.

The can^ stocks assigned to secure these payments c^n, by the
terms of the agreement, be sold to aid in reimbursing them. But, in
the first instance, the money is to be taken from the Treasury, under
existing laws^ which appropriate sufficient to discharge all outstanding
debts; and a sale, if able to be made afterwards, must probably be at
a great sacrifice. Congress may therefore, in its wisdom, think further
legislation on the subject expedient*

This is all the funded debt not due, and likewise all of it not paid
except, as before explained, the inconsiderable portions never yet
demanded.

in respect to the unfunded debt, such small parts as were created
previously to 1837, and still remain unsatisfied, must, it is presumed,
be in that condition from some accident, which has prevented a request
to be made for payment.

Nor has any of it, which was incurred since, fallen due, without being[
discharged whenever claimed*

The whole balance of the foiir emissions of Treasury notes made
since October, 1837, which was outstanding on the 1st instant, amounted
only to $4,433,823. This is but $1,675,488 more than at the close of
1839, notwithstanding the ffreat decline in our revenue since, and the ,
unexpectedly large expenditures of old appropriations connected with
the Florida war and the further adjwstment of claims in behalf of
Indians.

Had these events not happened, less even than that amount of notea
lYOuld have been issued, and the Treasury might with ease have j
redeemed within the year all that were outstanding.

It could have done the same, also, with most of them, had Congress,
at the last session, passed the declartitory act concerning the tariffi mod*

Vol. IV.— S3. Digitized by L^OOg iC

^4 REPORTS OlP THE tl8«0.

iBed the system of drawbacks to correspond wiA Ae existing diiti^
and adopted the propositions made for graduating the price of toe public
Iktnds as well as forming new land districts.

* It must be gratifying to learn, however, that though- incommoded by
the failure of those measures, and the unexpected circumstances bfefore
enumerated, the Department has been enabled, by other means under
its control, to redeem every note pre^nted, and to pay with punctu-
ality all debts that have fallen due.

The credit of the General Government has thus been preserved »
hiffh, that, instead of sacrificing its securities at large discounts, as bk
this and foreign nations some have been compelled to do with pulAb
itockst the ^nreasury notes have continued at par during the yecu*,
though never bearing an interest higher than .five and two-fifihe per
cent., and subject even to the stoppage of that after sixtrjr days' notice.

In fine, on a review of the whote subject, our situation regoectinff a
ptiblic debt of any kind will be found a most favored one. Regarded
a6 an indication either of the good state of the national credit, or the
ample resources of the Gtenerai Government, or the discreet legislation
relative to its fiscal concerns, it will be difficuk to discover many eras
more prosperous in these respects, whether in the annals of this or any
•Iher country.

IV. The exports and imports within the year ending Septanbar 3(^i
1840, exhibit several striking peculiarities. While me foreign com-
teerce of the country constitutes the chief basis of the revenue of the
Creneral Government, and is indicative of the extent of our surplus
produce, the statistical returns in relation to the subject must excite
constant attention among statesmen and political economists as well as
merchants.

The exports during the year are computed to have been $131,571,950,
(F.) This amount is quite $10,548,534 more than in 1839, notwith-
standing the reduced pricq of some of our great staples, and is larger
than ever existed before in our history.

Of the whole exports, only $17,809,333 were of foreign origin. Hiis
feft those of domestic origin at $113,762,617, being ^,845,937 more
fimn in any previous year, (G.)

The imports during 1840 were about $104,805,891. This shows the
treat felling off ftotn the previous year of $57,286,241. It ftirnishes,
Ekewise, the principal explanation of the extraordinary diminution
which has occurred m the revenue fixMH customs — a dimmution, how-
evct, which has been caused in part by evasions of the laws, new
judicial constructions left uncorrected, and the payment of too large
Bums for bounties and drawbacks, under an omission in the existing
tariff to reduce them in a ratio equal to the reduction going on in the
duties.

The difference between our exports and imports bas usually been m
&vor of the latter. Several years ago it ranged that wuy about seven
kniUions of dollars annually; but of late the average has risen to near
twenty millions annually; the excess of imports having been, in 1836
^ven, $61,816,996, and in 1839 $41,068,716. But during 1840, the
tn^i^toidinaiy oeci^rence of a xeverse in this state erf things has taken

Digitized byi^OOQlC

1640.] SECRETABY OF THE TEE ASURT. 866

;piace« Such a circuiBdtaiice as tbe exports at all exoeediagthe imports,
J6 beUeyecT lo'bwe happened previoosly only aix times since the Cooitti-
totioa was adbpted i .s^d then never to an extent beyond $7,916|831, (F«)
Now, lioweYer, wkbont any inflatiQiiy and in some important articles
nnder a continction.of JMices^tfae ^Lcess (^.exports is not only nrae
than ever was known before, but <|uita three-fold greater, being compu^d
to eqtial $86,766,069.

This excess having &fled. to produce the usual conespondkig increase
of imports, but, on the contrair* having been accompamad b^ a diminn-
tioQ n^ver previously eqnaMed in alnount, exc^ -under the influence of
the embargo in 1808, the whofe matter fiimishes another proof of the
hazardous fluctuatbns in the chief source of our piesent revenue, which
XHongress has been recfuested so repeactedly to guard against by some
permanent provitton. .

It is also a strong illustration of the probability of tbe <x>iyectu«e
Impressed in the last annual vepoit that the country had beoome alarm-
nigly indebted -abroad: in part on ozdinary mereaJsAile credit, butchi^y
on* stocks of corporadooA and' .States*.

To meet what woidd soon be due Sar intBrest alone, it was then sopr
fosed would require twdive or thirteen millions of the exports; aad
which, in that eventt wouM of course iumish no returns m imports*
Tbe same result must follow yearly, tilt tihe old et<k:ks sie redeemed,
unless new ones can for some time longer be sold; and the difficuky
be thus deferred, though merely at the expense of increasing the whole
ultimate indebtedness.

But it £s a source of great satidaction to wkness the indications which
the unpreced^ited amount of exports during the last four years has
given of the continued prosperity of the country.

Notwithstanding some depressions in particvifi^ branches of business,
or in particular places, the general prosperity has been such as to create
a lar^ surplus of products, arid to enable us to send abroad immense
and mcreased values of them, however great the complaints have been
as to low prices.

These official records are some of the most authentic tests of trudi,
amidst contradictory conjectures on topics like these. They show that
.we have been able to spare in exports of domestic productions duiii^
the .last four years quite $408,894,743 in value; while in no previous
term of that fength, since the adoption of the Constitution, have they
^exceeded 1369,447,623. Except m the last two series of four years,
'they have never gone beyond $239,576,749; or not two*thirds as hig^
as fipom 1887 to 1840. (See table for such, terms, during twenty years,
giving explanatory details, G.) The whole tonnage of the counuy has
also advanced Tnthin the four years past more than two himdred
thouscmd tons.

Seldom indeed, if ever, has dbe navigating interest, one of the ^reat
exponents of our wealth and increased . commerce, been so {Mosperous
as within the last twelve months.

It is true that a portion of the increase in exports may be attributable
to some alteration m the habits of the community, not connected with
additional wisaith.

Digitized byLjOOQlC

956 REPORTS OF THE [1840.

The disposition in families to rely less on their own resoorces, and
obtain more b^ means of meroantile exchanges abroad as well as at
home, has, without doubt, grown more rapidly of lale years - than
formedy, and tended to augment both the imports and exports beyoad
what the real increase in the amount of products would indicate. Tet
the ^at excess of eiqports during the last few yeaxB aver those of
previous times, cannot all have arisen from these circumstances. (Stant-
mg, howevOT, that some of it has, the consequences to that extent, and
in another view of the sutnect, are not so well caleulated to excke
^[ratification. The increased dependence which the change of habits,
m selling and buyii^ so much move of what is consumed, hm occanooed
. between difierent countries and those engaged in difier^it avocatioDS,
as well as the increased credit thus deoumded through many new
ramifications, and the greater subjection thus produced of almost ereij
pursuit to the evils attendiuit on fluctuations m prices, on bai^ esqpan-
sions, and revulsions in commerce, have probably exercised an influeoce
on the events of the last four years not inconsiderable nmr aalataiy.
Combined with other causes, they jnust certainly have tended to eShd
a wide and unfiivorable alteration in puUic manilers; and iliay , in &iie,
inflict an injury on the morals and character of the nation^ ^vfaicfa wiD
more than counterbalance all the gains in wealdi.

V. The estimates of the receipts and expenditures for 1841 aexr
demand attention.

The actual receipts and expenditures in that year can, of ooorae, be
so regulated by Congress, through new legislation, as to reach neady
any amount it may deem proper. But me undersigned can neither
increase nor diminish them; thou^fh a duty is devolved, on Um, is
respect to the subject, while at the head of the Treasury, which he now
proceeds to perform--df presenting some opinion cmiceming the amooDis
to which, under the existing laws, and the calls of the different Depart-
ments, they are likely to attain.

He will fiirther suggest any general changes which appear to him
expedient, as well as any new means deemed necessary to meet all die
burdens, which, it is apprehended, may be imposed.

The estimates for t»e ordinary receipts and expenditures in the
ensuing year difibr some, millions fiom what wiU. be actually received
and expended in the present one.

It is calculated, however, that the difference will be what is always
most desirable, some increase of the rec^pts, and a further diminutioo
of the expenditures.

The estimates for the latter, in the present year, were made lessdiaii
tlK>8e of 1839 ; and the results have corresponded. Indeed, it is a cause
of much fi[ratification that the expectations heretofore cherished of mate-
rially reoucing the public burdens, have been verified to so great an
extent. Thus, the expenses of 1888 fell below those of 1837; while
the expenses of 1839, notwithstanding the continuance of the Florkfe
war, were nearly eight millions below thosie of 1838; and it is expected
that the expenses of 1840 will be fiwm two to three xxdilions stiU lower,
or quite ten millions less than those of 1838.

They would have been-neariy twelve millions less, had not that war

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1840.] 8ECRETARY OF THE TREASURY. 8ft7

continued, and unusually large payments been made to Indians, under
€Ad appropriations.

It IS befieved that the ordinary expenses of 1841 ought to fell some
millions below those in 1840; as tl^ pensions have diminished by
deaths, fewer Indians remain to be removed, several expensive public
buildings have been mostly finished, andhostilities with the Seminoles
must be nearer to a close.

More details concerning the estimates for the next year wiH be proper,
and will illustrate the correctness of some of the preceding results.

It may be stated, from the best data in possession of this Department,
that the receipts, under the existing laws, will probably be as follows :

From customs $19,000,000 00

From lands 3,500,000 00

From miscellaneous 80,000 00

Add the expected biedance in the Treasury, available on

the Istot January next 1,680,855 00

The agflpregate of ordinaiy means for the next year would
, tbenbe 24,160,856 00

There will be nothing more, either of principal or interest,
due fix>m banks, which is likely to be made available,
except about 220,000 00

A power wiU exist, under the act of 31st March, 1840, to
issue Treasury notes till a year from its passage ex-
pires, but not to make the whde* emission outstanding
at any one time exceed five millions of dollatB. This
will mrnish additional means, eaual to the computed
amount which can be issued at me close of the present
year, being about ^ , 342,618 00

Hence there may be added fiy>m these several sources so

much as to make the whole means for the next year. 24,723,473 00

On the other hand, the expenditures for 1841, for' ordi-
nary purposes, if Congress make no reduction in the
appropriations requested by the different Depart^
ments, are estimated at '. 19,260,000 00

This would leave a balance in the Treasury at the close

of the year equal to 6,473,473 00

But certain payments must also be made on account of
the funded and unfunded debt, unless Congress author-
ize contracts to be formed for extending the time of
their payment* Thus there will be required—

On account of the funded debt, chiefly for the cities of

this District 149,200 00

For the redemption of Treasury notes, if all the others
be issued which can be under the present law; as then
the amount returned within A. D., 1841 wUl probably
not exceed ..i 4,500,000 00

4,649,200 00

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E6tliMLte<} balance in die Trematy at ibe close of tke^

next year after all payments whatever $flS4»3V8 f>

Thus it will be seen that if the whole of these charges, both ordioaiT
and extraordinary, should be reqpured to be extinffQ&bed in 1841, the
estimated means will be sufficient for that purpose, but may not, besides,
leave so large a balance in the ^Treasury as is coavenieot and usefiiL
The best mwe of obviatii^ any difficulty which mig^ arise firom diat
circumstance will soon be considered by itself.

For sotne further genend view oi the giounds of the estimate o£ ^
expenditures for 1841, it will be necessary to advert a few moinents to
the new and cid appropriations frmn which those expenditures 2ixe to be
made.

The new ones, proposed by the diflferent Departm^its fiwr the aervice
of 1841, amount to $16,621,530 8&

Vb : Civil, diplomatic, and miscellaneous $3,460,740 18

Military 7,725,440 94

Naval 5,445,589 »

Besides these, certain permanent appropriations under exisd^ laws
will become chargeaUe on the Treasuiy dtiring the next jeter, in awns
as follows:

F&r mUnaiy pvrpoiei.
MiUtary $864,000 Of

Public debt, including interest and first instalmeiit for the

District of ColumUa - J. 14^00 00

Redeeming Treasury notes 4,600,000 00

These would make the new charges, i^t ordinary purposes, under
both new and permanent {appropriations, amount to $17,485^20 28. Bat,
including the public debt and the redemption of Treasury notes, these
charges would be $22,134,720 28. See ml the psuljiculaj:^ of the annoai
estimates for these appropriatioBS annexed, (H«)

It will be perceived, therefore, that the aggregate of actosd expendi-
tures during 1841 has been computed to be $1,764,480 htgh^ than the
estimated amount of new and permanent appropriations. This is done
not only because some small oversights have doubtless occurred in die
latter, and unavoidable omissions, as will be seen by the notes, btrt some
new private bills granting money may be passed by Congress, and a
fl[reater proportion of the outstfimding approj)riations at the end of 1840
(though rfeduced as much as three or four millions less than at the end
of 1839) may be expended in 1841, than will be left unexpended of the
new charges imposed. These last two items are usually computed ta
equal each other. The Departments calculate that $6,661,123 of the c&I
appropriations will be required to complete the purposes originallj coo-
templated by them.

They propose to apply about $3,749,904 of them to the service of the
ensiung year, without reappropriation ; and the residue, amounting to
$138,878, it is expected will go to the surplus fond. They estimate the
Wfeote of thetn at the close of the year to be $10,549,90&

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)8ta] SRORETAftY Cff THE TMIASURY.

VL A few nofa explaoatiOM of elher giowidft for the estimatef of
, lecetpCs aad expenditures for the next year may be usefiilt"-

It will be noticed that the .estimates fof botn are founded priricipaUj
w^ the existing laws* ^lould Congress, therefore, alter the tariff, so as
to. increa&e or reduce th/e duties, the expected amount of receipts must
of course be varied in that proportion^

So it mu$t be if Congress makes any essential change in respect to
the publio lands, .and' eduier passes a ^^duation bill, and creates new
land districts' in which surveys are reachr for large sales, as this would
increase the immediate receipts; or iu on the other band, it should
• distribute the proceeds of the. sales among the States, as that would
diminish the revenue apf^able to the purposes of the General Goverur
ment, and render a resort to new taxation, an increased tariff, or a loan«
juj^apensable, to the extent of the distribution. . .

Tne estimates of the receipts from customs have been lessened somOi-
wbatt because. the importation of certain articles paying a duty wiU« in
1841, be partially postponed to 1842, in con8e(]^ueuce of the great- reduiO
tion in the tariff on tbem which will take place in the latter yeax under
tli^ existing laws.

So have they been on account of the greater proportionate bountios
and drawbacks which are now returned on several articles, and some
beneficial operation anticipated fix)m the Independent .Treasury in
ciiecking speculation.

On the contrary, the revulsions in business which have occurred since
the middle of 1839, and deeply afiected the revenue of some other
countries as well as out own, and the protracted suspension of specie
payments by many of the banks, which has continued over a large part
of the United States since October in that year, will probably terminate
soon, by the salutary reaction of great commercial principles, ajod that
event must be acqompamed by a considerable increase of imports and
duties. The amount of the latter, therefore, has been estimated higher ^
than the actual receipts in the present year, but not so high as ttiey '
vere in 1839 by about two millions, nor so high as many anticipate
they will be. But if the; banks do not speedily resume, it is to be feared
that the estimate will prove larger, instead of smaller, than events will
werify.

The revenue from lands must continue to be lower under the present
laws than might otherwise be expected, because that portion of the va^it
sales in 1835 and 1836 which were made to speculators, must for some
years longer come into the market in competition with the Government;
and the emigration to Texas, as well as tne continuance of the suspend
sion of specie payments by the banks over much of the West and Souths
west, is likely to operate mjuriously somewhat longer, though probacy
with a force much diminished*

In respect to the estimates for expenditures, it need only be observed
here, that any considerable addition made bjr Congress to the new
appropriations called for, would require a provision of further meana to
meet them, corresponding in amount ; and any diminution in those appro-
priations would sSso reduce^ in a similar manner, the amount of meaiM
ot^ierwise necessaiy*

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REPORTS OF THE [IMO.

Vn. It is proper to advert next to the best mode cf arcncbf airr
inequality between the anticipated receipts and expenditures, ehberio
1841 or 1842.

It has already been shown that the whole amount of receipts in 1841
win probably be sufficient to discharge all ordinary expenditures, and
those parts of the outstanding debt, funded or unfiinaed, which m
become due. But the preservation of a suitable balance in the Treatoy
may require more than what will probably be left after satisfying rther
purposes. The raising of an^ sum for that object in 1841 could, bwf-
ever, be obviated by authorizing a contract to be made, under proper
restrictions, extending the period of payment for a portion of the tenn»-
rary liabilities falling due m that year. Yet, in the opinion of the uwfa-
signed, the best mode of providing for this case would be, without eM»
an extension of this kind, or a loan, or a further issue of Treasuiy wtes,
or a change in the tariff; but merely by lessening the appropriations it
the service of 1841 below the estimates, or by passing such dedaiataj
clauses as to the present tariff, and such acts as to the pubHc lands, »
have heretofore been urged on the consideration of Congress.

The arguments in favor of some further diminution in our exoenc-
tures, and the general items in which the reduction is considered i«*
compatible with the public interests, were so fully exhibited in Ae h^
two annual reports as to render a repetition of them unnecessaiy.

It was then believed that the laws could be altered so as to admit »
safely curtailing the appropriations at once to such an extent diattb
expenditures need not exceed, in the aggregate, seventeen or eigbw^
millions yearly. After more of the pensions terminate, and the ren»«
of the Indians is completed, they could be beneficially contracted to e«i
less than that amount. 6uch' a reduction as is first adverted to secos,
therefore, proper to be adopted now, since it could be eflected witbojj
the probability of injury to any useful national establishment, w«wl
promote pubUc fingality, and supersede the necessity either of k^
tariffs, direct taxes, or permanent debts.

If that be not done, the secondary measures before suggested, suck ^
a declaratory act to enforce the present tariff, a suitable modificati»*
the drawbacks and bounties, and the passage of bills gradoatiDg^K
price of public lands, as well as creating some new districts for the»J
of them, would be likely, if taking eSect early, to yield a isuitaMesappI
in the course of the year.

It will be observed, however, that though, under either of A^J
arrangements, enough might be obtained within the whole of 18*1 w
the objects contemplated, yet not a due or sufficient proportion in ««
first quarter; because by that time all the measures are not likfly toP
into full operation, nor much of the anticipated increase to happen i""*
actual receipts of duties under existing laws. Unusualljr heavy expen**
will also fall on that quarter in the next year. In addition to a fe« P^
tion of most of the current expenses, and the whole pension I*y?^
for the first half of the year, and one-third of a million, or motet ^^
the annual fishing bounties, there will be imposed on it most of the ch«'?*
for the whole year connected with the session of Congress ^"^ P"^
bills, as well as large payments for taking the census, and for tk °^

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1840.} SECRETARY OF THE TREASURY. 861

instalmaEil of the debt of this District; several of them as ecurly even as
ibe first day of January.

From these circumstances, and the considerations that all which is due
from the banks may not be then paid, and that the balance in the Treas-
ury, under the policy adopted by Congress of late years, will of necessity '
be small, while the fluctuations and inequalities are very .great between
the receipts and expenditures in different portions of the year, to which
we are constantly exposed fiom causes that have on former occasions
been explained at length, it must be obvious that entire safety requires a
conditional power to be seasonably conferred on the Executive to obtain
at any time within 1841 such subsidiary means as may be needed for a
few months, and as may be suflBcientto enable the Treasury punctually
to dischar^, during that year, all the Uabilities imposed by Congress.

There is another contingency under the existing laws as to duties,
which requires attention with a view to be properly prepared for it,
though legislation concerning the subject is not necessary so eaiiy as
in the other case, be<iause the event on which it depends cannot actually
happen till the year 1842.

Thus the progressive reduction of the present tariff*, which has been
going on since 18^, will, after December, 1841, take effect to a much
Eu-eer extent than heretofore. Nearly two millions and a half of dollars
wiU then be deducted at once.

On the Ist of July afterwards, at least two millions and a half more
of duties will be removed, making an aggregate in six months of quite
five million^. If the imports then should not differ much from those in
1838, this would leave an income from them not probably exceeding
ten or eleven millions of dollars yearly. It will, therefore, be necessary
to make corresponding reductions in the expenditures of 1842, or season-
ably provide otherwise, in some permanent manner, to supply any wants
likely to happen from tins cause.

Should Congress conclude that such reduction in the expenditures
cannot properly be made, and that the imports for 1842 will not increase
beyond those in 1838, the amountof the deficiency would in those events
probably differ but Utde fi^m five millions. Such a deficiency would,
under these circumstances, be likely to become permanent, and may be
considered Ae first of that character which will occur under the tariff"
act of 1833.

The idea that such a deficiency in time of peace ought to be supplied
by issues of Treasury notes, or by a loan, has never been entertained by
the undersigned. Nor can it be countenanced by any sound principles
cither of finance or political economy. The inquiry then recurs, what
other mode would be more eKgible? When we possessed an extraordi-
nary surplus it was considered prudent by Congress to make deposites
with the States, with a view to oe returned in an exigency, rather than
tt) invest a portion of it safely and productively, so as to be realized in
such an evfent. It would, therefore, be consistent with that arrangement
to recall in 1842 such part of the surplus as may be then needed.

That course, however, appears not very likely to be adopted, since
the former power given td mis Department to recall these deposites has
been taken away by Congress.

1

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363 REPORTS OF THE flAM^

Another practicable mode would be to reioct la direct'
this is so unsuited to the general habits, and so uncongenial lo the opin-
ions, of most of our population, that its adoption is not to be anticiiMi^^
Some other permanent resource must then be looked to. The cboioo
will probably rest between the large reduction of expenditures, witb
^ other accompanying measures before specified, and some extenOTe
modification of the present tarifil Explanations have heretofore beea
given by the undersigned in favor of the fbrmer course. And it would
probably prove sufficient to meet the emergency if the reductioti be
pushed vigorously, and especially if the imports after 1841 shall exceed
those in 1838, which is regarded as probable.

But Congress may not coincide with him in opinion on these points,
and for covering the contingency may consider the adoption of some per*
manent change in the tarm as preferable, and as not too early at the
{present session lo give fuU notice of its character before going into opei^
tion, in order that the different interests most aflfected by it shall nava
time to. become gradually adjusted to its provisions.

In that event it might De supposed that .the undersigned had avoided
due responsibility and a timely discharge of duty if he were not pie-
pared to offer some views concerning the details, as well as gezienl
principles, TV hich he deems applicable to such a chainge. He has, thexe-
tore, examined the subject, and is ready to present the' results at any
moment either House of Congress shall express a wish to that ^SxL
But he refi:ains fi'om submitting them without a special request, because
some doubt exists, under circumstances which can be property appre-
ciated, as to the delicacy of his discussing a treasure at this time whick
the Legislature may not consider it necessaiy to act on till a new Con-
gress assembles.

VIIL The mode of keeping the public money recently estaUished hj
Con&;ress, has thus far answered the expectations of this Department.
. The numerous labors, peiplexities, and delays of putting a new sys-
tem into operation have been mostly overcome, and no losses whatev^
are known to have occurred under it

Some of the provisions in the law are deemed objectionable in their
details, and are respectfully recommended to Cmigress for revisioo.
But they are not supposed, to affect in the slightest deg^pee any principle
involved in the measure. . .

Tht^s the ordinary clerks authorized are numerous enough, yet a pnn-
cipal one is needed at New York city with such compensation as ia usual
at a place of so large and important business.

On full inquiry it has been found also that no site could probably b^
purchased for the erection of an office at St. Louis, which would be
mpre suitable than a lot now owned by the United States, and it mav
be, under a further examination which is in progress, that no new builjr
ing could be erected on that site which would prove more economical
and convenient than one which can be purchased already erected. A
suitable change in the appropriation on mat subject is therefore respect-
fully recommended.

A provision is needed likewise in case of vacancies, finom a^ eaxim
whatever, in the offices of receivers general and treasurers. One b&#

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1M0.} SECRETARY Oit ^BS TR£ASUKY. aea

formerly been a^ed ki ralatticMi to cpUectoraof the customs, in oases of
removals and .expirations of the terms of office, to prevent an interreg-
ntim kk the discharge of the duties. This might properly be adopted
BB to them, and extended to receivers general and the Treasurer oi the
United States, as well as of the Mint and its branches, in all instances
^whatever of vacancy or temponuj inability of the principal. Perhaps
the least objecticmable mode to efi^ct the object would be, to direct ttat
tbe chief cterk of all these officers should, m such cases, find where no
other legptl provision now exists, be authorized and required todischaige
those duties, at the risk and under the responsibility of the principal and
fais securities, till the vacancy- is filled or the disabiliQr removed.

In consequence of some defects in the phraseology of the penal parts
4>f the act, a new clause extending them to all disbursing officers of every -
oharacier under the GreHeral Government would be jiidicious. A further
provisicHi, also, respecting the places of deposite, by disbursing officers,
of money not in the Treasuiyj but drawn out and put into their hands
for making payments, appears necessary.

The keeping of such money is now re^^ulated by the act of dd of
March, 1809; and if it is intended to bring it within the oparaticHi of the
late law as to money in the Treasury, it seems proper to do so by an
exj^cit enactment.

The section r^uiring disbursing officers to sell their drafts for specie
alone, though certain proportions of paper are allowed to be received for
all {mblic dues, appears not to be in symmetry with those other provis-
ions. The general influence of the present system is believed to have.
been thus far salutary. The true standard of value has been rendered
more familiar, cooifidence has been increased in its stability, prices have
ffradually risen, business improved, and exchanges altered greatly for
the better.

If something has been or may be lost in convenience (which is not
unlikely) by the increasing disuse of a paper currency for public pay-
ments, much more will probably be gained by the circumstances before
enumerated, as well as oy the greater security in the use of specie, tbe<
more stable value imparted b^ me present system to property and labor,
and the strong check established by it, not only against de&lcations^
bsat against bank expansions, excessive speculations^ and commercial
fli^ctuations*

Even any inconvenience attending this change in the currency used,
if found particularly embarrassing, can be overcome hereafter, and the
system still maintained, should Congress feel disposed to adopt the
measure which wsa suggested for that purpose by the undersigned in
September^ 1837.

Such a measure would often furnish eveiy advantage of a circulating
mediiim, easy of transportation!, of the highest possible credit, and at tbe
same time requiring an equal amount of specie to be employed, thou^
in deposite, arid without subjecting any of the fiscal afiairs of the Gov-»
erament to that legal dependence on corpors^ns for their management
which is so objectionable m many respects as never to have been attempted
in tbe mana^ment of any of its other afiairs, civil or military.
The topics of the condition of the banks of the Union ; the state of the

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364 REPORTS OF THE [IStt-

currency; the proper places of deposite for the pnhBc frtndS) asd oAer
matters immediately connected with them, have engrossed a conaderablc
portion of the annual repwts from this Department for several yeais.

But the keeping of the money in the Treasury being now separated
from the banks, and the kind of money to be received and paid out fixed
by new legal provisions, it is not considered material at this time fbither
to discuss these matters than to submit the general remaits which wiD
be found at the close of this communicaticwi.

IX, Some miscellaneous topics connected with the finances deserrci
brief notice.

The various measures heretofore recoihmended to Congress by tie
undersigned, and which have not yet been finally acted on, are agak
respectmlly recalkd to its attention.

Without recapitulating them, it will be found, on a reference to fijnner
reports, that many of the subjects possess much importance in a fiacd
view, and every year's experience nas strengthened the conviction of tk
usefulness of early action upon them.

It affords me pleasure to state diat, since the last sessicHi, the Neapoli-
tan Government, under its treaty of indemnity, has paid prompt^
antother instalment, which this Department has been enabled to few
reinitted home early and distributea among the claimants.

The situation of the General Land Office, and its operations witbintbe
year, will be submitted separately in a few days.

Six old land districts have been recently discontintied under the actof
June 12, 1840. It is believed that some others might economically ««•
usefully be abolished by Congress, though not coming within the pio-
visions of that law. Such is me office at Greensburgh, Louisiaiia. One
district in Indiana, including the capital of the State, is thought, from its
peculiar position, to require special legislation to exempt it from the
operation of the late act.

This occasion is taken, also, to renew the i^ecommeudations belif
presented by this Department to Congress and the appropriate cooMffl^
tees for the discontinuance of certain officers now employed in ^
collection of duties, whose further services, it has been believed, cm
be safely dispensed with, in consequence of the reduction in business w
late years at the different places where ttey are stationed. They iinio*
some collectors and navgl officers, and several surveyors, amountiflg^
all to eighteen, but whose offices cannot be abolished without nc^
legislation.

All the subordinate custom-house officers which it is competfiotfr
this Department, without such le^slation, to dispense with, and wta^
situation was in other respects similar, have already been discontinttedi
including within two years, more than fifhr officers, and, besides those,
five vessels and boats, with nearly one hundred men, in the cutter sernce.
In about forty other cases the compensation of officers and light-l»o*
keepers has been reduced. .

X. In closing this last annual report of the undersigned, it dQ*?^
expected that he would advert for a moment to the general character «
some of our financial operations during the period of his connection vp
Ae Treasury Department

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1840.] SECRETARY OF THE TREASURY. 366

Though employed in diflerent executive oflSces nearly ten years, he
has been connected with the Treasury only from six to seven of them.

During this term there has occurred much to evince the great fiscal
power as well as prosperity of the Union. Some reverses have, at times,
overtaken the rashness displayed by parts of the community in certain
branches of business, and have extended their adverse influences to the
levenue dependent on them. But the period and the country, as a
whole, have been almost unexampled in prosperous developments.

Thus, in respect to our receipts. Notwithstanding the unusual revul-
sions in imports on two occasions, so sensibly lesseninff the revenue ;
notwithstanding any losses sustained in those crises by the Government
through officers, banks, or merchants ; and notwithstanding the biennial
reduction in the duties which has by law \>een constantly going on, as
well as the remission of several millions to railroad corporations, and
under new judicial constructions, yet our condition has been so flour-
ishing as to yield a revenue during that time sufficient, after all those
deductions, to accomplish the following important results. It has enabled
the Treasury to meet the current expenditures pf the Government, as
well as the extraordinary ones by Indian wars, treaties, and other cosdy
measures, and, without imposing any new taxes, or higher tariff*, and
without any new funded debt whatever, but extinguishing considerable
ZBmains of the old one, and paying the interest on tliat assumed for this
District, to save the unprecedented surplus of more than twenty-eight
millians of dollars anddeposite the same with the States for safe-keepmg
till needed by the General Government.

The only permanent aid in eflfecting this, beyond the receipts from
ordinary sources, has been the debt due from the United States Bank,
of about eight millions, and the Treasuiy notes now outstanding, equal to
nearly four and a half millions. But during that jperiod, a sum not far
fit)m the first smiount has been applied to the discharge of the principal
and interest of the old fimded deot; so that, towards the payment oTall
other expenses only between four and five miUions, beyond what was
temporary, and what has already been refunded or adjusted, liave been
received firom any extraneous source whatever.

It foUows, Aerefore, that the current revenue, notwithstanding all
reductions, has been adequate to defiay both the ordinary and extraor*
dinary demands, and after taking from what is deposited with the
States sufficient to extinguish- every kind of indebtedness created on
account of the General Government during the same period, to leave on
hand the large balance of nearly twenty-tour miflions.

It is true Smt the available sums in the Treasury at the commence-
ment and close of the period in question will probably prove different in
amount; but if made equal, a surplus would still be left, which is likely
to exceed seventeen or eighteen millions of dollars.

Beside this recorded evidence of the prosperity of the country and the
fiscal ability of the General Government in tho^e yeais, it is gratifying,
aaiidst many misapprehensions concerning the subject, to reflect on
another circumstance connected with our financial operations, which has
also become matter of history. It is this : Though destitute of the aid.
of a United States Bank as a fiscal agent during that period, and baflBled

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866 REPORTS OF THE [IMO.

by various anreroedied imperfections to ^ laws coonebtod widi the
finances, as well as embarrassed by two suspensions of specie {n^bmCi
by many of the State banks— one still continuing, — yettrc TtootjIim
been able to make its vast collections, transfers, and payoaent^ wtt
promptitude, and in most cases, with specie or its eqnivalek.

Some correct judgment can be fermra c^ the extent and dfficolt^tff
these operations, when it is recdlected that the whole sums wtick lovie
thus b^n collected, without deducting firactions, added to those ma
which have been paid over chiefly by another class of officers, kwe
exceeded the extraordinary aggregate of $960,000,000, and bees 6-
persed oreir a territory of neeiiy two million square miles in extert. I
IS, moreover, ascertained that the whole losses within the same tmeh
defaults, large and smiall, and in all kinds of offices, vriU probab^oot
equal half <m one per cent, on that amount; and however OT^daloefc-
quencies may in some cases, have inevitfiiblT been aggravated bvtk
tmprecedented speculations of the times, and by great revuIaoM ui
failures among banks and individuals, those losses wiH not be oik-
feurth so large, in proportion to the amdunts^ cdlected and paid, mi
some previous terms, when the system under a United States Bank w
in full operation.

A few words may be prc^r as to the expenditures during 4c ftot
period. Though they were of necessity augmented by some of fc
circumstances before mentioned, two Indiem treaties only, out of atajf
number, having already involved us in the expense of nearly twcn^
three millions of dollars, yet the aggregate of all has beenmudirediKd
since the influences of those causes atod the impulses of dn overfo^
Treasury have diminished. The expenditiirea have fallen yearty i»
1837, till they are howonly twenty-two and a half millions, independflj
of any debt and trusts, and are supposed to be in progress to a*"
lower amount

The undersigned has earnestly urged a more rapid reductimi* ft
has considered it the great safeguard against a too splendid central^
^mment, which would cousttody threaten to overshadow all State in*"
pendence, and attract the a&dMtion of most of the fiii^ids of Stete lip
from humbler paths of frugality and principle into the dazzling y^
of higher patronage, honors, and emoluments. While the stimol»^*
excesses shall continue to lessen, nothing will be necessary toipsorg^
fuither success of an economical policy, but perseverance in i^^"^
m^nts, wherever they are praeticaUe without injury to Ae f^
interests. The removals of Indians being mostly fimshed, and thecW
causes of frontier wars extinguished, unless new objects erf exp^^J^
be selected, or a great enlargement given to some already e^ostiiigf*
whole amount must, of necessity, contract hereafter very rapidly» ***
saine result will be- fiirther promoted by the deaths of P^"*"^
mcreasing through advanced age, and die.compfetion otioanjf^
Works, as well as by persisting in a 6rm policy to avoid the vras^
expense of unnecessary foreign collisions, and to refirain from those la*^
expenditures for certain domestic objects over which ihej\itis^<^
the General Government is often questionaUe, and wUcfa JtW9S^^
the widest door to extravagance, favoritism, and cormptton.

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18*0.] SECRETARY Ot THE TREASURIT. 867

One of the greatest ^ivfls to the public service, as weH as to the
securi^ of private business, durinff a part of the above period, has con-
sisted m die fluctuations to which both have been sulgected.

With only a mngle year intervening, and without anj material change
in the tariff^ or any whatever in the price of the public lands, we have
seen the revenue mm (wdinary sources suddenly vary from nearly fifty
minion^ annuaUy to eighteen; and, on two occasions since, vibrate to
the extraordinary extent of nearly eight and eleven millions yearly.

The transactions of individuals upon which our revenue depends,
must of course, have undergone an unusual change at the same time.

The imports fell within two years in the case first referred to, fix)m
near one hundred and ninety millions to one hundred and fourteen; and
in the single year just past, fell almost sixty millions. . Such illations
and contractions must be destructive of all confidence in calculations
for the fiiture, while the causes of them' shall continue to operate un-
remedied.

What were those causes?

They will be found to have been driefly connected with the abuses
of banking. On the occasion first referred to, they were the super-
abundance of a fictitious medium of circulation, with the attendant over-
trading and speculations in 1836, and the consequent suspensions of
specie payments in 1837, as Well as the disasters and scarcity of any
medium till the latter part of A. D. 1838. Then another expansion
commenced, extending into 1839, and accompanied by emother increase
in imports of nearly mty millions; which ended again in the contrap-
tions by banks, suspensions, and commercial reverses, which have sud-
denly reduced the imports of 1840 more than one-third, and in many
places alimented seriously the embarrassments before existing fit)m
similar vacillations in the paper currency.

How far some imprudences abroad, at the same time, similar to these,
though in a country enjoying any advantages which can result from a
national bank, may have augmented the evils hete, by means of the
intimate moneyed relations between us, need not how be discussed*
thoufifh probably their influence was large and unfavorable.

Tne causes first named were, likewise, in ftiU operation here in 1816
and 1817, and were succeeded by many of the same deplorable conse-
quences in 1819 and 1820. One fidlowed the other as inevitably as the
ebb of the tide succeeds its flood.

The great principles of trade can never be long violated with impu-
nity. And any fictitious or unnatural excess of credit soon ends in
revulsions, as the essence of legitimate commerce consists in an
exchange of values for each other, or of values for what truly represents
values, and can be readily converted into them.

All business otherwise becomes a mere game of hazard; speculation
must enter into every afiair of life ; riches and poverty will be dependent
on the merest bubbles ; prices will change oftener than the wind; regu-
larity in receipts and expenditures be impossible; estimates for the
future, whether in public or private matters, become mere coiyectures :
tariffs require yearly alteration to meet the fluctuations of business; and

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Ses REPORTS or THE [18«0«

the commani^ be kept under the constant exoitem^it and (kpreeomi

of the hot and cold fits of a violent fever.

The first remedy sought in I8I69 by die establishment of a national
bankf was supposed, during a few ensuing years, to have aggravated
those evils-; and the next remedy, adopted in 1824 by a high tariff, did
not prevent the low prices and oankruptcies of 1825, which covered the
country with wrecks and ruin.

Undoubtedly, the best reUef on such occasions is to be found in,
removing the cause of the disease. So far as regards the General.
Government, this was attempted in .1836, and since, by gradually with-
drawing from the use of banks and their paper in its fiscal operations, so
as neither to stimulate nor contract their issues by other influences than
ordinary business; and by urging on those who might find their
employment sometimes usefiil, a closer regard in doing it to the safe
ana sooer influences of the universal laws of trad^, as well as an inflex-
ible adherence to the constitutional standard of value.

While the Greneral Government shall continue to pursue such a
course, it will mitigate and check the evils which others produce, and:^
which they alone, under the limitations in the Constitution, are able
entirely to remove. At all events, it will faithfiiUy perform a moment-
ous duty, and exhibit a useflil example for imitation.

In a period of peace and comparative exemption from public debt, as
well as from serious difficulty in financial operations, it would hardly
seem proper to attempt more by assumptions of doubtful powers, and
by forced constructions in favor of measures by no means obtain, if
adopted, not to aggravate rather than diminish existing evils, and not
to produce others of a character still more dangerous. Much less caa
it be considered respectful either to State rights or the people, and cer-
tainly not competent, in the opinion of the undersigned, to exercise such
powers by creating moneyed corporations among them, which many of
their number have repeatedly denounced as unconstitutional, and the
authority to establish which was originally refused rather than confided
to the General Government by the people and the States that formed iu
But some other powers expressly conferred can, without question, be
exercised further than has vet been done by Congress, and in such a
manner as to produce very beneficial consequences upon the currency.
Still, it is hoped they will never be pushed so as to trespass on ground
really doubtful under the Constitution, and prevent the States from con-
tinuing to exercise all the legitimate authority they now possess as to
banks and debts, however much it may be regretted that pubUc opinion
has not yet run with mpre strength against the abuses of both, and led
to their prompt correction. It is not proposed at this time to ffo into
the consideration of further details on these points. But the danger
to be guarded against now, seems to be rather of an opposite character
fipm that of overaction by the General Government in the exercise of
its express poWers. On the contrary, apprehensions exist that it may
not continue firm in the support of all which has already been accom-
plished in connection with the currency. If it sbwild not, and should
tlius not aid to correct in any degree the rashness of many to foyrce sonie-

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1840J SECRETAEY OP THE TREASURY. •»•

tfaiiig like a fomiidable steam-power into all kinds of business, without
due guards to prevent constant and fatal explosions, myriads of indi-
viduals, as welt as solne corporaticms and States, are likely to be over-
whelmed in still wider ruin, and will ere long probably look to no
eacape except the application of the sponge of a general bankrupt
law to aU private liabmties, and the unconstitutional assumption of the
public ones by the Greneral Government, so as to tax oppressively those
portions of the commxmi^ who have anything left to pay for the losses
and follies of the rest.

A remedy which hsis'been adverted to hj some, and which consieits
in the creation of more credit, to cure the mischief of an existing excess
of credit, or the formation of larger banks with like power of abuses, in
order to correct smaller ones, must usually aggravate the evil; and
therefore, where it is free from constitutional objections, may, in point
of expediency alone, well be discountenanced.

A plan of free banking, adopted by the States, properly. guarded a^
secured by provisions similar to those recommended by the undersigned
as long ago as 1836, with such others as reflection and experience ^oaaf
sanction, appears far preferable. .But, independent of that, no changes
in the present system, as to banks, seem worthy of "strenuous exertions,
except those whose direct object shall be to make safer, to restrict, con-
trol, and regulate better, the institutions that already exist, rather than
to mcorporate more. Above all, should pubUc efiorts be directed to
strengthen the certainty of prompt specie payments as to all notes ou^
and of a nearer approach to uniformity in tne amount of issues in similar
states of trade, and of specie on hand, instead of multiplying them for
speculation or cupidity, and thus keeping up a succession of e;8npaj)sions
and contractions, which will only inflame the existing disoroers, aind
render the coAtinuance of great fluctuatioHs in all public as w^ as
private afiairs unavoidable, endless, and ruinous. /

With much respect,

LEVI WOODBURY, Secretary qfthe Treamry. .

To the Speaker of the House of Representatives qfthe United States,

Voft. nr.— 84»

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8*D BEF0RT8 OF THE t»Mf*

LIST OF DOCUMENTS

ANNBXBD TO THE AKSVAX, REPORT ON THE FIKANCBS.

JL Receipts and expenditures in the year 183d.

B. Funds in the Treasury, (January 1st, 1840,) whether available or

unavailable.

C. ^Expenditures in detail during the first three quarters of the year

1840.

D. Payments on account of the funded debt in 1840, and an exhibit of

the remains of it.

E. A statement of the issue and redemption of Treasury notes in 1840.

T. Amount of exports and imports in each year since 1789, with a
detail of the excesses of the former in seven separate years.

6. A comparative statement of the exports and impcots in everv four
years during the last twenty, distinguishing the amounts of the mrmer
which were of domestic origin.

Annual estimates of expenditures for 1841.

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SBiQ.1 SECRETARY OP THE tBEASUiftY. jWri

\i. ■■■.•.■'. ■

Balance » ihe Trawuiy «> tfas l«t of JawM^, 1839, , .$36«Q9!l4l96^94

BBCBIPTS. . :'

Customs $2d437f924 SI V^

Lands 7,076,447 35 -/v

MieceUaoeoua itouiB^... 247^509 10 :

■ ta»MiiS$i ^ft

Treasttiy notos.......^ 8^857,276 21 . -' .

Trust funds ...._ l,02e,8S8 85 ^

-^ -. — M78,.U4-(». • .

«6,S40,026 88
Dedmct nnavanlable funds carried to the
ciedit/^f the late Treasurer, and to the
debit of sundry banks, per act of Sd .

March, 1887,,,^ ^.^ 1,458,788 98

88,881,248 89

70,77S,i39 83

BXPKNBIT'DEBS*

Civil, BtasceDaneooa, and foreiffQ inter-
course $4,918,187 68

Mlitaiy 14^266,860 34

NavaL 6,226,003 76

$25,410,060 &t

Public debt, including intereston Holland

debt 93,261 IV

TreasniT notes redeemed,
including inteiest. ... 11,101,111 02

Trostfunds 1,010,623 29

12,204,885 48

87,614,936 16

Balaacein the Treasaiyoa 3l8t Deoembec, 1839. ..,$33,157,603 68

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872 REPORTS OF THE I {1840.

B.

Exhibit of Fundi in the Treaiury^ January 1, 1840.

General balance, as appears by die Regii^r's books, exckuUng Post
Office funds and unavailable fiinds before 1887 $83,167,603 68

Of this sum w€U3 deposited with the States,

under the act of 23d June, 1836, and is

not available for public service but by •

order of Congress. $28,101^644 91

Held by Treasury in trust for indemnities^

&c ; 496^781 98

Principal due from banks which fiuled in

1837, and included in cash in Treasury,

but not then~uvailable as such 896,993 19

: : ^29,494,420 08

3,668,088 6b

Aggregate of outstaiiding warrants on Ist January,. 1840,
per Treasurer's account. rendered to First Aucfitor, but
not yet settled i.. 1,416,334 38

Effective balance $2,246,749 32

This includes about $600,000.depositccl in the Mint and its branches,
under previous acts of Congress; to facilitate the coinage, and which
could be withdrawn in an exigency, though not without some public
inconvenience. The available funds at the close of the present year*
due from the banks-above alluded to, will probably be reduced to about
$160,000 principal.

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Um] SBCRETART OP Tm l^RAStTRY. 873

. Of • . . .

SuuemtiU of Esppenditurei (fihe United Statet, exduswe of the Trwt Frndi^
fr(m Jmmumf 1, to September 30, 1840.

CaVtLy HSKUUiLAKSOtTS, AND FORBI0N INTBRCOUBSB*

Legidature • ....,..,.•. $968,49660

Executive Departments 688,339 22

Officers and cleiteoftbeMintandbranches. 18,460 00

Surveyors and their clerks , 66,977 02

Secietaiy to sign poleBts for public lands. 1,126 00
Commissioner of Public Buildings^ Wash-
ington 1,726 00

Governments in Temlories of the Unit^

States 106,483 77

Judiciary... 344,987 07 ,

$2,070,632 68

Paymentof sundry annuities... 760 00

Bfint establishment. ^ 62,383 30

Support aiMl nmintenance of light-houses. 321,288 02

Buiiding light-houses 92,862 94

Surveying^e public lands . ^ . 80,714 16

Surveying the ooast of the United States. . 83,147 12

Registers and receivers of land offices . , 2,668 96

Keepers of, the public archives in Florida. 760 00 , '

Repayment for lands erroneously sold 14rl38 80 '

Bfarine hospital, establishment ........ 93,913 91

Marine hospital at New Orleans. 10,020 00

Marine hospital at Mobile 9,744 11

Roads and canals within State of Indiana..^ 23,709 20

Roads and canals within the State of Ohio . 14,3^ 80
Roads and cameds within the State of

Michigan 14,107 63

Roads and canals within State of Arkansas. 129 16

Roads and levees within State of Louisiana 66|466 79 .
Encouragement of learning within the State

ofDlinois 67,289 37

Public buildings in Washington 288,970 00

Penitentiary m the Disttict of Columbia. . 8,000 00
Belief of the several coiporate cities in the

District of Columbia : 67,620 34

Building custonaJiouses 202,326 00

Documentary History of the Revolution. . 20,000 00

Relief of individuals 22,181 00

Payment fot horaes, fcc 7,469 28

RcJief of certain inhabitants of East Florida.. 80,397 00

Additional compensation to cdlectors, 4te« . 6,961 37 .

Patentftmd ,.... 26,613 49

Sizili census........ .......^.... 17,000 00

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8*4 BS^^ im^

Bcfmidiiig^tiefi. . ; . . . . .^ ^ •.*.-... tl^09» 81

Misoellaneou«.:....^.w:, ...... ..-_-. 21^1 74

botmtoty of the United SttWies Wfil» 12

iPuWic: Iniildingd in the Territories.. . 48,848 00

■ ■ ■ tl»9>l,404 81

SManes of Mizusters of the Unit)^ Btates . 48,73^ 00

Salaried of Secretaries of Legation. ^ ^ ^ ^ . « iS>6S7 98

Salaries of Charts d^Affiutes 4. ^..^ 49t48« M

Salaiy of a Minister Reeodent to Ttnkey. . 3,488 4t

Salaiy of dragoman to Toifcey, and contin-
gent e:^nse&df legation , 6,018 Ttt

Outfit of a Minister to Russia. 9,0M 00

Outfits of Charges d'Affiurea to Sardinia

and Texas--. 9,000 0*

Contingent expense of missions abroad 18^788- 00 '

Compensation for certain dipkxnatie seiv

▼ices..-..-.....:.. 21,942 48

Contingent expenses of fi>rdgn-inter6ourBe. 1^,774 Oft

Salaries of consols at London and Paris* . 4,000 00

Relief and protection of American seamen - 9SfiS6 44

Allowance for clerk-hire, &e*, American

consul at London. *..•.. ........ 2,192 •»

Intercourse with Baibaiy Powers 11,M0 W

Interpreters, guards, ftcMixK^idental to the

consulates m the Turlash donrinions ^000 ^ .

Expenses of the comn!iis8i<m under the con-
vention with Mexico * 1^74 It

Expenses of die commisBion under the coih'

vendon with the Queen of ^pain • 64 00

Expenses of the commission under the oon^

vention With Denmark 17 IS

'■ M 2S8;881 4»

84,175,76^ 98;
niLiTAar vmabushmimt. '

Pay of the Army 81,189,76^ 84

Subsistence of oflBcers 147,661 60

Subsistence department : . 590,715* 74

Quartermaster's department M8,138 IS

Incidental expenses of the Quartenaaster'S'

department....: 47,845 81

Transportation of cheers' baggage 31,005 44

Transportation of officers of the '^eiay 77,396 16

Forage 6e,»8« «

Puitmasin^ department 289,904 00

Payments m lieu of clo(9iiBg for discharged

• soldiers..... -^.. ..,. 58,170 6fr

Cbthing for officers* servants^ . . . . •.. ....-•- 288 2fr

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mtkj SECRETIN (m W» ^l»8ABURT. «Pjf

Two months^ extra pay to xaeoKst^ «oU

diers, and e^pwnsea^i secruiting .... $40,917 14

Ifedical and l]oq)kal departments ^»*.^*. 14,143 16

GoQtingencies of the JkMoy . . --•-•. 1>449 26

Axreai-ages primr to July, 181&^«« 1,667 01

Invalid and half-pay pensiona^ .^ . • ^.. . * ^ » 16^94 45
Pensions to widows and orphanst (payable

through the Third Auditor's office). .^. . 4,817 00
Pensions to wii^wH and orphanSt per act

of 4th July, 1836.^ .- --r-^- 465^746 64

Revolutionary pensions, per .act of 18th

March, 18ia 338,011 Ig

Revolutionary daiiiWy per act of 15th May^

1828 60»^4 «6

RevoluticHiary ^naioQSb per act of 7th J une^

1832 , 797,434 8$

Five years* pensions to widows aoid orphans,

peractof7tbJuly»J838 , 610,602 65

Yii^ginia claims, per act of 5tb of July* 1»251 89

1832

Unclaimed pensions, 6th Apiil, 1833. .... 51,750 65
Pay of officers, cadBtSt and musicians at

West Point... ,..., 47,840 OQ

8d>sistence of officers and cadets at West

Point .:,. 18,700 00

Fora^ for officers* horses at West Point. . 1,000 00

Clothmg for officers' servants at West Point 360 00 .
Enenses of the hoard of visiters at West

Point ....^..,, 2,000 00

Miscellaneous and incidental expenses, at

West Point., , 48 39

Reconstruction of bnildin|[S for library, &c^

destioyed by fire at West PwH. . . .. .t 21,649 50

Fuel, forage, stationery, printing, &c., at

West Point •.. 6,581 45

Departmentofphi3p9qpby at West Point,. 600 00

Arsaaals ,,*-.\.. ^ ..... 45,916 51

Repairs of the arsenals , ,, 5,865 00

Arming and equipping the militia 111,016 05

Accoutrements ana arms for infantiy, cav-
alry, and mihtia, kc ......... ^ « • 15,360 75

Ordimnce senriceu ,-, ♦ 48,681 46

Ordnance, ordnance stores, and supplies. • 63,385 99

Purqfaase of safep^tre and brimslone. . . , • 10,673 33
Expenses of preparing drawioga for a

uniform system, of a^iUery 2,300 00

National armories ..«^.. 1859674 01

New machineiy at Springfield armoiy 10,000 00

New machinery at Harper's Feny anpory « 4,298 28

Barracks, qu^Hier««4:x; « 7Q^QS6 98

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m REPORTS OF THE [IftlO.

Bttracks and quarters at Fort Leaven-
worth $10,090 00

Barracks, quarters, &pc., at Fort^m^ 10,000 00

Armament of fortifications 39,738 06

Repairs and contingencies of ibrtifioationd. 2,000 00

Incidental expenses of IbrtifieaticHis, bo.,

purchase of lands, &c 891 9&

Fort Adams 12,440 61

FortCalhoun 5,67« 00

FortNiagara .....* 7,140 00

Fort Delaware .-. 700 00

Fort Warren, Massachusetts. 2,600 00

Fort Pulaski, Greorgia 3,660 00

Fort McHenry, Redoubt Wood* and Gov- -

ington Battery, Maryland 1,726 90

Fort Monroe, Virginia 16,390 00

Repairing and rebuilding the old fort at

Oswego, and construction of barrack. 7y60& 41

Preservation of Castle Island, and repairs

of Fort Independence 70 00

Fortifications at Charleston, and preserva-
tion of the site of Fort Moukrie. 26,690 48

Repairs of Fort Marion, and sea-wal} €^St*

Au^stme 6,694 00

Repairs of the old fort at the Barancas,

Pensapola . 16,119 00

Fortifications at New London harbor, Con-
necticut 8,000 00

FcMTt at Grande Terre, Louisiana, ^Fort

Livingston) 13,797 00

WorksatFort Smith 1,080 00

Pn>tecti(»i of the northern frontier ..... i . 171,048 80

Preventing and suppressing Indicm hostili-
ties 284,880 01

Freight or transportation into Florida and

Chen^ee country 66,144 66

Wagons and carts, &c . . ^ . . ^ ^ . . 43,684 09

Traiisp(»rtation of four thousand- volun-
teers 7,144 18

Hire of corps of mechanics. 18,916 34

TraAsjMHtation of supplies, frc« 186,892 96

Misceuaneous and contingent charges 296,886 17

Drafts lying over, and arrearages for ser-
vices in Florida and Cherokee country . 26,710 62

Pay of finir thousand volunteers for 1838,

including arrearages for 1837. ........ 46,467 6S

Purchase of powder and other- materials &x

cartridges, &c. v 968 19

Purchase, &c., of three small vessels to

cruise along coast of Fk>rida-in 1889^* • . • 867* 00

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ISULJ

OBCBETABY OF TIS TREASURY.

8S7

Designatiilg the bcmndaiy Vme betwaai

Mich^an aiid WiflCOBsin $3,000 00

Breakwater at the mouth of Delaware

Breakwater at Churched Cove .barbor» ia
the town of Little Compton — .

Breakwater and pier at the harbcn: of Bur-
lington, Vermont *

Breakwater at Hyannis harbor, Massachu-
settd. ...

Constructing.ten piefs and ixnBroviug tha
navigation dt me mouth, of -Vermilion
river> Ohio -

Improving the haibor'at Saybrook, Con-
necticut ....w. — .

Improving the harbor of Presque Islet
!Penns;^vania

Improving the harbor at the mouth of Bass
nver, Massachusetts, 1889

Improving the harbor of Wesqport

Iniproving the harbor at the mouth of .Cat-
taraugus creek, on Lake Erie... ^ — .^^ .

Improving the harbor of New Castle,. Deln
aware ......; ^. .

Improving the harbor of Wilmington, Dekir

ware 2>688 78

Improving the harbor of Mobile ^ . . : - . . :52,184 00

M9d 26

491 00

480 00

940 00

608 67

9^360 00

100 00

735 00
1,726 00

1,641 00

^ 84 83

Improvinfif the harbor of Cleveland 1

A sea-w8uLl to meserve Fairw^ather Island,^

near Black Kock harbor ^.

Works at Buffalo harbor

Protection and improvement of Xittle Egg

harbor

Mound or sea-wall between Lake Erie anfl

Buffalo creek

Improving the navigaticm of Hudson river. .
Improving the navigation of. Cumberland

- nver ...... w..

Iiiq>roving^the navigation of the Ohio be-*

tween Pittsburg and the fidls ^

Improving £he navigation of the Ohio and

Mismssippi rivers from Louisville, to. New

Orleans. ..• .-..^.-.,,. ....

Improving the navigation of the Arkansas

. nver ^ . .;..

Lamroving the inland channel between the

St Mary*s and St. John's, Ftorida

Removing obstructions from the Savannah

liver 1 ..

Removing otetructiotis fit)m. Ashtafank-

cndt.. ........:

500 00

2,000 00
1,647 25

.484:00

£,444 00
; 188 88

500 00

500 00

10,000 00
8,(M)0 00
9,904 00
2,74r 19
, *60.7A

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9m REFOaTSr OF THE QtMI.

Reommiig obstructioiis at the miradi of 8«r* '

wanee river $6f41& Of

Cumberland road in (ttuo, west of Z«d0»*

viUe • Ilf7fi2 08

Cumberland road in Indiana « 7|A00 09

Cumberland road in Illinois.. •••• T9487 34

Repairing road from Jacksonville ta TaUar

hassee ^.. 4,600 M

Road fix)m Fort Howard to northern bounr

daiy of Illinois 4y4e4 m

Militaiy road from the Mississippi river, . « 11^61 3tt
^Repainnff road from Jacksonville to. New* . .

nansvme, Florida.. ..• l,aW 00

Construction of a road from JackscmviUe ...

to St. Mary's, Florida.... 7^00 00

CiviUzalion of Indians 11,317 60

Pay of superintendents of Indian affidrs and

Lttdian agents . 7,900 OA

Pay of sub-agents.. 6,779 46

Pay of interpreters 4,100 29

Presents to Indians . 2,491 61

Provisions to Indians w 6,986 01

Buildings and repairs 4QQ 00

Contingencies of Indian department 16466 66

Fulfilling treaties with the— . .

Pottawatomies 90,4S4 08

Pottawatomies of Huron 400 00

Pottai^itomies of the Prairie • .* • 10,866 01

Pottawatomies of the Wabash 12,000 00

Six Nations, New York .600 00

Ottoes and Missourias 4>480 00

Omahas 3,980 00

fowas 7,875 00

Ohoctaws... 1B*998 86

Sacs and Foxes, lowas, Sioux, Omahas,

Ottoes, and Missourias 613 60 .

Wyandots 1,384 86

Ottowas... - 6,284 12

Miamies • 4,318 86

Chxppewas, Ottowas, end Pottswato-

mies ^ 27,666 00

Mencnnonies*. 30,266 46

Winnebagoes. 19,989 62

Christian Indbns 4QQ 00

Chippewas of Mississippi. . • «. . ^ 86,900 00

Chippewas of Saganaw 4,010 *00

Chippewas and Menomoiues^ Wianefaar

goes, and New York Indians.. l^fiOO.OO .

Osagcs i ^. 8,200 16

Ddlawares.\. : 7«660.0Q

Digitized by

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ijBmq, gEdRE'fiaEE ag the tbseasury.

Fulfflfa^' duties witb the—

Chickasaws -. $Sfi9» 0»

Quapaws ^ -.*.. 14^3^^

Cheiokees • 3^380 00

Ottowas aiid (MpptW3& . . 68^315 OO

Sioux of Mississippi .•.....-.. 11,920 00

Yanctoa and Santee Sioux..-. -. 3,98^ 00

Sacs and Foxasitf^tlMfc Missouri 8318 QO'

Saes and Foxes of the Mississippi 6i,6S2 00

Kickapoos 6,250 00

Easkaskias : ^....4. 3,000 00

Piankeshaws **.**;..- ..!•.. • 800 00

W«w 3,000 00

Shawnees. 6,340 00

Senecas and Shawuees ^•-..*... 679 00

Senecas .* . 720 00

Pawpees , 8,100 00

£xp^ises of Indian medals 475 69

Holding treaties with Wyandots of Ohio. . 289 00

Expenses of a delegation of Seneca Iif*

mans .394 61 ..

Temporary subsistence of Indians west»
aM. expenses attending distribution of the
same under tfacKJfoection of the Secretary

ofWar 47,323 6B

Payment of claims of Alabama Emigradng

Company.... 88,646 00

Examination of claims under the seoood

article of the trealy with Osages 800 06

Holding a tireaty with Seminole Indians. . 1,127 90

Carrying into ^ect treaty withthe Chippe-

was of Saganaw, 1837, 1838 87,8f3r6 18

Carrying into ^fect treaty with the Chippe^-

was of Mississippi, 1837 .- 12361 2*

Carrymg into eflect treaty with the Bioux . .

of Mississippi, 1837 -.. 720 00

Canying into efieot treaty with the Saca

and Foxes rf Mississippi, 1837 10^6 46

Canying into eflfect treaty with the Winner

bagpes 152,233 06

Carrying into effect treaty witii the Chero^

kees, per act of July 2, 1836 815,960 99

Carrying into effect treaty with die Ottowaa

andChippHewM ^•...... 2,115 97

ObJ€»cts specified in third article of treaty

withtheChe]iokees,peractJunal2,1838. 82,783 45

Bemovaland subsistence of bdiatts. 15,087 65

Payinent of dfedms provided for in fourth
and fifth furticles of Miami treaty of No-
vember 6, 1W8... :^ - a8,9fift70

Digitized by LjOOQ IC

960 KEPCSITB OF THE [tMk

Expenses of valuing buildings, impfove*

ments, Ax., of the Bfiamies^ per seventh .

article of treaty of November 6, 1838. . . $610 00 .

Expenses of examining, &x:., Miajm claims

accrued since October 23, 1884 --.. S80 00

Expenses of a commission to examine .

claims under the treaty with the Miamies

of November 10, 1838 1,140 60

Payment of expenses of investigating frauds

m the Creek reservations, 1839 1,669 00

Payments in stock animals, per second

article of the Creek treaty ot 1838 . .60,000 00

Purchase of stock animals of hostile Crei^, ...

per sixth article of treaty of 1888.. 10,000 00

Payments for improvements on missionary

reservations, per fourth article of treaty of

December, 1886, with the Cherokees . . . 1,628 63

Expenses of commission to examine claims

under the treaty with the Winnebagoes,

last year erroneously appropriated for

theSioux..... 3,373 67

Completing surveys under treaty with the

Delawares, and expenses of locating the

Miamies and Winnebajgoes. w 960 00

Twelve maps, showing the position of the

lands of each Indian tribe, for use of War

Department and United States Senate. . 666. 00

Suppues of Creek Indians prior to their

removal, per act of July 21, 1840 181 00

Eroense of a division pf the lands of the

BrothCTton Indians 1,880 00

Commissioners to adjust claims under the

Choctaw treaty of 1830 644 46

Belief of Frederick, Richmond, per act of

March 3, 1839 98 40

ReUef of James L. Kenner, per act of

April 20, 1838 76 00.

Relief of John T. Addoms 100 00

Relief of Francis Crardiner, per act of March

7, 1838 338 90

Relief of Captain John Vannetten and his

company, per act of March 3, 1838 263 32

ReUef of sundry citizens for LtdSaQ depfe^

dations: 376 00

Rdlief of Richard Booker and others, per

act of May 2, 1840 168 84

Relief of Ellen A. Schmuck, per act of

June 285.1886.. ,. 120 00

Relief of Thomas W. Taykv, per act of

Blay2, 1840 .: :. UO 00

Digitized by

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law.] SECRETARY OP THE TREASURY. 8Bi

Relief of Ebenezer Lobbell, per act'oflfey

3,1840... *l,07fi 89

Relief of heirs of Captain Jesse Copeland,

per act of March 2, 1839. .. - * - 807 69

Extra services of Lieut. Col. Alexander R.

Thompson. 2,194 77

Payment of balances due fbr military and , ,
geographical surveys west of the Missis-
sippi : 14,8&7^0 ^

New dies to renew the medals made in

honor of Brig. General Daniel Morgan. . 188 SQ

Payment of account of Hait & Bosworth. 2,811 90

Kiinzas schools k .' 740 00

Interest on stocks in nulls for Chippewas,

Ottowas, and Pcrttatvatotnies • 13,342 98

InterelM on stocks under Cherokee treaty of

1886 1,868^60

Interest on stocks for education of Chippe-
was, Ottoes, and Pottawatomie&.' 4,408 98

Interest on stocks for Creek orphans 8,190 00

Interest on stocks for MenomcH^ies. ... * 3,827 60

Int^est* on stocks for Chippewas and Otto-
was 6i767 60

Interest on stocks for Choctaw orphan res-
ervations -. . 2,679 60

♦8,871,648 08

From which deduct the ftfflowihg repi^*^
ments, viz:

Pay and subsistence $10,980 18

Bounties, &c 760 06

Blacksmith's shop, fix:., at Wa-

tertown 1,270 94

Repairs and improvement of

the arsenal at Charleston. . 10,000 08

Construction of furnaces 8,166 17

Barracks at Mackinac 88 98

Barracks, quarters, &c. at Fcfrt

Brady 2,026 W

Hospital, pCT act of May 14,

1886. 10 29

Completing machinery at Har-
per's Ferry -. 187. Qg.

Erection of storehouses . . -2,826 08

One month's pay to volunteers'

and militia of Kentucky,

Tennessee, Alabama, and

BCssissippi 1,706.21

Forage for Dragoons and V^- •

jmsen, ten. •*..«« 1,788 1^0

Digitized by

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JK BSFOBTSOPniE IfWM.

SvUistence rf mSida, toImh

teers, and fiieodk Indians. $4,601 06
lunaaving harbor of Portlandy

onLake Eiie 96 00

Woi^ at Gieen Bay IdS »

Deepening the channel at

BiBigepcNTt harbor IS 00

Clearing out the Ochlawaha

river 1,074 10

Survey of the southern d&-

boQcheof the Dismal Swamp

canal to Win jatr bay S8 08

Roadsaiul canals 73 86

Road Scorn Fort Howard to Fart

Crawford 23S 00

Road from Line creek to Cha&

* tahoochee 80 00

Road fix)m Green Bay to Fort

Winnebago 1,768 00

Fulfilling treaties with the

Creeks 14,98§ »

Fulfilling treaties with Flcnrida

Indians ..•.. 13,71154

Fulfilling treaties with Wyajnr

dots, Munsees, and Dela-

wares — ..... 776 60

Indian annuities * 184 26

Pay of gun and blacksmiths^ . 870 62
Payment of purchase jnoney

jor Osage reservations 8»670 93

Pay and subsistence of mount-
ed rangers V 1,228 61

R^essinff hostilities of Semi-

nolelndOans 1,246 18

Volunteers and additional regi-
ment of dragoons 1,848 .33

Suppressing hostilities of Cfeek

luidians 4,666 26

"More perfect defence of the

fix>ntier 61 90

Pay of Illinois militia 19,086 09

Holding treaties with Creeks

and Seminoles 418 76

Fort, &c., up(Hi the Arkansas

frontier ... 10,936 96

Transportation and incidental

expenses of Indian depart-
ment . ' JLfi . . .

■ ftlMiVM 51

Digitized byL^OOQlC

IML^ 8ECRETAHY OP THE TREASURY.

Pay andsubacttenceoftheNaTy .$1^880386 40

Pay of superintendents ; . 44,728 20

Increase^ repair, armament, asul eququmai

oftheNavy, &X3 714,692 81

Provisions 431,194 79

Medicines, Mmcdi instruments, Sec 86,518 96

Navy-yard at Portsmouth •. . •^ •. • . • 6,480 00

Navy-yard at Boston 6,766 20

Navy-yard at New York 3,866 40

Navy-yard at Philadelphia 13,689 79

Navy-yard at Washington 4,020 94

Navy-yardat Norfolk 11,6^ 20

Navy-yard at Pensacola 80,480 20

Purchase of a tract of land belonging to the

heirs of John Harris deceased, wimin the

limits of the navy-yard at Charlestown. 46,218 69

Powder magazine at Pensacola 3,000 10

Magazine on Ellis's Island, in the harbor of

. New York 385 90

Magazines at Norfolk 760 00

Hospital at Boston 868 32

Hospital at Norfolk 600 00

Conveying Schuylkill water to naval asy-

. lum, Philadelphia. 2,870 28

Ordnance and ordnance stoies 43,293 93

Gradual increase of the Navy 10,161 73

Gradual improvement of the Navy 487,820 60

Repair of vessels in ordinary, and wear and

tear of vessels in commission 287,241 46

Contingent eiqpenses of the Navy. 286,792 18

CondDgent expenses not enumerated 438 13

RebuiMing frirate Congress 86^266 00

Prize money for offioers and <rew <)f the

pchrale anned brig General Armstrong. 606 06

Pay and subsistence of marine corps 136,898 68

Subsistence of non-commissioned officers,

fcc., marine corps 31,606 21

Medicines and hospital stores 3,624 76

Fuel 11,298 81

Military stores 4,707 26

Contingent expenses 10,379 99

Transportation and recruiting 3,203 12

Rq>airs of barracks 2,267 97

Ck)thing 87,938 28

Belief of Charles Blake 180 00

Belief of John Downes 723 60

$4,620,802 15

Digitized by LjOOQ IC

m» BCPQBTSOFfBE .fttM.

Subfiist^ice of militia» vdmt*

lexers, and fiieiidly Indians. $4,601 08
In^iroving harbor ot Portland,

on Lake Erie. 96 00

Works at Green Bay 18S 28

Deepening tbe coannel at

Bridgeport harbor 4A V>

Clearing out the Ochlawafaa

river 1,074 10

Survey of the southern de-

bouche of the Dismal Swamp

canal to Winyaw bay 88 08

Roads and canals 73 86

Road from Fort Howard to Fert

Crawford 238 00

Road from Line creek to Cha&

* tahoochee 80 00

Road from Green Bay to Fort

Winnebago 1^768 0*

Fulfilling treaties with the

Creeks 14,986 87

Fulfilling treaties with Florida

Indians 13,71164

FulfiUing treaties with "V^^an-

dots, Munsees, and Dela-

wares .•....-•... 776 60

Indian annuities * «... 184 26

Pay of gun and blacksmiths^ . 870 68
Payment of purchase jnoney

for Osage reservations. . ^ . . 8,670 98
Pay and subsistence of mount-
ed rajQgers 1,228 «1

R^ressing hostilities of SaDoi-

nolelnoUans 1,246 18

Volunteers and additional legi*

ment of dragoons 1,848 .83

Suppressing hostilities of Cioek

Vidians 4,666 26

More perfect defence of the

fixjntier 61 90

Pay of Illinois miUtia 19,086 09

Holding treaties with Creeks

and oeminoles ^. . 418 76

Fort, &c., up(Hi the Arkansas

fixmtier.. 10,936 96

Transportation and incidental

expenses of Indian depart-
ment •......*•. JUS

■ ftlMiVM 61

Digitized byL^OOQlC

IMO;] SECRETAHY OF TEffi TREASURT.

Pay and subdstence of the Navy ....... .$1^88038^ 4iO

Pay of superintendents : — . . 44,728 20

Increase^ repair, armament, and equipment

oftheNavy, &c 714,692 81

Proviaions 431,194 79

Hedickies, Mimcei instruments, &c 86,618 96

Navy-yard at Portsmouth -..••• 6,480 00

Navy-yard at Boston 6,766 20

Navy-yard at New York 3,866 40

Navy-yard at Philadelphia 13,689 79

Navy-yard at Washington 4,020 94

Navy-yardat Norfolk 11,6^ 20

Navy-yard at Pensacola 80,480 20

Purchase of a tract of land belonging to the

heirs of John Harris deceased, within the

limits of the navy-yard at Charlestown. 46,218 69

Powder magazine at Pensacola 3,000 10

Magazine on Ellis's Island, in the harbor of

. New York 385 90

Magazines at Norfolk 760 00

Hospital at Boston 868 82

Hospital at Norfolk. 600 00

Conveying Schuylkill water to naval asy-

. lum, Philadelphia 2,870 28

Ordnance and ordnance stoies 43,293 93

Gradual increase of the Navy 10,161 73

Gradual improvement of the Navy 487,820 60

Repair of vessels in ordinary, and wear and

tear of vessels in commission 287,241 46

Contingent eiqpenses of the Navy. 286,792 18

Contmgent expenses not enumerated 438 13

BriniiMing frigate Congress 86^266 00

Prize money tor offioers and tvem of the

pcEvale anned brig General Armstrong. 606 06

Pav and subsistence of marine corps 136,393 68

Subsistence of non-commissioned officers,

fcc., marine corps 31,606 21

Medicines and hospital stores 3,624 76

Fuel 11,298 81

Mlitary stores 4,707 26

Contingent expenses - . . 10,379 99

Transportation and recruiting 3,293 12

Repairs of barracks 2,267 97

Cbthing 87,938 28

Eelief of Charles Blake 180 00

Relief of John Downes 728 60

$4,620,802 16

Digitized by V^OOQ IC

884 SSP0ST8 OF THE [1840.

From which deduct tiieibll0wi&giiepay>
menta, viz:
Whanreey &Cm &t the navy-yard, Pensar

cola .to 27

Arrearages of pay, &c., to officers of ma-
rine corps .---. *-.•.-. 486 .63

'. — - $486 80

'. $4,620^6 86

PUBLIC JUEBT% .

Interest on the funded debt. $2,020 86

Redemption of 6 per cent, stock of 1813,

(loan of sixteen millions) 6,600 00

Redemption of 3 per cent, stbct 901 38

Redemption of 6 per cent, stock of 1818,

(loan of sevep and one half millions) . . . 3,080 00

Redemption of 6 per cent, stoqk of 1814,

(loan often miluons).. ; 420 00

Paying certain parts of the domestic debt, 29 71

Reimbursement of Treasury notes issued

per act 12th October, 1837 128,297 66

Remibursement of Treasury notes issued

per act 21st May, 1838 . , 2,938,996 93

Reunbursement of Treasury notes issued

per act of 31st March, 1840. . . .... 898,872 00 .

Interest on Treasury notes issued per act

12th October, 1837 4,364 16

Interest on Treasury notes' issued per act

21stMay, 1838.*.. 162,876 89

Interest on Treasury notes per act of 31st

March, 1840 6,400 98

-$3,641,268 66

$21,188,128 41
Trbasurt Department, ====s=

Rboistbr's Offiob, Nmmkker 30, 1840.

T.L.miTK,Regkter.

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19^^ SECRETARY C^ ^^ TBj^SURY. 8^

».

The payments on account of the (old) fhnded and unfiinded debt,
smce ijie 1st December, 1839, have been as follows: *

1. Oil account of the principal e\Xid interest of the ftmded debti*

Principal $9,958 06

Interest , . 2,000 QO

ll,9g» 06
Leaving unclaimed and undiscfaar^g^. .. ^, .. ^•. ...... . •$299«5$4 ^

Viz: *

Principal. , ,.,,.,,. ^ ,$62,988 &3

Interest ,,.,.,,, .246,666 .08

2. On account of the unfunded debt .$2^ 71

Leaving the amount of certificates and notes payable on
.presentation , , . . • , ^ • <. . , .♦86;aay $3

Viz: ; '.

Certificates isstled fer claims-during the revdiutio^ary war, , "

and registered prior to 1V98 $26,623 44 • v

Treasury notes issued during the btte wajr . . . <J5^06^ 00 /'
Certificates of Mississippi stock. .^ . . .-. .^ 4,3&9' 09

3. Debts of the corporate cities of the Distript of Colun^biat aisupi^
by the United Stages, viz :

Of the city of Washin^n ^...^ '.,. .$l,0OO,jQQQ 00

Alexandria..,,,,,...,,...,,,,,..^,,,. 260,000 00
Georgetowo^ 260,000 00

$1,600,000 00

► z======

The payments duriag the ye«r 1840^ CHi «ccoupt of the
interest and charges of Uiis debt, amounted to. J t78,146 34

TrBASURT DEPABTBfBNT,

Reoistbr's Office, November 30, 1840.

T- L. SMITH, Begitur.

Vol. IV.— 26.

. Digitized by CjOOQIC

uKPoans or tBE

TiCMOfT Holes waned dmmg the period abore n^i^j^fifMl mfcA"**
the act oTtbe 31st of Bfanrh, 1840, amounted to »M^,387 67

The notes ledeeoied during die same period, ;

to ^...$8,96^1« 77

Vix:

1« Of notes ismedonderdieactor die tSdi
of October, 1S37, there hare been en-
tned in the books at this oflke $1,41,097 66

And theie are at present under exami-
nation bj the accounting oflb^ers of the
Tieasoiy, notes wfaicfa had been received
in pajrment for duties and lands, amooitt-
i^to 6,600 00

$147,697 66

2. Ofnotes issued onderdie acts of the 21st
o( May, 1838, and 2d of March, 1839,
there have been entered in the hooks o£

thisoflice 2,962,416 93

And there are at present tinder examination
by the accoontuig officers of the Depart-
ment -fc 26,968 82

2,978,374 76

3. Ofnotes issued onder the act of the 31st

of March, 1840, there have been entered. 731,317 40
And there are at present under examina-
tion 128,792 97

860,110 37

TsBAsmiT Depabtmbnt,

Rbgistbb's Offiob, December 1, 1840.

T. L. SMITH, Roister.

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1810.]

SECRETARY OF TfiE TREAStJRY.

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am REPORTS (^ THE [1849.

B.

SiaiemaU ^the iuue Mid redenniion of TVeom^ NGte$finm the iK ofJwm-
ary to tie 30th November^ 1840.

The Treasury notes issued during the period above mentioned under
the act of Uie 31st of March, 1840, amounted to $5,169,387 67

The notes redeemed during the same period, amounted

to ;... $8,986,182 77

Viz:

1. Of notes issued under the act of the ISth
of October, 1837, there have been en-
tered in the books at this office $1,41,097 65

And there . are at present under exami-
nation by the accounting officers of the
Treasury, notes which had been received
in payment for duties and lands, amount-
ingto 6,600 00

$147,697 66

2. Of notes issued under the acts of the 21st
of May, 1838, and 2d of March, 1839,
there have been entered in the books of

thisoffice 2,952,415 98

And there are at present under examination
by the accountmg officers of the Depart-
ment t* 25,958 82

2,978,874 76

3. Of notes issued under the act of the 31st

of March, 1840, there have been entered. 731,317 40
And there are at present under examina-
tion 128,792 97

860,110 37

Tbbasurt Department,

Rboistbb's Office, December 1, 1840.

T. L. SMITH, Roister.

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1840.]

SECRETARY OF TflE TREASURY.

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tm RB|H)RTS OF THE [1$«0^

H.

Trbabctrt Dbparymsbtt, Decemier 7, 1840.
Sm: I have the honor to traiismit, for the informdtioDof the Bbuseof
Representatives, an estimate of the appropriations proposed to be made
fiar the service of the year 1841, amounting to ♦16,621,520 28

Viz:

Civil list, foreign intercourse, and miscellanepus $3,450,740 IS

MiHtaty service, including fortifieadons, armories, arse-
nals, ordnance, Indian affidrs, revolutionary and other

pensions 7,726,440 M

Naval service, including the marine corps 5,446,389 21

To the estimates are added statements showing —

1. The appn^riations for the service of the year 1841,
made by former acts of Conciress, including arming
and eqmppin^ tiie militia, civinzation of Indicms, rev-
olutionaiy clamis, revolutk>nary pensions under the act
of June 7, 1832, claims of the State of Virginia, relief
of the corporate cities in the District of Columbia, and

public debt $1,013,200 00

2. The existing appropriations which will not be required
for the year 1840, and which it is proposed to apply in

aid of the service of the year 1841, amounting to - 3,749,904 02

3. The existing appropriations which will be required to
complete the service of the year 1840, and former
years, but which will be expended in 1841, amount-

mff to 6,661,123 6St

4. There is also added to the estimates a statement of
the several appropriations which will probably be car-
ried to the surplus fond at the close of the present
year, either because these sums will not be required
for, or will no longer be applicable to them, amount-
ing to 138,877 99

5* bi a note is separately specified the amount which it
is estimated will be needed in 1841 for the redemption
of Treasuiy notes 4,500,000 00

Very req>ectfully, your most obedient servant,

LEVI WOODBURY,

Secretary of the Trea$ury4.

The Spbakbr of the Houai of Repretentatmi.

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SECRETAJtY OP THE TREASURY.

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REPORT ON THE FINANCES.

JUNC, 1841.

In obedience to the directions of the act of Congress of the 10th of
Bfay, 1800, supplem^itaiy to the "Act to establish 4e Treasury
Department," me Secretary of the Treasury respectiUly submits tlie
following report:

I. Olf THR FVBhlC SEVENUB AND BXPBNmTURBS.

The receipts and expenditures for the year 1840 ^stere as fellows:
The available balance m the Treasury, on the 1st of January, 1840, (ex-
chnive of amount depotk«d with the States, trust funds and indem-
nitiesr A&d tli^ amount due from banks which foiled in 1887,) was, as
appears by the books of die Regwter of the Tioastuy . $8,668,083 60
lij^ xeceipts im» the Treasury during the year 1^10
were, fit>m —

CusUMna.... ...$13,495,602 17

Laqds..*. 8,292,286 68

Bond of the Bank of the United States. . 1,774,613 80
Miscellaneous and incidental sources . . . 288,268 23

Banks which fafled in 1837 748,629^6

^Treaffliry notes issued 6,689,647 61

26,187,736 84

Making ...,..$28,860,820 44

The expenditures in the same year were, for —
Civil list, foreign intercourse, and mis-
cellaneous $6,492,080 98

BClitary Apartment 10,866,236 46

Naval department 6,081,088 88

PubUcdebt 11,982 77

Add outstanding wacrants issued "pgiot to

1st JaEiiauy, 1841 _......... 1,416,384 28

Treasury notes redeemed,' including in-

teratt 4,046^02 06

27,863,476 41

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49B REPORTS OF THE (1841*

LeaTiDg a balance in the Treasoij oo the Ist of Jan-

oaiy, lS41,of $967,346 OS

The receipts from die Ist of Jannaiy to the 4th of
March, 1841, were, (say) —

From Customs •$1,974336 46

Lands 386,148 56

MtscellaneoQS and incidental sources 31,349 65

Banks which fsoled in 1837 18,000 00

Treasury notes issued per act of the

31st of March, 1840 1,110,611 08

Treasniy notes issued under act of

16th of Februanr, 1841 673,681 82

Bond of Bank of the United States . 17,913 00

4,212,540 07

Bfaking, with the balance in the Treasury, Jan. 1, 1841 . $5,199,885 10

The expenditures for the same period were —
Civil list, miscellaneous, and foreign in-
tercourse $943,517 14

Military department 2,273,097 11

Naval department 759,349 60

Public debt 3,612 70

Treasury notes redeemed— ineloding in-
terest •647,590 09

4,627,166 64

Leaving the balance in the Treasury on 4th March, 1841. $572,718 46

The balances of appropriations outstanding cm die 4th of March, 1841,
were, (Statement A.) —

Civil, foreign intercourse, and miscellaneous.. $5^237,234 28

Military 15,991,895 16

Naval 6,910,268 69

PubKc debt 6,387 30

Treasury notes isaiied prior to the 1st of January, 1841,

and outstanding on the 4th of March, 1841 3,873,220 00

Treasury notes issued under the act of 1840, from the
Ist January to the 4th March, 1841, which may, and
most of which probably wiH be presented in payment

of public dues during the year 1841 1,110,611 08

Interest estimated at about 300,000 00

Making in the aggregate $33,429,616 50

Of this there will be required for the services of the

current year $24,210,000 00

* This item and the item of expeqidfture for the jMLfment of Treaaury notea, ftom lit of Jan-
nary to 4th of March, 1841, include about |500,000 of Treamir notes which were receired at
the Department on account of customs, during that period, but for which theVancants were not
* \ imtit a subsequent period. •

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1841.) SECRETARY OF THE TREASURY. 489

Additional appropriations required by the War De-

TOitment for the year 1841, viz:

Fortificadons and woits of defence $1,435,500 00

For armaunents of fortifications, and ord-
nance stores 220,000 00

For payment of arrearages and current
expenses, and taking care of public
* property on roads, harbors, rivers, &c,. 40,1^9 12

For arrearages for preventing and pup-
pressing fiidian hostilities ' 826,637 86

$2,621,336 98

Making ...$26,731,336 98

The actual and estimated means under the existing

laws to meet these demands are, viz :

The available balance in the Treasury
on the 4th of March, 1841, (see State-
ment B) 646,803 12 [

Treasury notes authorized under the act
of 1840, issued after the 3d of March,
1841 413,592 72

Treasury notes authorized by the act of
1841, to be issued aft^r the 4th March^
. 1841 6,000,000 00

Receipts from customs estimated at 12,000,000 00 .

Receipts fiwn public lands. 2,600,000 00

Miscellaneous sources ..^ 170,000 00

20,730,395 84

Leaving improvided for, of the demands for the present

year, the sum of. : $6,000,941 14

There wBl, also, be receivable for public dues in the

present yeeu", or payable in 1842, Treasury notes the

issues of the present year, viz :

Issued under the act of 1841, prior to the "

4th of March $673,681 32

Issued under the act of 1840, after the 3d

of March .413,592 72

Issued under the act of 1841, to be issued
after the 4th of March, and included in ,

the estimate of ways and means 5,000,000 00

; 6,087,274 04

Making an aggregate of debt and deficit to be provided'

for in this and the ensuing year, of. ^ $12,088,215 18

This estimate is founded on the assumption that all the
moneys in the public depositories can be at once made
available ; and that any and all of the demands upon
the Treasury can be satisfied, so long as money to a
sufficient amount remains in any or all the depositories.
But that is by no means the case. WTiile the power to

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449 REPORTS OF THE {ISAJL

issue Treasury notes exults, theie should be at all time^i
for the convenience of the Treasury, a sum equal to
$1,000,000 in the various depositories subject to diaih
When that power is expended, the sum should be in-
creased to not less than „ •---•- S4|000,000 00

Which sum, added to the above, malies the estimated
deficit $16,088,215 18

But the undersigned feels it his duty to call the attention of Congress
to the more immecnate demands of the public service and the means by
vv^hich those demands are to be suppliea.

The sums which will be reauired from the 1st of June to the 31st of
August next, are estimated as foUows, viz :
For the payment of Treasury notes which will fall due

within that time, and the interest thereon^ about. .... $3,756,900 00

Balance for taking the 6th census 294,000 00

For the civil list, miscellaneous, and fore%n intercourse. 1,^09,308 37

Military service 4,691,098 00

Navalservice 1,844,000 00

Public debt 6,387 00

Expenses of the extra session of Congress 350,000 00

. Making about $11,161,693 37

The ways and means in the power c^tl^ Treasury, and
which will probably accrue under existing laws, are
as follows:

1. Funds in the Treasuiy, (as per State-
ment C,)..... $644,361 16

2. Treasury notes authorized by the* act

of 15th of February, 1841 1,505,943 91

3. Estimated receipts from the customs. 3,000,000 00
Estimated receipts fi*om the lands. . ^ . . 700,000 00
Estimated receipts from the miscellaneous

sources:...; 50,000 00

Making 6,900,306 07

. And leaving a deficit of $5,251,388 30.

To which add the sum recommended to be kept in the
Treasury to meet any emergencies of the public ser-
. vice, viz:.. 1 4,000,000 00

Making an aggregate of,../. ,.^.'-* ♦9,'251,388 80

In another part of this paper the views of the Department as to the
mode of providing for the above deficit, togetber with the readue pf die
existing public dd)t, will be presented.
From the year 1816 to 1837, a period of twenty-one
years, the revenues constantly exceeded the expendi-
tures. The average annual surplus during that tim^

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Ifttl.] SECRETARY OF THE TREASURY. 441

w^ $11^4»S26 87, (•see Tabks 1 and 2,) making
an a^^gate excess of $240,748,764 27. Within
that time there was applied to the extinction of the.
national debt $!^08f792»127 44, and there was, und^
the provisions of the act of the 23d of June, 1836,
deposited with the States, $28,101,644 91, and tl^ere

, remained 5n the 1st of January, 1837,. in the Treasury
of the United States, including the fourth instalmei^
due to the States, a surplus of. • . ^ $17,109,473 26

There were, also, outstanding debta due and falling
due to the Treasury, arising from other sources than
those of the ordinary revenue, and which were paid
between tlie Ist of January, 1837, and 4th of Marcht
1841, the amount of (see Statement D) 9^124,747 00

Theie were, also, issued within that penod, and out-
standing on the 4th of March, 1841, Treasury notes
to the amount of. .., 5,648,512 40

Makii^ the aggregate available means which were in

the Treasury on the 1st of January, 1837, and which

came into it prior to the 4th of March, 1841, over

and above the current revenues. 31,882,732 66

From whi(^ deduct the amount (less the trust funds)

remaining in the Treasury on the 4th of March, 1841* 572,718 46 '

And there appears an eipcess of expenditure over &e

current revenue of ,...,..*,• - , . . $31,310,014 20

pt Is proper to remark, that the entries on the books of the Register of
the Treasujy do not always show the true dates of the receipts and
expenditures. An item involved in the above statement (Table D) will
serve to illustrate this fact* The sum of $512,136 47^ was on the 24
and 31st October, 1840, paid by tibie Bank of the United States on its
last bond to William ArmstronK» superintendent at Fort Gibson^ by order
of the Secretary of War. Thou^n this sum was "in fact received and
expended on those days, it did not find its way into the ofiSce of the
Raster until the 4th of Marcht 1841, on which day it appears on his
books both as a receipt and an expenditure/]

Thus, and to this extent, within the last four years, were the expendi"*
tures pushed beyond the amount of the revenue. They were made to
absorb the surplus in the Treasury, and the outstanding debts due to
the United States, so that the Treasuiy was, on the 4th of March, 1841,
exhausted of its means, and subject to heavy and immediate Uabihties*
It was already burdened with a debt incurred in time of peace, and
without any adequ^.te resources except the authority granted by law to
augment that debt.

As yet no provisi^ has been made to relieve this debt or to check its
constat and ra{Mul increase. We find it, therefore, as far as past legis-

* Then -WM, alio, a krge babnee in the TreMury on the Itt'of Jaa«ary, 1837, not talEdi
tato viirar k fkeM taUit.

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442 REPORTS OF THE (1841.

latkm and financial arrangements characterize it, a pemmnent and
increasing naticHial debt. The temporary expedients by whick it has been
sustained do not at tJl Tary its essential character.

The attention of Congress is respectfoHy invited to the necessity of
early and efiectual measures to prevent its further augmentation. The
obvious remedy is, to increase the revenue as far as may be without
unreasonably burdening commerce, and to reduce the expenditures
within the limits of strict economy.

But as it may not comport with the views of Congress to go into a
revision and acQustment of the customs so long before the act of March
2, 1883, comes to have its final and permanent operation, the under-
signed would respectfully recommend, as a temporary measure, the levy
of a duty of 20 per cent, ad valorem on all articles which are now fiee
of duty, or whicn pay a less duty than 20 per cent, except gdd and
silver, and the articles specifically enumerated in the 5th section of the
act of March 2d, 1833.

If this measure be adopted, it is estimated that there will be received
into the Treasury from customs, in the last quarter of the present year,
about $5,300,000; in all of the year 1842, about $22,500,000; and in
the year 1843, after the final reduction under the act of March 2d, 1833,
about $20,800,000. The details of this estimate will be fi^und in the
accompanying paper, marked E, and enclosures.

It is beheved that, after lie heavy expenditures required for the pub-
lic service in the present year shall have been provided for, the revenues
which will accrue from that, or a nearly proximate rate of duty, will be
sufficient to defiuy the expenses of Government, and leave a surplus to
be annually applied to the &;radual payment of the national debt, leav-
ing the proceeds of the public lands to be disposed of as Congress shall
think fit.

The general principles on which the final revision of the^ tariff is to
rest are, perhaps, simple and easy to be apprehended ; but the work of
revision itself, m its adaptation and detail, must be a work of time. It
should be done on calm reflection and careful deliberation, with a view
to reconcile, as far as possible, the conflicting opinions, and to promote
all the various interests, of the whole people of these United States. And
it may be important in that adjustment not only to reciprocate, on fair
and equal pnnciples, and in a liberal spirit, the concessions which may
be accorded to our commerce by foreign nations, but also to do justice
to our own citizens by meeting m a like equal spirit any heavy exactions
or prohibitions which foreign nations may think fit to impose upon the
importation of our staple productions.

Some legal provisions are also required to correct inequalities between
die duties upon sugar and molasses and the drawbacks upon refined
sugar and rum manufactured or distilled fit)m Ibreign materials. The
relation between the duty and the drawback was adjusted by the acts of
January 2l8t, 1829, and May 29th, 1830, since which time the duties
have been diminished, while the drawbacks remain the same. And a
provision of law declaring, that all non-enumerated articles which bear
a similitude to any enumerated artic^ ch^^rgeable with duty, shall pi^y
the same rate of du^ with the article which it most resemUes, wodid

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1841.J SECRETARY OF THE TREASURY. 443

save a lar^e gum annually to the revenue, and prevent much annoyance
and Mtigation between tne importer and the officers charged with the
ccdlection of the custojns.

n. OF THE PUBLIC DSBT.

But it is not expected that any modification of the revenue laws will
be operative to supply the immediate wants of the Treasury, and to pay
the debts which fall due in the present and in the ensuing year. A
fhrtber loan is necessary to eflfect these otgects; and the only questions
that can arise are, as to the mode of procuring the loan, the character pf
ibe securities, and the assumed duration of the debt.

It would, in the opinion of the undersigned, be unwise to charge upon
the commerce or the resources of the country, in any form, the burden of
paying at once, or at all hastily, the national debt. Before that is done,
measures of restoration and relief are required. The currency of the
country should be restored, and comnierce and industry relieved from
their present state of embarrassment and depression, and a benign and
libersd poUcy on the j)art of the General Government should caB forth
<mce more the hardy industry and active enterprise of our people, and
the vast resources of our country.

If we assume the period of from five to eight years as that in which
this debt can be paid without inconvenience ana embarrassment, (and
die time appears to be short enough,) we have one of the most essential
elements on which to form our judgment as to the best and most conve*
nient mode in which the loan can be kept up, and the credit of the Gov-
ernment sustained.

In the inception and during the pit)gressive increase of a national debt,
the issues of Treasury notes, though dangerous and delusive, have yet
tb^r advantages. They need not be issued faster than the actual wants
of the Treasury require, and the power to issue any given sum is, for all
cflective purposes of immediate expenditure, * a fund in the Treasury
available to that amount. But when the debt has acquired its maximum,
and ceases to accumulate, or when it becomes larger than the amount
necessary to be kept on hand to meet the current wants of the Treasury,
ihese advantages disappear. This mode of loan then becomes to the
Government what the sale in maiket of new promissory tiotes for the
purpose of raising money to take up old promissory notes is to an indi-
viduaL It is the issue of Treasury notes to take up other Treasuiy
notes year after year in successi(Hi, and under those circumstances it is
inconvenient and expensive.

But the raising of nrKmey by the issue of Treasury notes is objection-
able, because it is deceptive. By this means a heavy debt may be
raised and &stened permanently upon the country, the amount of new
issues being involved with the payment of the old, while the people, and
even those who administer the finances, may not be impressed with the
important fiict that a national debt is created or in the process of crea-
tion.

Therefore, in the opinion of the undersized, when a national debt
does exist, and must continue for a time, it is better that it should be

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4M SEFOKTBOrTnE

diKkmed bjra0 csmi^ aod k tke ■ijji 1 1 of w>
palpable, true. Tbe eve» of tl»e eovnby will be
aUe at a gbiioe to owiL ki pedscboB orks '
dMt a kkao far the
PwiprmaWe at the will of die G(yv*

Mttck expenae wovid also be asred in
tbe iaaae aai paymeat and caimrihug of

it u tbetefefe reipect&Ify geonmiM" lah d, tbat a
Ifae ddit at pieKBt exMdDg, attd aocb at wia
and tbe enaoing jeai^ be lataed 4m loao far d
liofi above auggttted.

BLcm aaaguwi AJTPiM

Tbe uBdenigaed would aW
gveaa to tbe pceaeot mode of keepii^ aad

aadalao to tbe aubyectof tbe cxealioa or empkiTiiieat o^ a fiacal ;
Id be cbarged wkb tbe perfonnaace of tbeae aad odtfrdatiea. Tba
tabj/ed u ooe of great importance botb to tbe Gumaiiit attd to tba
eommnniry, Sudi agent or depoaitoty ooefat to onito in tbe highest
practicable de^ee the aafetjr of tbe poUic toads, aad oanveaknce and
economy in their admhiiatration; and it abould, if posaiUe, be so adeeted
or fhunedaatoexenaaalirtaiyinfliieficeovertbebQaineaaandeaaencj
of tbe coontry.

Tbe mode of keeping and di^bm^sing tbe public money, paofvided bj
the act of Joly 4, 1840, will be imnd, on compariaon widi Aflt hereto-
fore chiefiy oaed by the Government, eminendy deficient in all ^eea
eaaeittial requiaitea. Tbe financial hiatonr of the United States, eam-
cially for tbe laat twelve years, fbrnisbes wandam proof that the pdnie
money is onaafo in the custody of individuals, ami that their official
bonds are no sufllcient sectuity for its safe keeping and fiutfafid a{qplica*
tion« Within tbe period above named, many receiviagoflicerBconiiectod
with tbe Treasury Department have become defaulters to the Govem-
ment. Tbe agmgate loss fiom that caase within that period, as shown
by the books ot tht Department, amounu to abrat $2,630,^0, but a
small part of which will probably be recovered fiiom their bonds. It ia
true tbatf in any systom which can be adopted, some part of the pahUc
money must in tbe process of ccdlection pass through me hands of indi-
viduals, and be subject to their defalcations ; but tbe act of July 4thii
1840, extends and continues die risk beyond tbe period of collection,
and it suL^ects large masses, which in the fluctuations of con^aeioa
sometimes accumulite, to the same dangerous custody.

Not only is the public money in the hands of individuals more exn
posed to loss from ordinary defalcations than when deposited in a wellr*
lOff ulated bank, but the Oovemment is also baUe to the risks c^ fire^
robbery, and other casualties occurring either in deposite or transmissioBi,
&oxti which it is entirely protected wben a wdll*regulated baidi ia the
depositoiy and the fiscal agent-

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J841.J 8ECRETAET OF THE 5HIEASURT. %U

Ti» iMweiit syc^m is, ftbo» in ttmxkj respectSj cfntdxrous and inccm*
Toment. Its tendency is to oentre tne disbvorsementB of the puUio
Booneyft at some of die eastern cities, Gbiefly at New York. That being
ifas neat commercial empemm of the United States, is the point at
wfakm funds ore t^ most valuable, and therefcve die most sought ; hence
liaose who are entitled to pajntnents out cf the public Treasuiy claim^
them these. Ic is true there is a general <fiseretion in the head of the
Department to tefose or grant tbe favor of such payments according to
ka coKvenieaoe ; but when the currency is deranged, and die premmm
qn. e^^hafi^es is hioh, this discreckm involves discrimination to a l^rge
amount among creditors equally entkled. It then becomes a dangerous
disoietion, and one that ought not to e^st. But under the present sys*
tem It cannot be avoided, save in a few cases, without discharging every
pnbKc liability at die most favored point. Tfais would at once centre
90 the disbmrsements at a few of the eastern cities, and involve, the
Treasury in the nak and expense of transporting the public funds from
the various points of collection to the placed of disbursement.

An item of less importance, but still wxMthy of consideration, in settling
an m permanent and economical arrangement, is the direct expense m
the pzesent dyatem, including the cost of die buildings for the deposits
of the pul^ monev, and w salaries of the officers and their cleiliLS
wkp receive and disburse iL No portion of diis risk, inconvenience, or
expense, need to be incurred wh^e a well-regulated bank is made the
fiscal a^^OQt.

But me pareeen(t system is also, in the minion of the und^^igned^
injurious to the business and currency ct the country. Instesul of
peiiQitting die credit and die finances of the Government to lend
dmr indirect but efficient aid in sustaining the credit and regulating the
currency, it brings into direct hostility tbcoe important interests. In the
pvogress of the system, a sufficient amount of gold and silver to supply
the wants of the Treasury must be withdrawn from circulation and
kofced up in vaults, living no lepies^Ttative to supply its place in the
g^eral circulation.

Alarge aanount also in the handsof those who nay to, or recdive from«
die Treasury, is equally wididrawft fiom general circulation, and made
to Bow through those channds alone whK^h lead into and out of the
pufalic cofl^a. All other avenues of commerce and intercourse are
thus deprived of their propoition of die precious metals.

Withm the fifty<^two years during woich our constitutional Grovem-
ment has existed, we have had for two periods of twenty years each a
bank chartered by Congiess, as <a depository of the pubhc moneys, and
as a fiscal agent. We have had abo, at two intervals, amounting to
about niue years, State banks employed for like purposes ; and during
die remainder of the time, the funds of the Goveniment have been kept
and the finances administered partly by banks and pardy by individual
offioears and agents. The losses sustained by State banks as depositories
during the fii^ period of their emplojrment, extending fit>m 1811 to 1816,
agreeably to a statement preparea 1^ the Secretary of the Treasuiy in
188S, and revised and republished m 1837, were $1,000,676. In the
kttn: period, from 1838 to 1887, though no actual k^es is believed to

Digitized by LrrOOQlC

444 RBFORTe Of THE |l841i

made s^fimdhi debt aocording to <mr eacie^it fiiuoieial ufotge^ Jt ia dna
sheltered by no co¥er» and is the subject of no delHSion« It is opea^
palpable, true. The eyes of the country will be, upon it, and will be
able at a glance to mark its reduction or its increase ; and it is believed
thcct a loan for the requi^te amount^ Imviiig eight years to run, but
redeemable at the will of the Government on six months' notice, could
be negotiated at a tnUch less late of interest than Treasury notes.
Much expense would also be^ saved in dispensing with the machinery oM
the issue and payment and cancelling of Treasury notes*

It is therefore respect&illy recommended, that a sum suffici^oA to pay
the debt at present existing, and such as wiU. necessarily accrue in thur
and the ensuing year, be raised on \om for the tioiev imd on the o(«di?-
tkm above suggested.

» ^

HI. ON KBBPmO AN0 DISBURSINe THB PUBLIC M0NST8.

The undersigned would also respectfldly invite die attention of Con^
gresa to the present mode of keeping and diaburttng the public naoneyi^
and also to the subject of the creation or emjdoy ment of a fiscal a^eBft,
to be charged with the performance of these and other dititie& Tho
subject is one of ffreat importance both to the Government and to tbo
ocHnmunity. Such agent or depository ou^ht to unite in the highest
practicable degree the safety of the public ninds, and convenieace ami
economy in their administration ; and it should, if possible, be so seleeted
or framed as to exert a salutary influence over the busisess and ciurreiicy
of the country.

The mode of keeping and disbursing the public money^ provided 1^
the act of July 4, lb40, will be found, on comparison with that hereto-
fore chiefly used by the (jovernment, eminently deficient in all these
essential requisites. The financial history of the United States, e»^
cially for the last twelve years, furnishes abundant proof that the pwie
money is unsafe in the custody of indrviduab, and that their official
bonds are no sufficient security for its safe keeping and fiuthful applica:"
tion. Within the period above named, many rec^ving officers ccmnected
with the Treasury Department have become defaulters to the Govern-
ment. The aggregate loss fiom that cause within that period, as sho^na
by the books of tm Department, amounts to aboot $29630,500, but a
small part of which will probably be recovered froai thw bonds. It ia
true that, in any system which can be adopted, some part of the ^lUic
money must in the process of collectu>n p^ through the hands of indi*
viduais, and be subject to their defalcations ; but the act of July 4th^
1840, extends and continues the risk beyond the period of collation,
and it subjects large masses, which in the fluctuations of oonuneiciit
sometimes accmnulate, to the same dangerous custody.

Not only is the public money in the hands of individuals more ex-^
posed to loss from ordinary defalcations than wheo depoeited in a wett-^
regulated bank, but the Government is also liable to the risks ci fire^
robbery, and other casualties occurring either in deposite or transmissioifep
fit>m which it is entirely protected when a wdl-r^ulated batd& i» Che
depository and the fiscal agei^

Digitized by CjOOQ IC

JSM.] SECRETARY OF THE TREASURY. 4a

The iMweiit syc^m isi ftbo» in umxij respects, cuitdxrous and ioGon*
Toment. Its tandencj is to oentre tne disborsementB of the puUio
Booneyft at some of die eastern citiee, cbiefly at New York* That being
lim mest commeroial empozitim of the United States, is the pcnnt at
wfai(m fiiiids are t^ mostyaluable, and therefore die most sought ; hence
tfaose^who are entitled to pajntnents out cf the puUic Treasniy claim^
them these. Ic is true there is a general ^setietion in the head of the
Department to refose or grant the favor of such payments abccmlin^ to
ks coRTenioioe ; but when the currency is deranged, and the premium
pn, e»]iiafi^es is hiflh, this discretion InTolvee discrimination to a l^rge
amomit among cf editors equally eatided. It then becomes a dangerous
disoietion, wm one that ought not to exist But under the present sys^
tern it cannot be avoided, save in a few cases, without discharging every
pnbUc liability atlhe.most favored point. Tbis would at once centre
90 the disbursements at a few of the eastern cities, and involve, the
Tieasmy in the risk and expense of transporting the public funds from
the various points of ccdlection to the places of disbursement.

An hem of less importance, but stifl vi^tnthy of consideration, in settling
an a permanent and eooDomicaS arrangement, is the direct expense <»
the present system, including the cost of die buildings for the deposits
of tne public monevy and &e salaries of the officers and their clerks
whp receive and disburse it« No portion of diis risk, inconvenience, or
expense, need to be incurred where a well-regulated bank is made the
fisoala^^OQt.

But U16 pvesenit system is also, m the minion of the undersigned,
iiijurious to the business and currency ct the country. Instead of
pefmUting iibe credit and die finances of the Government to lend
ibeir indirect but efficient aid in sustasning the credit and regulating the
eomsncy, it brings into direct hostility tbcoe impoitant interests. In the
pvQgresB of the system, a sufficient amount of gold and silver to supply
die wants of the Treasury must be withdrawn from circulation and
kohed up in vaults, having no re{»eseatative to supply its place in the
g^eral drculatian.

Alarge amount also in the hands of those who nay to, or recdive from«
die Treasury, is equally withdrawn fiom general circulation, and nmde
to flow through those channels alone which lead into and out of the
public cofl^a. All other avenues of commerce aiul intercourse are
thus deprived of their proportion of the precious metals.

Widun the fifty-two years during wnich our ccmstitutional Govern-
ment has existed, we have had for two periods of twenty years each a
bank chartered by Congress, as <a depository of die pubhc moneys, and
as a fiscal agent. We have had abo, at two intervals, amounting to
about nine years. State banks employed for like purposes ; and during
die remainder of the time, the funds of the Govenunent have been kept
and the finances administered pardy by banks and pardy by individual
offioers and agents. The losses sustained by State banks as depositories
during the first period of their employment, extending fit>m 1811 to 1816,
agreeably to a statement i»eparea 1^ the Secretary of the Treasury in
1838t and revised and republished m 1887, were $1,000,676. In the
latter period, Gxm 1638 to 1887, though no actual \cm is believed to

Digitized byi^OOQl^

446 REP(MIT8 OF THE C^^^^

have ocGumed, yet the Treasury and the country aoflfered inooovenieiiGe
and embarrassment from the fiscal arrangepaents with those numerous
and disconnected institutions. But during the forty years that the two
banks of the United States were the depositories of the public mon^
and the fiscal agents of the Government, no loss whatever was sustained,
nor any delay or any expense incurred in transmitting or disbursing the
pubUc moneys, so &r as the affency of those institutions extended.
Then, as rerards the wants of me Treasuiy merely, die safety of the

Sublic funds, and economy in their administration, experience has
emonstrated the superior utiUty of a bank, constituted and adapted bj
Congress as a fiscal agent. It has also proved to us that the active
business of the country, its currency, its credit, its industry, and its coin-
merce, are intimately connected with and dependent upon the finaacnal
arrangements of the General Government. If they be wise and benefi*
cent, they indirecdy but efficiendy promote those great interests *of the
people; if constant and uniform in their action, they give to. those inter-
ests confidence and stability.

. Since the removal of the public deposites 6com the Bank of the Unked
States in 1833, the Cvovemment has had no permanent fiscal agent and
no definite financial system. All has been experiment, transfer, and
change. The business of the country has yielded to the unsteady
impulse, and moved forward with wild irregularitv ; at one time, ^imu*
lated to excessive action, at another, sunk into lethargy. And in provi*
ding for the wants of the Treasury, it is surely important to look also te
the wants and the welfare of the community, fix>m the paxxlucts of whose
industry the Treasury is supplied.

And as regards those great interests, we find the testimony of past
years is no less distinct and strong in fitvor of a moneyed institution,
chartered by the General Government, and possessed of its confid^ice
and credit. The period embracing the last ten years of the existence
of the late Bank of the United States as the fiscal agent, is fi^sh in the
memory of us all, and is looked back to as a period of great pubho
prosperity; and though other causes did doubdess cooperate topnxluce
that favorable condition of things, yet one of the governing pnnciples
on which depended the steady advance of the country in commerce, in
industry, ana in substantial wealth, was the existence of a fiscal agent,
estabUsbed by the General Government, and charged with the equali-
zation of exchanges and the regulation of the currencv.

In the present condition of our country, the reUef to be anticipated
from such an institution cannot be immediate, but must be the work of
time. The business of the country would, however, in the opinion of
the undersigned, steadily and certainly revive under its influence.

In whatever point of light the undersigned is able to view this sulgeet,
he is irresistibly led to the conclusion that such fiscal agent, so fi:anied
as to possess those important functions, is alike essential to the wants of
the Treasury and of the community. Such an institution should be
filmed with deUberation, for' it must have high duties to perform, and
extensive interests to protect and promote ; and it should be granted with
care, for it will be liable to great and dangerous abuses. As the fiscal
agent of the Government, and eflfective regulator of the currency iit a

Digitized byLjOOQlC

1841.] BECBETARY OF THE TREASURY. 447

wida-spiead comnnimly, it should be steady and umform in its action,
and fixed and stable in its character.

The undersigned has no doubt of the power of Congress to create
such an institution. Experience has proved its necesMty to cany out
other expTBjssly-granted powers ; it has oeen exercised and recognized by
the leffidative and executive departments of the Government during
four-fifths of the whole period of our national existence ; and it has
received the uniform sanction of our highest judicial tribunal. -

Yet that power has been questioned by many wise and patriotic
statesmen wi^se opinions are entitled to consideration and respect; and
in a measure, like this, of high poUtical impcat, which, if widely con-
ceived and cordially concurred in, must have a great and enduiiqg
influence on the prosperity of the countty, it is important, as far as pos-
sible, to obviate objections and reconcile opinion.

If such an institution can be so conceived in principle, and guarded
in its details, as to remove all scruples touching the question of constitu-
tional power, and thus avoid the objections which haVe been urged
agednst those heretofore created by Congress, it will, in the opinion of
the undersigned, produce the happiest iestilts, and confer lasting and
important benefits on the country.

The under^gned therefore respectftdly recommends the creation of
such fiscal agent, and the rejjeal of the act of July 4th, 1840, providing
** for the collection, safe keeping, transfer, and disbursement of the pub-
lic revenue," except the penal provisions thereof, which will, probably,
require revision and modification.

All which is respectfully submitted.

T. EWING,
Secretary of the Treck^ry^

Trbasuky Department, June 2, 1841.

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}M1.} attCBETAIHr OFvTHl TSZASURT. 440

' ■ " ■ '■ B, . / ■••'..' ...

StaUmMt mieUtUf showing the baiances suJbf'ect to dric^ on the 4^ cfMare^

iS4!lf in }umds<>/ the several Treastiry agents. j

1, Generai Depositories under act ofUh Juty^ 1840.

Treasury of the United States, at Washington ... $86,586 84

Isaac Hdl Receiver General • . .Boston. 65,977 86

Stephen Aflen *do New York .... 141,156 09

Joseph Johnson .do. Charleston's. C. ... 7,885 71

George Penn. do St Louis, Mo. ... . . . 241,527 42

Wm. Findlay . . .Treasurer of Mint. . .Philadelphia 3,565 12

H. C. Ca.mmaok, Treeisurer of Br.Mint . New Orleans 88,519 45

Wm. Frick Collector of Customs . Baltimore, Md. . . . 2,293 86

Thomas Nelstm ... do, Richmond, Va. 1>.315 89

L. H. Marsteller do WUmingtpn,N.C.. . I5685 85

A. B. Fannin do Savannahj Ga. 1,001 06

John B* Hogan ...... .do. Mobile, Ala. , . .^ . . * 5,043 46

Joseph Litton do. . * * . .Nashville, Tentu . . . 296 9S

J. B. Warren. , . -do Cincinnati, 0 83 12

John Coates, Receiver of Pub. Moneys . Chillicothe, O. 103 24

Woods Mabur}'- do. ^ . . . Jeflfersonville, la. . . , 9,477 28

Eli S. Prescott do .Chicago, Bl 85,021 47

Isaac McFairan do. Jackson, Miss. .... 4,764 66

P. T. Crutchfield do . .Litde Rock, Ark 2,870 88

$749,125 12

, , ■ r

2. Collectors of Cwtoms.

John Anderson. . . .Collector, at .Portland, Me $1,631 17

A. W. Hyde . ... .do. Burlington, Vt. 9 68

Samuel PhiUips ... do Newburyport, Mass. . 500 00

W. R. Danforth. do. , . . .Providence, R. L . . 934 29

N. H. Phelps ........ .do. .^ Middletown, Ct 1,607 19

GeorffpHolt do Cherrystone, Md... 700 00

John W. Campbell do Petersburg, Va. 740 32

Joseph Ramsay do. Plymouth, N. C. . . . 16 24

T. S. Singleton do Newbem, N. C. .... 250 00

G. W. Charles. do Elizabeth City, N.C.. 623 79

N.P.Porter do Louisville, iCy 11 19

$7,023 87

0, Reeeicers ofPiMic Monty.

John Caldwell . . .Receiver, at Bucyrus, O $476 18

John Coates do^ Chillicothe, 0 8»8 64

Wm. Blackburn ...do. Lima, 0 7^778 41

C.Humphreys do. Marietta,© 168 13

JoimHai do. Zauesvine, O...... 299 fiS

Vol. IV*— 89. Digitized by L^OOglC

460 REPORTS OS' THfe (1*41-

Marks Grume Receiver, at Crawfiwtisvaie, la. . $4,191 19

James H- Elliott do Wimiamac 13,300 69

' Seton W. Norris do Indianapolis, ^ . . . 991 44

L.R.Noel do Danville, Dl 600 00

Isaac Prickett do .Edwardsville, DL . . 10,320 68

John Dement do Dixon, 111 •. 6,934 67

A. C. French do .Palestine, IlL 7,666 80

8.Crawford do Kaskaskia, 111 2,380 00

8. R. Rowan do Shawneetpwn, Dl. . 1,300 OO

Samuel Leech... do Quincy, 111 3,610 88

John Taylor do Sprin^eld, ill 7,073 29

Uriel Sebree do Fayette^ Mo. 6,216 79

Felix 6. Allen do Jackson, Mo 4,836 12

Daniel Ashby do Lexington, Mo 18,173 18

Abraham Bird .do Pahnyra, Mo 11,842 48

J. P. Cainpbell do Springfield, ko 28,564 68

Matthew Gale do Cahaba^ Ala. 7,316 47

Samuel Cruse do Huntsville, Ala. . . . 667 13

Nimrod £• Benson do Montgomery, Ala. . . 4,708 44

W.E. Sawyer ...do Coosa, Ala. 3,130 92

A.D. Carey do Sparta, Ala. .. 2,448 73

E. F. Comegys do. Tuscaloosa, Ala. 760 58

A. ](I. Hall do Augusta, Miss 8,660 00

J. A. Girault do Grenada, Miss 100 15

E. B. Randolph do -Columbus, Miss. . . . 636 82

Anthony W. Kabb do Washington, Miss. . 1,425 89

Benjamin R. Gantt do Opelousas, Iia. 1,100 02

H. Holmes do Ouachita, La. 8,316 39

Thomas C. Sheldon . ...do Kalamazoo, Mich. . 861 83

Jonathan Kearly do Detroit, Mich 1,619 62

W. A. Richmond do Ionia, Mich 1,149 27

Paschal Bequette do Mineral Pt., W. T. . 4,234 30

L. S. Peese do Green Bay, W. T. . 2,030 19

Rufus Parks do Mflwaukee, IV. T. . 20,8S3 79

p. J. Chapman do Batesville, Ark. ... 67 87

Matthew Leber do Fayetteville, Ark. . . 2,913 84

Edward McNamee do Helena, Ark 2,550 00

Jj. C. Howell do Johnson C.H., Ark. . 25,430 67

JHeniy Washington do Tallahassee, Fa. ... 233 07

pTOrge W. Cole do St. Augustine, Fa. . . ^9 67

B. McKnight do Dubuque, Iowa 9,633 83

Sofomon Clark, (Chickasaw lands) . . .Pontotoc, Miss. .... 6,464 62

1244,762 60

From which deduct the following overdrafts:
On James W. Bordon, Receiver, Fort Wayne, la. . $160 60
Daniel T. Welter. . -do. . . Washington^Ark, ,6,980 90
V. P. Van Antwerp, .do*. . Buriington,Io^«ra. .8,100 00^-10,241 40

«2S4,^11 lO

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18410 SECRETABY OF THE TREASURY. 461

4. Sanh — Specujtl AccaurUs of Specie.

JBbxAl of America, at .New York. • ^ $3,007 82

Planters' Bank of Mississippi. .Natchez 2,388 7§

Union Bank of Tennessee Nashville 96 00

Bankof»CaaoarL ...St*I-ouis ,. 44,550 00

$50,442 <8

•

Miat of the United States, ^t. .Philadelphia $139,913 78

BnmchMint Charlotte, N. C 32,000 00

Ditto Dahlonega, Georgia. 20^000 Of)

Dittp New Orleans, La* 23,23$ 10

$215,151 88

-~^ — ■ ,1

6. Bcmk^-^Balances of Vepontes frior to the mupenaian in 1837.

Bank of Michigan, at . Detroit $28,261 $©

Planters' Bank of Mississippi. .Natchez ..,-..., p.. 72,177 47

Agricultural Bankof Mississippi do. ...p^..*... 28«934.t6

$129,363 Q3

— - I ■ - -■

RBCAPITUIiAOntOK.

-Oeneral depositories, imder act of 4th July, 1840 $749,125 12

Collectors of customs 7,023 87

ReceiTers of public money •. 234,511 10

Bank»— special accounts of -specie 50,042 60

$1,040,702 59
JLeM. amount of outstanding drafts on suspense account. . 93,798 66

946,903 93
AGttt and Branches for purchasing bullion 215,151 88

$1,162,055 ^1

Banks — ^balances of deposites, prior to the suspension in

1837 ; $129,968 68

.Tubasubbb's 0ff>io9, May 27, 1841.

W. SELDBN, Ttww^ Uni$€d Stcdet,

Aggregate as above $1,162,055 00

Deduct amount m Mint and Branches for

porcbasingbuUion for. coinage .$215,161 88

Trustfunds. 300^000 00

-r — 515,151188

, Avtilable means $646,803 !l2

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4S2 REPORTS OF THE 11841.

C.

StatemePU in detaily showing the Balances tubfect to draft on the first day fif
Junty 1841, ia the hands of the several Treamiry Agents*

1. G^eneral Deponknies under act ^4^ J«fy, 1840.

Treasury of the United States at Washington $204,106 16

Samuel Frothingham, Receiver General, Boston

Robert C. Cornell do. .. New York 121,904 2l

Jacob G, De La Motte do Charlest(fh 19,886 42

George Penn do St. Louis, 119,106 77

William Findlay, Treasurer of Mint, Philadelphia ..:... 83,079 36

H. C. Cammick, Treasurer of Branch Mint, Wew Chileans 100,667 26

N. F. Williams, Collector of Customs, Baltimore 61,042 28

Thcmias Nelson do Richmond 7 16

L. H. Marsteller do Wilmington, N. C. . . 1,036 18

James Hunter do Savannah 22 48

John B. Hogan, late . . .do Mobile 637 16

James Perrin ^ do do. 6,768 47

Joseph Litton • .do Nashville 116 6ft

J. B. Warren * do*. Cincinnati 46 46

Woods Mabuiy. do Jeflfersonville, Indiana 13,373 29

Eli S. Prescott do Chicago, Illinois 60,728 64

Samuel Cruse do Huntsville, Alabama. 8,129 91

P. T. Crutchfield do.. , .Little Rock, Arkansas 2,689 44

John McDonell do. Detroit, Michigan ... 02

$783436 12
Deduct the following overdrafts :
Sam'l Frothingham, Receiver General, Boston, $43,269 12
J. McFarren, Receiver public moneys, Jackson, 288 11

43,647 23

$739,687 89

2. Collectors of Customs.

Joseph Sewall . . .Collector, Bath, Maine $700 00

W. R. Watson . . . . . .do.. . .Providence, Rhode Island. . 1,921 18

James Donaghe do. New Haven, Connecticut. . . 600 00

G. Holt do Cherrystone, Maryland 700 00

J. S. Singleton do.. . .Newbem, North Carolina. . 100 00

J. H. Blount i do.. . . Washmgton do 360 00

N. P. Porter do.. . .Louisville, Kentucky 147 71

$4,418 84

3. Receivers of Public Moneys*

J. Caldwell Receiver, Bucyrus, Ohio $212 68

John Coates do..-..Chillicothe, xb. - ; 378 66

C.Humphreys..,. do.... Marietta, do..... 199 79

JohnHall do....Zanesville, do .• 299 62

Marks Grume, late. . . .do. • . .Cratirfordsville, Indiana 802 66

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1U1.1 fflECRETART 05^ THE* rBBEASURY, 4Sa

J. W. Borden. . . . .Receiver, Fort Wayne, ZucKatia f 9jOS6 66

J. Beard da.. . . .Crawfordsvflle, , do. - * . ... 9S O©*

Seton W, Norris do Indianapolis, do 2,691 41

J. H. Elliott .do .Winnamac, do 614 18

Thomas Scott da Vincennes, do 8,490 16

L. R. Noel. . - . : .do.. . . .Danville, Illinois 800 00

Saxn^l McRoberts, late do do. do 1,8^ S9

X Prickett » .. • . .do.. * . .Edwardsville, do. 1 , 1,182 63^

Jfohn Dement. .... .^ .do.. . . .Dixon^ da . . . : . 9^10 00

& Crawford. .....^.do Ksuskaskia, do...... 3,9li 00.

A* C. Frencii do.. . . .Palestine, do 7,666 80

8. Leech do Quincy, do 4,463 78

S. R. Rowan^ do Shawneetown, do 6,140 62

John Taylor ....... .do Springfield, do 7,694 06

H. Smith ***.'. -dor. . . . Vandalia, do. 3,448 OS

Uriel Sebree .do* Fayette, Missouri. ..... 7,970 3T

F. G. Allen .da. .. . .Cape CUraideau, da 8,166 86

DanielAshby. .-- . . . .<ia. . . .Lexington, do. ... . . . . .34,113 26

Parker Dudley do Palmyra, do 4,133 00

J. ^. Campbell do Springfield, do 2,401 46

Matthew Gale do Cahaba, Ala^bama 274 38

N. E. Benson. ... do Montgomery, do .' 4,663 34

W. E. Sa\^er ..... .do.. . . .Coosa^ do : . 1,108 6?

Armistead D. Carey, .do Sparta, do. 2,136 26

E. F. Comegys ^do. Tuscaloosa^ da 947 37

A*H. Hall do Augusta, Mis^sippi 3,602 99

J. A Girault do Grenada, do 199 93

E. B. Randolph do Colunrima, do 1,023 77

A. W. Rabb. ... do. Washington, do. , . . . . 3,g09 99

B. R. Gantt do Opelousas, Louisiana , ^ * - • * 1,050 02

H. Berimes do. Ouachita, do ....... 8,316 39

Tbofnas C. Sheldon, .do Kalamazoo, Michigan. ..... 126 82

Jonathan Kearsley. . .do. Detroit, do 6,634 66

Wm. A.Richmond. . .do Ionia, do. 881 46,

D. J. Chapman do Batesville, Arkansas 2,076 00

Mathew Leiper do Fayetteville, do 6,369 17

E. McNamee do Helena, do 6,060 0<^

L. C. Howell do Johnson C, H., do 10,992 42

G.W.Cole do St. Augustine, Florida 9 42

Paschal Bequette do Minend Point, Wisconsin Ter. 1,083 71

L. T. Peese da.... Green Bajr, da 19

Rufiis Parks do.. . . .Milwaukee, do 22,016 39

V. P. Van Ant^rerp. .do Burlington, Iowa Territory . . 7,644 00

S.McKnidit do. Dubuque, db. 2>871 «

SMomon Glark^ Chickaaaw-, Receiver, Pontotoc, Mississippi 874 39

Fix>m which deduct the following overdrafts :
Thea J. Wilkinson, Receiver, St. Stephens, Ala. . $49 81
CharW 0* Hadcalli. . .60.. .Genesee, Bfich. 16 60

$217,862 64

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THE [p^t^

^UnklT. Wiker . .Bataiter, WadbingtMK, Afk. .«fi;T99 99
Htorf Wa8h]iigtcHi...do...TaUahfta8ee,Flo... 12 60

'■ <g308 9»

4* JBrnb — Special Accounts*

Pkitt^r^'BanLofMissiBsippi, Natchesi 13,088 7^

Union Bank of Tennessee, Nasbyille ,, fi 09

Louisville Savings Insdtutkn, LouisviUey Kentucky ^ . ... ^ 1,062 81

Bank of Missouri, St Louis ,,, 44,660 00

$48,003 oy

6. Vmted States Mint and BrnmAef-^ar purchanng BylUon.

16dt<^ the United States, Philadelidiia .V^. $104,960 94

Branch Mint, Charlotte, North CaroliBa. . ...... , , . , 32,000 00

Do. DahlonegOi Oec^gia > 20,000 00

Do4 New Orleans, Louisiana 2^88 19

$180,199 04

6. Sanh — Balances qf Dqposkes prior to the suspension of 1837*

Plamers* Bankof Mississi]^i, Natchez , . $72,177 4T

Agricultural Bank of Misttssippi, Nalohea « 28,934 20

BankrfMichigan * - ..,.. 28,861 90

4U29,a6d 69

RBCAPtm«ATlDN.

General depositories under act of 4th July, 1840 $739,687 8#

Collectors of customs 4,416 84

i^eceivers of puHic raonejs 212,043 66

Banks, sjpeciffl accounts, including the Bank of Sfissouri. 46,008 07

$1,004,063 3$
Deduct smount of outstandiog drafts on suspense account 5^,692 19

944,361 16
Add amount in Mint and Branches &r purchasii^ bullion 180499 04

$1,124^60 20

Banks-rbalahces of deposites pridr to su^lisidh of 1837 $129,363 63'

Aggregate, as above *. $1,124^0 20

Iteatict amount in Afittt and Branobe«ix>|^o-

Cttue metal for <etmiing u.-.a^w.,..*. .. $18$^199 ft4

Deduct, also, trust funds, say ^... w . . 3M^D00 00

i< M . 400,100 ftl
AvTtfiatte tmlMce $644,361 16

TasASURBR's Offiob^ Jme % 1:841%

WM. 6E(J)£N, 7«MWY^ U. &

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1841.]

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*5e' REPORTS OF tHE (iStl*

E.

Eitimate of the amewU uhich will be receivedjrom Cuskmt m the kut quarter
of the year IS^U and in each (fthe tux> succeeding year$j nnder the prop6§M!
fnodi/uxUian of the revenue lawi.

The avera^ value of the imports £>r the laat six years, in round num*
bers, is • »1*4,000,OQO 00

The average value of exports for the same peiiodi allow*
ing 15 per cent* advance for expenses and profits on
transportation, has been ; $137,000,000 00

The average annual value of the imports for a series (rf
years to come is, upon these 4ata, estimated at $140,000,000 00

The articles proposed to be admitted firee of duly are

estimated at 14,800,000 00

Which makes the average estimated amount of dutiable

articles • ,$125,700,000 00

Which at 20 per cent would yield an annual gross

revenue of. 1^5,140,000 00

Estimated deduction for drawback $8,000,000 00

Estimated deducdcm for collection .... 1,250,000 00

. 4,250,000 00

Net revenue at 20 per cent. $30,890,000 00

The imports for the last quarter of 1841, owing to the depressioa of
business, are estimated to fell below the general average for the last
six years. But a considerable addition to the revenue for that quar-
ter will be received from articles paying a higher duty, than 20 per cent.
The net revenue is estimated at $6,800,000 00

For the year 1842, during which the same causes are
expected to operate to some extent, the net revenue is
estimated at ; $22,500,000 00

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--.f'

,.ri i«41.j SECRETARY OF THE TREASURY.

(^i^Joaure.]-— No. l.—Im^pvrt» from 1834 to 1840.

467

VALUE <»■ IMPORTS.

Y«eur wdiiig SOth September.

Free of duty.

Paying duty.

Total.

1884

$68,393,180
77,940,493
93,056,481'
69,250,031
60,860,006
76,401,792
67,196,204

$68,128,162
71,966,249
97,923,664
71,739,186
62,867,399
86,690,340
49,94&,316

$126,621,332
149,896,742
189,980,036
140,989,217
113,717,404
162,092,133
107,141,619

1836

1836

1837

1888

1839..

1840

Aggregate value —

$602,098,186

$488,339,196

$990,337,381

Average of 7 years.

$71,728,312

$69,748,467

$141,476j769

Treasury Department,

Register's Office, June 2, 1841.

T. L. SMITH, tteguter.

No. 2.

Value ofEs^parta ofdomeitic and foreign produce from 1834 to 184G.

VALUE OF EXPORTS.

Tew ending aOdi September.

Domeitie and foreign
produce, Ac.

15 per cent added.

Total.

1884 ,...

1836

$104,336,973
131,693,677
128,663,040
117,419,376
108,486,616
121,028,416
132,086,946

$16,660,646
18,264,037
19,299,466
17,612,906
16,272,992
18,164,363
19,813,893

$119,987,619
139,947,614
147,963,496
136,033,282
124,769,608
139,182,678
161,898,888

1886

1887

1888

1839

1840

$833,713,944

$136,067,091

$968,771,036

Average of 7 years.

$119,101,992

$17,866,398

$136,967,290

Tbbasurt Dbi^artmbnt,

RsaiSTBR's Office, June 2, 1841.

T. L. SMITH, B^sgutar.

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4m,

KEPOETg OF XHS

No. 9.

i^m.'.

1884, to 1840, incluswe.

Average value of imports dutiablo. . . ,
Average value free of duty

From which deduct —
Articles ioiported for the u|^

of the United Statfsa. . . , t4^0
Bullion— gold and silver. . 1,064^^30
Specie — gold and silver, . .10,481,410

Quicksilver., 217,096

OiMmn ,.; 179,834

Itidiflo 9gU984

Sulphur ,.^r-- 85,9217

Crude saltpetre. ......... 3734669

Tia i|» plat(B8 apd sheetsi, . . 1,010,380

$72,284,167

$71,685,347
57,946.487

$129,630,884 at SO per eent.

•

$35,926,167

Treasury Dbpartmbnt,

Rbgister's Office, June ^ 1841.

T. L. SMITH, Register.

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460

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REPORTS OF THE SECRETARY, Ac.

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REPORT ON THE FINANCES.

DECEMBER, 1841.

Trbasuky Department, December 20, 1841.
Sir: In obedience to the directions of the act of Congress of the Wth
of May, 1800, entitled "An act supplementary to the act entitled 'An
act to establish the Treasury Department,*" the Secretary of the Treas-
ury respectfully submits the following report:

I. OF THS PUBLIC REVBNUB AND EXPENDITURE.

The balance in the Treasury on the Ist of Jauuary, 1841, (exclusive
of the amount deposited with the States, trust funds, and indemnities,
and the amount due from banks which failed in 1837,) was, as stated in
the report of the Secretary of the Treasury submitted to Congress on

the 3d dajr of June last $957,346 03

The receipts into the Treasury during the three first

quarters of the present year amount to $23^467,072 52
Viz:

From customs $10,847,667 44

From lands 1,104,063 06

From miscellaneous and

incidental sources 90,691 69

From bond of Bank of

United States 662,049 47

From banks which failed

in 1837 61,127 3^

Tvom Treasury notes,

per act of 31st March,

1840 1,^24,703 80

From Treasury notes, per

act of 16th Februaiy,

1841 6,966,932 90

From loan, per act of 21st

July, 1841 3,229,946 86

The receipts for the fourth quarter, it is

estimated, will amount to $6,943,095 26

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462 REPORTS OF THE i;i841-

Vie:

Frbm customs $4,000,000 00

Fromlands 360,000 00

From miscellaneous and

incidental sources 30,000 00

From bond of Bank of

United States 10,316 23

From Treasury notes 260,000 02

From loan-
Received.. $2,202,780 02
Estimate for

balance qn 100,000 00

2,302,780 02

Making the total estimated receipts for the year $30,410,167 77

Aad, with the balf,nce in the Treasury on the 1^ of

January last, an aggregate of 31,397,612 80

The expenditures for the three first quarters of the
present year have amounted to . .$24,734,346 97

Vw:

Civil list, foreign inters
course, and miscellane-
ous $4,616,363 81

WEUtary service 10,834,104 46

Naval service 4,229,986 M

Treasurv notes redeemed,

including interest 6,027,811 18

Public debt . . . . . 27,080 64

The expenditures for the fourth quarter
are estimated, on data furnished by the
respective Departments, at 7,290,723 73

Vw:

Civil, miscellaneous and

foreign intercourse . . . $1,681,206 44

MiUtary service 3,169,773 64

Naval service 1,966,660 80

Interest on loan 70,000 00

Principal and interest on

Treasury notes 608,188 96

Bisuiy not
Making

8S,0B6,i9O TO

And leaving a deficit to be provided for on the Ist Janu*

ary, 1842 - $627,667 »0

It being essential that this deficit, arising from lite failure in eflfecting
more than a portion of the loan authorized by Congress at its last session,
should be provided for by means that might be at once available, it is
recommended that an immediate issue of Treasury notes be attthorized, to
meet the emergency.

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fe4l.1 SECRETARY or THE TREASURY. 465

n. dF 1*32 BSTIMATfiS OP Mtfe J»tTBLIC REVENUE AND l&XPfiNDITtmES VOSL

THE YEAR 1842.

The receipts fer die y^aa: 1842 aare esdmated bb fellows:
^rom customs. .\ $19,000,000 00

(Arising fiotQ duties acciiring in 1841, and payable in
1842 $3,400,000

From duties accruing and payable in 1842.16,600,000)

Treasury notes 50,000 00

IfCsceUaneous sourccfs 160,000 00

19,200,000 00
^Piroin which Redact the estimated deficiency 6n the 1st

of January, 1842. 627,669 90

Leaving this amount applicable to die service of the year

1842 18,672,440 10

^e expenditures for the year *42, including $7,000,000

for the redemption of Treasury notes, are estimated at 32,791,010 78

Leaving to be provided for this amotml 14,218,670 68

The receipts fix«n the customs for the year 1842 depending for their
amount upon die action of Congress, at its present session, in me adgust-
ment of the tariff, it is not practicable to form estimates of the revenue
which may be derived fh>m that source with much precision. Those
now submitted have in view the present rates of duty, and their final
reduction to 20 per cent, ad valorem after the 30th of June next. The
scale of duties thus established has been necessarily assumed as the
basis of calculation for the remainder of the year 1842, estimated with
reference to the anticipated importations of that year, compared widi
the average importations of former years.

In the estimated receipts, the amount which will come into the
Treasury fiT>m the sales ot the public lands in 1842 has been excluded,
as die act of Congress of the 4th of Sepember last directs its distribu-
tion among the several States and Territories.

With regard to receipts from die loan already authorized by law, it is
to be remarked that, owing to the short period which is to elapse before
it becomes rede^nmble, together with the unsetded state of the money
majrket, it would not be safe to expect that arnr considerable portion will
be obtained, for the service of the year 1842, before the expuration of the
tfane limited for effectinig it.

The law authorizing the issue of Treasury notes also expiring eazly
in 1842, not more than $60,000, it is supposed^ can be made available
from that source.

In estimating die e^roenditures of the year 1842, it is assumed that no
odier appropriations wul be made than dibse now submitted in thq esti-
mates m>m di(S several Departments; and that the balance oflf those
appropriations linexpended at the end of die year 1842 will be e^ual to
tnat at ife close of the present y^ir.

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4M RSPORTS OF "SBK «£l8i^.

It ifi proper fiirlheir ta remark Aat esdmatoi of ^iqp^MfitQive caa od^
be made &>r sucli as may be required under existing laws, and arise m
the ordinary operatione of the Government. The power of appropttt.*
tion, as well as the power of raising reremie, brinff at all tines in the
hands of CoDgressy this Department cannot found estimates updm its
own sense of what the pubhc interest may be thought to require, espe-
cially at a time when the condition of the countir may be supposed to
call for more than (Nxlinary means of defence anid securi^.

The amount required for surveys of the public lands, and the coa^
pensadon of the officers employed in that branch of the public service,
being payable out of the proceeds of the sales of those lands, is not
iBcluded in this estimate of expenditures.

To meet the deficiency in the year 1842, amounUng to $14,218,679 68,
it is respectfully recommended to Congress to authorize:

1. An extension of the term within which the residue, not yet tak^i,
of the loan already authorized shall be redeemable, amoimting to* say
$6,600,000.

2. The reissue of the Treasury notes heretofore authorized by law,
amounting to $5,000,000.

8. Thcbalancestillrequired, of $2,718,670 68, together with an addi-
tional sum of $2,000,000, (a sundus deem^ i^cessary in the Trea^iry,
to meet emergencies of the public service,) to be supplied from imposts
upon, such foreign articles imported as may be selected, with due r^ard
to a rigid restriction in amount to the actual wants of the Goveram^ot,
and a proper economy in its administration.

ni. READJUSTMENT OP THE TARIFF.

The last reduction of duties on imports provided for by the act of the
2d March, 1833, will take effect immediately after the 30th of June
next. From that day no duty will exist on any imported article exceed-
ing twenty per cent, ad valorem; and certain other legal provisions of
the same act, of great importance, are to come into operation at the same
time.

One of them is the enactment which, after that period, requires dl
duties to be paid in ready money; thus puting an end to a system of
credits which nas prevailed from the first estabnshment of this Govern-
ment— a. system which, however neces8€uy or convenient in the infancy
of our commerce, when the mercantile capital of the country was incoo-
siderable, and a strong desire was felt to fi>ster and encoura^ foreign
trade by all practicabk means, may at the present day well yield to the
important objects to be secured by cash payments.

Another, deemed at the same time an essential provision of the act, is
that which declares that, after June, 1842, all duties cm imported arti-
cles skall be assessed upon the value of such articles at the port wheie
the same shall be entered, under such regulations as shall be prescribed
by law. Hitherto, throughout the whole history of the Government, the
cost or value in the Ibreign market has been assumed as the basis £>r the
calculation of ad valorem duties, and to this cost or value certain addi-
tions have been made, supposed to be equivalent to the charges of
importation. But undervaluations abroad, frauds real ot suppoaidd in

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iJBtL] SECRETARY OF THE TREASURY. m§

in^oioeis and ibe WEkjaat advaota^ whieb wdre b^i^ved to exidt in the
kands of foxeign mami&ettifers, who had become, in fact, themsdiveQ
&9 importers into the ^^ountry of a large proportion of the manufactured
goods max Emope, led Coiigregs to look to a home valua^n for seeurit^
m well to the American impntmg merchants as to the reveiiuey and t»
diepiodQcers of sidiilar articles in the United States.

The legal dSect of the act of 1833 would seem to be, to abdlsh tho
^aractbOy after June SOth, of assesidng duties upon invoices or foreiga
vtahiation ; and therefi)r6, if Congress shall not at this session prescribe
eegnlimons for assessing duties upon a valuation to be made at the port
of entarjr, or pass some law modifymg the act of 1833^ it may well be
questioned whether any ad yalorem duties can be collected after the
80di of June. The language of the law seems expUcit It is, ttertv
^ fiom and after the di^ last aforesaid, fJune 30th, 1842,) the dutiea

* Teqmred to be paid fay law on goods, wares> and merchandise, shall be

* assessed upcm the vsuue there^ at die port where the same diall bd
< entered, undbr such regulations as shall oe prescribed by law.'^ Aadk,
it is further declaied, that so much of any oth^r act as is inconsisDeaCt
with that act shall be and is rmeaied.

The assessment of duties, aiter the day hmited^on the basis of the
fgreign cost or value, is inconsistent with the act; and th^ law author*
izittg it must, therefin^, as it would seem, be considered .as repealed.

The act of 1833, as must be obvious to all, oontem^ates no othei'
ihan ad valorem duties after Jun^, 1846 ; for although in a given case «
specific duty mav not amoimt to twenty per cent on the cost of the
article, yet that met cannot be ascertained without referring to price or
value — Hthings constandy fluctuating ; and much unceitauity, and perhapii
tpo&moOf w(»ald arise, as changes in the market price of articles might
earry the duty beyond the Umit at one period, though within it at anodier.

Iiri^d there can be Utde room for doubt that it was in the ccmtemjda*^
ticm of Congress ai the pasmng o£ the act, that no duties on imports
afaould exist m tb6 country after June, 1849, biit ad vakrem duties. It
nxoBl be admitted tluU: this was a very important change in the whole
system of imports into the United States, since it has heretofore be^n
le^aided as tne dictate of high prudence and the teaehmg of long expe-
fi^icey thatt for the prevention of frauds and the security of the revenue^
duties ought, as far as practicable, to be made not ad valorem, but
specific.

Of the essential or peremptory provisions of the act, there are two
which, it is not tQ be disguised, were winsended to stand towards each
other in the relation of equivalents or mutual ^ consideratioas. These
ao:^, the reduction of all duties to twenty per ce|it. ad valorem, and the
assessment of those duties upon a home valuation. .^ It is impossible to
read the act itsd^ and still more impossible to advert to the histxny of
tke times, without arriving at the most perfect conviction that the home
Tatuation was resorted to for the purpose of guard]n|f the revenue against
fraud, and protecting Amierican manufectures against undei^riduations.
There could be no other possible dlgect in this provision. It is a part of
lb^ act, therefore, connected with another part, and inserted for tl»s pmv
poae df qualifying essentially the c^ration of that other part

VOL.IVA«0. Digitized by L^OOgle

4M REPORTS Of THE [ISil.

Bat it is faigUy pnqper to look at die cifcmnstances wfaioh led to tbe
passage of the act of ISdS, and to regard the motiyes in which it aj^pears
lo have had its ori^n. It was the resuk c^ a spirit of compfomise and
conciliation, at a time when considerable agitation existed and much
diversity of opinion prevailed. If events shall appear to make it neces-
sary to reconsider or readjust the provi»ons of that law, all proceedings
towards that end should be conducted under the influence of the same
spirit. The undersigned is most deeply impressed with the force of
meae convictions, while ofiering suggestions to Congress on the subject*
He is constrained to admit that it has appeared to hun thaf, the inl^rests
&[ the country required some modification o£ the act of 1833* b
support of this opinion, he would first mention the great, if not insur-
mountable difficulties of establishing a home valuation at our various
ports, without incurring the risk of [H-oducing such diversity in the esti-
mates of value as should not only l^A to great practical inconvenience,
but interfere also, in efiect, with the constitudcMial provision that duties
on imports shall be equal in all the States. If such should be theopinioo
of Congress, then it is clear that some equivalent is to be provided for
the home valuation, or else the whole ba»s upon which the act was
expected to rest, as a measure of compromise and adjustment, is taken
away or displaced. There ceases in that event to be the mutuality or
compromise of interests evidently intended to be produced by placing
home valuation as an equivalent against a reduction of ad valorem
duties. It remains for the wisdom of Congress to determine whether
such equivalent can be found.

But, in the second place, if Congress should be of opinion either that
home valuation is practicable, or that some equivalent and proper substi-
tute may be found for it, the undersigned will not disguise his <^pinion that
it cannot be regarded as wise by any portion of the country, as a per-
manent system of policy, to augment die amount of revenue, when further
exigencies may require such augmentation, by raising duties on all
articles, includmg those of absolute necessity, to the full extent of twenty
per cent., and preserving that limit, at the same time, as a fixed barrier
l^gainst higher duties on any article whatever, even those of mere luxury.
8uch a plan of revenue, if to.be regarded as a settled system, appears
to the undersigned to be unnatural and inconvenient, and such as iS not
likely to promote the best interests of the country.

The probable effect of the future operation of the act of 1833 upon
the manufactures and mechaniccJ trades of the country, particularly if
up home valuation be established, and no equivalent for such home val^
uadon found, eives rise to inquiry too important to be overlooked.

It is fully acknowledged that all duties should be laid with primary
reference to revenue^ and it is admitted without hesitation or reserve,
that no more money should be raised under any pretence whatever than
such an amount as is necessary for an economical administration of the
Government. But within these limits, and as incidental to the raiong
of. such revenue as may be absolutcdy necessary, it is believed that dis-
crimination may be made and duties imposed in such a manner as that,
while no part of the country will sufier loss or inconvenience, a most
beneficial dc^gree of protection will be extended to the ifhor and industry

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1»41-] SECRETAKT OF THE T^REASURY, 4«T

of latge masses of the people, wbile the coitntry will be ren(te;>ed tnore
prosperous in peace, and infinitely stronger lu)d better prepaiecKif fojreign
war should oome upon us. The principle of^ discrimination has dbtained
from the period of the foundation of the (jSovemment. In many cases
k may be found to be indispensaUe to the interests of the revenue itself;
and if, in fixing a system of duties, it consists with the best interests
cukI true policy of die country so to apportion them among the various

ries^ imports as to favor <mr own manu&ctures at the same time
the revenue itself is benefited, and no injustice done lo any, it
would seem proper and wise to reject arbitrary limits and the idea of a
forced and unnatural uniformi^.

The undersigned feels no difficulty in admitling that a duty of twenty
per cent, ad vabrem a/3sessed upon the value of imported articles m our
own ports, would, in many instances, be a rate sumciendy hi^ for the
bepent of the revenue, and « also aiford reasonable encouragement to
home producers of the same articles. As to those, therefore, the object
of the act of 1833 will be accomplished if its provision for home valua-
tbn be carried out by Congress. But be stiu supposes that there are
several descriptions of imported manufactures and produce, which would
well bear a higher duty than twenty per cent, upon the home value, and
thus yield a greater revenue to the 6oi9>emment, while in regard to some
of them it will be found that, without such increased duty, the labor of
large classes engaged in producing similar articles win be greatljr
depressed, if not entirely supplanted.

it is unquestionably true, and well worthy of remark, that the act of
1833 was avowedly conservative in its objects and character; and while
it was designed to remove what was esteemed a grievance br one part
of the oountry, it was not intended that the interejsts of any other should
be sacrificed by it. On the contrary, a reasonable security was intended
for alL Its true spirit, therefore, will be but carried out by acting,
under any new state of circumstances, with reference to the same great
objects, and doing justice alike to all. The great principle of that act
was moderation and conciliation, and this shc^d never be lost sight o£
But the measures proper and necessary to carry out that principle may
be changed, if the altered circumstances of the country call for such
change, without any departure fircnn die principle itsel£

Nothing is more established by our experience and the experience of
other nations, than that the augmentation of duties does not augment, in
an equal degree, the cost of the article to the consumer. In many cases
it i^pears not to increase that cost at all. Very often die price to the
consumer is kept down, notwithstanding; an increase of duties, pardy by
the neater supply of the home production, and pardy by the reduction
of the price m the foreign market. It is believed, indeed, that there
kave been cases in which the joint operation of the two causes has
occasioned prices to &11 Iowa: than they were before the increase of
doties was laid*

This result in the operation of trade and business might readily be
traced to its causes; but a fiiU e»oeition <rf* those causes, and the modes
of their operatic^, would too much swell this rep^t Suffice it to say,
ifaat when an additkxial duty is hid on an artide in a coumry in.which

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UEPUHTBOP TBE {JSO.

artide b ertWMwrir rn—iwfil, the IwJtu «!■»»» ftfcMpt,«iA

The Sanif^ pnidaoer moit aefl; and if is dip fimrr of «le he
inds aa artick paodooedcm the qnc which oomea iaio advutageooa
compedboB whfa faia ows by imeen of payiog Bed^dcathe adHianat
aell; «id far the sake of being aUe to da iC he ami beoonleaatobaar
the borda of the dotiea hiaaMslC The dnDr borne br the f
dooer in aoch caae« i* like die cfaafjge fartxaoaportalkai^-iti
which ta aeoeaaaij Id bring him into the maihet of oompelilajn,
ngnai inif nnrrn nrmrin dnmratir tradr The wheat grower of fadtanai
who incurs heavy expeni>es in oonTeyii^ his floor to an Atiatir paftf
aspects no higher price far it when it amres thete than is paid far floor
of the some qnahly to prodocen in the immediaSB ucighUjahood* The
cost of transportation, theiefere, does not opeiase aa rnnoh to laiae the
price at the {moe of sale as to diminish it at the plaoe of prndnetim.
Now, the gfMt law which legalates prices by demand ana siqipiyf 'lA
sternly observed in cases of foreign importatioB, as in this inBtaaee of
domestic trade. The oodenigBed cannot farbear to add thst vasdy the
greater proportion of the agrirahoral pc^olatioo of the United States is
obUged to rely mainly ^>on the home market far a sale of its prodoctsi
ahhoQgh a large pert oi those prodacts (wheat, for instance) is such as
often enters extensively into the consmnption of the workL Thecfoanti^
of floar and Indian com exported from this coontzy is ahogsther incoo*
sideraMe, in comparison with the qoantity consomed in die large citieB
and mana&ctnring towns, which have either entirely ffiown m or added
largely to their population under the influence of laws of Congress
passed since the end of the last war, upon domestic labcn* and industry*
The innnense interchange of products, all being the result of labor«
which now takes place between the producers <n subeistence and tfad
popnlatioti above mentioned, ^ws the advantage which one class is to
the other, and the essential importance to both of peeservii^ their existing
relatioos. If the consumption of flour and grain in the manu&cturing
districts, especially the North and East, decline, to that extent there is
an absolute loss to the wheat and com grower, since the quantity ooKl*^
sumed by them will find a market nowhere dbe. To say ntrthmg, in
this connection, of the incalculahle importance of a home mariset to the
producet of the great article of cotton, and hmiting his remarks to the
grain growers alooe, the undersigned cannot but persuade himself that
all wiU see and acknowledge the gteat value to that class of ptodocers
of. the northern and eastern majdLet^*«Cbe only oonsideraUe market^
indeed, which is permanently open to them upon the face of the eardi«

So long aa the policy of other comitries shaU continue to exdode the
products of our agriculture from their ports, and thus deny to us the
advantage of a fair reciprocity in trade, it wouU appear to be equally
the dictate of polioy and of justice to onr people to secure to them, aa
far as may be reasonably and properly done, a market of coosnmpdon
far their prodw^ in their own coiintiy*

The undersigned is of opinioii diat die cottditioil of the Trsasoty and
of the country demands an augttleatation of the rerenue* It cannot but
be the true ptdi^ of Qoremment to extmgokh tl^ amount of debt now

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1841.) SECRETARY OF THE TREASURY. «6f

existkig as scxxi as practicable, and to avoid increasing it. The creatioii
af debt by toaos, and other resorts fer revenne to supply de^ciencies of
regular income, cannot but be regarded, in a tinsie of peace, as injiulicious
wd olgectionable. The genersJ credit of the Government, always good,
has been greatly raised, both at home and abroad, by the feet that it has
fully paid off arid dischiELrged the debt created by the Revolution, and by
a subseijuent war with England, and wars with the Indian tribes. The

8 reservation of this high credit is of the utmost importance. 4t must be
xe ligcessary reliance of the Government, if, in the vicissitudes of humai;i
affairs, sudden war should come upon us, requiring large and immediate
expenditures. Exact punctuality in the payment of interest while the
debt shall continue, and its payment so soon as the time of payment
arrives, as well as the known ability and honor of the Government, are
the meai^s of inspiring that general confidence which shall at all times
enable it to use its credit to the greatest advantage.
. The estimated expenditures of the Government for the coming year
will exceed its probable income by $14,218,570 68. Should Congress
authorize a reissue of Treasury notes to the amount of |5,000,000, and
the balance of the loan be disposed o^ there will remain a deficit of ;
$2,718,570, for which provision must be made by law. But it is not j
supposed that Congress will deem it advisable to restrict the income of
Ae Government to the precise amount of its expendituies. There ought
to be a surplus of at least two miUions to meet unforeseen emergencies
in the public service; and, should even the proceeds of the sales of
the jpubUc lands be withdrawn Irom the States, a reference to the
receipts fix^m that source in the last and present years, will show that a /
deficiency in the revenue, to meet the wants of the Government, must
still remain.

The state of the national affairs, the disposition of tjie Government, in
which it is believed the people fully participate, to put the country into
a respectable state of defence, and especially to support and strengthen
the military marine, all appear to suggest the propriety of such increase
of duties on articles carefully selected as, wnile the p,mount shall not
l)ear hard on individuals, by limiting dieir customary enjoyments, nor
oppress nor derange the general business of the country, shall yet sup-
ply the Treasury, not extravagantly or excessively, but yet reasonably
and justly for all the great purposes of hational defence. Economy, that
^reat public virtue, which is so essentially proper to be practiced by
repubucan Governments, would be but half exercised if, while on the one
hand it avoids all unnecessary expenditure, it does xiot, on the other,
make a reasonable and judicious provisioa for such expenditures as are
unavoidable.

All which is respectfiilly submitted.

W. FORWARD, Secretary of the Treasury.

Hon. J. Whitb, Speaker House of Representatives.

Digitized by

Google

47f KEPOBTB OT THE [18CB.

Anean of jDCenial leretme t2304 90

OBaccoaatoTtbepaiemfiiod S§,693 (»

Indffnfrity for slaTee aetsed at Nawan fay antfaoritj of the

Brituh Govenuneot ' ^.. 7,695 28

Madding dotieg fcfiinded by Danigh Govenunent 481 90

Poftogoe«e Government., ior crew of brig Ann, of Boetoo 1^191 97
Mooeys received under die act ooscemii^ consols aad

vice coosnls 360 35

Moneys received far copper coinage at the Mint 126 9S

Mooevfl received from persons unknown 417 55

Divi^iends on stocks in the Louisville and Portland canal. 22,000 00

Scrphis emoloments of oflScers of the citstoms 13,006 90

Debu doe from banks to the United States 4,950 84

Fines, penalties, and fiH^eitores 5,474 49

Surplus in the bands of the Receiver General, New Yoik 51 50
Moneys received for vacant land in the county of Wash-
ington, District of CkJumbia 124

Moneys received on account of United States tradiog

establishment with the Indians 5,702 73

Moneys received (or balances of advances made by War

Department 732 04

90,691 69

Moneys received on account of tbe iburth instalment of the
principal and interest of the bond due in September,
1840, for stock held by the United States in the Bank
of the United States 662,049 47

Moneys received on account of Treasury notes issued per

act of 31st March, 1840 1,524,703 80

Moneys received on account of Treasury notes issued per

act of 15th February, 1841 6,956,932 90

Moneys received on account of the loan of $12,000,000,

per act of 21st July, 1841 3,229,946 86

Total $11,464,324 72

Treasury Dbpartmext,

Rbqistbr^s Office, December 2, 1841.

T. L. SMITH, Register.

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»*t] SECRETARSr OF THE TBEA8URY. «l

Suaement of Expenditures of the Unked SjUOUt e^d-usive of trutt Jmis^from
Ut Jamtary to SOth September, ,184:1.

CIVIL, MISCELLANEOUS, AI^ FORBICFN INTERCOTTBSB.

Legislative , .,.,. $846,033 69

Executive DepaitmeBts 615,406 06

Officers and clerks of the Mint and

branches , 33,880 00

Surveyors and their clerks 39,444 06

Secretary to sign patents for public lands 1,108 29
Commissioner of PuMic j^uildings, Wash-
ington..1 2,387 00

Governments in the Territories of the

United States., 63,639 01

Judiciary 377,706 16

$1,969,604 16

Payment of sundry annuities . . , , 760 00

Mint establishment 64,001 94

Support and maintenance of lighthouses 287,883 17

Building light-houses 6,147 31

Surveying the public lands i . . . 36,697 28 >

Surveying the coast of the United States 76,163 86

Registers and receivers crf*lcmd offices. . . 642 86

Keepers of the public archives in Florida 760 00

Repayment for lands enoneously sold . . 9,437 90

Marine hospital establishment 86,274 13

Building marine hospital. Mobile 6,300 00

Roads and canals witUb the State of

Alabama 17,909 76

.Roads and canals within the State of Ar-
kansas 6,811 68

Roads and canals witliin the State of

Michigan 1,042 91

Roads and levees within the State of

Louisiana 11,618 7-9

Furniture for President's bouse 1,960 37

Public buildings in Washington, &c.. . . . 212,476 46

Penitentiary in the District of Columbia. 6,600 00

Building custom-houses 116^164 40

Relief of the several corporate cities in
the District of Columbia, principal and

interest 116,696 67

Salaries of receivers general, &c 13,821 38

Ccmtingencies ^ 4,801 27

SeHef of sundiy individuals 33,472 82

Relief of certain inhabitants of Florida . . 43^46 00

Payment for horses, &c 2,188 81

Additional'compensation to collectors, &c. 169,496 00
Payment of clerks in custom-house, Bos-
ton 13,098 76

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470 REPORTS OF THE [te4»*

Suuement of Moneys received into the Treatvry from all souroee other fAon
customs f public lands, and fimds heJd m trust by the Oovemw^entf from
let January to SOcA September, 1841.

Arrears of internal revenue $2,804 90

On account of the patent fund 25,693 OS

Indemnity for slaves seized at Nassau by authority of the

British ^Government ^. . 7,696 28

Mudding duties refunded by Dani3h Government 481 90

Portuguese Government, for crew of brig Ann, of Boston l,19i 97
Moneys received under the act ' concerning consuls and

vice consuls 360 36

Moneya received for copper coinage at the Mint 126 92

Moneys received from persons unknown 417 65

Divi^ndson stocks in the Louisville and Portland canal. 22,000 00

Surplus emoluments of officers of the customs 13,006 90

Debts due from banks to the United States , 4,960 84

Fines, penalties, and forfeitures 6,474 49

. Surplus in the hands of the Receiver General, New York 61 60
Moneys received for vacctnt land in the county of Wash-
ington, District of Columbia 124

Moneys received on account of United States trading

establishment with the Indians 6,702 78

Moneys received for balances of advances made by War

Department 732 04

90,691 69

Moneys received on account of the fourth instalment of the
principal and interest of the bond due in September,
1840, for stock held by the United States in the Bank
of the United States 662,049 47

Moneys received on account of Treasury notes issued per

act of 31st March, 1840 1,624,703 80

Moneys received on account of Treasury notes issued per

act of 16th February, 1841 6,966,932 90

Moneys received on account of the loan of $12,000,000,

per act of 21st July, 1841 3»229,946 86

Total $11,464,324 72

Treasury Department, .

Rbqistbr^s Office, December 2, 1841.

T. L. SMITH, Register.

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ia*i-] SECRETAKY OF THE TREASURY. ♦Tl

Suaement (f Expenditwres of the Unked SiaUh euBctuswe nf ttM fimds^finm
Ut Jarmary to SO^A S^tember, 1841.

CIVIL, MISCELLANEOUS, AI^ FOREIGN INTERCOTTRSS.

Legislative , $846,033 69

Executive DepaitmeBts 615,406 06

Officers and clerks of the Mint and

branches l , 88,880 00

Surveyors and their clerks 89,444 06

Secretary to sign patents for public lands 1,108 29
Commissioner of PuUic j^uildings, Wash-
ington.-T 2,387 00

Governments in the Territories of the

United States 68,639 01

Judiciary 877,706 16

' $1,969,604 16

Payment of sundry annuities , . .. — 760 00

Mint establishment 64,001 94

Support and maintenance of light-houses 287,888 17

Building light-houses 6,147 81

Surveying tiie public lands i . . . 86,697 28 ;

Surveying the coast of the United States 76,168 86

Registers and receivers crf*lcmd offices. . . 642 86

Keepers of the public archives in Floxida 760 00

Repayment for iands enoneously sold , . 9,487 90

Marine hospital establishment 86,274 18

Building marine hospital. Mobile 6,800 00

Roads and canals witUn the State of

Alabama ---.-•.- • 17,909 76

.Roads and canals within the State of Ar-
kansas 6,811 68

Roads and canals within the State of

Michigan .-. 1,042 91

Roads and levees within the State of

Louisiana 11,618 7-9

Furniture for President's bouse 1,960 87

Public buildings in Washington, Adc 212,476 46

Penitentiary in the District of Columbia. 6,600 00

Building custom-houses 116,164 40

Relief of the several corporate cities in
the District of Columbia, principal and

interest 116,696 67

Salaries of receivers generalt &c 18,821 88

Ckuitingencies ^ 4,801 27

Belief of sumdiy individuals 38,472 82

Relief of certain inhabitants of Ftoiida . . 48,846 00

Payment for horses, &c 2,188 81

Additionalcompensation to collectors, &c. 169,496 00
Payment of clerks in custom-house, Bos-
ton 13,098 76

Digitized byLjOOQlC

47f VSPORTS or Wa:

Payment Df derba in castom4iou8e, Pbi^

adelphia -..• $10,11« 00

Patentfund ^ p ' 38,392 $2

Sixth census 626,627 83

Refunding duties - . . . 84,223 W

Debentures and other charges 188,000 00

Survey of the boundary between the

United States and Texas * - . 6,Sei 00

Exploration and survenv^ of the northeast-
ern boundary line of &e United Stales 57,8W 71

Miscellaneous 22,086 81

To pay the debts and meet the engage-
ments of the Post Office Department. . 40,000 00

Salaries of Ministers of the United States $38,187 67

(Salaries of Secretaries of Legation 11,091 38

Salaries of Charges d'ASaires 46,M0 98

Salary of Minister Resident to Turk^ . . 6,320 00

Salary of dragoman to Turkey, and con-
tingencies 6,060 00

Outfits of Ministers to Austria and Great
Britain, and Ghargis d' Affaires to Vene-
zuela • 18,600 00

Outfits of Ministers to Russia, Ax., and

Charges d'Affidres 84,000 00

Certain diplomatic services 2,900 00

Ckmtingent expenses of all the^ missions

abroad > 8, 1 69 17

Contingentexpenses of foreign intercourse 13,113 70

Intercourse with Barbary Powers ■• 4,904 88

biterpreters, guards, aha other expenses,

Turkish dominions 4,900 84

Diplomatic agents in Europe, to attend to

tobacco interests 8,000 00

Salaries of consuls at London and Paris. 2,492 00

Relief and protection of American seamen 38,866 61

Allowance for clerk hire, &c., American

ccmsul at London 9,176 61

Expenses of the commissipn under the

convention with Mexico 11,626 00

CiNnpensatibn of an agent to Havana to

procure the ait^hives of Florida. ..... 6,043 10

pLMl.

$8,390,486 93

246,970 72
#4,616,363 61

UlhTFABt EBTABWmOM^lfT.

Pay of the Army 01 ,086,843 68

Subsistence of officers 470,336 41

Subsistence depejTtme&t. ; »«.»». 661,760 M

Digitized by

Google

1841.] SECRETAXr m THE TRfiASURT. ift

Quartennaster's department MSd^lOi Ofi

Incidental expeUBes of the QuarterBoa^er'g

department 9e,40t 99

Transportation of oflSceFs' baggi^ . 49,513 26

Transportation of the Army 318^886 06

Forage .--••-• li«,706 18 '

Parcnasin^ department * S6&yl4/6 %6

Payments m lieu of clodiing for dieoharged

soldiers 68,18a 79

Clothing for oflScers* servants 128 06

Medical and Hospital department '28,841 8.6

Two mondis' extara pay to reeo^ed «ol^

diers, and expenses of i^e'cruiting. . ^ . . 34)819 66

Contingencies w the Army. 6,349 45

Arrearages prior to July, 1815. : . . . 985 06

Arrearages prior to 18l7, per aot 27th

January, 188S 49 80

Arreara^s of pef^ due to a baftaMen of

Georgia militia, in 1840 and 1841 78,495 9%

Invalid and half-pay pensions 196,380 86

Pensions to widows and orphans. ^ 8,840 00

Pensions to widows and orphanSf per act

4th July, 1836. . . . . : 390,889 65

Revolutionaiy pensions, per act 18th

March, 1818. . . i. 216^678 07

Revolutionary daims, per act 15th May,

1828 ^ 66,578 96

Revolutionary pensions, per act 7th June,

. 1882. ..-....: 714,969 66

Five years* pensiok to widows and or-
phans, per act 7th July, 1888 600,06^1 74

Virginia claims, per act 5th July, 1882., 958 76

Unclaimed pensions i 48,898 97

Pay of the officers, cadets, and musicians,

WestPoint 88,800 00

Subsistence of officers and cadets^ West

Pbint:... *. 22,090 88

FcMrage for. officers' horses. West Point- . 5,528 13

Clotmng for officers' servants. West Point 449 42 .

Expenses of the board of visiters. West

Point 2,00000

MisceUaneous and incidental expenses at

WestPomt 726 25

Reccmstruction of the buildings for libraiy^

A;c., destroyed by &e, at West Peint. 2,000 00

Fuel, forage, stationery, printing, &c., at

WestPoint 14,88145

Repairs and improvement^, and expenses

of buildings, grounds^ &c., at West

Point : «,7W 50

Digitized by

Google

«74 BEPORTS OF THE (1841;

Pay of adjutant's and quartermaster's

clerks at West Point. $1,426 00

Increase and expenses of library at West

Point 1,000 00

Department of engineering at West Point 500 00

Department of philosophy at West Point 716 25

Department of chemistry at West Point- 724 75

Department of drawing at West Point. . 338 75

Department of tactics at West Point. . . - 240 00

Department of artillery at West Point. . 310 00
Binding books injured at the fire in 1838,

and miported stitched, at West Point. 600 00

Arsenals 165,328 38

Repairs of arsenals 5,679 44

Purchase of site, €uid rebuilding arsenal

at Charleston, South Carolina 11,585 00

. Arming and ec^uipping miUtia 177,837 00

Ordnance service 52,737 19

Ordnance, ordnance stores, and supplies. 63,255 23
Expense of preparing drawings of a uni-
form system of artillery 3,314 08

National armories 299,638 56

Springfield armory 10,000 00

Harper's Ferry armory 52,000 00

Barracks, quarters, &c 54,453 62

Barracks, &c., at Fort Leavenworth 185 15

Barracks, &c., at Fort Wajme 18,681 39

Barracks, &c., at Turkey nver 6,000 00

Barracks, &c., at FcHt Smith 37,822 30

Purchase of saltpetre and brinutone 49,326 59

Armament of fortificati<Mis 95,454 85

Repairs and contingencies of fortifications. 2,349 12
Purchase of land in the vicinity, of Fort

Monroe 1,000 00

Incidental expenses of ^rtifications and

purchase of land 8,412 52

FortAdams.. 96,600 00

FortCalhoun 59,592 75

Fort Niagara 31,670 00

Fort Delaware * 1,000 00

Fort Caswell 3,199 06

FortPhilip 3,300 00

Fort Schuyler 90,500 00

Fort Wan«n 129,360 68

FortPulaski 15,320 00

Fort on Foster's bank, Florida .... 9,959 83

Repairs of batteiy Bienvenue 1,077 83

Repairs of tower Dupr£ 150 00

Fort Wood , 3,680 00

Fort Monroe 63,728 41

Digitized by CjOOQ IC

1841.] 8ECRETABT OF THE TREASURY.

Repairs of Fort Oibaon, New Ycwk harbor. $8,000 OOjJr

Fort Pike ^ . . . 5,000 QjT

Repairing and rebuilding the old fort at.

Oswego, &c 20,050 7S

Preservation of Casde Island, and repairs

of Fort Independence 104,483 09

Fort Morgan 6,068 00

Fortifications at Charleston, and preserva-

tictti of the site of Fort Moultrie, ' 12,335 07

Permanent wharves for Fort Columbus,

Castle William, and south battery, on

Governor's Island 1,000 00

Continuing sea-w^aQ at St. Augustine. . . 5,000 00
Repairs of the old fort at the Barancas,

Fensacola. . .* 24,682 16

Repairs of Fort Washington 15,000 00

Fortffications at New Lcmdcai harbor,

Connecticut . .• 34,000 00

Repairs of Fort Maccm 7,000 00

Repairs of Castle Pinckney ....... 861 15

Rebuilding bridge over Mill creek, near

Fort Monroe 5,000 00

Repairs of road from Fort Monroe to the

bridge over Mill creek. , 1,000 00 •

Fort at Grande Terre (Fort Livingston) . . 14,500 00

Fort Preble 3,200 00

FortScammel , 3,400 00

FortMcClary 750 00

Fort Constitution. 3,671 00

Fort Lafeyette 3,400 00

Fort Columbus 500 00

Repairs of Castle William, &c 4,500 00

Repairs of south battery, Governor's

bland 3,600 00

Fort Hannlton 13,235 64

Eort Sumter 35,331 89

Fort Jackson ., - . 20,000 00

FortPickens 18,000 00

Preservation of Fort Johnson 3,517 43

Preservation of ske of Fort Macon 9,400 00

Repairs of Fort Griswold, New London

harbor 4^000 00

Repairs of old fort at New Bedford,

Massachusetts 1,141 00

Payment of Captain Snodgrass's comp»iy

of Alabama volunteers 898 16

Paj of four thousand volunteers for 1838,

including arrearages far 1837 • . 599 32

Surveys for the miBtary defences of the

fioQtier, inland and Atbntic,.., 1,800 CK>

Digitized by V^OO^lC

476

«9ft SEPOBIB or T^ (iBil.

Hu« of a corps of nedHoncs tf ,391 97

Votzfpt wx drj^cHMMy Tirfunleeny oft*

cen^fcc. Mn 8B

DevigDadn^ booidarT liDC between Mici»-
gao and tlr'isooDnn

R^UKmng lafi OD Bed lirer

PnnreanDg and soppreMog Iiidimho»i>

tiihie* an^i tf

B^fmoriog obstractioBfl at tbe mootb of

Sowanee rrrer

Hydrm^raphic soitpts of the ooasts of Iks
Dortbern and norlLwesteni lakes (rf* tbe

United States 10,800 ••

Arrearages ior roads, harbors, nven, ioc^

for the protectioD of public pmpertj. . 2,332 00

CivilizatiaD of Indians 6yM6 06

Pay of saperintendents of Indian aflbks

and Indian agents 11,344 53

Pay of sob-agents 6^4^ 01

Pay of interpreters 7;dM Of

Presents to Indians 1,076 00

Provisions to Indians 8,776 26

Buildings and repairs 3^000 00

Contingencies of Indian department 32^07 12

Fulfilling treaties with* the—

Pottawatomies 19,768 61

Pottawatomies of Indiana 16,000 00

PoUawatomies of Huron 400 00

Pottawatomies.of the Prairie 16,800 00

Pottawatomies of the Wabash 24^^14 93

Creeks 1 71,446 96

Florida Indians 60,717 12

Six Nations, New Yoric 7,264 M

Senecas of New York 11,761 73

Ottoes and Missourias 4,430 00

OmAhas 1,080 00

lowas 11,876 00

Choctaws 74,811 89

Sacs, Foxes, lowas, Sioux, kci ^8 68

Wyandots v. 6,000 00

Ottowas 6,112 29

Wyandots, Mmi8ees,and Delaware.. 1,480 00
CWfjpewas, Ottowas, and Pottawaik)-.

roies : ;i 70,680 46

Menpmonies I ^ . . . . 80,769 36

Winnebagoes 91,809 00

Christian Indians w .... 400 00

Chippewas of Mississippi w ' 49,441 69

Chippewasof Saganaw 6,060 00

Kanzas 11,300 00

Digitized by V^OOQ IC

M*L] SECRETAKT €MF THE TREASURY.

FiilfiUmg treaties with the Orngte w. . . . $48,344 70

Delawares 7,680 00

Chickasaws - . * - 0,095 9§

Quapaws ......l-w..^ 6^090 00

Cherokees ...^ ^. 7,720 00

Ottowas and Chippewas . . ^ - ^. . . * . . 5fi,685 00

Sioux of MississipfH ^. * 96,565 00

Yancton and Santee Sioux ., . 980 00

Sacs and Foites of Afissouri • : 7,870 00

Sacs and Foxes of Mississippi . . « 46,90Q 00

Kaskaskias and Peorias ^ . ^ 8^000 00

Piankeshaws . * 800 00

Weas 1 3,000 00

Sbawnees ..*.*...* 6^40 00

Senecas and Sha^irnees.. 3,280 00

Seqecafl * 3^880 00

Eel Rivers ,.-a 1^00 00

Miamies. ....*.. 50,623 42

Pawnees *- .. 8,098 00

Kickapoos - 5,250 00

Salary of a clerk in the office of the supers
intendent of Indian affairs south of the

Mississippi - - * 1,000 00 .

HoldingtreatywiththeWyandotsofOhio 1,261 00^

Emenses of holdmg treaty with Sac and
Fox, Winnebfl^,.dit() Sioux tribes of

Indians, for theu* titles to land^ m Iowa 3^247 76

A location and tetrl{]S>mty support for

Seminole Indians 10,000 00

Canying into eflfect treaty with Saet and

Foxes of Mississippi of 1837. ..-*... 295 37

Carrying into eSbct tieaty with the Win-

nebagoes *-..*-*-.* 1,391 46

Carrying into effect tl^ty with the Cher-
okees, per act of 2d July, 1836. . . , . . 1,184>502 66

Fulfilling treaties with the Otlowsls tod

Chippewas * . 6^817 45

Sales of the reMrvies of Creek Indians,

under treaty of 1832 • 2,336 00

Objects specified in 3d article of treaty

with Cherokees, 1835. - * 916 49

Cherokee schook 1,184 66

Literest on stocks under Cherokee treaty

of 1836.... , 10,784 23

Education of Indian youths : . 1,146 22

Removing, Ax., of such Seminole Indians

as may, surrender for emigration 66/)36 93

Expoises of valuing buildmgd aftd im-
provements, kc.f of Miamies, under

treaty of 6th November, 1838 26 60

Digitized by LjOOQ IC

♦T7

47t npoMnBor

dainu ttukr treatr whh Ifiamy* of

lOtii V/rember, 1%37 SMS 00

'Etsaamatafm of ctamift voder 2d article of

treaty wkh Ouges 213 M

KnxtMja of a griet mil, under die €th

daoi^ of the Alb article of the treatj

of 1st of Jkjrember, 1S37, with the

WimiebagDes 3^000 00

ExpeoM^ of breaking up and feociDg in

grouodf under 7tfa claose of 4th article

rjf die Winnebago trestXj 10^000 00

Pajmeot of claims provided br in 4th and

6th articles of Suami treaty of Gch No*

vember, 1S38 26,690 74

Pajrment of clainis doe fi>r military and

geographical surveys west of the Mi»-

siMMippi 4^70 00

Relief of Joseph M. Hernandez, per act

of 2d March, 1839 7,011 50

Payment of balance due to Lyoo and

Howard... 4,369 00

Relief of Ellen A. Schmnet, per act of

28di June, 1836 24 00

Relief of William P. Kadibone, per act

of 2d March, 1841 4,957 37

Relief of James Thomas, per act of 2d

July, 1S36 14,740 60

Relief of Thomas Latham, and for other

purposes, per act of 20th July, 1840. 594 35

R^et of Richard Booker and otners, per

act of 2d May, 1840 801 24

Relief of General Duncan L. Clinch, per

act of 19th June, 1840 25,756 25

Relief of Charles J. Catlett 8,861 99

Extra services, &c., of Lieut. CoL Alex»

ander R. Thompson, per act of 20th

July, 1840 109 04

Impressment of the teams of Lucas &

King 4,150 00

$11,149,179 69

From which deduct the following repay-
ments, viz : •
Tennessee volunteers mustered

into service by General

Gaines ..$23,884 25

Settlement of military claims

of 1831 •. 1,288 31

Digitized by

[IBftl.

Google

iatl.] SECRETARY OP THE TREASURY. 47*

Subsistence of militia, per act
of 14th July, 1832, 8th April,
1836, &c $336 18

Pay and subsistence of mounted

rangers 817 62

Pay of Illinois militia 5,518 92

One month's pay, &c., to vol-
unteer's and militia of Ken-
tucky, Tennessee, Alabama,
Mississippi, &c., per act of
1st March, 1837 48,962 14

A.ccoutrements and arms for

infantry, cavalry, militia, &c. 618 07

Publication of a new system of *

tactics and discipline 549 00

Blacksmith's shop, &c., at

Watertown, Massachusetts . 85 90

Constructing furnaces for heat-
ing cannon shot 1,476 12

Barracks, quarters, &c., west-
em jfrontier 3,757 40

C<Hnpletion of Jefiferson bar-
racks 509 93

Barracks and quarters at Fort

Jesup 40194

Barracks at Fort Crawford - - 50 *

Barracks at Fort Winnebago . 99 88

Protection of northern frontier. 53,863 20

More perfect defence of the

fiontoer 322 36

Wagons, carts, &c 69 00

Transportation of four thousand

volunteers . . , 9,762 00

Subsistence of militia, volun-
teers, and friendly Indians . 2,274 36

Purchase of three small vessels
to cruise along the coast of
FlOTida ; 3,293 60

Drafts Ijring over, and arrear-
ages for services, &c., in
Florida, &c 16,734 24

Transportation of ^uppUes, &c. 7,873 69

Volunteers and additional regi-
ment of dragoons 16,105 32

Suppressing hostilities of Creek

Indians 138 12

Freight or transportation in

Florida, &c.. 13,902 84

MBsceUaneous and contingent

chaiges ..48,61« 96

Digitized by CjOOQ IC

4m Kfipoirrs ov nas (lau.

Works at Green Jkj $83 47

Opemng a passage between

Bean&rt and Pamlico Sound,

tc.. 2 25

ImprDving the oarigatiDn of

Cape fear river, y.C 24 83

Roads and canals 85 64

Military road from die Missi»-

fflppi to Red river 2,333 13

Carrying into effect treatj with

Oaages and Kanzas, per act

20th May, 1S26 12,633 72

Current expenses of Indian de-
partment 400 00

Pay of gon and blacksmiths . 180 00
Removal and subsistence of

Indians 29,500 31

BfisceDaneous objects of Indian

department 8,500 00

Indian annuities 226 39

To replace Chickasaw annuities

stolen, per act 3d March,1835 1,000 00
Editing treaty with the Pot-

tawatomies of the Prairie,

per act 2d March, 1833 ... 10 00
Completijig the surveys under

treaty with the Delawares,

and expenses of locating

Miamies and Winnebagoes. 600 00
Expenses of surveying and

marking boundaries b^ween

the Indian tribes west of the

Mississippi 2,279 00

Employment of physicians to

vaccinate Indians 300 00

Clearing out the Ochlawaha

river 965 37

—7- ^ $315,075 24

^$10»884,104 49

NAVY ESTABLISHMENT.

Pay and subsistence of the Navy $1,638^095 10

Pay of superintendents 67,184 59

Increase, repair, armament, and equip*

mentoftheNavy 1,356,799 44

Provisions , 409,149 71

Medicines and surgical instruments 51,841 70

Navy-yard at Portsmouth 24,000 pO

Do. Boston 25,744 00

Do. New York ...,.♦ .9,229 68

Digitized by

Google

t«41.;] SECRETARY QF TflPP TREASURY.

Navy-yard at Philadelphia ^ !$2,W8 8*

Do. Washington.. .;..^^,,^.. 12,319 fi^

Do. Norfolk ^^.,.^.^.. 24,676 47

Do. Pensacola ^,.... 36,636 64

Hospital at Boston j.^. ..^ . . ^ . 1,260 23

Do. Brp^kWa-.*.^..^^ - 247 66

; Do; Norfolk...^^.^ • 3,600 00

Do. Pensacola 4,810 86

CJontingent expenses of the Navy. ...•,. 343,391 10

Contingent expenses not enumeratea 1,760 81

Repairs of naval 'asyhuB, Philadelphia. . B,214 Oi
Prize money for oflBicef s and crew of the

private armed brig^Xjreneral Armstrong 901 61
Survey of the coaftt from Appalachicola

bay to the mo^ of the jVfiBsissipfn

river . . . . ^,009 15

Making a satisfactory experiment ofLieu*

tenant Hunter's i!»y«iition to.pix^)el war

steamers.. l^dOO 00

Pay and subsistence ctf ^marine corps S^^Bti ^V

Subsistence of non-commissiooed^ffioei^

&c., marine corps .•-.... f36^^d0 ^98

Medicines and nospital stores, msurine

corps.. %S&7 «•

Fuel, marine corps • . . ^ . 10,11^ W

Military stores, marine corps. . .... ^400 79

Clothing, marine corps .^ 46^664 18

Contingent expenses, 'marine coips. .... 14,638 44
Transportation and recruiting ot marine

corps - - 6,394 -42

Repau-s of barracks 8y646 M

Arranffing, preserving, &e., . collections

made % th^ Exploring Expedition... . . 3,100 00
^Relief of the widows and orphans of the

officers and crew of the sloop-of-war

Hornet...... , «6 48

Relief of Charles Blak^} per act 28th

June, a83j5. .. 146 00

Relief of Gdmelius Tiers 1,200 00

Relief of John £• Bispham, per act 2d

March,1841 29 16

$4,236,192 47
FrcMn which deduct the following repay-
ments, viz:

Completing hospitals $102 61

Cost of foundation for the colossal
statue of Washin^n in the

lotundo of the Capitol 9 26

Magazineat Norfolk 760 00

Vol. IV.— 81.

Digitized by

4S1

Google

4m REFCmTS QS THE* {ISili

Works at Green Bay $S3 47

Opening a passage between

Beaufort andPamlicoSoundy

&c., 2 26

Improving the navigation of

Cape Fear river, N, C 24 83

Roads and canals 85 64

Military road from the Missis-
sippi to Red river 2,333 13

Carrying into effect treaty With

Osages and Kanzas, per act

20th May, 1826 12,633 72

Current expenses of Indian de-
partment 400 00

Pay of ffun and blacksmiths • 180 00
Removal and subsistence of

Indians 29,500 31

^Cscellaneous objects of Indian

department 3,500 90

Indian annuities 226 39

To replace Chickasaw annuities

stolen, per act 3d March,1835 1,000 00
Effecting treaty with the Pot-

tawatomies of the Prairie,

per act 2d March, 1833 ... 10 00
Comjdetijfg the surveys imder

treaty with the Delawares,

and expenses of locating

Miamies and Winnebagoes. 500 00
Expenses of surveying and ,

marking boundaries between

the Indian tribes west of the

Mississippi S,87& 00

Employment of physicians to

vaccinate Indians 300 00

Clearing out the Ochlawaha

river 965 37

■ -. ' ^' ' $316,075 24

$10^884,104 4S

NAVY ESTABI^ISHMENT.

Pay and subsistence of the Navy ; . $1,638^095 10

Pay of superintendents . , 57,184 69

Increase, repair, armament, and equip*

mentofthe Navy 1,36^,799 44

Provisions 409,149 71

Medicines and surgical instruments . * • . 51^841 70

Navy-yard at Portsmouth 24,000 pO

Do. Boston 25,744 00

Do. New York .....,.* 9,229 68

Digitized by

Google

|M1*3 8£CR£TA«¥ QF Tip: TilEASURY. 481

Navy-yard at PhOadelphia ^ i$2,97S 8*

Do. Washington... ^.*^^,^.. 12,319 ;8^

Do. Norfolk ^,..^.,.. 24,576 i?

Do, Pensacola ^,... 36,536 64

Hospital at Boston ^^.»....^« 1,260 23

Do. Bipokh^n.** ^^^.^...- 247 66

; Dow NqtM,.,^^^ • 3,600 00

Do. Pensacola 4,810 86

CJontingent expenses of the Navy. ...... 343,391 10

Contingent expenses not enumerated 1,760 81

Repairs of naval ^a^liUB, Philadelphia. . B,214 01
Prize money for oflBicet's and orew of the

private armed brig^Xjreneral Armstrong 901 61
Survey of the coagt &om Appalachicola

bay to the mocMli of the JfiBsiss^ipi

river ^ , £,009 1*6

Making a satisfactory experiment of JJeu*

tenant Huntear^s invention to .pix^)el war

steamers.. 1,^000 00

Pay and subsistence ctf^iarine corps ^i8<4 ';6T

Subsistence of non-commissiooed^oei^

ftc., marine coros !36,4«0'^

Medicines and nospital stores, msuriiie

corps. 1Bi897 «•

Fuel, marine corps *^ 10,i W 6i9

Bfilitary stores, marine corps. ^400 79

Clothing, marine corps. 46^664 18

Contingent expenses, laarine coips 14,638 44

Transportation and recruiting ot marine

corps 6,394 42

Repairs of barracks 8y646 M

Arranging, preserving, &c., collections

made ^ th^ Explonng Expedition. . . - 3,100 00
Relief of the widows and orphans of the

officers and crew of the sloop-of-war

Hornet..... , «6 48

Relief of Charles Blal^Q, per act 2$^

June, 183j5. . ^ 146 00

Relief of Cdmelius Tiers 1,200 00

Relief of John E. Bispham, per act 2d

March,1841 29 16

$4,236,192 47
From which deduct the following repay-
ments, VIZ :

Completing hospitals $102 61

Cost of foundation for the colossal
statue of Washin^n' in the

rotundo of the Capitol 9 26

Magazineat Norfolk 760 00

Vol. IV.— 81. rr^r^n]f>

Digitized by VjOOvIC

482 REPORTS OF THE [f841.

Magazine on Ellis^s Island, in the

harbor of New York $614 99

Suppression of the slave trade. 4,065 14

Wharves at Pensacola 72 00

Contingent, additional, for 1829 291 63

. $6,206 58

$4,229,986 94

PUBLIC DEBT.

Interest on the funded debt $M76 05

Interest and reimbursement of domestic

debt 761 13

Interest on loan of 21st July, 1841 21,652 21

Redemption of the three per cent, stock. . 564 17

Reimbursement of Treasury notes (old) . . 1,037 08

Reimbursement of Treasury notes,' per act

12th October, 1837 87,630 00

Reimbursement of Treasury notes issued

per act 21st May, 1838 70,143 82

Reunbursement of Treasury notes issued

per act of 31st March, 1840 4,606,334 96

Remibursement of Treasury notes issued

per act 15th February, 1841 132,297 87

Interest on Treasury notes issued per act

12th October, 1837 1,165 46

Interest on Treasury notes issued per act

21st May, 1838 4,149 66

Interest on Treasury notes per act 31st

March, 1840 176,701 37

Interest on Treasury notes issued per act

15th February, 1841 398 11

$6,054391 77

$24,734,346 97

Trbasury Departmbnt,

Rboistbe's Officb, December 2, 1841.

T.L.SmTR, Register.

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1841.;] SECRETARY OF THE TREASU]^, 483

Of Oe PMic Debt.

.^"

J

The payments on account of the ^old) fiuilld and^Mmnded debts
since the Ist of Decefaher, 1840, have hefdjfifas folloj^,^r

1. On account of <iie principal and inte.rest of the funded debt:

Principal : . ^mA' S554 17

Interest , ,^^ ^^iff. .-..,.. 3 , 8S7 1 8

.1

S'f- , :^ ' ^ $4;39i m

Leaving unclaimed and undiscl^rgod^^ ^ S2964G3 60

Principal ^/-.V.-V^ $62,434 7«

Interest -r---V 242,728 84

2. On account af the MEfiim^d debt $820 00

Leaving the amount of s^perd^cates and notes payable on
presentation ^^nr .4^. 35,417 63

Viz: , [ ■!

Certificates issued foiij^c^ftms during the revolutionary war»

and registered pri#to 1798 $26,622 44

Treasury notes issuecTduring the last war. , , , 4,475 00
Certificates of Mississippi stock , . . 4,320 09

The payments on account of the debts of tlie corporate cities of the
District of Columbia, assumed by the United States, were as ioUows,
viz:

Payment ^f the first instalment, due 1st Jzmuary, 1S41 . $60,000 00

Leaving due as follows :

Of the Washington city debt ,. S9nri,ooo OO

Alexandria debt 240,000 00

Geoxgetowndebt .,•:... 240,000 00

$1,440,000 0«

The payments during the vear 1841, on account of the
interest and chaiges of this deot amounted tOw --^ $76,496 67

Treasury Dbpartmbnt,

Registbr's Offick, December. ii 1841.

T, L. SMITH, Regit^.

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484 REtHmTB &F TStE BEdtCTdLKt; §cc. [Mtt

TreatumNote$ ittued oMty»JwWt»l, jAmmIi^ <&e balances outttanding.

l^reasurv n^^ issoed «Mbr tbb a6t of

12th Octobers'1887 w. ....... w . .«10,9OO,OeO 00

Treasury qgKM VMLeeflidd moAnt said aot. OidSoiodS 49

^ $te««M 93

Treasury notes issued imder the-aot8 of Slst

Aby, 1838, and 2d March, 1839 9,367,086 22

Treasury notes redeemed under said acts. 9,514,228 17

62,868 06

Tita^ury notes issued under 4he»M€f Mat

March,1840 7,114,26181

Treasury notes fedeMoed under said aoU' 6,686^00 06

■•' 1,431,»W 96

Treasury notes issued under the act of

l^diFebraaiy, 1841v... M79^<dl m

Treasuiy notes ve^keeOHBd under said sot. S^O^TW <8i

<»88Mia 46

Total outjitAndiiig<m th^ Mth Peemlbet, (td4I. . .^.jtH^OSStASn 09

=t=

•VUe.— The amount rMeired for duties and lands net jet reported for satry in ^e books of
this office iB about |160,000.

RiaiSTEii's Office, December 20y 1841.

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REPORT ON THE FINANCES.

DECEMBER, 1842.

^„:

Trbasury DEPi^jMraENT, B^cemhet' ISj 1B42.
Sir: In obedience to the directiongL of the act of CSongress of the 10th
of May, 1800, entitled, " An act supplementary tp the act endUed ' An
act to establish the Treasury Depaittaeolf' " and an act eiidtled *^ An
act to establish the fiscal year," 4^, wprpved the 2Gth August^ 1S42,
the Secretary of the Treasury respectfully submits, tjbc following rc|x>rt!

I. OP THE PUBLIC REVENUE AND BXPai^Wri^PnW^

The balance in the Treasury on the 1st January, 1842, (exclusive of

the amount deposited with the States, trust funds, and indemnities,)

was , $230,483 68

.The receipts into the Treasury during the first three

quarters of the present year, amount to . $26,616,593 78
Vn:

From customs $14,260,830 36

From lands 1,091,638 96 . '

From miscellaneous and

incidental sources 112,967 17

From Treasury notes per

act 16th of February,

1841 1,060,206 06

From Treasury notes per

act 31st of January,

1842 7,794,821 69

From loan of 1841, '42. 2,296,129 67

The receipts for the fouith quai;ttr» ilk if

estimated, will amount to , r ./, . , » 7,886,000 00

Viz:

From customs $4,00©,f0t M

From lands 366,000 00

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486; REPORTS OF Tfm, (18«ft

From miscellaneoua and

incidental sources $aO,000 Oa .

From Treasuiy notes. • . 21,500,000 00

Fromloan 1,000,000 00

Making the total estimated receipts ibrtbe jear. $34,509,599^ 78

And, widi the balance in the Treasuiy ea the 1st Jan-

oaiy last, an aggregate of |34,73S,077 4&

The expenditure for the first three qdar-
ters of the present year have amount-
ed to $26,264,882 20

Vk:

Civil list, foreign inter-
course, and miscella-
neous $4,371,933 9S

Army, fortifications, pen-

- sions, -fulfilment of^ In-
diantreaties, suppress- ^
ing Indian hostilities,
,&c 7,065,086 95

Naval aervice 6,717,084 17

Treasury notes redeemed
including interest 7,956,400 35

Public debt, including m-

terest on the loan. . . . 254,427 80

The expenditures for the fourth quarter
are estimated on data furnished by the

respective Departments, at $8,238,278 15

Viz:

Civil, foreign intercourse,
and miscellaneous, (in-
cluding the amounts
due to States for distrib-
ution of the sales of pub-
lic lands, and amounts
jdue to Mississippi and
Alabama, under act of

. September 4, 1841)... $2,144,013 97

Army, fortifications, pen-
sions,, fufilment ^In-
dian treaties, suppress-
ing bdian hostilities,
&c.^ : 3,710,496 45

Naval service 1,828,885 15

Interest on loan 152,442 58

Unclaimed dividends . . . 9^000 «ft

Principal and interest on ...

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iBta.} SECRETAEY OF THE TREASURY. 487

Treasury notes - $400,000 00

To which add outstanding wairrants

issued prior to 1st January, 1842 $905,47ft 68

Making $35,808,634 38

Leaving a deficiency in the Treasury on the 31st Decem*

ber, 1842, of ! . T $575,556 92

The above estimates of expenditures fi)r the fourth quarter of the

E resent year include, as it will be perceived, the sum of $805,474 03,
eing the amount of outstanding warrants issued prior to the 1st January,
1842. It is presumed, however, that a like sum will remain outstand-
ing on the 1st January next; and that instead of the apparent deficiency
as stated above, there will be an actuctl balance in the Treasury, on tfcJe
1st January, 1843, of at least $224,000. It is expected also that a like
amount of warrants may be outstanding on the 30th June, 1843, and at
the end of the succeeding fiscal year.

It is proper to remark that, at the time tjhe estimates of the expendi-
tures for the fourth, quarter were prepared by the several Departments,
it was believed that the e^pendlitures for the current quarter would
amount to the sum already stated; but it is now ascertained that they
will fall considerably short of that amount; yet as they will become a
charge on the Treasury early in the next year, it has not been deemed
necessary to alter the amount as first estimated.

n. OF THE ESTIMATES OF THE PUBLIC REVENUE AND EXPENDITURES FOR
THE HALF CALENDAR TEAR ENDING 30tH JUNE, 1843.

The receipts for the half year are estimated as follows:

From customs $7,600,000 00

From lands 1,600,000 00

From Treasury notes and loan 6,638,113 46

From miscellaneous sources 60,000 00 •

— ' ; $14,688,113 46

The expenditures for the half calendar year ending the

80th June, 1848, are estimated at. 10,381,186 76

Viz:
Civile miscellaneous, and foreign inter-
course -. $2,72fl,7d6 80

Army, fertificadone, pensions, fiilfilHient
of bdian treaties, suppressing of Indian

hostilities, Ac.. ... . ; - 8^033^829 60

Raval service 4^019>060 46

Interestonpublic debt and Treasury notes 606^600 00

m. OP THE estimates of the public RKVB19UE ANB BXFBJIDIT1JBB8 POAl
THE FISCAL TEAR BKBIMa TAB SOTH JtTVS, 1844.

The receipts for the fiscal year ending the 30th June, 1844, are est!-
.. mated as follows:

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4^ flE!K)RTS OF' lUE flS*R

From customs tt^fiO^OOO iJO^ '

From lands 2,700,(M)0 00 :

From miseellaneoQS souroM^ « ^ ^ . j 150,000 00

$18,8*0,000 00

The expenditures for thefiscai jrear etidrng
tlie30thJuneylS44)areeitiii]£tfedat.^.4w.^*.4 JM|946|4A8 7t|

Civil, miscellaneous, and foreign inter-
course .....j^. *....*. -.•-**. $8,884,384 44

Am^, foirtifications^ pensions, fiilBkneiit
of IiKian treaties, soppreming of Indian
hostilities, ftc.^...« .. w.. ...>..... w 8^612,049 61

Jhmdservioe...... ^.. ........ 7,318,(^1 71

incerest on poUic debt and Treamuy notes it211v000 00

Bjr the foregoing statements it will appear that a deficiency ^ill exisf
in the Treasury on the 31st Deceinber, 184S, of. ^75,556 92

The receipts for the half calendar year
ending on the 30th June, 1843, are
estimatedat 14,688,118 45

And the expenditures for the same period
at. 10,381,18« 76

Leaving a balance of 4,306,936 69^

From which deduct the amount of deficiency as above,
and the balance remaining in the Treasury on the 30th
June, 1843, vdll be 3,731,369 77

The receipts into the Treasury f(^ the fiscal year ending
on the 30th June, 1844^ are estimated at 18,850,000 00

Making, with the balance as above ^ .- 22,581^69 7*?

From which deduct the estimated expenditures for the
fkcalyear ' 20,945,498 76

And the balance m the Treasury on the 30th June, 1844>

wiUamoimtto $1,63^^71 01

Assuming, a^ is highfy prefcable, that the balance of the loan author-*
ized by the acts of 2l8t July, 1841» and Vkh April, 1842, axnottntii^ In
$5,538,118 45, will be negotiated mit)^ to the 15th April, 1843,' tba lunit
of the term within which it can na lakra^ it has been i&cWed in the
receipts of the next half yeo^. Should, however, this reasoniiUe expiMf-
ation be disappoint^ a* to ii» whole amount of such baJancei tbf
deficiency thence arising may be suppUed by the issue of Treasury notes
mider the octthori^ of the act erf* &lst August ks^ to -ibe amoimt. if
$3,500,000 ; ^faach sam* togedier with dial leaHzed by the sale of stock,
will, it is believed, place in the Treasury an available amount ad^uate
to meet all the anticipated demands up to the 30th June, 1S44; and if
the whole of the balance of the loan be taken within the period Hnlfted

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1MR3 SECRETiiES" OF TBB ISSEASURT. 489

hgr luiTy lir seif^rld balanoes lemtiiiiDg m di« Tr^Btgxjsj od the Sdth>
JwuBf 1848^ and 80tb Jime^ 1844^ wiH ht as iddicsted in ih% feregoing*

it vrilR W psreeived liiali, ki the estimate of expebditares idbsequent
to the l8C or Jamiarjr next, the md^mpdtm of Treasuiy Botes is not
tefam into acoecuit* But few notes have been presented at the Depan^
nentibr ledempdoa since die passage of the act of the Slst August last,. [
and nearl;^ the whole amotmt caiveeBed since that daj were taken in y
payment of public dMs* Should the notes issned under the act above ^
Bentiened be placed on the ssrme fix)Ckig witfc the previouB issoes^ so as
m bear interest after matuntf ^ payabte haltyeartjr, until called in for
BddapBpdon, it is beheiv^' ban a small amount vrovid &U into the expend*-
kares for tlie ensning eighteen momhs. it is recommended^ tberefove^
tbot this be done : odierwise tbo expenditures diiring the period last men*-
tbned mMt ncx^essarify be tnetesBed io the amount of probably three tto
imi* miUiona «f dolla^ im feden^on of issues nndcg: the act of Slst
A^i^^st last. But for tiie purpose of ffuarding against unforese^i eon^
ta0eil<xes> it is {onher recommended mat the existing authoriiy to leissoe
Tieasux^ ibtes shovld be etftended to the Mth June, 1844v

The loan of $6,672,976 88, borrowed under the provisions of the act
of the &lst July, 1841, will be redeemable on the 1st January, 1845;
mod on the assumption that a reissue of Treasury notes, as above sus^
|ps8ted^ fifcali be authotiaed by Congress, the whole amount now outstand-
mgt together with that of the issues that may be hereafter made, under
the aet of 3l8t August last, wffi fall doe prior to the aoth June, 1845.
Akbougb paynient of those notes may not be at once demanded when
doe, and the time of repayment of the loan of 1841 is pkced at the pleasure
if Glovemmentt yet the uability to pay those seveml amounts must exist,
aad the means to pmvide for ^ exigeo^ cam be afibrded only l^ fur-
iterl^[islatioa«

The present tariff, in its main foatures, resembles so nearly die tnU
tabuntled to Cdn^mscr by" tte De^itment on the 9di May last, that the
tiews expressed m die report w^ich accompanied the bill, may be con-*
skleied as applicable, to a great extent, to the system of dutiies now
estafafished. The period wimin which the taiifF has been inro]^ratioa \
has been much too short to ftimish any decisive evidence as to its per* J
manent iofluenoe upon impcntations* The feireign trade of rfw country
has continued to decUne, and importations have been comparatiTely emsal
since die passage df the act. How far this state of tlikigs may have
beeen in&iQIiodd by the.exiating s^s^m of duties, it is impossible to de- .
termine. The smallness of the importations may be well accounted for
by the embarrassed conditkNn of the country and eactremi^ limited
means of purchase. The amount of foreim commodities in our market^
IS still found gready to exceed the demand, and the fall in the prices of
merchandise since the 1st of September is supposed to be, on an
average, not less than ten per cent. , This &ct will be found verified in
a letter from the collector at New Ycwk, annexed hereto, to which refer-
ence is respectfully made; and it is deemed conclusive to show that the
decline in the importations since the 1st September cannot jusdy be

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BEPOETS OP tHB XUti-

wt§Bmd to oar wjtfian of diMieSp aod dat ike dfeei of ife exkbog tanff
muaiat to be detendned bj iiirtfaer and HM>ie watkSmiJkMy ei^giienceu

The impoitaDct of adequate provisioD for rerenae camot be toooftoQ
or too itiDng^ gqjipd opoa the attentioa of Ciiicw m Tlie reaamoes of
tbe ooootiy are aboodaiit^ lutomal taiatwn, cnier direct or aidnect^haa
aotof late years been feoiid oeceasarj* and k is itfll bdiev^ that as^»>
tern ci cuKooi house doties au^ be made saffideatlj oooapvehenshre to
yield aa inooose cominenrofate with a& the waats of the coantiy •

Theie aie Tarious articles of ioiport, seiwral of then of Teiy large •
and mawetwal coosQinptioii, at present ottaxed, or sudiject to dotiea
eactieoiely low, and some of wbi(^witboitt»periHips,in any conridefaMe
dearee, ksseniog the amoont of their conB«ni|iCioav migltt bear imposts
yindiog an aggregate addition to the revenue accmii^ mder the exists
ing laws of not less than $3,000,000. These ofler tfaemsetres far selec-
tion, and k resu with the wisdom of Congress to make that sefcctiop, or
adopt any other mode of secnrii^ the leoeipt of sock ao amount of
revenue as shall be deemed sofficient to meet the expenses of an eoo^H
omical administration of the Govemmeitt, and adrd the means of sus-
taining measares necessary br the defence of the ooonCiy and the maio-
tenance cf the pobhc credit.

This last object is c^ infinite importance. The hooOT of the country,
its just self-respect, the pride whicn every dtiaen must fed in the M^
character of its Government, — all these requiie that die public fiiith and
the credk of that Government should be wiced above dcmbt or question.

Deeming it highly probable that the pdicy of estaMishing a wardionse

Sstem mij^t enga^ the deUberatioos of Congress at the present sessioD,
B attention of coUectors aad other oflbsers at various ports was called
to this sulgect by a circular issued fixMU the Department on the d4tk
November last, a copy of which, together wkfa the answers received^
and a table of exports of foreign merchandise, is armexed. It has been
though advisable, also, for the sake of convenient reference in a matter
of mdi general interest, to attach to this report a copy of 'the statute <^
the 3d and 4th William IV., which embodies the warehouse system of
Great Britain in a form matured by a long experienoe. Li connection
with this will be found a copy of regulations established under autkod^
of the statute above mentionedy bjr me ccxnmissioners of the Treasury,
which will afiord a satisfactory view of the practical operation (^ the
^stem as k now exists in that country.
I am, very respectfully, sir, your obedient servant,

W. FORWARD, Secretary of ^ Trmmry.

To the BFBAiisa of the Hou$e of Representativei.

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194*.] SECRETARY OF THE TREASURY. 401

LIST OF DOCUMENTS

▲irifBXBD TO THB AKNUAI. BXPORT ON THB PUTANCnSfiU

A. Receipts from January 1 to September 30, 1842.

B. Expenditures during tne same period.

C. Statement of the public debt.

D. Amount of imports for 1840, 1841, and 1842.

E. Amount of imports and exports for the year ending Sept 30, 1842.

F. Amount of exports of foreign merchandise frojn 1821 to 1841*.

G. Report of collector of the customs at New York on the tariff. *
H. Warehouse system of Great Britain.

I. Correspondence with collectors and others, in relation to the estab-
lishment of the warehouse system in the United States.

A.

Statement &/ Moneys received into the Treasury from all sources other than
customs^jpuMic lands^ and funds held in trust bv the Government ^ from Jan--
uary 1 to September 30, 1842.

Arrears of internal revenue . . r • $495 00

On account of the patent fund. . . - 26,558 59

Moneys received from persons unknown 206 70

Dividends on stock in the Louisville and Portland canal . 56,912 53

Surplus emoluments of officers of the customs * 318 03

Debts due from banks to the United States 23,078 11

On account of the late United States trading establishment

with the Indians 1,456 92

Fines, penalties, and forfeitures 1,592 44

Moneys received under the act concerning consuls and

vice-consuls 121 80

Surplus emoluments of district attorneys 148 58

Moneys received from balances <rf advances made by War

Department 2,083 47

$112,967 17
Moneys received on account of Treasury notes issued per

act of February 15, 1841 1,060,206 05

Moneys received on account of Treasury notes issued per

act of January 31, 1842 7,794,821 59

Moneys received on account of the toan of 1841 and 1842 . 2,296,129 67

$11,264,124 48

TbBASUBT DSPAETHBITT, .

Rboistbb's Office, Dtotmber 5, 1842.

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>mt Jbwgry 1 to Stfifmher 30> 1 SA2,

dm., MiscKUjunors, AXD rusKisar uiiLtuit'isB.

hepfdatm 1089,7^ «

ExecoCive Dqpartmems 679,404 W

OflBcenandderksoTtbeMimaodbF^nches. 33,652 55

8onrejon and their cledu 37,018 48

Secretary to mga patents forpoUic laads. 1,125 00
CkrnimiwBooCT of Pabtic Biukliiigs, Wash-

ingtoD 24^50 00

Govenuneots in the Territories (rf* the United

States -•.. 111,307 82

JudiciaiT 416,429 00

12,871,072 78

Payment of sundry annuities ^ 600 95

Mint establishment 47,966 18

Support and maintenance of h^t-booses. 293,678 69

Surveyingthe public lands 72,773 40

Surveying the coast of the United States. , 61,734 00

Registers and receivers of land offices 1,838 06

Keepers of the public archives in Florida. 750 00

Repayment for lands ernnieously sold 19,971 99

Marine hospital establishment , 73,964 81

Bailduig marine hospital at Mobile 10,362 45

Roads 1^ canals wimin State of Missiisqipi 18,722 06

Fureitore for President's house 1,600 00

Public buildings in WadiiogUMi^&a 153^596 34

PenileDtiflry in the District of Columbia. . 7,503 50

Boildii^. custom-houses 73,499 15

Relief sfthe corporate cities in ibe Diatiict

of Columbia, principal and interest 114,600 56

Salajriee of receivers general. Sec* «. v 1,637 24

Contingencies .*,»*.^.. 160 79

Balief of sundry individuals 117,822 49

BeliefofcertaininhabitanU of East Florida. 122,802 84

Payineut far horses, &c 1,361 72

Additional compen$atioa to ooUeelprai lee* « 20,405 00

Patomfund 37,789 50

Sixth census 177,685 69

Refllndillgd^tie8 98,629 56

Debentureaad other charges. , 1^,704 00

Survey of the boundary between the United

States and Texas 1,366 46

Exploration and survej of the northeastern

boundary of the Umted States^ 4t»151 49

To meet the engagements and pay the debts

of the Post OtSoe De{>artment 53,697 00

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Wm] SECBETKBY OF TBB TKEASURT. 4M

Preparing documents ordered by Ooagteds $S9,M2 68

BCscellaneous items 27,288 M

4l^0,9M>HB

Salaries of Ministers of the United Stales. . 46,34^ 05

Salaries of Secretaries of Legation ^ lfi,216 66

Salaries of Charges d' Affaires w ..... . 42,900 38

Salary of Minister Reoident to Tui^ey 3,356 00

Salary of dragoman to Turkey, aDd codtiQ-

gencies ^...,^^...,^ 1,026 00

Outfits of Ministers to Russia^ &c., >aii4

Charges d'Afiaii>eb te Portugal, Ac. J27,000 00

Outfits of Charg6s4'A£yresto:Sweaen,&c.. 18^000 00
Contingent expenses of all the missbons

abroad -w . .^.^.. ..^ 88y453 6»

Contingent exMnses of ibreign ikitierbourBe. 26^500 00

Intercourse wtth Ba^banr Powers 8,309 09

Diplomatic aj^ts kt £urope lo attMd to

the tobacco interest 2,000 00

Salaries of consiils at London and Paris . . 166 66

Relief and pn^)ectioii ^ American seamen . 43,968 31
Allowance foir ofiSoe-rent, cletfc*hire, ftc*,

to American consuls at London w...^^. . ^444 47
Expenses of the comnuision under .the con^

vention with Meittca 9,11T 1«

Expenses incurred by the l6^;«tiQD at Ifex-

ico, for subsistence &;c., to prisoners. . . 6,160 00
Interpreters, guards, and other expenses,

Turkish dominism '. * - 3,000 00

0889,961 18

BflLITART -BSTABUSRKlSNf •

Pay of the Army ^ «4tt^01ie,14d 68 %

Subsistence of oOmrs — . 370,762 -85

Subsistence depailtbeut . 390,616 69

Quartermaster's dfi^^aitment 266^40 72

Incidental expenses of the QnArtsrmaster'd

department . 122,087 92

Transportation of officers* haggayw,. <.. . 80,602 43

Transportation ef the Artny ...^ 100,236 16

Forage w 76,896 82

Purchasing depattHefit - 288,864 7»

Paymients m lieu of cblhing . for xlischai^fdd

soldiers ....... ... . ^ . . 13,021 £3

Clotiiing for officers* servants. 6,160 19

Two months' p^ to reei^slsd soldieors,

and expenses of r^ruiting^,;. 16,2] 8 80

Medical and Hospital department.. •.. . . 28,676 88

Ccmtingenciesoftbe Army. ..« ....• 1,206 12

Arrearages prior to Jaly, 1816^^».»»^... 3S0 82

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4m HEF0BT8 OF THE [ISiS.

Axmn^es prior to Jalj, ISIT, per act

Jamiuy 37, 1%M $138 M

Imdidnd UffaypcMioM 177,770 34

Pencwfks to widovrs and oqihiM, (psyaUe

tkrov^tbeTfandAoditor's office) UMi 78

Pensioas to widows aad oqihansv per act

orJal7 4,1836 16M13 M

Berokttiooaiy pensoos, per act of March

18,1818 132,036 00

AeroletioDajy ckunift, per hex id Maj 16,

1828 47461 33

HevofaitioDar7peiHioDs,peraclJiiDe7,1838 666,633 96
Five years' pensioos to widows and orplvms,

per act of Jufy 7, 1838 112,718 63

Virgima claims, yer act of July 6, 1832 16,031 31

Unclaimed peosioBSt per act April 6, 1838. 36»086 40

Pay of otBoen, cadets, Ac., West Point. . 49,636 06
Sobsisteace of officers and cadets. West

Point 61,293 76

Forajp br officers' horses. West Point 6,749 06

Clothmgior officers' servants. West Point.. 426 11
Expenses of the board of visiters, Jcc^

WestPoint 16,380 66

Increase of library. West Pcnnt 1,000 00

RecoDStmctioD of buildings (or hbrnrj, Idc^

destioyed by fire. West Point. 3,081 37

Foel, ibrage, stadbnery, and printing. West

Point.- 4,981 46

Bepdrs, improvements, and expenses of

buildings and grounds^ West Point 3,267 60

Department of drawing, West Point , . • 275 00

Department of mathematics. West Point. 1 75 00
Meteoiological observations at militaiy

posts 1,000 00

Arsenals : 39,664 66

Repairs of arsenals 3,740 36

Purchase of site, and rebuilding arsenal at

Charleston, South Carolina 1,700 00

Barracks, quarters, &c», at Fort Jesap 6,970 00

Barracks, quarters, &c 144,646 44

Barracks, quarters, &c., at Fort Smith. . . . 33,000 00

Barracks, Quarters, dec., at Turkey river. . . 6,197 91

Arming and equipping militia 166,166 51

Ordnance ^ 63,364 74

Ordnance, ordnance stores, and supplies.. 69,749 12
Expenses of preparinfi; drawings of a uni-
form system of artiUery 160 00

National armories 172,397 99

Bepairs and improvements, of Harper's

Ferryarmoiy ISfiW 00

Digitized by LjOOQ IC

1»«,] SECRETARY OF THE THEAStJaY* 4fK

Repairs and improvements of Springfield

armory $16,601^37

Armament of fortifications ^ . i . . 110,066 70

Repairs and contingencies of fiMtificatioos. 965 95
Incidental expenses of fortifications^ and

purchase of khd, &c /.. 76,607 88 ,

FortAdwns ,..,..... 81,00000

• FortNiagara ..<... 6,830 00

FortSchuyler 66,000 00

F<Mt Warren 96^600 00

FortPulaski 48,800 00

Fort Monroe 66,169 81

Repairing and rebuilding the old fort at

Oswego, &C. ....... - 8,006 66

Preservadon of Castle Island, and repairs

of Fort Independence 64,600 00

South Battery, New York harbor 300 00

Repairs of the old fort at the Barancas,

Pensacola 32,200 00

Fortifications at New London harbor,

Connecticut ....;. 16,000 00

Fort Hamilton 2,600 00

Fort at Grande Terre, Louisiaiia, (Fort

Livingston) : 36,648 64

Fort Columbus 300 00

Repairs of Castle William, and sea-wall. . 9,600 00

Fort Castle William 300 00

Fort Caswell. 400 00

Fort Sumter 1. 41,266 00

Fort on Foster's bank, Florida 8,640 67

Fort Pickens W,677 20^

Fort Morgan 26,107 00

Repairs of battery Bienvenue 1,422 17

- Repairs of tower Dupr^ 260 00

Permanent wharves for Fort Cdiumbus,

Castle WilUam, and south battery, on

Governor's Island 16,000 00

Continuing sea-wall at St. Augustine . . 4,200 00

Repairs of Fort Washington 8,000 00

Repairs of Fort Macon 3,700 00

Preservation of Fort Johnson 10,962 67

Preservation of the site of Fort Ma^con. . . . 8,300 00

Repair of old fort at New Bedford harbor. 1,200 00
Repairs of old Fort Griswold, New LondcMi

harbor 6,000 00

Repairs of Fort Wood and sea-wall, Bed-

fow's Island, New York harbor 34^000 00

Repairs of forts Caswell and Johnson, and . .

preservation of the site of the former, at-

the liiouth of Cape Fear river. ..*...* 6,Q00 Oft

Drgitized byLjOOQlC

REFQBTS or TUB tiStt.

Commencing dike at Dranken Diok ^htmlf -

for the preservatlkm of SuUivan's lalapd

and the site of Foart Moultriei Cbarleatpa

harbor fll«8a6 00

Repairs of Fort Marion, Sl AiigiistiiiQ,

Florida «,4ff0 00

Repairs of forts on the approaches to N.e.w

Orleans, Louisieaa , , , *. . ,.,-.. .27,050 00

Defensive works, barracks, and purchase

of site at or near Detroit, Michigan. .-.-^ 3>5P0 00
Purchase of ute, &c«, for barracks and

defensive works at or near BuffiJo — , , 19«900 00
Fortification at the outlet of Lake Cbam-

plain, and purcheee of site* » , « 500 00

Payment of Florida militia serving in 1830*

and 1840 ...,,,-.,,..., 4>fi»i «0

Payment of FJorida militia on account of

Quartermaster's department ...^ 18>090 ^OO

Preventing and Buppressing Indian hostili-
ties a»,<»6^

Payment of Oaptain Snodgrass's company

of Alabama voksHteers ^..^,^^^^^. &6 34

Payment of claims due for military and ^
geographical surveys west of the Missis-
sippi * .•-••: 'vr* 10^868 18

Improvement of the Missouri and -Missis-
sippi rivers, Ac*, &c , , . j500 90

Hydrographic survey of the northern and

northwestern lakes ......,^,,^^^.^^ .6,539 00

Completing dike fiom Goat Island, and.m-

moving fi^ to new U^ht-houses. ,,,,, 10,000 00

Removing raft from Red nver .,.....> ^ ^ .... .11,236 87

Civilization of Indiana. ^. . ^^096 00

Pay of superintendents of Indian afl^s and

Lidian agents ^ ^. •....-^ . . • . 11,328 29

Pay of sub-agents ^...^. . .^.^ •. 6»806 18

Pay ofinterpretere .,^,»,..^^^., 4,7SS &•

Provisions to indiaitf .«^^..^, •^».«.»» 6^11 78

Buildings and Topaiis ....^^^»>^^ 8»4(88 S)i

Contingencies ioflBdian department,,....^ .29^413 98
Fulfilling treaties widb die —

Pottawatomies . . * ,,.l 14,926 31

Pottawatomm 0f Indiana, 15,000 00

Pottawatomies of Huron .• •,• .^ •, ... 400 00

Pottawatonries of the Prairie, • • 16^600 00

Pottawatomies of the Wabash. •..•^.. £0,000 00

Creeks 58,4*4 21

Florida Indians — • ^«. ^. ^.•^ . 80,757 .16 * .

Six Nationsof New York...,^.,,...... 4^75 00

SenecasofJfew York ^^ ]6^M0 iQO

Digitized by LjOOQ IC

XatA} SECRETARY Of THE TREASURY, i»l

Fulfilling tieaties with the lo^^is^ $7,8?6 -00

Ottoes and Missourias ^ , . * 4,280 00

Omahas... •'...* , 1,080 00

Choctaws -....- , .. . 36,058 55

.Sacs and Foxes, lowas, Sioux, Qmahas,

. Ottoes, and Afissoorias. , , 672 88

Wyahdots.- 5,995 65

.Ottowas... , 4,300 00

Wyandots, Munsees, and JDelawares. . . 1,2^5 50

.. Mamies...^ ,... 50,897 97

Chipjpewas, Ottowas, end Potiawato-

mies....; *.♦...- 35,116 00

Menomonies. ....• .... . 31,110 OO

Winnebagoes ,. 85,038 38

Christian Indians . y . .'. .'*.•„.*.. 400 00

Chippewas of Mississippi. ^ ...-,,..,. , 33,823 08

Chippewas of Saganaw * 4,433 75

Chippewas and Menomonies, Winneba-

goes, and New York Indians. . . ^ -^^ . . 760 00

Kanzas . . .* , ^ 5,680 00

Osagesr.... 29,193 85

Delawares. •...„.,..... 7,68000

Chickasawal . .* * , v ^ . 3,853 07

iauapaws - 3,033 67

Chert)kees 3,799 15 .

Ottowas and Chippewas. ,... 54,510 00

Sioiix of Mis6issi|)pi ., 35,738 70

. Yancton and Santee Sioiix 980 00

Sacs and Foxes of the Missouri. ... 7,870 00

Kickapoos » 1 . . 5,250 00

Shawnees (proceeds of land sold per act ^

of January, 1837) . ^ 2,000 00

Senecas and Shawnees . . .^ , 1,640 00

Senecas... ^ ^ 1,940 00

.Pawnees * 7,900 00

Eel River Afiamies ^ 1,100 00

ELaskaskias and Peonas .^ 3,000 00

Shawnees. - 6,340 00

Weas ..^ 3,000 00

Piankesbaws 800 00

Miamies of 28th November, 1S40 . . 286,273 96-

Medals for Indian chiefs : , 1,550 00-

Holding treaty with the Wyaadots of Ohio. 1,154 1&

Salaiy of a clerk to the superintendent of ^ »

- the western frontier.^... 500 66

Tenaporary subsistence of Indians west —
expenses attending distribution of the
same under the direction of the Secretary

ofWar 4,685 60*

Compensation of a clerk in the office of the

Vc«i. ly.— 32. rc^f^n]r>

Digitized by VjOOvIC

498 KEPC^9« OF THE [I84&

superintendent of Indian ^&iiB «t St.

Louis .**** $900 00

Canying into effect treaty witk Ckippewas

of Sa^anaw of 1887 and 1838 w 976 19

Canying into efiect treaty with Sacs and

Foxes of Mississippi, 1837 ....... 1,79S 99

Canying into effect treaty with Winneba-

goes ^17 09

Carrying into effect treaty with Cherokeesj

per act 2d July, 1836 88,189 08

Canying into effect treaty with Ottowas and

Chippewas w — - 407 76

Canying into efiect treaty with Stookbridges

and Munsees, ratified 16th May, 1840. . 1,711 81

Sales of reserves of Creek Indians under

treaty of 1832 427 00 •

Blacksmiths' establishments 676 18

Treaty stipulations 21 00

Removal of the Choctaws fitxn the State of

Mississippi ' 6,000 00

Payment of claim provided fi>r in the fourth
and fifth articles of Miami treaty, 6th No-
vember, 1838 229 61

Payment of expenses of investigating frauds

on the Creek reservation of 1837 684 87

Payment of purchase money for Osage res-
ervations 8,670 98

Interest on stocks under Chercdfee treaty of

1836 66 00

Interest on stocks for education of Chif^)e-

was, Ottowas, and Pottawatomies 6 87

Interest on stocks for Shawnees » 646 99

Interest on investment for Choctaws under
their convention with Chickasaws of 17th

^ January, 1837 12)600 00

Interest on investment due Indian-tribesy and

reimbursable, &c 8,496 92

Expenses of holding treaty with Sacs and
Foxes, Winnebagoes and Sioux tribes of
Indians, for their titles to lands in Iowa. 2,624 62

Expenses of making treaty of 28lh Novem-
ber, 1840, with Miamies, &g. . ^ . . . 477 61

Expenses of a delegation of Seminole In-
dians west oi the Mississippi to Florida. 6,286 00

Arrearages of pay due Florida militia under .
Brigadier General Reid, for she months
in the service of the United States, fiiom
November, 1840, to April, 1841 47,604 01

Airearages due for roads, harbors, rivers,

&c., and protection of public property. . 27,216 74

Digitized byV^OOQlC

1843.] SECRETARY OP THE TREASURY, «98

Surveys in reference to military defences

of the frontier, inland and Atlantic 419,680 90

Defraying expenses of selecting a site on

the western waters for a national armory. 3,000 00 /

Relief of Richard Booker and others, per

act 2d May, 1840 169 OS

To adjust the accounts of Clements, Bryan, •
& Co., under 2d secticHi of act 3d March,
1841, for the temporary support of the
destitute Kickapoos. 11,606 80

Benefit of the legal representatives of Ed-
ward Lee 350 00

Relief of Jos. M. Hernandez, per act 22d 'F^*^'I

March, 1839 23,500 00 t^

Relief of Andrew Rembert, per act 3d

March, 1839 63 9a %^

Balance due the city of Mobile for two ^^

companies of mounted men, per act 3d
March, 1841 14^676 23

ReUef of Chauncy Calhoun, per act 9th
July, 1842 306 63

Relief of Mary Prettyman, per act 11th

August, 1842 247 00

Relief of Sylvester Phelps and heirs or le-
gal representp^tives of Charles Landon,
act August, 1842 2,100 00

Relief of Marston 6. Clark, per act 11th

Auffust,1842 302 60

Relief of John King, per act 26th August,

1842 i 900 00

Relief of George W, Paschal, per act 11th

August, 1842. 287 60

Relief of Mary W, Thompson, widow of
the late Lieutenant Colonel A. K. Thomp-
son, 29th August, 1842 900 00 .

Relief of William Polk, per act 29th August,

1842 119 60

Relief of Benjamin C. Roberts, 11th August,

1842. 62 00

Relief of the legal representatives of John

Scott, jper act 11th August, 1842 1,600 00

Relief of Springfield 'Manufacturing Com-
pany, per act 23d August, 1842 4,766 98

$7,106,876 86
From which deduct the following repay-
ments, viz :

Pay and subsistence $1 70 .^

Purchase of twenty-eight fire en-
gines * . . * 66 86

Digitized by CjOOQIC

«00 SEPOKTS OF THE [184S.

Fort Calboiin $12,000 00

ProcecdoD of nertfaera fiooti^. . 249 99

Fcmige br dragoons, vcdnnteefs,

Ac 1,328 12

BCsceDaneoiis and contingent

charges 272 20

Transportation of supplies 3,041 54

Sabo^ence of militia, ▼cdonteers,

Ac - 1,710 59

lEEtaiy road between the St.
Peter's and Des Moines and
Red rivers 102 76

PreservationofPlymouthbeach. 26 60

Sresents to Indians 10 00

Transportation and incideittal
Jl^^penses, Indkm department. 44 97

Effecting Choctaw treaty of Oc-
tober 11, 1820 2,19128

Indian annuities 130 50

Support of two blacksmiths* es-
tablishments for Osages 30 76

Removal of such Seminole In-
dians as ms^ surrender for
emigration. 2,018 10

Rifles, &c., for Creeks, per act

4thJune,1832 66 24

Interest on stocks for Choctaw

orphans' reservation 9,964 18

Claims of Western Cherokees for -c

improvements abandoned... 63 94

Boat to prevent new accumula-
tion in tied river 18 36

Improving the navigation of the
Mississippi above the- mouth of
the Ohio, and the Missouri
river 1,302 85

Improving the navigation of the
Ohio and Mississippi rivers
both Louisville to New Or-
leans , 1,300 00

Imiproving the navigation of the

Arkansas river 1,116 66

Road fix>m liClwaukie, via Mad-
ison, to the Mississippi river,
oppodite Dubuque : . . . 1 69

Survey of a railroad from lifil-
waukie to Dubuque 671 26

Cumberland road in Indiana. . . 40 00

Survey of the Des Moines and
Iowa rivers...... 86

Digitized by

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W«8.] SECRETARY OF THE TREASURY. flOl

Road from Jacksonville to Talla-

jhass^ i V ... $104 83 *

Road from Burlington to Indian

agency on the Des Moines ' j69

Road firom Burlington to Des

Hagnes ., 26 47 •

Construction of bridges, &c., be-
tween Prairie du ChSen* and
Dubuque.....^..:... .' 2131

Efl^cting Choctaw treaty of Oc-
tober 11, 1820 . . 2,191 28

. r— $41,839 41

— ^$7,066,086 96

JTAVT BSTABLISHMBNT.

Pay and subsistence of the Navy* ... $2,089,071 60

Pay of superintendents 67,376 80

Increase, repair, armament, and equipment

of the Navy J. 2,221,391 66

Provisions 667,382 03

Medicines, surreal ihstruments, fcc 33,262 80

Navy-yard at Portsmouth 20,000 00

Navy-yard at Boston... 21,214 71

Navy-yard.at New York 68,704 86

Navy-yaid at Washington 7,471 77

Navy-yard at Norfolk 22,820 68

Navy hospital at Boston 623 46

Navy hospital at Brooklyn 8,480 81

Navy hospital at Norfolk " 470 88

Navy hospital at Pensacola 1,689 16

Contingent expenses of the Navy^ 478,023 24

Contingent expenses nof enumerated 11,996 82

Repairs of navsd asylum at Philadelphia. . 861 60
^ Survey of the coast from Appalachicola bay

to the mouth of the Mississippi river 6,612 26

Pay, &;c., subsistence, &c., of the home

aquadron 419,219 12

Building and equipping war-steamers of

mediumsize 828,066 86

Suppression of the slave trade .-. 2,646 10

Fay and subsistence of the marine com. . . 171,908 87
Subsistence of non-commissioned officers

serving on shore. - - . - 88,086 14

Medicine and hospital stores for marine corps 2,716 66

Fuel for marine corps 7,429 28

Militaiy stotes for marine corps 860 72

Ckjthmgfor marine corps.... 42,666 08

Contingent expenses for marine corps — . 11^416 84
Transportation and recruitiBg for marine

corps ^ 6,726 72 ^

Digitized by LjOOQ IC

608 HEFOBTB OT THE t^a«».

Bepairs of barracks $12,463 24

Charter of the steamers S^ndid and Clar-

ioDt'fbir the sunrej of Nantucket sboel 4»345 3d

Arranging, pieseiring, fcc, cdlectioos made

by UieExpkraig Expedition 5,100 00

Constmction^ Ice., of armed steamers, frc 13,000 00
Erecting the statoe of Washington, &c. ... 4,000 00

Rehef of Daniel Kleiss, per act 11th August,

1842 83 62

Relief of Andrew Forrest, per act 29th Au*

gust, 1842 368 34

Relief of Francis G. McCauley , per act 22d

JuDe,1842 742 09

$6,72^,126 03
From which deduct the fidlowing repay-
ments, viz:

Navy-yard at Philadelphia $1,046 18

Navy-yard at Pensacola. . 4,946 69

Contingent for 1829 26 06

Privateer pension fimd 8 07

Completing and fiimishing hos-
pitals 10 00

Magazines on EUis's Island, in

theharbcM-ofNew York 13 87

6,041 86

$6,717,084 17

PUBLIC UBBT.

Interest on the funded debt $2,000 21

Interest on loan of 1841 and 1842 240,262 66

Redemption of the three per cent, stock. . . 7 48

Reimbursement of Treasury notes, (old) . . 167 66

Reimbursement of Treasury notes, per act

12th October, 1837 , 8,260 00

Reimbursement of Treasury notes, per act

31stMay, 1838 17,000 00

Reimbursement of Treasury notes, per act

31st March, 1840 964,669 86

Reimbursement of Treasury notes» per act

16th February, 1841 3,767,637 20

Reimbursement of Treasury notes, per act ,

3l8t January, 1842 2,761,780 67

Interest on Treasury notes, per act 12th

October, 1837 , ., . , 296 67

Interest on Tie9sury notes, per act 12th

May, 1838 1,114 84

Interest on Treasury notes, per ac| Slst

March, 1840 ,..,,. ,,,,,.,.,.., ^Ij300 62

Digitized by LjOOQ IC

1840.] SECRETABV QS! Tjm Tii£ASURY. MS

Interest on Treasoiy notes, per aict IStfa

February, 1841 ; $131,596 39

Interest on Treasury notes, per act 31st Jan-
uary, 1843 14,830 98

Interest on TrMsufy notes, per act 14kh

Apra,1842 168,136 22

. $8,110,828 16

126,864,882 20

TSBASUBT DbPAKTMBNT,

RseiSTsa's C^fice, Decemier 6, 1842>

T. L. SMITH, flegirter.

Digitized by

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flOi REPORTS OF THE [18«fc

C.

(y d^ PMk Ikie, Deamberl, 1642.

Of the (dd) fbnded and nnfiiaded debt, payable cm pieaenlatiMi ;

Funded debt— 'Principal $^,087 62

Interest. 236^^18 78

$288,906 40

Unfunded — Certificates for claims daring

the revcdiitioDaiy war 26,622 44

Treasoiy notes issned during .

the late war 4,817 44

Cerdficatesof Mississippi stock 4^320 09

86,269 97

$828,666 87

Debts of the corporate cities of the District of Columbia,
assumed per act of 26th May, 1886:

Ofthecity ofWashinfitMi $980,000 00

Alexancuia 226,000 00

Georgetown 226,000 00

: $1,880^000 00

Loan of the 21st of July, 1841, redeemable after 1st o(
January, 1844 $6,672,976 88

Loan of the 16th of April, 1842, redeem-
able after 1st of January, 1868 8,126,886 78

$8,799,862 66

Treasury notes outstanding, viz:
-Notes issued under the act of—

October 12, 1837 $29,406 07

May 21, 1888, and March 2, 1889 86,008 06

March 81, 1840 864,898 89

February 16, 1841 8,889,124 08

January 81, 1842 6,060,939 74

August 31,1842 1 ,224,064 89

•10,098,426 17

*Thk amount includes |lld,631 66, canceOed notes, in the hands of the aceoonting offiosfs
for settlement, tiz s ^

Of notes issued under acts prior to 31st of January, 1843. t^f641 66

Of notes issued under the act of Slst of January, 1843. 64,990 00

Ofnotes issned under the act of 31st of August, 1849 5,000 00

Tbsasubt Dbpartmbnt,

Rboistbr's Officb, December 6, 1842.

T. L. SMITH, R^itter.

Digitized by

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»48.] SECRETARY OF THE TREASURY. 606

D.

Statement eaMnting a view of the value of-Laporta quarter yearly, during the
yean ending Septemher 30, 1840, 1841, a«<2 1842.

Value of Importa .

Ponoa*.

Fne of doty.

Paying duty.

Total.

Fourth quarter, 1839

First.quarter, 1840 ......

Second quarter, 1840 . . .".
Third quarter, 1840

• $14,316,875
16,270,657
1?,058,141
14,555,631

$13,436,137
12,663,745
10,184,039
13,661,394

$27,763,012
28,934,302
22,237,180
28,217,026

1840

67,196,204

49,946,315

107,141,519

Fourth quarter, 1840

First quarter, 1841

Second quarter, 1841

Third quarter, 1841

11,657,880
18,617,299
17,104,123
18,640,429

11,042,450
17,626,102
14,380,296
18,877,699

22,700,380
36,243,401
81,484,418
37,518,028

1841

66,019,731

61,926,446

127,946,177

Fourth quarter, 1841

First quarter, 1842

Second quarter, 1842

Third quarter, 1842

8,533,943
8,506,002
8,191,214
4,726,637

14,682,432
24,425,953
17,919,887
12,472,361

23,116,376

32,931,966

26,111,101

. 17,197,898

1842.

29,966,696

69,400,633

99,357,329

>^.— The third quarter of 1842 is partly on estimate.

Treasury DBPARTBfENT,

Rboister's Ofpicb, December 1^^ 1842.

T. L. SMITH, Rifgister.

E.

A itatemeni exhibiiii^ the talueoftmpdru and Exports during Ae yearemUng
on the SOth of September, 1842.

Imports— ^Value of merchandise free of duty '. . $29,966,696

Value of merchandise paying duty 69,400,633

$99,857,329

Exports — Of foreign merchandise, viz : -^ —

Value ftee of duty $6,733,117

Value paying duty 4,825,764?

$11,568,881

Of domestic pmduce 92,659,088

$104,117,969

Digitized by CjOOQIC

«06 SEPOBXB or THE [WiSi,

MU, — mie Taliic of imports and export! for^e qoarter ending Mk Septembert is pardj on

TBBAStJRT DsPARTBfENT,

Rbgister's OffjcS} December 13, 1842.

T. L. SMITH, Register.

F.

Statement exhibiting the value of Foreign Merchandise exported annually during
the years ending on the ZOih of September^ 1821, to 1841, inchatvc.

VtluciiTForei^ Merchandise •sported. 1

Ye«r endinR 30th
8«pwmber.

Paying duty.

Fmofdaty.

IVmI.

Ad nJorem.

Specie.

1821

1822

1823

1824

1826

1826

1827

1828

1829

1830

1831

1832

1833

1834

1836

1836 ,

1837

1838

1839

1840

1841

$4,696,090
4,699,844
8,602,329
9,724,073
12,664,408
11,276,636
8,139,271
7,689,381
6,631,309
7,064,286
8,233,946
7,649,806
8,260,381
8,630,619
6,807,631
4,913,690
6,414,886
2,618,329
2,769,322
3,271,728
2,136,622

$6,942,641
6,401,462

11,344,644
7,498,002

10,160,396
8,127,968
7,478,716
6,477,968
6,796,092
6,012,876
4,200,637

10,799,062
4,161,688
2,349,001
1,936,024
4,319,277
8,991,167
1,948,066
2,238,376
2,634,081
2,091,669

$10,764,767

11,184,896

7,696,749

8,116,082

9,885,840

6,136,108

7,786,160

8,427,678

8,231,077

3,320,317

7,&99,043

6,690,616

7,410,766

12,483,291

12,760,840

13^613,498

12,448,919

7,986,411

12,486,827

12,384,603

11,240,900

$21,302,488
' 2',',3SC.,202
27,543,622
85,337,167
32,590,643
24,639,612
23,403,136
21,696,017
16,668,478
14»387,479
20,083,526
24,039,473
19,822,736
23,312,811
20,604,496
21,746,360
21,864,962
12,462,796
17,494,626
18,190,312
16,469,081

Trbasury Dbpartmbnt,

Reoisteb's Office, December ^ 10, 1842.

T. L- SMITH, Register.

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18*8.] SECRETABY OF THE TREASURY. 507

Collector's Office, New York, November 28, 1842.
Sm: In answer to your letter of the 23d instant, I have the honor to
state my opinion, that for some time preceding the passage of tfie new
tariff, there was a redundant supply oi merchwdise in the United States,
and that this overstock still continues; and fiirther, to state my foil
onicurrence in the belief which you express, that prices are not ^ter*
mined by the rates of duty imposed upon merchandise, but by the
p]mK)rtion which the supply bears to the demand.

The actual (juantity of any description of merchandise which may be
in the market, is a question of difficult solution; because the holders are
unwilling that the dealers should know the extent of their respective
stocks ; but the inquiry whether the stock on hand exceeds the demand,
may be answered by a comparison between the cost of articles aqd the
prices at which they are sold, or between the prices obtained at diflferent
periods. The first test is not of easy application, because it involves the
necessitjr o! reporting to the importer for mformatioh as to the coat, winch
information it is his interest, m a great majority of cases, to withhold*
It is true, that if a specimen of the article sold is brought to me, with a
memorandum of the names of the importer, and of the ship in which it
was imported, I could ascertain the cost, provided all the articles of the
same name, in that particular invoice, were of uniform quality ; but such
an investigation, if made to any extent, would be exceedingly embar-
rassing and very laborious. In search, then, of iacts to prove by the
declinmg prices of merchandise that there is a surplus stock of merchan-
dise beyond the. wants or abilities of the consumers, I must refer to the
quotations of the prices current, or to actual sales, as communicated to
mB by individuals^ upon whose testimony I can rely. On a former
occasion I expressed my doubts whether much reliance could be placed
upon printed reports of the state of the market; if theie were no other
oDJectioiis, this alone would suffice, that their quotations take so wide a
range as to express no precise information ; for instance, one now before
me quotes Madeira wine at 46 cents to $1 60 per gallon; but I find
some facts recorded in recent publications which will throw light upon
these inquiries :
Clean Russia hemp is quoted, July 6, 1842, at $220 00 per ton.

Nov.23 210 00 to$212 60"

Bariron,Russia, P. S. 1 July 6 102 60 to 106 00"

Nov.23 97 60 to 100 00"

Refined saltpetre July 6 7i

Nov.23 6f

Brown Russia sheetings July 6 8 60 to 8 76 "

Nov.23 7 00 to 7 60"

. Li all these cases the duti^ were considerably higher in November
than in Juhr. There are in the prices current a few articles the prices of
which in November were higher than in Jply or in August; but I am
confident that a thorough examination into the state of the market would
sufltain my opinion, that tfaete is but one article which has risen in price
tt> an extent equal to the increftae ci duty ; the exceptioD is, the highest

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608 REPORTS OF THE [1843.

grades of brandy — die stock of which does not exceed six months suppfy,
even under the dimiaished demand resulting from the progress of the
temperance cause.

I nave procured some specimens of dry goods, to the relative prices
of which, at diflferent periods, I b^g leave to r6fer:

No. 1. Beaver cloth, sold in September, 1842, at .$2 23

November 1 71

No. 8. Worsted lining, September 45

November 80

No. 8. Imported ccjico, September 16

November 12}

No. 4. do. do. September ..*... 17

November- . .* .-. . . :^ 12}

No. 6. American flannel, Sept, '41, 37} cts, Sept., *42,80 cts Nov. * 24
No. 6. « satinet^ " 55 " . 50 " 42}

No. 7, « calico " 9 " 7

No. 8. " " « 9} ♦* 7}

Specimens of articles which have declined in price since the new tarifi*
wient into operation can be.multipUed to any desired extent, and I venr
ture to assure you that if proof of an average fall of ten per cent, in the
selling price of dry-coods since September 1, were- required, I-can furnish
it in abundance, and it is equally certain that the pnceis of other goods,
generally, are now lower than they then were.

The time which has elapsed since the passage of the new act, is too
hhoTt to admit ofpro^that the process of accommodating foreign prices to
the new state of things existing here, has already begun to develop itself;
but 1 have no reason to doubt that. this result, as explained in my letter
of the 25th instant, will ihevitaWy be found;- and that in no circum-
stances will the consumer have tQ pay the whole or the larger part" of
the increase of duties provided by the new law.
I atn, ijir, very respectfully, your obedient servant,

EDWARD CURTIS, CoUectar.
. Hon. Waliper Forward,
', - ' Secretary of the Trecuury, Washington^ P. C

H.

AN ACT for the WArehousine of Ooojlt (38th, Ao&nitt, 1833.) From *< The Statutes of the
Unkei Kingdom of Great Britam ahd Irdand. "-^ and 4 WilUam IV*

Wheneas an act was passed^ in the sixth year of the reign of
6 Gi 4, c. 119. his late M^yesty King George the Fourth, entitled^ " An
act for the warehousing of goods," whereby the laws of
customs in relation to the wiarehoueii^ of goods wei:e con-
solidated and amended : and whereas, since the passing
of the said act, divers acts for the further amendment of
the law have been found necessary, and it. will be of ad*-
vanta^ to the trade aiid commerce of the country tiiat
the said acts should' be consolidated into one act:
y B6 k therefore nnacted by the'KingU mott excdlent Me^My^
by cmtiBiA tk^aSoiceand o6tum if the Lards ifpirkMiU mi

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1842.1 SECRETARY OF THE TREASURY. 609

tetHporuf) and Commons^ in Ms Tpr^^cm Parliament assembled^

ana by the authority of the same, That this act shall commence Commence-

upon the first day of September, one thousand eight hundred "*•"* ®^~*-

and thirty-three, except where any oth^r commencement is

herein particularly directed.

II. And be it further enacted. That it shall be lawfiil for the
commissioners of his Majesty's treasury, by their warrant Treasmy to
fix)m time to time, to appoint the ports in die United King- J^""^ JJ^]
dom which shall be warehousing port^ for the purposes of ^"*""** P*^*^^*
this act ; and that it shall be lawful for the commissioners
of his Majesty's customs, subject to the authority and direc-
tions of the commissioners of his Majesty's treasury, by their
order from time to time, to appoint in what warehouses or Commission-
places of special security , or of^ordinarv security , as the case ^^ousw*"'
may require, in such ports, and in what different parts or and require
divisions of such warehouses or places, and in what manner, ^n^-
any ooods, and what sorts of goods, may and may onhr be
warehoused and kept and secured without payment of'^any
duty upon the first entry thereof, or for exportation only, in
cases wherein the same may be prohibited to be imported for
home use ; and also in such order to direct in .what cases
^f any) security by bond, in manner hereinafter provided,
shall be required in respect of any warehouse so appointed
by them.

IIL And he itjurther enacted, That whenever any ware- Warehousesof
house shall have been approved of by the said commissioners, j>«^»«cmrity
as being a warehouse of^ special security, it shall be stated ment. ***" '
in their order of appointment that such warehouse is ap-'
pointed as a warehouse of special security : Provided altuayt,
That all warehouses connected with wharfs foj the landing Warehouses
of goods to be lodged therein, and enclosed together with such Jj^'^^^^iSJout
wharfs within wsuls, such as are or shall be reauired by any appoinunent.
act for the constructing of such warehouses and wharfs, and .
being appointed to be legal quays, shall, without any order of
the commissioners of the customs, be warehouses for the pur-
poses of this act for all goods landed at such wharfs or ^uays,
at any port appointed by the commissioners of his Majesty's
treasury to be a warehousing port as aforesaid, and all such
warehouses shall be warehouses of special security.

IV. And be itjurther enacted, That all appointments of Bonds giTen
warehouses for the warehousing of* goods made under the ^^n^^^^in
authority of any other act in force at the time of the com- force.
mencement of this act, shall continue in force as if the same

had been made under the authority of this act, and aU bonds
given in respect of any goods warehoused or entered to be
warehoused, under any act in force at the time of the comr
mencement of this act, shall continue in force for the pur- -
poses of this act.

V. And be itjurther enacted. That the conunissioners of his ^^^^^
Miyesty's custom9 shall, out of the moneys arising from warehouMsfor

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610 REPORTS OF THE [184«.

tobaceo, and the duties of customs, provide from time to time Ae ware^
J^JJ*^ ^ ^ houses for the warehousing of tobacco at the ports into which
tobacco may be legally imported : Provided always^ That fi>r
every hogshead, cnest, or case of tobacco so warehoused,
the importer or proprietor thereof shall pay, as and for ware*
house rent, such sum or sums not exceeding any stun pay-
able under any act in force at the time of the commencement
of this act, and at such periods and in such manner as the
commissioners of his Msyesty's treasury shall from time to
time by their warrant appoint and direct ; and all such
sums shall be paid, received, and appropriated, as duties of
customs.
Power>>re- VL And be it Jurther enacted^ That it shall be lawfiil for
a^^^inrmenu'^ the said commissioners of his Majestjr*s treasury by their
appom m . ^gj.j.gjjj^ ^^^ f^^ g^^jj Commissioners of the customs by their

order, from time to time to revoke any former warrant or any
former order, or to make any alteration in or addition to any
former warrant or any former order made by them as afore-
said respectively.
Publicatioii of VII. And be U Jwrther enactedj That every order made by
^pomtmentin the said Commissioners of the customs in respedt of ware-
"*"** houses of special security, as well those of origiual appoint-

ment as those of revocation, alteration, or addition, shall be
published in the London Gazette^ for such as shall be ap-
pointed in Great Britain^ and in the Dublin Gazette^ for such
85 shall be appointed in Ireland.
Warehouse VIII. And be it further enacted^ That before any goods shall
keeper may be entered to be warehoused in any warehouse in respect of
SmWwiuSr! ^^^^ security by bond shall be required as aforesaid, the
* proprietor or occupier of such warehouse, if he be willing,
shall give general security by bond, with two suflScient sure-
ties, ror the payment of the full duties of importation on all
such goods as shall at any time be warehoused therein, or
for the due exportation thereof; and if such proprietor or
occupier be not willing to give such general security, the
Or im{)orter different importers of tne separate quantities of goods shaQ,
^^P**^^"" upon each importation, give such security in respect of the
particular goods imported by them respectively, before such
goods shall be entered to be warehoused.
. Sale of eooda IX. And be it further enacted, That if any goods lodged in
in warehouae any warehouse shall be the proper^ of the occupier of such
to be'^^idt al- Warehouse, and shall be bonajide sold by him, and upon such
though they re- sale there shall have been a written agreement, signed by
main there. ^]jg parties, or a written contract of sde made, executed,
and delivered .by a broker or other person legally authorized
for or on behalf of the parties respectively, and the amount
of the price stipulated in the said agreement or contract shall,
have been actually paid or secured to be paid by the pur-
chaser, every such sale shall be valid, although such goods
shall remain in such warehouse: Promded^ That a transfer

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JS4».] SECRETARY OF THE TREASURY. . 611

of such fflEk)d8, flGodrdii^ to such sale, sfaaU faavebeen entered

in a booK to be kept for that purpose by the officer of the Transfer of

oUdtOttf g having the charge of such warehouse, who is hereby J^^^^n JJ^^*^

required to keep axkch book, and to enter such transfers, with book.

tfae dates thereof, upon applicaticm of the owners of the goods,

and to produce such book upon demand made.

X. And U kjkrther enaem^ That all goods warehoused ^'^ |"
eheH be stowed in such manner an that easy access may. be ^jfoid^May a^
had to every package and parcel of the same; and if the cesa.
occupier of the warehouse shall omit so to stow the same, be
shall, for every such omission, forfeit the sum of five pounds ; Penalty 51.
.and if airf goods shall be taken out of any warehouse with*
out due entry of the same with the proper officers of the
customs, the occupier of the warehouse shall be hable to the
payment of the duties due thereon.

Al. And be k further enaeted^ Thatif any goods warehoused j^^j^^jl
^lall be fraudulently concealed in or removed firom the ware- Sot removed.
house, the same ^all be forfeited; and if any importer or
proprietor of any goods warehoused, or any person in his
employ, shall by any contrivance firaudulently open the ware- Penalty on
hooee or gain access to the goods, except in the presence of 22Smb!^ ^"^*^
the proper officer acting in the execution of his duty, sudi
importer or proprietor shall forfeit and pay for every such
offence the sum of five hundred pounds.

XH. And be it/wtker ennc^^ That within one month after
any tobacco shall have been warehoused, and upon the entry
and landing of any other goods to be warehoused, the proper ^n^ enSy ^mS
officer of the customs sh^l take a particular account of the Umding.
same^ and shall mark the contents on each package, and
shall mark the word ** prohibited" on such packages as
contain goods prohilated to be imported for home use; and
that all goods shall be warehoused and kept in the packages Marking p^k-
in which thev shall have been' imported, and no alteration ^^'
shall be made in the packages or the packing of any goods
in the warehouse, except in the oases hereinafter provided.

Xltt. And be kfwrthar enacted, That all goods entered to
be. warehoused, or to be rewarehoused, shafi be carried to Goods to
die warehouse under the care, or with the authoritjr or per- ^^^J[^ JJ!
mission, of the proper officer of the customs, and in such der authority
manner, and by such persons, and by such roads or ways, ®^ officer.
and within such spaces of time, as the proper officer of the
customs shall authorize, permit, or direct ; and all such goods
not so carried shall be forfeited.

XIV. And he Ujurtherenacted, That all goods which have Regulationi
been so warehoused shall be duly cleared, either for export- !^,.*^**"°^
aticMi or for home use, within three years, and all surplus
stores of ships within one year, from the day of the first
entry thereof (unless fiirther time be given by the commis-
sioners of his MfigestVs treasury ;) and if any sueh goods be
not so cleared) it shall be lawful H>rth^ commissicmers of his

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SIS REFORTB 6f TEE . {IMS;

tbijMj^s customs to cause die same to be add, aod the
produce «hall be applied to the payment of warehouse rent
and other charges, and the overplus, if any, shall be paid to
the proprietor; and such goods, when, sold, shall be held
subject to all conditions to which they were subject pceyioua
to such sale, except that a further time of three mbiwis fiom
the date of the sale shall be allowed to the purchaser for the
clearing of such goods from the warehouse : . Provided €dwa;y$t
That if the goods so sold, shall not be. duly cleared from the
warehouse within such three months, the same shall be £»>
Company's felted: Provided alwayi^ That if tbe^oods so to be disposed
goods and of shall have been imported by the East India Company, or
to^bTSd^'at *^^ be of the description called "piece goods," imported
their sala. from places within the limits of their charter into the port of
London^ the same shall, at the requisition of the commis*
sibners of customs, be duly exposed to sale by the said
companj^ at their next eusuinff sale, and shall be then sold .
for tne highest price which shaQ be then publicly oflSsred $>t
the same.
iBcaMofaoci- XV. And he it further enacted^ That if any fi;oods entered
^* **ifca^iS| to be warehoused, or entered to be delivered m>m the ware-
roods, duty to house, shall be lost or destroyed by any unavcndable accir
be remitted, dent, either (m. shipboard or in the landing or shipping of the
same, or in the receiving into, or delivering fix)m, the ware-
house, it shall be lawful for the commissioners of his Msyes-
ty's customs to remit or return the duties payable or paid
on the quantity of such goods so lost or destroyed*
Entry for ex- XVL And be it further enacted^ That no gooas which have
Kome^w.***^ been so warehoused, shall be taken or delivered fiom th^
warehouse, except upon due entry, and under care of thie.
proper officers for exportation, or upon due entry aiKi pay-
ment of the full duties payable thereon for home use^ if they
be .such goods as may pe used in the United Kingdom ; save
GK>ods*pennit-and except goods delivered into the charge of the seaxch-
^^fi^ ^iTe ®^ to be shipped as stores, and which shafi and may be so
li^u^oiMe du- shipped without entry or payment of any duty for any ship
ty free, as ships of the burden of seventy tons at least, bound upon a voyage
^^^' to foreign parts^ the probable dura^on of which, out aod

home, will not be less than forty days : Provided ahoam^ That
such stores shall be duly borne upoathe ship^s victualUi^ bill,
and shaU be shipped in such quantities, and subject to such
directions and regulations, as the commissioners of customa '
shall direct and appoint.
Rwnfo^J^ XVn. Providea always, and be it enacted^ That any rum
sfores may be o{ the British plantaUons may be delivered into the charse
shipped with- of the seaxcher, to be shipped as stores for any ship, with-
borneon^u- ^^^ entry or payment of any duty, and any surplus stores of
aHing bifl ; any ship may be delivered into the charge of the searcher,
to be reshipped as^ stores for the same ship, or for the same
master in another ship, without entiy or payJnent of any

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iS4Sq SECRETA]^Y OF THE TREASURY. et8

4utjr» Bucb jiikn aod aucjb surpliid stores bduig duly bonie

upon the victualling bills of such ships respectively; and if

th^ ships, for the future use of which any surplus stores have

been ,war^K>used, shall have been broken up or sold, such

stores may be so delivered for the use of any other ship or entered for

Wonginff to the same owners, or may be entered for pay- P"^**« "«••

meat of duty, cuid ddivered for the private use of such own-

jei», or any of them, or for master or purser of such ship.

, XVin. And be itjiirther mtacted^ ThiiX upon the entry of Duties to be
aity such goods, to be cleared from the warehouse, if the P*"^ ^"^^|^^
luime be for home uae, the person entei^n^ such floods inward, ^^in oertaS
shall deliver a bill of the entry, and duphcates Siereof, in like cases.
manner as is directed by law in the case of goods entered to
be landed, as far as the same is applicable; and, bX. the same
time, shall pay down, to-the proper officer of the customs the
full duties of customs payable thereon, and not being less in
amount than, according to the account of the quantity fiist
taken of the respective packages or pait^elsof the goods in such
entry, at the examinajj'on thereof, at the time of uie first entry
«ad landing of the same, without any abatement on account of
any deficiency, except as by this act is otherwise pi3ovid6d.
And that if the entiy be fix: exportaticm, or for removal to if for expor-
any other warehouse, and any of the packages or parcels of ^^on oi^remo-
the goods be deficient of m^ respective quantities of the deficiendS to
same, according to the account first taken as aforesaid, a Repaid.
like entry inward shall also be passed in respect of the
ouantilaes so deficient, and the fiill duties shall be paid on
toe amount thereof, before such packages or parcels of
goods shall be delivered or takai for exportation or remo-
val, except as by thia act is otherwise provided. And if HowTalueas-
any goods, so deficient in quantity, shall be such as are ^ertwned-
charged to pay duty according to the yaUie thereof, ^uoh
value shall be estimated at the price for which the like sorts
of floods, of the best quality^ snail have been last or lately
sola, ^ther at any sale of theJE^ JiM^ Company, or in any
other manner, as tiie case may be.

XIX. Pr<mded edways^ a/nd be it Junker enoiOedf That the Duties on to-
duties payable upon tooacco, sugar, and spirits, respectively, ^J^^S^io
wh^i taken out of warehouse for home use, shall be charged be <^rged' on
upon the quantities ascertained by the weight, measure, or jp*^**®" ^®*
aCrength of the same actually delivered ; save and except, iJcertain^^^
that if the sugar shall not be in a warehouse of special secu- oases.
ffity, no greater abatement, on aceount of deficiency of the
ouanti^ first ascertained as aforesaid, shall be made, than
anall be after the rate of three j^er eenttm of such quantity for
the first three months, and one per centum for eveiy subse-
quent monUi during which such sugar shall have been ware*
boosed; and, also, save and except, thatif the spirits (beinfl;
any other spirits than rum of the British plantatimis) shafi
not be in a warehouse of special security, no greater abate-

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ai4 REPORTS Of' THE .[184f-

xnent, on account of deficiency of the qnanftity or strength
first aficertained as aforesaid, shall be made, than shall be
after the several rates of allowances following (that is to
say) : for every hundred gallons, hydrometer proof (tiddicel) :
for any time not exceeding six months, one gallon ; for any
time exceeding six months, and not exceeding twehre
noonths, two gdlons ; for any time exceeding twelve moni^,
and not exceeding eighteen months, three gallons; for any
time exceeding eighteen months, and not exceeding two
years, four gaUons; for any time exceeding two years, five
gallons. Provided ahocmsj That no abatement shall be
No allowaBce made in respect of any deficiency in quantity of any spirits
fbr iMka^. occasioned either by leakage or accident, and not by natural
evaporation, in whatever warehouse the same may be,
except as by this act is otherwise specially provided.
Importer may Xa. And be k further enacted^ That, if after any goods
ho^^ufletrfor ^^ ^^^^ heexi duly entered and landed, to be wardnoused,
exportation, ai- ^uid before the same shall have been actually deposited in
t^MwgJi noi the warehouse, the importer shall further enter the same, or
warehooaed. ^^^ . thereof^ for home use or for exportation, as from the
warehouse, the goods so entered shall oe considered as vir-
tually and constructively warehoused, although not actually
deposited in the warehouse, and shall and may be delivered
and taken for home use or for exportation, as the ca^e may
be.
Goodamaybe XXI. And whereas it is expedient to make regulations for
'^"^^'u^obere^ ^® removal of warehoused goods icom one warehounng
ww^ouaed.'*" port to another, and from one warehouse to ano^er in the
same port : Be it therefore enacted. That any goods whicli
have been warehoused at some port in the United Kingdom,
may be removed by sea or inland carriage to any other port
in the same, in which the like goods may be warehoused
upon importation, to be rewarehouaed at such other port,
and again as often as may be required to any other such

Eort, to be there rewarehoused, subject to the regulations
ereinafter mentioned, that is to say: twelve hours' notice,
giTan.officwa^to jj^ writing, of the intention to remove such goods shall be
m^oT under given to the warehouse oflScer, specifying the partii;ular
aeale of office, goods intended to be removed, and the marks, numbers, and
descriptions of the packages in which the same sure con-
tained, in what ship imported, when, and by whom, entered
inward to be warehoused; and if subsequently reware-
housed, when, and by whom, rewarehoused, and to what
Eort the same are to be removed ; and thereupon the ware- *
ouse officer shall take a particular account of such goods,
and shall mark the contents on every package in prepara-
tion for the delivering of the same, for the purposes of such
removal, and previous to the delivery thereof may cause the
proper seals of office to be affixed thereto : Provided ahoayi.
Tobacco for That tobacco, the produce of the Britifh possessions in

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\4sq SECRETARY OF THE TEEASURY. Ui

mericai <Mr of the United States of Americoy and purchased ^••^'^ "*^T
r the use of his Marty's navy, may be removed by the Jo^rtal^porttu
irser of any ship of war in actual service to the ports of
ocheit^y Porumouthf or Ph/moutk^ to be there rewarehoused»
name of such purser, in such warehouse as shall be ap
oved for that purpose by the commissioners of his Mafes-
's customs.

XXII. And bek Jwnher enacted^ That before such goods Entry of goods
all be delivered to be removed, due entry of the same shaH ^^^ ««nov^
5 made, and a proper bill of such entry, with duj^cates
ereof, be ddivered to the oollector or comptroller, contain-
g the before-mentioned particulars, and an exact acoouot
' the quantities of the different sorts of goods ; and such
11 of the entry, signed by the collector and comptroller, shall
; the warrant tor the removal of swch goods; and an
:count of such goods, containing all such particulars, shaH Aocoam sent
5 transmitted W the proper officers of the pjort of removal •®®**'P<*^ '

the proper officers of the port of destination ; and upon
e arrival of such goods at the port of destination, due
itry of the same, to be rewareboused, shall, in like man- Entry at port
^, bo made with the collector and comptroller at such port, ?f/JJ2h^ ^ '*'
>ntaining all the particulars and accounts before mentioned, ^^'
gather with the name of the port from which such goods
ive been removed, and the description and situation of the pomB of en-
arehouse in which they are to be warehoused ; and the *"«•
ill of such entry, signed by such collector and comptroller, .
lall be the warrant to the landing officer and the warehouse Examination
fic«: to admit su<^ goods to be there rewareboused, under of officers.
ich examination as is made of the like goods when first
arehoused upon importation fVom ports beyond the seas ;
id the particulars to be contained in such notice and in
ich entries shall be written and curanged in such form and
tanner as the collector and comptrdler shall require ; and Certiflcate of
le officers at the port of arrival shall transmit to the officers arrWal sent to
t the port of removal an account of the goods so arrived, ^^ ® "'**^
cscordin^ as they shdQ, upon examination, prove to be, and
le warehouse officers at the port of removal shall notify
ich arrival in their books.

XXm. And be it further enacted^ That the persons remo- Bond to re-
bg such goods shall, at the time of entering the same, give ^^ich^aVbc
ond, widi one sufficient surety, for the due arrival and given at ttther
^warehousing of such goods, within a reasonable time, P^"^
^rith reference to the distance between the respective ports,
) be fixed by the commissioners of his Majestv^s customs,)
rhich bond may be taken by the collector ana comptroller
Ither of the port of removal or of the port of destination,
8 shall best suit the residence or ccmvenience of the persons
iterested in the removal of such goods ; and if such bond
baU have been given at the port of destination, a certificate
lereofy under the hands of me collector and comptroUer of

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Mk/mrtker,

be CBteral aki aappra Sof <
[ aad dc&vvml fiv koHK OK, ss die Ifte i
■HTf be wfara fint wvei
tiflK whidi flocb pndm daC be ;
booKdatsadi pan ifaall be
tbe aane wcie mm. eateRd id be i
OtoMfMlfl^ XXVL Amd ht ii fmrAer tmmaeij Ttel i(^ «pan tbo aiinral

^^S^^^ ^ '**^ ^^'^'^^ "^ ^ P*^ ^ deatmln, die pvtM ahall be

ynyyji^ijftyf^dcMoog fijfftbwidi to expoft tbe auBC, or tD psy ditties

urtocxpoM^ordieraoD for bone use, wiowot actnaUr lodpng me ffame m

l;^ ^^j^ die waieboate far wlKfa diev bate b^ ent^

§momrjm^t0iDcd tD be lewareboosed, it abaU be lawfid far die officers of

die cottMU at ^icb poit, after all die farnHlkies of entering

and exanuoiDg such floods far lewaiehooni^ bote been dofy

perfarmed, (except tbe actual labor of caztyiog and of loda-

ing tbe flame in waieboii9e,)tooonBidertliesamea8TiitiiaI^

or ooofltracdvely lewaieboosed, and to- penoit tbe same to

be entered and shipped farexportatian,orto be entered and

delivered far home use, upon mynmtA of tbe duties due

tbereon^ in like manner as if socb floods bad been actaa%

so carried and lodged in such warraouse ; and the acco«mt

taken far.tbe rewaurehousing of such ^oods may senre as the

account far delivermg the same as if finxn tbe wanriiouse,

either for shipment or the payment of dudes, as the case

may be ; and aU ^pods so exported, or for which the duties

have been so paid, shall be deemed to have been dafy

cleared irom the warehouse.

BanoTAliatlit XXVIL And be it Jkrtker enaeied. That any goods whicfa

T port, hiiye been wardioused in some warehouse in the port of

Lcndon may, with tbe pennisdon of the comrnksicmors of

customs first obtained, be removed to any other warehouse

in the said port in which the like goods may be warehoosed

onimportatam; and any good^wmch have been warehoused

Digitized byi^OOQlC

1848.] 8ECRETABT OF THE TREASURY. MT

io some warehouse in any other port mOT, wxdi the peimuH
Sionof the collector and comptroller of such port first obtained,
be removed to any other warehouse in the same port in
which the like goods may be warehoused on importation^
under such maetsl reguls^ns as the commissioners of the
enstoms shaU direct.

XXVin. And be U Jurther enaetedj That all goods which Goodtandpar-
shall have been removed from one warehouse for or to ^riLiS^cMi^
another, whether in the same port cm: into a different port, and tiow^ ^^
aB proprietors of such goods, shall be bekl subject m all re-
spects to all the C(»iditions to whi^h they would Imve be«i
held subject if such goods had remained in the warehouse
wh^e md same had been originally warehoused.

XXIX. AmI be it Jierther enacted. That if any goods shall Goods tcrfd,
have been war^ouied in any warehouse in respect of which Jil Javrbond

general security by bond, as.hereinbefi>re provided, shall not and iSeaae tfae
ave been given by the proprietor or occupier of such ware- original bonder
house, and particidar secunty, aa in such case is required,
shall have been given by the importer of such goods in re*
Sjpect of the same, and such goods shall have been sold or
disposed of^ so that the original bonder shall be np longer
interested in, or have control over, fuch goods, it shall be
lawful for the proper officers to admit fresh security to be
given by the bond of the n^w proprietor of such goods or.
persons having the control over the same, with his sufficient
surety, and to cancel the bond ^ven by the onginal bonder
g£ such goods, or to exonerate &m ana his surety to the ex*
ya^kt of £e fi^sh security so ^ven.

XXX. And be u further enactedj That if the person remov* BMidorraBeM>T*
ing any goods from one wrt to another, and who sh^^

given bonds m respect of such removal and rewarehouswg, house, until
shall be and continue to be interested in such goods after tS^ ^^ ^^*^ ^
same shall have been duly rewarehoused, and such ^oods f^^, y ^^
shall have been so rewarehoused in some warehouse m re-
spect of which security is reouired, and the proprietor or
occupier of the same shall not have given general security,
the bond in respect of such removal and rewarehousing shall
be conditioned and continue in force for the rewarehousing
of such goods, until fresh bond be given by some new pro-
priety or other person, in manner hereinbefore provideo.

XXXI. And be it Jkxrther enac^ That it shall be lawful in To mm, aepi^
the warehouse to sort, separate, pack, and repack any goods, JJ^Jj^^^
and to make such lawful alterations dierein, or arrangements or equal paek-
thereof, as may be necessary either for the preservation of •**•

such ffoods, or in order to the sale, shipment, or legal dispo-
sal ^tbe same, provided that such goods be repacked in the
same packa^s in which the same ^oods, or some part of the
whole quantiQr of the same parcel ot goods, were imported, or
in packages of entire c^uantiQr equal thereto, or in such other
packa^pas as the commissioners of his Majesty's customs shall

Digitized by LjOOQ IC

MS BEPOfiTB OP THE [ie4S.

pemut (not bdng legs, in any case, if die goods be to be ex-
ported or to be removed to another warelmise, than maybe
zeqnired by hiwfer the importation of sudi goods;) andalso.
To bottle off in the warehouse, to draw off any wine €t any rum of the
JJJ^J^;^^ Brititk plantations into reputed quart botdes, or reputed pint
bottles, for the purpose only of being exported from the
warehouse ; and also, in the warehouse, to draw off any such
rum into casks, ccmtaining not less than twesty gallons each,
To draw off for the purpose only of being disposed of as stores for ships;

and, also, m the wpehouse, to draw off any other spirits
into reputed quart bottles, under such r^[ulations as the
commissioners of customs shall from time to time direct, for
the purpose only of being exported fix«a the warehouse;
and, also, in the warehouse, to draw off and mix with any
wine any brandy secured in the same warehouse, not ex*
ceeding the proportion of ten galkms of brandy to one hun-
dred gallons of wine ; and, also, in the warehouse, to fill up
any casks of wine or spirits from any odier casks of die
same, respectively secured in die same warehouse; and.
To in «p or also, in any warehouse of special security, to rack V^ any
rack off caaks ^ujc from the lees, and in such warehouse to mix any wines
^"^' of the same sort, erasing from the casks all import brands;

To taka aam- and, also, in the warehouse, to take such moderate samples
P^' of ^oods as may be alfowed by the commissioners <^ his

Majesty's customs, witnout entry and without payment of
duty, except as the same may eventually become pay8d>le,
as on a deficiency of the origmal quantity.
Noaltaration XXXIL Provided cUuxiyi^ amd be it further enacted^ That no
ILST ""'iLk' ^^^^^^^ shall be made in any such goods or psK^ka^s,
^«t!!butu^e i*or ^^^ 8.ny such wine, rum, brandy, or spirits, be bottled,
MmmiaaMmera drawn off, mixed, or filled up, nor shall any such samples be
akaU direct, taken, except after such notices given by the respective im-
porters or proprietors, and at such times and in such man-
ner and under such regulations and restrictions, as the com-
missioners of customs shall, fit>m time to time, require and
direct.
Repackmg hi XXXIII. "And whereas it may happen that, after repack-
prop€r pack- 1 Jng into proper packages of any parcel of goods which have
***** *^ been unpacked, and separated or drawn off firom the origi-

* nal package in any of the cases hereinbefore rarovided for,

* there may remain some surplus quantities of the respective

* parcels of such goods, which may not be sufficient to rtiake

* or fill up any one of such proper packages, or it may hapoen

* that some part of such goods, when separated from omer

* parts, may be such refiise, or in so damaged a state as to

* be wordiless, or that the total quantity of such parcel of

* goods may be reduced by separation of dirt or sediment,
*or by the dispersion of dust or otherwise; and whereas

* duties payable on such goods may have been levied at a rate
^ having regard to a just allowance for the state in which

Digitized by i^OOQ IC

184S.] SECRETARY OF THE TREASURY. 6^9

* 8uofa goods are^importedy and it is .xiot proper tbatany qoto-
' u&ciudng process should be performed in such warehouse

* to the detriment of revenue :*' Be it there/are enacted^ That

after such ffoods have been so repacked' in prc^r packages. After reptck-
it shall be lawful for the commissioners of the ^customs, at m* dauajged
the request of the importer or proprietor of such goods, to J^^f **
cause or permit any of such , refuse, damaged, or surplus
^Dods, not contained in aay such packa^s, to be destroyed ;
and if the goods be such as may be dehyered for home use,
the duties shall be immediat^y paid upon any part of such DirooMl df
surplus as may remain, and the same shell be delivered for surplus quan-
bome use accordingly; and if they be such as may not be ^*^'
so delivered, such surplus as may so remain shall be disposed
of for the purpose of exportatiou in such manner as the com-
missioners of. the customs shall direct; and thereupon the
quantity contained in each of such proper packages shall be auantiiiet in
ascertained and n^arked upon the same, and the deficiency new V^^*(^
flhall be ascertained by a comparison of the tcrtal quantity in J^d dSSency
such proper packages with the total Quantity nrst ware- to be appor-
hotted, and the proportion which such deficiency may bear ^'"•<*-
to the quantity in each package shall also be marked on the
same, and added to such quantity, and the total shall be
deemed to be the imported contents of such package, and be
held subject to the full duties of importation, except as other-
wise in any case provided by this act : Provided cdtvaySf That
it shall be lawful^ fibr the commissioners of his Majesty's Abandonment
customs to accept the abandonment, for the duties, of any ofgoodaforda-
quantity of tobacco or coffee, or pepper or cocoa, or lees of ^'
wine, and also of any whole packages of other goods, and
to cause or permit the same to be destroyed, and to deduct
auch quantity of tobacco or cofiee, or pepper or cocoa, or the
contents of such whole packages, froin tne total quantities of
the same importation, in computing the amount of the defi-
ciency of such total quantity. '

XXXIV* And be it furiker enact^ That no foreign casks, Foreign caaki,
bottles, corks, packages, or materials whatever, except any ^
in which some goods. €iiall have been imported and ware- .
housed^ shall be used in the repacking of any goods in the
warehouse, unless the full duties shaU have been first paid
thereon.

XXXV. Amd ht it further tMctedy That it shall be lawful aika. Unena,
for the commismoners of the custoHns to permit any stufis or li^^^ out of
fidmcs of silk, linen, cottohi or wocd, or of any mixture of warehouae. u>
them, or of any of them, witb any other materiao, to be taken aim riceof^
out of warehouse to be cleaned, refreshed, dyed, stained, or East ladiea.
calendered, or to be bleached or printed, without payment
of duties of customs ; .under security, nevertheless, by bond to
theif' satisi^unioD, that such goods shall be returned to the
warehouse within the time that they shall appoint; and that
it ahidl be lawful for the said commissioners, in like manner

Digitized by

L^oogle

a» KEPCmTS OF TBX • [IMS;

fflid ander like securiff, to permit any cbe, die produce of
places within the limits of the Ease India ComDany'ft charter^
to be delirered out of warehouse to be cleaned, makixig ^ch
allow^ce for waste as to the said oommiseionersfiliall appear
to be reasonable.
XXXVL And be itjurfur enacudj That k shall be hewM
Copper ore fiwr the inqjorter or proprietor of'any oopper ore warehoosed
may bt taken to give notice lo the proper officers of the customti of Im
hoiwe^ to^ intention to take such ore out of warehouse to be smehed^
imdteiL stating in such notice the quantity of copper ccnaputed to be

contained in such ore, and delivering to such officers suffi-
cient samples oi: specimens for ascertaining l^ propi^ assays^
at the expense of the proprietor, such quantity of cc^per, and
giving sufficient security oy bond for returning such quantity
of copper into the warehouse; and if such officers shall 1»
satisfied of the fairness of the san^les or specimens of socfa
ore, and of the assays made of the same, and of .the security
given, they shall deliver such oie ftr the ptnpose of bein^
* smelted as aforesaid : Provided aiumy$j That if asy copper
ore intended to be so smelted shall be impoited into any port
where such ore or where oopper cannot be wai^shot^ed, Ae
same may be entered as bein^ to be warehoused at the port
at which the copper after smelting is to be w^febonsed, and
such ore shall thereupon be XBken account of atid delivered
for the purposes aforesaid, in like manner as if the same had
been warehoused : Pnmded ahoj That all copper so produced
by smelting shall be deemed to be oc^per impcnted, and shall
be warehoused as such.

XXXVn. And he it fitrther, maeted. That no parcels of

Goods in balk goods SO Warehoused, which were imported in btuK» shall be

delivered. delivered, except ha the whole quantity of eadb paicd, or m

a quantity not less than one ton weight, unless by special

leave of the proper (tfScers of the customs*

XXXVIII. And he it further enacted^ That no ffopds ao

Packages to warehoused shall be delivered, unless the same, or die pack-

Y ^^^ *^ ^^ containing the same, shall have been marked in such

ore rery. (jigtinguigyfj^ manner as the commissioners erf his Mmesty **

customs she^ deem necessary and practicable, ana ^udl

from time to time direct/

Decrease and XXXIX* *^And wbereas some sorts of goods are UaUe si

^'^^'^rtidnS * ^™® ^^ decrease and some to increase, arid sotte to ftuctda-

and *^ allowed * tion of quantity, l^ the effect of the . atmosphere aod odier

wader r^uia- « natural causes, and it m^y be necessary in seme oases Aat

tions ist tpeaa- ^ ^j^^ j^^j^g should not be charged upon me deficieacy ansing'

< ftiom such causes:" Be it therefbre mcteted^ Th^X k shall he

lawful for the said commdssiooers-of his Mejjesty^s treiKScoy

to make regulations for ascertaining the amoont of such de«-

• crease or increase of the quantity of ev^ pardciidar sort of

goods, and to direct in what propor^on any acMttemeot of duty

payat^ under this act for defieiendes isbafl, «poii the espot^

Digitized by LjOOgle

my

l»tt.X SfiCRETABT OP THB TREASURY. «»

atkm of any sudli goods, be made <m acoount of any ouch.
doQn»8e: Ptmiied aiwaySf That if such goods be lodged in
^wiuretboases deolaxed ia d» "order of appointoQent to be of
special securkyy no dm^ shall be chaiged for any amount No duty on
wbatOTer of defieiency of any of snob ^ods on tbe^xporta- deftdency ^
tion thereof^ except in cases w'here suspicion shall arise that §^m"^ vara-
part of such goods has baes clandestinely conveyed away; houseofspedal
nor shall any snch goods (unless they be wine or spirits) be •®<^^'y-
measiised^ counted, weii^d, or gauged^ for exportation^
except in such cases of suspicion*

XL. Provided olvxnfB^amd be it Jitrther' enacted j That for A)lorwsnM8fbr

u

M

any wine, spirits, cofi^, cocoa nuts, or pej^^per, lodged in ^^
war^iouses not being declared to be of special security, the itjl^in^mv^
ftfllowkig aU0waiH)es for natural waste, in propc^on to the '^^^ ^^^ .^
tme dunng which any such goods shall have remained in «P«<^»«*^**"'7
the warehoQse, shall be made upon the exportation thereof,
according as such allowances are hereinafter respectively
set fofttk (that is to say) :
Wine, iipoa every cask, videlicei: wine for any *

time not exceeding oi3ke yeai: one gallon*

** for any time exceeding one year, and

not exceeding two years. . . ; two gallcms.

^ for any time exceeding two years three gidlons.

'Spirits, upon every hundred gallons, hydrometer
proof, mdelicei$: for any time not ex-
ceeding six months .. . one gallon.

^ SbK any time exceeding six months, and

not exceeding twelve mcHiths two gallons*

for any time exceeding tvirelve months,

and not exoeedm^ eighteen mcHiths . .three gallons,
.for any time exceedmg eagbtieen montlm,

• and not exoeedinff two years four gallons.

«^ for any time excee£ng two years five gallons.

Orfbe, oocoa nuts, pepper, for every one hun-
dred |iauBds, and so m proportion for any less

miantity i..» . .- two pounds.

jLLL And be kfuariher enacted^ That in case it shall atany incases of em-
time happen that any embezzlemcBt, waste, spoil, or destruc** ^^^^^
tion, shall be made of or in any goods or merchaiKlise which misconduct of
dndl be warehoused in warehouses under the authority of ^^^^j^^^^^J
this act, by or through any wittil misconduct of any officer f^tothepro*
or officers of customs or excise, such ofl&eer or officers shall prietor.
be deemed guiky of a misdemeanor, and shall, upon cou'^
viotion, sufier such punishment as may be infficted by law
in cases of misdemeanor; and if suQh officer shaU be so
prosecuted to conviction by the importer, consignee, or j^^o-*
pcietKU' of the goods or merchandise so emhezabed, wasted,
spoiled, or destmyed, then, and in such case, no duty of
ciwioms or encise shall be payable for or in respect of such
goods \%t i«eiieliandtiBe so OTt^beszled, wasted, spoiled, 0|^

Digitized by LnOOgle

REPOftTSOFTHE [18««.

destroyed, and tk) fbrfevtnrB or seuBHre shall take plaoe of
any ^oods and merchandise so waieboused in respect of any
deficiency caused by such embezzlement, waste, . s{x»l, or
destmction, and the damage oocasioDisd by such embezsie-
ment, wctste, spoil, or dei^ction of such gockls or merchan-
dise^ shall be repaid and made good to such importer,
consignee, or prt^[Mrietor, by the emnmissioners of customs or .
excise, under such orders, regulations, and directicMis as
shall be for that purpose made and given by die commis-
sioners of his Majesty's treasury, or any three of them.
J^jTbS^*' XLII. " And whereas it is expedient to make regulations
dot shipping * ^^^ the Exporting of such goods to parts beyond the seas as
aad landkis < have been impcHted into the United Kingdom fit>m parts
■hall bcgivfn, t beyond the seas, and warehoused, without payment oi any

* duty on the importation thereof, or notwithstanding; that the

* same may be prohibited to be used in the United Kingdom:!'
Be, it therefore etuidedj That upon the entry cmtward of any
goods to be exported from the warehouse to parts beyond
we seas, and before cocket be granted, the {^erscMi in whose
name the same be entered shall give security, by bond, in
double the value of such goods, with one sufficient sure^,
that such goods shall be duly shipped and exported, and
shall be landed at the place for whicn they be entered out-
ward, or otherwise accounted for, to the satisfiu^n of the
commissioners of his Majesty's customs* .

Bondforbeef . XLUI. Provided alwm/s, and be if /urth&r enacted, Thntnpoa

S^from^w*^ the entry outward of any salted beef or sadted pork, to be

heaae. exported fimn the warehouse to paits beyond the seas, and

before cocket be granted, the person in whose naine the same

be entered shall give security, by bond, in treble the value

of the ffoods, with two sufficient sureties, of whom the mas- '

ter of me exporting ship shall be one, that such beef or pork

shall be duly shipped and exported, and that no part thereof

shall be consumed on boara such ship, and that the same'

shall be landed at the place for which it be entered outward,

and that a certificate of such landing shall. be produced

within a reasonable time, according to the voyage, to be

fixed by the commissioners of the customs, and mentioned

in the bond, such certificate to be signed by the officers of

the customs, or other Britiih officer, if the goods be landed

at a place in the .BrtrinA dominions, <^ by the BritiA consul,

if the goods be landed at a place not in the British dominionst

or that such goods shall be otherwise accounted foir to the*

Beef and pork- satisikotion of the said commissioners. And such master

ej^oru^finom gjjaU make and sign a declaration, that such beef or pork is

to^ wM^^ae ^9 he laden on boaM such ship as merchandise, to be car-

•Mrm. ried to> and landed at parts heyond the seas, and notaa

stores for the said ship; and if such ship shall not have, on

board, at the time of clearance outward, a reasonable ^uppfy-

or Stock of beef or pori^ aiMK]pniit^ to l£e toleiided vogra^

Digitized by LjOOQIC

J42,] SECRETARY OF THE THJEASURt. «»

>me upon die viotuaUbg bill, the magter.of such ship shall
rfeit the sum of one hun<lred pounds.

XIiIV. And be it Jkrther enacted^ That no goods shall be Restrieiion as
^ported from the warebc^ise to the Ide of Many except sm^h to the Hie of
yods as may be imported into the said island with licenae ^"*-
: the ccMBimssioners of his Majesty's customs, and in virtue
: any such license fir^t obtained.

XLV. Aitd be it further emcted, That all goods taken frwn ^^^^ ^^^
le warehouse for removal, or for expcntation, shall be ved irom ware-,
nnoved, or shall be carried to be shimJed, under the care, houeeforslup-
r with the authwity or permission of the proper oflBcer of ^^ of officer^
le customs, and in such manner, and by such per^ns, and
rithin such spaces of time, and by such roads or ways, as
le proper oflocer of the customs ^all authorize, permit, or
irect; and aU such goods not so removed or carried shall
e forfeited.

XL VI. And be it further enacted. That it shall not be lawful Ship for ex-
>r any person to export any good# so warehoused, nor to ^J^goodir
Qter u)r exportation to parts beyond the seas any goods so
rarrfioused, in any ship which shall not be of the burden of
3venty tons, or upward.

XLVn* And be itfwiker enacted, That all goods or mer- ,^^^ ^**
handise which shall be landed in docks, and lodged in the {]J ^^^ for
ustody of the proprietors of the said docks, under the pro- freight, as be-
isions of this act, not being goods seized as forfeited to his ^^ landing,
f ajesty, shall, when so landed, continue and be subject or
cable to such and the same claim for freight in favor of the
aaster and ovmer or owners of the respective ships or yes-
els, or of any other person or persons interested in the freight
►f the same, from or out of which such goods or merchan-
lise shall be so landed, as such goods, wares, or merchan-
lise, respectively, were 3ul:gect and liable to while the same
vere on board such ships or vessels, and before the landing
hereof; and the directors and proprietors of any such docks.
It or in which any such goods or merchandise may be landed
md lodged as aforesaid, or their servants or agents, or any
)f them, shall and may, and they are hereby authorized,
empowered, and required, upon due notice in that behalf
riven to them by such master or masters, owneror owners,
>r other persons as aforesaid, to detain and keep suoh ^oods
md merchandise, not being seized as forfeited to his Majesty,
n the warehouses belonging to the said docks aa aforesaid,
antil the respective freights to which the same shall be sub-
ect and liable, as aforesaid, shall be duly paid or satisfied,
»gether with the rates and charges to which the same shall
tiave been subject and liable, or imtil a deposite shall have
been made by the owner or owners, or consignee or con-
signees, of such goods or merchandise, equal in amount to
the claims or demands made by the master, owner or
owners, of flie respective ships or vessels, or other persons,

Digitized by LjOOQ IC

094

KEPCAT6 OP TOE

ipa

as aforesaid, for or on accomit of fr»^ opon tnApukt
merchandise; which deposite the said directonorpp
tors of such docks, or their ags&ts, re^ectivefy, are m
audiorized and directed lo receiTe and hold intnut,ai
the claim or demand for ireiriit upon such goods ifaail te
been satisfied ; upon proof of which, and demand mk^
the person or persons, their executors, adminifltJHo& !
assigns, by whom the said deposile shall have been m.
and the rates and charges due upon the »id mds bar
first paid, the said deposite shall be returned to mmorte
by the said direotois or proprietors, or tl^ir agfots ob tk:
behalf, with whom the said deposite riiaM have bees b4
as aforesaid.
Act may be XLVIII. And be it JwrAer macted. That this act m^it
^^**»*« •^ altered, varied, or repealed, by any act or acts to be jai*
in this present session of Parliament.

Litt of the principal artidei of Foreign Mmkandiee remaiMg « ^^
AotfM, under the locks of the Crowi^ in the ports of Ijonio%, IJ^
Bristol and Hull^ on or about the 6th of January^ 1882, tad l^
(Papers published by the Board of Trade, voL ii., p. 66.)

▲RTICLB8.

Alkanet root,

Annatto,

Ashes,

Barilla,

Borax,

Bristles,

Cassia Ugnea,

Camphor,

Cinnamon,

Cloves,

Cochineal,

Cocoa,

Coflfee,

Currants,

Figs,

Fustic,

Gall,

Ginger,

Hemp,

Hides,

Piece goods of

Sugar,

India rubber.

India, silks.

Sonne,

Indi^,
Iron bar.

Piece goods of

Tallow,

India, nankeens. Tea, biackf

Lac dye,

Pimento,

» ffMi

Lead,

Quicksilver,

Tin,

Logwood,

Raisins,

Tobacco,

Mace,

Rhubarb,

Turpendne,

Madder,

Rice,

Tumeric,

Molasses,

Sago,
t Saltpetre,

Valonia,

Nicaragua wood.

Wine, cape,

Nutmegs,

Sarsaparilla,

Oil, castor.

Shellac,

u fbi^

" dive.

Silk,

« Port,

** palm.

Smalts,

1* BbcfliA

Opium,

Spirits, brandy.

u 8pa«iA

Pepper,

" Geneva,

Piece goods of

** mm.

Wool

India, calicoes.

Steel,

Zioc.

Digitized by

Google

J4a.] sECRETAinr of the treasury. «as

cure tparehauiing ports ; nor may aU sorts of goods be war^umsea in every
wardupusing port. We subfoin it list of the loairekoudng ports 99» Gr^a
Britain and Ireland^ cmd a specificortionofthe goods that may betoarehoused
in eacJh classed in tables* {See last edition of McQi^Je^Ks Dicdosuiry ^f
Commerce^ vol. ii.t pB^ 715.)

Irtmirf.— -Goods ih table C.

icsmstable^ — ^All goods excq[^ tobacco, East ^bdia goods, wad goods in

table F, other than sugar.
3id^ord. — Goods in table A, ^ine and spirits in table B> and goods, kx

table C.
SosMu — Wine and spirits in table B.
"iridgemuer^^^^'vDB and spirits in table B, and wood and lax in table

C, rum and tallow.
Sridport. — ^Rum, brandy, wine, hemp, iron in bars, timber, barilla, alum,

tallow, ashes, hides and skins^ stigar; currants, and other fruit.
?ri«^oZ.-^-East India goods, and goods in ts^les A, B, C, D, E, and F.
Jhepstow. — Timber, deals, hemp, linseed, staves, tallow, and tar.
?A^<en--^um in table A, and wine and spirits in table B*
'Chichester. — ^Wood, pitch, tar, and iron in taUe C, and wood in table E.
Colchester. — ^Rum in table A, and wine and spirits in table B.
Cowes. — Goods in tables A, B, and D, and timber and deals in table C.
Dartmouth. — Goods in tables A, B, C, and D, (except tobacco.)
Dover. — Goods in table B, (except tobacco,) and timber and wood in

table C.
Exe^. — ^AU goods except tobacco. East India goods, and goods enij-

merated in table F, other than sugar.
Falmouth. — Goods in table A, B, C, and D.
Gloucester. — Spirits in table A, wine and spirits in table B," tallow in

table C, and barilla in table E; sugar not East India, and all

other goods not East India produce, and not in table F.
Goole, near Huil. — All articles, except tobacco and snufE
Grimsby^ Tiear Hull. — Goods in tables A, B, C, D, and E, (except tobacco.)
HvU. — ^East India goods and goods in tables A, B, C, D, and E.
Ivsvnch. — ^Wine and spirits in tables A and B, and bariUa.
Lancaster. — Goods in tables A, B, C, and E.

Liverpool. — Ea^t India goods, and goods in tables A, B, C, D, E, and F.
London. — ^East India gw)ds, and goods in tables A, B, C, D, E, and P.
Lynn. — ^Rum in table A, wine and spirits in table B, and timber and

wood in table C.
ifoWwi.— Wood ^oods.
Af^&fTi.-T-<Joods m tables C and D.
Newccade. — Goods in tables A> B, C, D, and E.
New- Haven^^^^Rmn iA table A, wine aftd spirits in table B, and timber

and i;vood in table C.
Ph/mouth. — Goods in tables A, B, C, D, and E.
Pook. — Goods in tables A, B, C, D, and E, (incept tobacco.)

Digitized by LjOOQIC "

SM REPORTS OF THE [IMS.

P<ntmouttu — Goods m tables A, B, C, and E, (except tobaoco,)aii

hides in table D.
Rochester. — Rum in table A, wine and sfurits in table B, and tm^ier b.

wood goods in table C.
Rye* — ^Wine in table B, wood in table C, and clover seed in table E.
Shoreham. — Wine aiid spirits in table B, and goods in table C.
Southampton. — Spirits in table A, wine and spirits in table B, goads i

tables C, D, smd E, and East India gocxis renioved for expoctfiHs

to Guernsey or Jersey.
Stockton. — ^Rum in table A, wine and spirits in table B, timber and gosc

in table C, clover seed and green fruit in table E, potashes, ^b.

coffee, hides, &c.
SunderlantL-'^oods in tables A, B, C, D, and E, (except tobacca)
Stoansey. — Goods in table C.
Weymouth. — ^Rum in table A, wine and spirits in table B, wood in vUt

C, almonds of aU sorts, barilla, clover seed, currants, figs, oi^

olives^ salad oil, prunes, raisins of all sorts, and licmcejuioei

table E.
^Fitliy----Goods in tables C and D.
ffhitehaven — Goods in tables A, B, C, and E.
Wisbeach.'^W oods goods.
Yarmouth. — ^Rum in table A, wine and spirits in table B, hemp and nt

in table C, and goods in table E,

SCOTULNP.

Aberdeen. — ^East India and all other goods.

Borrowstoness. — Timber and wood in table C.

Dunrfriet. — Wine in table B.

Dundee. — ^Wine and spirits in tables A and B, iron, pitch, tar, dnAff,

and wood, in table C.
OlcagoftVk — ^East India goods, and goods in tables A, B, C, D, and t
Grangemouth. — ^Fustic, hemp, iron, logwood, mahogany, pitch, n«

staves, tar, tallow, tow, turpenfine, timber, and -wood, in tdie

C, and flax in table E.
Cfreenock. — East India goods, and goods in tables A, B, C, D, and E
Leith. — Eaist India goods, and goods in tables A, B, C, D, and E.
Montrose. — Wine, spirits, and sugar; and goods in tables C and D:

ashes, butter, cheese, coffee, feathers, nams, hides, honey, spfHfi

befer, seeds, vinegar, and jram.
Port Glasgow. — East India goods, and goods in tables A, B, C, and t

Ireland.

DniKn^ Bel/asty and Cork. — ^East India and all other goods, inck^iBg
sugar in table F, and excepting the other articles enumexaDed a
that table.

Coleraine. — All goods except East India goods and tobacco.

Droghedoy Dimdalky Galvxiy, Limerick, Hondonderryj Newnff SUgo, and
Watejford. — ^All goods (eicept East Lidia gdods, and the axtkios
enumerated in table F, vmh the exception of sugar.)

Digitized by

L^oogle

MS.]

SECKETASr €* THE TBEASURT.

ospf

^ea^brd. — ^Wine, ^ugox, hemp, inm, laUow, foreign spirits, aQdvinagar>
coflfee, cocoQ^, rice, pepper, ginger, and pimento*

TABLE A-

jnnatto or rocou, Cocoa nuts, Sugar,

assia fistula, Cofiee,

ot being the produce of, nor imported from, any place within the limit3
of the East India Company's charter,

.ngustine bark. Indigo, Pimento,

lotton wool. Mahogany, Rum,

ringer. Molasses^ Wine,

nported fix)m the West Indies. .

5ocoa nuts. Indigo, Pimento,

5ofiee, Mahogany, Rum,

/otton wool. Molasses, Sugar,

ringer,

le growth and produce of, and imported direct fix)m any of the terri-
tories or dominions of the Crown of Portugal.

TABLE B.

Jrandy, Rice, Tobacco

reneva, and other spirits. Shrub, Wkie,

ot being the produce of, nor imported from, any place within the Emhs

of the East India Company's charter (spirits aid wine excepted,) or i

not being imported from the West Indies.
k>coa nuts, Indigo Pimento,

Joflfee, Mahogany, Rum,

Jetton wool. Molasses, Sugar, ^

Jinger,
►eing the growth or produce of, and imported direct fiiom, any of the

territories or dominions of the Crown of Portugal.

Spirits and wine, being the produce of any place withiq the limits of
he East India Company's charter, and imported otherwise than by said
ompany.

Jrimstone,

Uork,

lemp undressed,

ron, in bars, or slit, or
hammered into rods,
and iron drawn or
hammered less than
I of an inch square.

TABLE C.

Ee^,
Linseed,
Mahogany,
Marble blocks,
Oil of turpentine^
Pitch,

Staves,

Tallow,

Tar,

Timber,

Tow, .

Turpentine,

Wood,

Zaffie, or cobaidt,

Rapeseed,
Rosin,
lot being the produce of, nor inported firom within the 4imitd of the East
India Company's charter, nor imported, from the West Indies.

Digitized by i^OOQ IC

696

REPORTS OF.
TABLE D<

pM

Blubber ofBritish fish-
.ing,

Hides,

bdian deer skins, half
dressed, or shaved,
and skins and furs.

Train oil, and aDoi?

fish oil.
Whale fins of Bika

fishing,

of all sorts, not
tanned^tawed, or in
any way dressed.
Oil of British fishing,
Oil of spermaceti, or
Head matter,
not being the produce of, nor imported fit>m within the limin oftkii
India Company's charter, and not being inqported fiom die is
Indies.

Alkermes,

Almonds,

Anchovies,

An^stura bark,

Amse seed,

Annatto or rocou.

Arrowroot,

Ashes,

Balsam of all sorts,

BariUa,

Beads of amber and
coral.

Beeswax,

Black or Dantzic beer,

Bristles, undressed.

Buckwheat,

Cantharides,

Carpets, Turkey,

Cassia fistula,

Catlengs or lutestrings.

Cheese,

Chip hats.

Citrate of lime,

Citron in salt and
water.

Clover seed.

Cochineal and cochi-
neal dust,

Cocoa nuts.

Coffee,

Copal,

Cotton wool and cot-
ton yam,

Currants,

Elephants teeth,

Essence x>f bergamot
and of lemon.

TABLE E.

Essence of British
America sprucei im-
ported thence>

Euphorbium,

Feathers for beds,

Figs,

Flax,

German sausages,

Ginger,

Ginseng,

Granilla,

Gum-Arabic,

GuaiacfUQ and Seor
^,

Hams,

Harp strings*

Hones,

India rubber,

Indigo,

Isingktfs,

Jalap,

Jesuit*s bark»

Jet,

Juice of lemons, Umes,
and oranges.

Juniper berries,

Lampblack,

Linen, plain (except
sail cloth,)

Linseed cakes,

Licorice powder,

Maccaroni,

Madder, ground,

Mahogany,

Mannia,

Mercury, ^

Mohair yam,

Digiti

Molasses,

Oil of almonds,
amber,
anise seed,
bay,
cqepnta,
carrawaj,
cassia,
castor,
cinnamon,
cloves,

juniper,

lavender,

linsaed,

m^ce,

marjoram,

nutmegs

oliv^

oranges,

palm,

pine,

lock,

rosemary

rosewooof

salad,

spike,
Oil of thyme,
" torpentise ^
wahot,
Oils, diemical awlp
fiuned, nototh'**
enumerated,
Opium,

Or«nge flower ^^
.ointmeot,

ized by Google

54SI]

SECRETARY OF TfflE TREASURY.

6$B

Uarof Toses^

earl barley,

ictures,

igsi chops and faces,

imento,

itch, Burgundy,

laiting of straw or chip,

ots, melting,

runes,

tuickalver,

.adix serpentark),

^!*

Lajsins of all sorts,

Lape cakes,

Rhinehurst,

Rhubarb,

Rum,

Saccharum satum.

Saffron,

Sal ammomacus,

gem,.

limonum or acelo-

sella,

prunella,
f succini,
Saphora,
SarsapariUa,

Silk, raw, thrown or

waste.
Smalts,
Straw hats,
Succus liquoritioe.
Sugar,
Tapioca,
Tar, Barbadoes,.
Tomsal,
Toys,
Verdig^ns,
Vermicelli,
VermiUon,
Vanelloes, and all other

Senna^
Dod« manu&ctured, not beina the produce of, nor imported from within
ie East India Company's charter, and not being imported from the
Vest Indies* •

L^ates, rough and pol-
ished,

dmdnd paste,

Uoes,

^mbra liquida,

Lmbergris,

balsams of all sorts,

3ead8 of all kinds,

3eer, Benjamin,

3ottles, • .

Bugles of all kinds,

Dambricj

[Jamphor,

Dandles,

Uantharides;

ZJardamoms,

Sards,

Carmine,

Cassia buds, lignea
fistula, .

Castor,

Chinaware and porce-
lain,

Crystals,

Cider, "

Cinuamon ^imported
lander license.

Citron water.

Civet,

Vol. IV,— 84.

TABLE F.

Cloves imported un*
der license.

Clocks,

Cochineal,

Coccqlus Indiqus,

Cotequ'mtida,

Columba root.

Coral of elU sorts,

Cork«, ready made,

•Cuttle shells,

Pice, '

•Eau de Cologne,

Enamel,

EsseAces of all sorts.

Extracts of all sorts,

Feathers, ostrich and
others not other-
wise enumerated,
dressed or undress-
ed.

Flowers, artificial.

Garnets,

Gauze of all kinds,

Ginger, preserved j

Glass of all kinds.

Grains of paradise and
of Guinea,

Gum opoponax,
»Hair, human.

Hair powder.

Hats and bonnets of
aU sorts.

Inkle, wrought.

Jalaps,.

Jet, .

Jewels: emeralds, ru-
bies, and all other
precious stones, ex-
cept diamonds.

Lace of all kinds.

Lapis laguli.

Mace imported by li-
cense.

Manna,

Mercury,
. Metheglin,

Morels,

Musical boxes.

Musk,

Myrrh,

Nux vomica.

Nutmegs imported by
Ucense,

Opium,

Ormolu,

Ottar of roses.

Paper,

Peny, *

Digitized by

Google

or

600

Plate,

Pearls,

Pictures,

Platina,

Plating of all sorts,

Powder of bronze
brass,

Powder, not otherwise
enumerated, which
will serve for the
same use as starch.

Quicksilver,

Badise ipecacuanha or
rhatanice,

Resinajalupae,

REPORTS OF THE

Rhubarb,
SaflBxjn, .
Sal limonum and rao-

cini,
. fecammony,
Silk, raw and oi]gan-

zined,
Snuff,
Spikenard,
Stones, bezoar,
Soap,
Starch,

Storax of all'kinds^
Succades,

Threads of aHUi,
Tobacco, •
Tortoise shell,
Treacle of Venice^
Truffles Tuibidi,
VaneUoes*
Vellum,
Verdigris,
Vinegar,
Watches of all SDi^
Watch glasses,
Waters, mineral ta
strong, ofailjofte,
Wires,
Sugar, • Yam, mohair;

And also all goods and nxerchandise, of every descriptioQ, which, ^
the provisions of the warehousing act, may be imported for Ae pap
of exportation only ; all which ffoods msty be deposited only in ^^
houses enclosed by and surrounded with walls, or in other waids®!
or in places of special seciuity, especiafly to be approved by thcfa"
missioners of the Treasury.

L

[Oiitsolar.]
Treasury Department, ^Afoccmiff 24,^^

Sir: As it is contemplated by the Department to brine beibitO&
gress, at its next session, the subject or a generskl warehoose s^
with a view to the better accommodation of uieinipoft. business of ^
United States, it is desirable to obtain infbnijauon Upon tbe fc!^
points, among others, and to receive such suggestions in relalkffl^J'
policy and practicability of the system a^, your eiperlence may 6^
youtofumidi: . "

First, Is it likely that safe and comn^odious warehouses can be
cured without the expenditure of money by the Grovemment id
erection? ; . ,

Second. Supposing that conmiodiou^ Ws^rehouses can \^ pdo^^
lease by the Govei-nmenl, would the expense be- reimbuii9ei5^
amount of storage received; aiid if not, is it UkeW that the defiqiencj.^f
smaller ports would be made up by flie excess of receipts fo^^^^'^f'J^
larger ports: in other words, a^sumiog tHat thfe jpriyilegeof wardoQ^^!
shall be universal, will it support itself witljojit burdening fte rev«^

Third. What number of additional officers, iFAayryQ?^^ ^^
sary for conducting a warehouse system with entire safety to the y<J^
ment, aflfording at the same time reasonable fiiciliU6s ^ >^t^^i^
replying to this quiestion, you are desired to advert to the pecufef *^
of officers attached to this service. " i.d

Fowrth. What would be the'eiHect of this system upon the tn*

. ,^ Dfgitizedby^OQQlC

2.] SECRETARY OF THE TREASURY. . S31

laiger and smaBer ports? WouW it change or unsettle {tie relative
'^axitages enjoined by diem under the existing system?
Pj/JA. Is it expedient to limit the period of deposite, say to one year,
time within which exportation for drawback was allowed under our
ly laws, or should the period be indefinite?

iij^th* What will be the eflfect of the system upon the revenue accru-
at the port of in the year next following its adoption?

Seventh, You are requested to communicate your views of the system
erally, in connection with that of cash duties; your reasons, if any,
t may favor its adoption, and your opinion as to the disadvantages
t may attend it,

four answer is requested at the earliest day practicable*
• aCm, very respectfully, sir, your obedient servant,

W. FORWARD, Secrmry of the Treasury.

Collector's Opficb,
DisTRicivoF Portland and Falmouth,

Portland, December 8, 1842.
^iR : I respectfully beg leave to submit the following answers to quel-
ls proposed in your circular of the 24th ultimo, which Ihad the honor
receivmg oa the 1st instant.

Firit. Commodious frame buildings, suitable for warehouses, could
procured on lease at this port. They are built on wharves, at which .
jsels of any burden can conveniendy lie and discharge their cargoes,
1 axe of sufficient capacity to contain all the merchaodid6 thai would
imported into this district in any one year.

Second. The amount of storage received would unquestionabl}r reim-
rse the expense of )?ent and pmer incidental charges. These buildings
^ generally of three stories, capable of storing on the ground floor from
5 hundred to ime hundred and. twenty hogsheads of molasses, (the
lef artiole of import here,) and could be leased at from $40 to 950
r annum. The second and third stories might be used for the storage
coffee ai^ other light articles.

Third. Two additional officers might be necessary at this port, viz : a
ixehouse-keeper and an assistemt, who, with one oi the inspectors of
3 cttstxHns, and other officers in the service of the revenue, could per-
TQ with jbcihty the duties required of them. The compensation of
th need not exceed 1 1,500.

Some of the appropriate duties of these officers — ^indeed the princi-
1 — ^would be a general supenntendenco of the warehouses and mer-
andise deposited, the direction i^ storing and delivering the same,
dng an account of all articles committed to their charge, and opening
3 warehouses when called on to show the goods, and procure sam-
es.

It may not be amiss to state, in this connection, that, under the pre-
ssed systeih, the duties of the weighers, gangers, and measurers at this
>rt would be less onerous, and be likely to be performed with more
jcuracy.

Digitized by LjOOQ IC

53S EEPORTS OF THE [M

Tbe principal articles, of import into this district arrive periofcq
and in large. duantities, at about the same time^ but are disposed k]
all seasons of the year; and if gauged, weighed, and ' measured c
deUvered, the annual labors of these c^Bcers would pot be crowdec:
so small a space of time as €0: present, and they would beenalM^-
out foregoing any of their privileges, to render essential service s^
warehouse-keepers.

Fmrth. Tbe effect of this system would be, it is believed, to b»
or at least to restore, the trade erf this and the other ports in tlis
which is sensibly diminishing under the operation of cash duties. Fi:
the occurrqnces that have come under my own ob8ervatk)n,ii«
seem as if the import business must, in a short time, be coofe
merchants of large capital, to the exclusion of those of limited^

Fifth* It is believed by some of our merchants, whose <^*
respect, that their own and the public interest require that the? i^
be allowed tvx) yearsy or at least eighteen monthSf to clear their &^^
having been warehoused. I have heard no good reason, and ufff -
occurred to me, for recommending that the limit of depositebcenei
beyond one year. The articles which* form the bulk of important'
this district are of comparative Uttle value, and are principally ccn-^
at home. The quantity reexported is inconsiderable. At tk Ib?
ports, where the more valuable articles are imported, a kngertbe-
be necessary.

StttA. Should the system be adopted, to take effect from and afe"
4th of March next, it would, in my opinion, increase the agP^f
revenue for the year next ensuing, though less would pSW?-^
received the first half of the year than under the present sys^ J^
difference, however, would be small, as there is a constant <fe*^^
the principal articles of import into this district — molasses and alt ^
crop of the former article reaches a market fix)m the montbof J»^
to June — a larj^er portion of which is imported here during that p^
Large quantities — ^sometimes fifteen thousand hogsheads, or ffltf*^
half the imports for the year — ^accumulate at this port in the fo^^
June. This quantity gradually diminishes for consumption aod a?
and rarely is any portion of it left in store when the new opt^co^*
market in the following January.

The case is much the same with salt. Our fi:«igteing dnjsj*^
early in autumn fix)m Europe with cargoes of salt, which is wdf^
that season and the following winter for packing provisione, dd * ,
spring and summer for curing fish and for other purposes; conse^-
neither of these articles would be long in public store..

The average quantity of molasses in thenands of the importers*^
the year, is about seven thousand hogsheads, or one fourth of^^

Seventh. Most of the merchants in tnis and the other P^'^'^^jv
either own or lease stores. The arrangement, therefore, t''^.^"^
most convenient and satisfactory to them, and at the same ^Tl
reasonable security to the .revenue, without subjecting it to ^Tjf
for storage, would be to allow them to provide waretouses fcrthe<*f
site of their importations, to be under the control of the storA^P^
officers of the customs while used for Government purposes, and *^

Digitized byLrrOOQlC

S.J SECRETARY OP THE TREASURY. 688

• .

rx their locks, so that no fraud could be committed without, their

^w^ledge or privity,

>hoiild*it be objected that these buildings are* not ■ firesproof, and are

refore unsuitable for warehouses,' I would reply that they are at

sent, and ever have been since their erection, used by the merchants

his place as depositories of their importations. Besides, tKe risk of

5 by fire need not be with Goyemn^ent, as the imjporters might be

uired to keep them and their contents insured. . .

rhe custom-housebuildings are fire-proof, and Qapable of holding all,

the principal part of the more valuable articles of import that would

introduced into this district.

I beg leave to add, that the memorial of the Chamber of Commerce of

J city of New York expresses the views of the merdiants of this place,

relation to the establisnment of the warehouse system j in which I fidly

ncur*

I have the honor to be, with great respect, your obedient servant,

NATHAN CUMMINGS, Collector.
Hon. Walter Forward,

Secretary of the Treasury.

• CusTOM-HousE, Newburyport, December 8, 1843.
Sib. : The circular of November 24th not having been mailed on that
a.y did not arrive here until a short time since.

1 take the earliest opportunity to answer the inquiries contained in it
3 foUows:

First. Is it likely that safe and commodious warehouses can be pro-,
ured without the expenditure of money by the Government in tneir
rection?

Ansvoet. Of late years there have been, at all times, in Newburyport,
, large number of safe and commodious warehouses to be hired at a
easonable .rate. .

Second. Supposing that comnK)dious warehouses can be procured on
ease by the Government, would the ex})ense be reimbursed by the!
imount of storage received; and if not, is it Ukely that the fleficiency in '
he smaller ports would be made up by the excess oi' the neeeipffe far .
storage in the larger ports ; in other words, assuming tlKit the pnvnege
3f warehousing shall oe universal, wiU it support itself without burdt^iti-
ing the revenue ?

Afwwer. No doubt can be entertained that any expeuse oi' .storage
would be reimbursed to the Government; as many of those persons
engaged in trade here are also owners of move stores than they usually
occupy, it is supposed that they would store their goods in their own
warenouses, giving to the Government a lease for the time^ and of course
giving the key to a public storekeeper. As to the last clause of this
question, it cannot be doubted that the warehousing system would sup-
port itself without burdening the revenue. Certainly, after a year or
two's experience, if^yioss should arise, an average rate of storage
might be fixed which would cover such loss; or insftuctions miglit be

Digitized by LjOOQIC

SS4 REPCWRTS OF TEDE ^

issued to the revenoe officers of the diftrent ports whkh sbndds^
them a discretion as to the rates of storage, with a view lo havv dieni
svera^ied &t each particular port, so as to cover the expenees of staa
at sucn ports, it being obvious that no general rate can be pfescAcjj
law which would be equal at all places. * In Newbuiyport, hovei?
is presumed that there could be no difficulty, because stofes cooU aiir
be hired for such time as they might be wanted and no hogsiM
. importer paying the rent.

Thirds What number of additional officers, if any, would be necesr

ibr conductii^ a waiehouse system with entire safety to the Gac-

. n^ent, afibrding at the same time reasonable &cilities to importers: )

reply to this question, yoif are desired to advert to the pecuuar im

officers attached to the service. *

Anstoer. Unless the business of the port should greatfy incressc «
officer would be sufficient to keep the public stores.

Fourth. What would be the effect otthis system upon the trade at>
larger and smaller ports? would it change or unsetde the relative sicr
tages enjoyed by them under the existing system?

Anstver. It is not beUeved that any material change in the coaw
trade would be occasioned by introducing the warehousing st*^
Perhaps it would not be safe to say beforehand that there would bei^
lutely no change whatever by the introduction of a new system; b2 '
is presumed that such a change .would be triffing, and that the reto
advantages enjoyed by the larger and smaller ports would be ueaxk^
same as at present.

. If any changes were produced it would probably be for the b«6"
the smaller ports, because, other things being equal, storage is pff^
cheaper at such ports; still, while ibr this reason it might b^^
smaller ports, it would not materially injure the larger ones, becw**
only contingency in which the trade of the large ports would (f^
iiito the smaller ones would be when the large ones should be fi *
importations: in such cases the excess would be entered and sKxfi s
the smaller ports.

i^ifth. Is It expedient to limit the period of deposite, say to one ,^
the time within which exportation for drawback was allowed under oc

* t uily Lnvs, or should the period be indefinite?

* Atmmr* The object of adopting the warehousing system hfl**^
cFKihlf^ fhf/ nierchant to import his goods and sell them so as toin«<^
pnvMienr of the duties with the proceeds of his jsales, the propff ^
shnulfl hr the ordinary term of credit among merchants. It is ocfc^
that ttu.< term does hot exceed in general six months. If it does &^
that term, it is an important quesUon for consideration with the Gff^^
menu whether it wouljd not be for the general interest of the cffft^
that the. term of credit among business men should be ahridge4i^
whether limiting the credit extended by the Government for duties wm
not be the lAeans of introducing a more salutary system of doing ^
ness.- . . \ ^

Sixth. Whatwill be the effect of the system uppn the reveooeaccnfl!
at the port of Newburyport in the year next followlbg its adop&o?
Anawet. It is believed that the introduction of a' warBh<iQ«iiig«y**

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Mk3.] SECRETARY (»? TIEE TREASURY, 5M

'ouM increase the revenue aocruing at this port in the year next fi^w-
g its adoption*

jSetfenth. You are requested to communicate yoiir views of the system
sneFaJlyt in connection with that of cash duties : your reasons, if any«
at may &vot its adoption, and your opinion as to the disadvantages
ctt may attend it*

.Answer. The answers to the above inlerro^tories embrace nearly all
.£tt could be said on the subject, without gomg into an elaborate discus-
on of the whole subject of revenue.

One suggestion, however, I feel called upon to make, which is, that it
ppears to me the object of the Government should be to aid, by all
5£ucm^ble means which comb fairly within the scope of its powers, the
asiness and trade of the country, and particularly in the. collection of
le revenue, which is in point of fact but sLnother mode of taxation, to
tvy and collect that. tax in the manner least onerous to all who have
tiy portion of such tax to pay. Now, although tine consumer pays this
IOC, yet it is /eh principally by the importer : he should, there&re, be
^lieved as much as possible in the mode of collection, and have as long
term of credit as it may be convenient for the •Government tp give,
ad this will usually be just as long a term as it will eventually be for
le benefit of the importer to receive. That is to say, too long a term
r credit, while it would be inc<H)venient for the Government, would also
e iniurious to the merchant himself, and that term of credit will be best
>r all cioncemed which conforms most nearly to the general wants of
le business people of the country. As stated above, it is believed that
:ie term would be about six months.

Some term of credit i§ also needed by the merchants and importers
f small capital, upon whom it would be a great hardship to impose the
payment absolutely of cash duties. Many such would be driven en-
Lrely out of business, leaving a monopoly of foreign trade in the hands
if laige capitalists, who wouui eventually, being able to hold their ^[oods
br a large price, control all business, and probably increase the pnce of
dl foreign commodities to the consumers.

It is believed, finally, that the best and most salutary system which
loold be adopted fiy me collection of the revenue, would be one-half
ixty days credit, the residue six months, with the option to the importer
►f paying all cash, or warehousing for the sixty days or six months.

W ith great diffidence these views are respectfially submitted, by your
obedient servant, R. W. KINSMAN, Coffec^or.

Hon. Walter Foeward,

Secretary of the Treasury^ Washington.

/^ Collector's Office, Salem, December 2, 1842.

Snt: In answer to your circuUu: of the 24th instanjt respeqting the
subject of a general warehousing system, with a view to the better,
faccommodafion of the import business of the United States, such sug-
gestions as are in my power to oflfer, .or my experience may enable me
x> furnish, are respectfi^y presentad*

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636 REPORTS Of THE (18^.

Answer to point Jmt. Tbere are sufficient wareliotises to be procured
in this district without the expendjture of money by the Government.
A public store is attached to this.cu*stom-house capable of receiving large
quantities of goods. There are, also, many capacious warehouses
empty a great portionof the year, which would readily be put in Order
by the owners for this purpose.

Anstoer to point second. I have no hesitation in expres«Bg my firm
belief, that the receipts for the storage of goods would amply repay tbe
expense in* this district ; and I cannot but believe, as far as my knowl-
edge extends, such would be the Case in all other districts. '

Ansfver to point third, A storekeeper would be all the additional officer
wanted in this district, pnovided a law should be made requiring the
weighers and gangers to be also deliverers of goods, &c., under Ae super-
vision of the collector and storekeeper. The duty of this class of
officers would call them to weigh and gauge articles payiijg specific
duties 5 they might, also, be constituted aeliverers of artides paying nd
valorem duties. I am premising that, in case the waiehousing system
goes into effect, the goods or -merchandise wiU be put into tbe* public
stores as landed ; when delivered to the consumer to be weighed, &c.,
and the duty then paid on theit weighty contents^ or value. The duty of .
the storekeeper would be to keep an euBcx. account of all merchandise-
placed in the public stores, with the marks^' numbers, &c., of the pack-
ages, and to attend to the delivery, &c., of the sflme. The weighers
and gangers being placed under his supervision, 'might bfe delivering
several parcels al the same time, making their returns to die storekeeper,
and the latter officer making his returns to the collector. In a 'district
like this all this duty might be done by these officers, witlrout overbur-
dening theili with labor.

Anstver to point fourth. The effect of this system Would be equally
advantageous to the small as well as the large ports,^ and, in my opin-
ion, womd rather helpthe small T)orts in their amouirt of business. Con-
siderable amounts of merchandise which are now frequently ordered
and shipped from Europe to India, Africa, and Sonth America, woyld be
ordered honie, thus giving the advantage of the fi^eight and labot.

Answer to point ffth. It would certainly apped* to be the object of the
importer to make sales of his merchandise at the earliest pieriod.possible,
in order to lessen the expenses of interest and stortge which would be .
daily accumulating; and no objections appear ^igainst an indefinite
period, excepting, perhaps, the length of time which mi^ht otherwise be
taken in closing an importation.

Answer to point sixth. I do not think there would- be any essential dif-
ference in the amount of reveiiue to be received the next year ; and if
any, it would, in itay opinion, be in favOr of the iioarehxnumg sysftemy €iS'
more imports would probably be ordered under it than ff cash was
demanded on entry. ' .

My opinions are very miich in favor of the warehouse systfem Hs con-
ducted in Europe.* As our revenue laws now stand, the payment of the *
inoney on entry beai;6 peculiarly hard /)n the merchant. And, as of •
course, alljhe revenue to be raised fix>m imports must be upon thdse only
whacfa are consumed in this cowOnfi this plan appears to my mind the

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is.] • SECRETARY OF THE TREASURY. 687

aplest, safest, -and mist practicable. One of many arguinents I cotiH
^ in its favor is, that most of the cargoes of our ships finom the
Lst Indies, particularly from the ports of Batcma and the coast of Sumr
^CLy ^which, under past laws, have been ordered to the ports, of Europe
be stored, would,- under the ^opo«cd! /««?, be ordered nome, giving to

tbe advantage of the labor, storage, and outfits of the vessels, even if
5 cargoes were eventua^ shipped to Europe. We should also be
Biking a deposite of foreign. merchandise, thereby enabling our mer-
lants to furmsh cargoes for their vessels from our own ports suitable
r distant tn&rkets. . .

I have the honor tdbe, sir, respectfiiUy, your obedient servant,

J. MILLER, Collector. ,
Hon. WALgpEB Forward, *

Seqretary of the Treoiwry^ Washington. '

. Boston, December 7, 1842.

Dbar Sir: Your circular of the 24th ultuno, embracing sundry in*
uiries on the subject of the adoption 6f a* warehouse system, has been
ut into my hands, and, a& it relates to a matter which I have long
tiought of great ithportance to the commerce of our country, and more
particularly so, since the a^opdoi;i of the cash system of duties, though
ay opinions are not specially asked, I ventulre to volunteer a few sugges-
ions, in the conviction that if they do no good they can do no harm.

Of your *^ firstly So far as this and the neighboring ports are c«icemed,
here can be no doubt. Abundance of acconmK)aation can be had,
without heeessarily subjecting the Government to any expense.

Of your ***arowa:" If 4t is contemplated to hire a sufficiency of ware-
iiouses outfight,, there would be some hazard, at a low rate of storage
For the first year^ of a deficiency of receipts to meet the expense. Should
such be the result, it would arise from the diflScultjr, in the dutset, of
estabHshinff the amount of accommodation that would be wanted.

After a Bttle experience no such hazard would b^ incurred; and should
the hiring outright erf the stores bfe determined on, as. the-Govemment
has foil power in the matter, such* a tariff of storage might .be adopted
as would be sure to amply cover all e:xpenses. Should this be objected
to on the ground of excessive rates, it w'ould be easy to provide that the-
rates should be dontingent upon the average result of the actual expenses
for a certain period, say, six months or a, year. I think there need be
no deficiency "in th^ smaller ports," and that if the system be universal,
it may be made to support itself, ami, too, witibut burdening the revenue
or oppressing the merchant. * .

Of your "rAtrd.*** It would be impossible for me to offer an intelligem
opinion t^s-to the increase of the necessary officers.throughout^the whole
country, for I am without such statistics, ds are indispensable to the
making of an accurate estimate. For this port alone, 1 should have no
doubt that it would" be necessary to increase the- cheers, at least to the
wjxAm of t(^ or twdm persons, exclusive of l«Lbc4*ef8y to handle the

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038 REPCmTB OF THE ^

goods, should such a feataie ocHisthote a part a€ the ffjalam. Bss
this point I will enlarge when I come to set forth, as* I pcopote 6»i
my views of the best. course to be adopted to accomplish theolyc:]
view.

Of your ^^fourth: " I am unable to perceive that the adopdano: j
system would operate injuriously to the smaller ports, of toat k waj
disturb or interfere with their relative advantages under the praa
system.

Of your ^*fifth:^^ I think it iy o^ meam expedient to limit the p^
of deposite, but I do not think ** one year" loM eoougfa. I wooiiisv
the Umit positive, not contingent upon the will of the Departmeit c
solicitation for extension in particular cases. In this i^ay much tR^
and vexation would be avoided, without operating hardly or iqurios?
upon the importers, besides enai)ling the Government moft accts^
to estimate the coming resources.

Of your ^^ sixth :^^ It is impossible minutely to foresee the efiectof a
system upon the revenue for the first year, but it cahoot fiiil of matefz^^
lessening it, and particularly during the first quarters of the year kfo-
ihg its adoption. A. fair conjecture is that it would reduce the lecef
twenty to twenty-five per cent, the first year, and not improbably^
much more than that tne first two quarters of it The result vrw'^
liable to influences other than the novelty <rf the scheme, sQcb«s»
state of the times, the money market, the value of our gieat stai^ artop
of export, and, in short, the prosperity or depression of all the gJ*
interests of the country.

Of your " seventh ;" In answer to your general inquiries under ^i»-
I have no. hesitation in offering it as my opinion that the coottfflfh'f"
measure is of vital impoitance to the commerce and to the ze^*
the country, and that without its adoption, if the cash OTStem of w*
is continued, not only will ruin befiill our merchants,* but the ie«*^
will be so diminished as* inevitably to force a resort to large hm^'^
burdensome and heavy direct taxation.

I am aware that the policy of cash duties finds OMich iavorvitltt
mass of the people, but at the same time, situated as was the ha^
of the country at the period of its adoption, and estimating its pi^.
opertmoD, I am forced to believe it one of the most impolitic and 5ii»
measures ever adopted bv any Government. Apy one of comia*^
teUigence ^acquainted with the history of the tariff of this amOj^^
circumstances under which the first was adopted, and the cootiinitf*
of the same or a ^milar poUcy in all the sabseouent enactiDeiits,sfi^
who has witnessed their beneficent operation, witn hardly an exc<?**
for a long period of years, must, I thmk, be led to doubt the wiata*^
thus suddenly, and without preparatkm or warning, reversing that[W
which had stood the test of so long and coficlusive an ^merieDOB* '^
myseM; I heskate not to declaxe, unqualifiedly, that there has never i^
piiesented to mv mind a single plausible^ and much lesBasamdBXgi^
m support of the measure. More than this, if we trace the oW s^
fcom its first inception, down to the present ye€u-, both in itsdii«ct*jj
^^dental operation, we cannot fail of ajtrivii^ at the*Concluafcn ^^
wisdom of our fathers, who originated the system, bas^evei^ in s «d*

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;4:3-3 SECRETARY OP THE TREASURY. S89

ea^urct been surpassed bj any nation or governn^nt on earth. I
ive neither the leisure nor inclination to attempt to set forth all the evils
be expected fix)m.the adoption of the new policy; but I thiijt it will
3 found on trial, ev^n if a good warehouse system should be adopted,
-will be necessary to go back to the liberal system of credits, under
liich the country for so long a period was so eminently prosperous. I
►rbecir further remark, too, because I know it is not in contemplation at
resent to attempt a return to a sounder and better policy.

In remaridng upon your third inquiry, I propose to set forth my views '
f the most expeditious scheme to carry out the object of warehousing.
jooking to the best economy , if the system, as is probable, is destined to
►e made pennanent, there can be no doubt it would be wise for the Gov-
smment to provide all the necessary accommodations; for* it is obvious,
Lt a glance at the subject, that much labor and expense would be saved
f a suflSciency of stores, on a large scale, were to be constructed with
jpecial reference to the object. If resort is had to hiring^ or using such
structures as already exist in most if not all of our poits, goods must' be
iifilised in limited parcels in a vast number of stores, widely scattered,
thus demanding a vastly greater amount of labor, and of course greatly
increasing the expense. But I take it for granted that, in the pres^at
condition of the nuances of the Government, it is not contemplated to
make a liberal outlay j or even to commence building stores; but if the
measure is adopted at* all, it will be on the ground, to a considerable
extent, that it can b^ done at little or moderate expense.

I have said that suflBcient accommodations already exist to commence

the system. I have no dovbt of it. From the tenor of one of your inquiries,

I perceive that you think it may be necessary for the Government to hire

a suflSciency of stores. This, I think, would be bad policy, and open a

wide door to fevoritism and corruption ; and besides, I see no necessity

for it. The best plan would be to require of the merchants that they

\ procure their places of storage, under the control and direction of the

' proper oflScers of the Government, to settle and pay their own storage,

ancf to assume, under direction, the putting in store and the delivery of

the goods, so that nothing more should devolve on the Government than

' the control and custody of the goods, until exported or entered for con-

' sumption. I can conceive of no substantial objection to this simple course,

' and sure I am it would close the door against many fecilities to frauds,

' to which all other plans I have pondered would be liable. Would;

t the merchants (*ompmin? Not at all; for they are not insensible to the

' feet that they can superintend and carry on Uie business of storing and

' delivering their goods more economically than it would be done by the

GoTcmment ; and besides, it would not fail to please them to' be allowed

I to have a voice in selecting depositories for their goods. '

i In the smaller ports, wfore the business is Umited, the duty of super-

! intending the storage might, I should think, be devolved upofi the present

' oftcei^. In the large ports, where the business is extensive, it stnkesine

thatt it would be best to conduct the business, as it were, ic a separate

departfflfent, niaking those on whom it may be devolved properly respon-

sibie te the head of each custom-house, and perhaps, in some particular^,

to* the Treasury Departcoent. in order to this^ there sbcmld be a

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540 REPORTS OF THE [Bti.

diief or head storemaiter in each port, who should be responsible ibrt
tlie business in his department. It would be well, too, that be ^a
have a voice in the selection and appointment of his sabordinales.

The head storemaster ought to be paid a salary equal at least totk
the surveyors, or the naval officers, for their responsibilities woold be.
least as gre^t, and the labor &x greater.

Of the subordinates, including one or more clerks, good and tnr
men, capable, under direction, or performing their duties, should be p&
as much as the excise men axe now p^d. It may be found th^^
required. duties can be devolved on the present officers, but I mod (k*-
if it would be a sound economy S(}.to arrange the matter: for, as I ir
before hinted, it seems to me there is a strong necessity for thiori
the business into a distinct department^ in order to insure that yipe^ \
and watchftilness which are necessaiy to exclude, to the greatest exw
the chances for fraud and collusion.

• The plan I have suggested, or one substantially like it, I think, v^
answer eveiy' purpose desired, would be efficient, and reasonahive*
omical to meet the expenses, and exact of the impcMters such model
aAdidoual fees as will accomplish the object.

With great respect, your obedient servant,

HEiNRY WILLIAMS

P. S. I may make further suggestions, and offer some remaiksf
the schemes of others, and set forth, more in detail, what I deea &
necessary provisions.

Collector's Office, Boston, December StI^

8nt : Your circular of the 24th November, propounding certain q****
in refeu^nce to the subject of a general warehouse system, has be«4?
considered, and I have the honor to state in reply thereto:

Ist. That information has been received by me, from some oCtbed^
and most experienced merchants of this city, tending to confirm mfc''^
opinion, that safe and commodious warehouses can be procured, is*
best localities, for the accommodation of the import business, withw^^
expenditure of money by the Government in their erection.

2d. That warehouses of the first class^ ^e-proo/^ and wellsecureA*
be obtained of individuals, or of any of the numerous wharf corpffiOf^
in this port, at such terms, on lease, that the whole expense woaH ^
reimbursed by the amount of storage received.

As a general rule, when the warehouses are fully occupied, the o^
is deemed Equivalent to the disbursements for rent, labor, ni§hl-w<*
and such other -expeflSes as ordinarily accrue for the protectKMioft*
merchandise storea, at the common rates of storage here estaUistei'?
fixed regulations.

Should the privikj^ of warehousing be extended to every descvf^
of merchandise subject to duty, my conviction is, that it will sopfi*^
itself^ without bnrdeiiing the revenue. I have made somewhat eSWWj^
inquiry, too, as to the eflfect of the proposed system upoh Ac au^
ports of entry; and fitwn the infcmnation obtained, it e^^eM^*^

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842.] SECRETARY OF THE TREASURY. S41

oniparative effept in the larger and smaller ports, would Be- veiy trifling.
n the ports eastward of Boston, the import trade is principally confined
o the staple productions of the East and West Indies, and such other,
aerchandise as is usMally imported for immediate consumption ; and in aU
hese out-ports, ample storehouses could be procured, temporarily, by the
collectors, should the wants of the importers require them, to await a
naxket for consumption; or a demand for transportation to the larger
>orts. By some such simple provision, the privileges of the system
30uld be coextensive with the ports of entry througnout the country,
without hazard to the revenue, and with comparatively tiifling expense
DO the importer. ^ .

3d. To afford prompt and reasonable facilities to importers, the collec-
tors should be authorized to detail inspectors to take charge of ware-
houses and their contents, under the general supervision of the store-
keeper. The Warehouses should be ^concentrated at some central point,
if practicable, without embarrassing trade, so that the number of inspec-
tors, weighers, gangers, measurers, and markers, now employed in the
public service could readily discharge their respective duties. If it
should be found necessary to locate the stores at distant points, a small
additional number of suo-storekeepers might be required during the
active business seasons ; but in the ordinary course of trade, 1 think all
reasonable facilities could be extended to importers at this port, with th^
present effective force of the office.

There are many descriptions of dry goods, silks, hardware, arid earth-
enware, which would at once go on to tte shelves of the importers
without being stored; and as these articles are usually ordered to 'meet
seasonable demands, the duties wpuld in most cases be paid prior to
their delivery fit)m the ship. On all merchandise subject to a specific
' rate of duty, the quantities should, I .think, be ascertained before being
warehoused, and the contents of each package marked, to- facilitate the
delivery of the articles either for consumption or exportation.

4th. The effect of this system upon the trade of the smaller ports
would be, in my judgment, to sustain the advantages now enjoyed by
them under existing laws. It is well known that a vast amount of capital
is employed in foreign trade by merchants resident in those ports, and
their importations are now mostly consigned on sale to commission
houses in the larger ports, and under the proposed system they, would
naturally avail themselves of all the advantages of warehousing in their
own ports, and in their own stores, particularly as their merchandise
could be readily sold by samples, ana with the privilege of transporta-
tion to the larger markets for consumption.

There are other very obvious reasons, resulting fi^m economical con-
sideralions, why advantages now enjoyed, by the merchants in the small
ports would not be disturbed or materially changed by this proposed
plan.

6th. The period of deposite which it may be expedient to determine
I have considered with much care, in its connection with the great inter-
ests of our commercial marine, and. the benefits and profits tp be derived
from frequent freights #n the imports and exports, m its bearing on the
production of home industry, in the event of large accumulations in our

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6«e REPORTS OF THE [mi

port^ of foreign manufoctured goods, and in reference to the iiAxm
system, and the necessity of periodical settlements of the second i
officers of the Government, and the liabilities of fraud upon the lero*
by surreptitiously introducing for consumption goods thus dq)oated,£.
I am satisfied that all these interests would be best promoted bylbi
the period to ttoo years. If goods should be allo\¥ed to remain id
warehouses for a longer time, the efiect upon the revenue might bee
ously felt in seasons of depression, as it would tend to increase the s&i
of unsaleable goods, or the surplus products of foreign maniActsH
and thus keep back the importations of new crops or later piodBS
more suitable to the markets, and upon which the Govemmajt wou
rely for its Intimate support.

6th. The immediate efiect of the system upon the revenue rat |
undoubtedly be to lessen the receipts, as all goods not wanted woddi !
bonded in store. Thus would forced sales of consigned goods be^
vented, and unseasonable articles withheld Scorn the markets, &
alone would soon produce a regular and healthy demand for ooom
tion, and a litde experience would enable the Gfovemment to ascats
the actual consumption of the country, and the amount d rciaif
accruing to the Treasury.

7th. The reasons expressed in my answers to the beforwneJtt*
queries so far favor the adoption of the proposed plan, and the adiafr
ces that must attend it are so obvious, that it will readily be peroew
tnat it is considered necessary to the prosperity of the import trade si
essential to the wants of the Treasury. Cash duties cannot muchia^J
be maintained without a total prostraticHi of importers of moderate a«
and diverting the import business into the hands of those who m^
mand the means of making immediate payments on entry of the p^
A modification of the present cash system will greatly relieve 4e i^
languishing comtmerce of the country* and encourage importatioosrfsifl
kinds of merchandise as will yielcf a revenue adequate to the waasa
the Grovernment.

I have endeavored to communicate my views of this subject in «*&■
pliance with your request, in as concise a manner as possible. I*"
considered the raa,tter in its application only to this part of the ctffflt^
There appears to be nearly a unanimous opinion in favor ^^^F^
the mercnants of this place, and I trust thatt its adoption will salis&ctto?
promote the true interests of the nation.

1 am, sir, very respectfully, your obedient servant,

LEVI LINCOLN, Cdkd0'
Hon. Walter Forward,

Secretary of the Treasury^ Washington^ D. C.

Naval OpprcB, District op BostoKj

Charlbstown, Decaw&r 5j ^^ f
Sir: I have considered the queries contained in your circularly
the 24th instant, inspecting a general warehouse system, mdii^^^
have to state —

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4S.3 SECRETAHY OF THE TREASURY. 548

JLbL. That 80 ftr as leepects tbis port, no doubt, safe and conunodioiifi
axehouses coald be procured witbout the expenditure of money by the
ovemment in their erection; and I presume no diflSculty would be
iperienced in obtaining them at other ports.

12d. I think, unless the Oovemment rates for storage are higher than
e ordinary ones, the receipts "will not be equal to the expenditures ; for
^w~ill fi-equently be the case that the Government will haVe warehouses
r ^whi^h it is paying rent empty, or but pardally filled.

It will not do for the (Jovemment, in me larger ports, where the im-
Drts and exports, are great and fluctuating, to be without a number of
warehouses at its command, beyond those actually required at any one
me ; otherwise it will be subject to the caprice or extortion of individ-
als at times wh^n warehouses are in demand.

If the rates of storage are fixed somewhat above the ordinary rates,

think it will be found that the receipts will be enough to pay the
xpenses in the large ports, and whatever deficiency there may be in
he smaller ones.

3d. Under the law, as now xmderstood, some additional officers and
larks will be required. The answer, as to the increase of the number
»f oflRcers, however, will much depend on the requirements of the law,-
j!k1 how general the warehousing is to be under it.

• All merchandise at the time of its arrival, as is the case now, I take it,
villbe examined as ta marks and numbers, an account taken by the
lispectors, and a report made to the collector; be weighed, gauged, or
oieasjared by the proper officers, and then received into. the warenouse,
-md be properly disposed of u^d^ tte direction of an officer, where it
-will remain until entered out for consumption or exportation; at >yhich
time the law may or may not require the quantity agam to be ascertained ; .
-but in either case, an account of the number and description of the
packages will be taken, and a report thereof made to the collector, in
order that an adjustment of the duties may be made.

The law should empower the collector to assign any officer to that
or any other duty, in connection with the system, that the law may
require.

B^such a provision, the occasion for an increase of officers will be

diminished. . . ' "

4th. I. dq not think the system would operate to the disadvantage of

the smaller ports, or give to the larger ones advantages which they

would not naturally possess under any system of duties.

6th.. It has been toe uniform poUcy of the Goviemment to allow the

exportation (under certain Umits and restrictions) of foreign merchandise,

with a drawback of the duties that had heeti paid or secured upon tde

same.
The proposed warehouse svstem, therefore, does not introduce any

new principle, but only provides a modification of the practice hitherto

Sursued by allowii^ a .deposite of the goods instead of payment of
uties.

Our revenue system is founded upon the principle of taxiuj^ only die
eonsumptian of foreign productions, and in carrying out this pnnciple, it
is unimportant how ]mg such productions are kept in the public storey.

Digitized by LjOOQIC

944 . HEPORTS OF THE (M

provided tiiey are kept under the coi^rol oTOQirenmiMU aid aotii
tor be sarreptitipjasl}^ introduced fin* consumption. It maybedeet'
to haye all accounts of Government periodically closed^ and m
remaining' unclaimed sold for the benefit of all conceriied; bntlcasr
Qo serious objection to allowing them to remain fi>r a term eqoalio:
time now fixed by law within whioh they may be exported wjAkac
of drawback : namely, three years fiDm the date of importatioiL te
should be required to be paid annually or semi-aimually ; and it i%
be highly beneficial to those engaged in the importation of fineigneib
to have annual o^ semi-annual statements, oflicially made,of tbeijOEr
of each s^rticle remaining on hand.

. 6th. The effect of thelaw upon the revenue to be received at 4fe le
for the year next following its adoption, will be, no doubc, to dmis
somewhat, but to what extent it is impossible for me to say.

7th. I have long been of opinion that a' well-matured wanie
system was preferable to a system of credits; and if it is notadoyK^
connection with the present requirements of duties inc^i.Itt>^;
will be found that trie importations will continue to M-crfta^i^
Government will be deficient in revenue to the amount ofmanjsi^
each coming year. .

By the present system those of moderate means are drifai ^
iinportinff, and soon it wiU be found that the wealthy alone canssK?
fully embark in tliat business. Such an eflfect. should notbedesfe?
encouraged by the Government, for it is not certainly its tnieinwes.

Would it not be well- so to limit the amount to oe taken &»^
at any time, eitter for exportation or consumption, as not ^*>P*^
• less quantity than will give, in duties^ a- Sum not less than (Xtvsim
dollars? and also, to denv the rigkt of virarehousinc'. to a ^^
than that Sum? . By ?o aoiog, muche^qpense maybe saved ffi»*
account of small qus^itities, both in going in and carrying dutofsW^*

I enqlosecomrounications which I havereceived.fiom twoof(»r'^
respectable merchants on the subject of your letter, in one ^f^^^rr^
Gmy's) it is stated as probable that warehouses can beobtainedvp*
expense to the Government. He says, ** In. this city there ^^^
^ corporations that would, I think, place warehoiiajes. under the codot •
*the Gov^mnient, and receive, in lieu of rent, the u§us& chaites oi^ ^
* goods stcM-ed." I have no doubt warehouses could bei obtained ds^
by Mr. Gray.

I have the honor to be, very respectfiilly, your obedient scrva^

J.P.DAVIS, * '
. Hon. Walter Forward,

Secretary of tile Tteantry^ Washington^ D. C

Sir: The very little time which I have had to compiy ^^^

request, compels me to limit my answers to the questions of the i^f^

Department to but few Unes. • ^-^

. 1st. I think it probable that commodious warehouses can '^ ?v^

in the large ports, without expense to the Government b "^ '

Digitized by LjO'OQIC

m^;} SECRETABT OT TfiK TSXASURT. m

;are arib ememL eDtp^oatiom tbai x^outd, I tfamh) plaee i9i^u:i^bii06ft
idceir the contiol of uie Govemmaat, and receiire, in Keu of rent, the
sua! charges on goods stored.

2d. In t£e small ports it is not probable that any such arrai^meni
>uld he made; nor do I see any good reasons why the number of
arehonsing ports diould exceed one in each State*,
3d. I see no reason why any additional officers need be employed
ader a war^ousing system. Many facilities would be afforded, which
ould compensate tor the increase of trade in odier departments ; that-
, prpvided the warehouses are under the exclusive control of the
BBcers, axKl that they are not scattered in more than three or fear
laces in each city. And, provided also, that no receipts or dock*
rarfant3 be issued^-— a system which woidd enable foreign manufacturers
> dispose of large amounts of unsaleaUe goods in the warehoijlses, a»d>
y means of receipts from. the public storekeeper, obtain laige amounts
x>m our community as an advance on them.

4th. The effect of such a system wotild not materially affect the
elative advantages of large and small ports. The increase of commerce
T-ill naturally mcrease the relative advantages of the larger ports,
Itoffether independent of this regulation.

5m. The period of deposite may be limited to one year for all goods
mported from this side of the Cape of Good Hope, or Cape Horn, and
0 two years for all goods from beyond the capes.

Gth. The immediate effect in Boston would oe to lessto the revenue ;
LS, under this system, all goods not wanted for immediate consumption
vould be suffered to remain in public stores.

7th. One great advantage of tnis system would be, that all the surplus
)r excessive importations would be in the public stores, and thus would
)e much more obvious, than when spread as formerly over the whole
mrface of the country, and those excessive variations of imports, which
lave caused so much inconvenience to the country and the Government,
je, in a great degree, obviated. If a monthly account could be pub-
lished of aU stocks of goods in warehouses atthe several ports, merchants
would have a guide by which to regulate their imports, which would
be of great value to them and to the Government. The great disad-
vantage is the liability to losses, such as accrued at New York and
Philadelphia, under the tea-warehousing system, or from the use of
public stores, in connection with receipts, for" the purpose of obtaining
advances on merchandise.

Your obedient servant, HIRAM GRAY.

J. P. Davis, Esq., Boston.

Boston, DecenAer 6, 1849.
My dear Sm: I am unable to give you any detailed answers to the
several queries submitted by die Secretary in his circular of the 24th
November instant, as you wished it returned this evening.

As a general reply, I should presume that a majonty of importers
would fed thq benefit of a warehouse system, altltougn it would be
likely at first to bring into our ports a large quanti^ ch di^iable mer-
VoL. rv.— 86.

Digitized by LjOOQIC

^A REPOfiTB OF TBE [1M9L

obandise^yet I tfaiak our mark^ would not fed tbe i»eas«ire erf" ioKoi \
saksy as ujoder the cash duty system. I am not aware that the {Hopotei
system would necessarily work any advanta^nes or disadvantages to Ae
difierent ports of entry, pr6vided all are allowed to participate ia it
Without great precaution in the details of the warehoustDg plan, lk
fiu^ilities tor defrauding the revenue may be mrwudy mcreased.

All merchandise su^ect to specific duties, and regulated by wei^
measure^ Scc^ should of course be ascertained and secured at tbe Qoe
of entry, othenm$e uncommon d^icieticies of weight, measure, and qosfin^
will be found to follow a few months of storing. The system* to be effi-
cient, and to operate equally throughout the v^y extensive line of pestt
of entry of the United States, cannot, I suspect, be adc^ited winȣ
some considerable charge upon the revenue beyond what could be &iAj
taxed upon the importer as a warehouse duty. These fei^. and crude
suggestions are hardly worthy of your consideration; they are, howefcr,
at your service.

Very truly, yours, THOS. MOTLEY.

Isaac P. Davis, Esq.

Collector's Office, District of New Bbbforb,

November 30, 184i-

Sir: I have had. the honor to receive your letter of the 24th instaot,
desiring information and suggestions having reference to a general ware-
house system. .

So few importations of foreign merchandise are made at this port, tfaat
I should feel great diflSdence in expressing an opinion on the subject,
and, therefore, would only remark that warehouse room is abimdaiit
here, and can always be had to any reasonable extent, from time to
time, as it may be wanted, upon the payment of rent for the time it may
be actually occupied; the expense could then be defrayed by the own^s
of tbe goods, without creating a charge against the United States.

The inspector, who acts as boarding officer, is under ccmstant pay,
and has ample time upon his hands to attqnd to the duties of storekeeper.
No other person need be employed, except, perhaps, occa^onally, when
another inspector might be directed to assist. This arrangement would
obviate the necessity of appointing any person to the special duty of
storekeeper, and Sivoid any additional expense.

In my opinion the period of deposite may, with propriety, be limited
to one year.

I remain, very respectfully, your obedient servant,

WM. H. ALLEN, Collector.

Hon. Walter Forward,

Secretary of the Treasury.

Collector's Officb, Prpvipence, December 3, 1842.
Dbar Sib: In reply to the questions stated in your ckcular of Nov^gm-

Digitized byi^OOQlC

±S4».l SECRETARY OF THE TREASURY. 8^

"ber 24/1S4&, m ration to the policy and jpracticabflity of a general
"wardiouse system, I now respectfully submit the following answers :

Answer to question firsU — ^I think that sjB!.fe and commodious war&-
bouses caii be procured without the expenditure of money by the Grov«*
emnient in their erection in this district.

Answer to question second.— I have no doubt that the expense of

'^jv'arehO'using m this district would be reimbursed by the amotmt of

storage received, and am of opinion, that, should the privilege of ware-

-housing become universal, it will support itself without burdening the

revenue.

Answer to question third. — The only additional officers which will be
required in this district, to conduct the warehousing system with entire
sa^ty to the Government, will be one storehouse ieeper^ and perhaps a
clerk to keep the additional accounts made necessary by the system.
'. We have now no clerk in the custom-house, and me deputy collector
receives no salary as such.

Answer to question fourth. — ^My opinion is, that it would rather increase
tibe trade of the small ports, since it would obviate the necessity of
resortinff to the larger markets for quick cash sales, with the proceeds of
which the importer is now compelled to pay his cash duties.

Answer to question J^th. — ^I am of opinion that the period of depo^te
should be limited to the term of one year.

Answer to question siocth.—i think it will increase the amount of revenue
received, from imports in this district, in the year following its adoption,
for the* reason that, owing to the great facilities of communication with
the city of New York, at least one half of the merchandise which is
consumed in this city and vicinity, is now brought here coastwise from
New York, which would be remedied in a measure, by the operation of
the warehouse system. I. think therefore that the warehouse system
will operate, in connection with cash duties, favorably upon the interests
of importers, favorably iippn the interest of the Government, and favor-.
«.bly, particularly, in reference to the smaller ports.

It will favor the importer by obviating the necessity oi forced sdUsy
. when the market is dull and low, since he will be obliged to pay the
duties only at the moment when the goods are taken out for consump-
tion; and by permitting storage receipts to be* given for the merchandise to
the importer, while the goods remam in the warehouse, a very desirable
security, based upon real property, would b^ obtained, upon which the
importer might raise means of holding his property until he could dis-
pose of it without sacrifice. In these ways and odiers, the importer
would derive great facilities from this system.

The Government would be benefited andconvenienced by this system,
since its operation would unquestionably equalize the annualreceipts from
customs fWnich have fluctuated so much heretofore that no safe calculation
could be made in relation to the amount of receipts fix>m this source in
any given year. Besides^ every facility tendered to the importer benefits
the Government in the amount of receipts from customs.

The cash system, unless the warehouse system is connected with it,
will bear very heavily upon commerce and commercial men, particularly
thode of small means, and it will, in time, unless this warehouse' system

Digitized byLjOOQlC

S48 £EPQftT& OF THE [ttCS.

id adopted) fell into the hfuids of men of the largest capitatl, to the iiijvy
and destruction of importers of moderate means, or vmat is s^ wok to
be apprehended, into the hands of faftigfi ctgendet; -which iBriU, hj tbe
great facilities afforded them at home, and the daily commnBicaiioB
which now exists between Europe and tlris coantry, by means of steas-
boat navigation, in die end, monopc^ze and control nearly the whole
foreign trade of the countzy. For these reasons, I am decidedly faTotafcie
to the establishment of the vxirehouse system.

Very respectfiilly, your obedient servant, •

WM. R. WATSON, CWfccftr.

Hon. Waltbr Forwaed.

District and Port of Newport, Colmbctor's Offick,

Peccwier 2, 1842.

Sir: In reply to your letter of the 24th November, propo^n^^ c^tsa
questions in remtion to a general warehouse system, I have the noinx'to
state that the importations in this district for the last eight or ten yean
have been so small that but Uttle reliance can be placed on expeneooe
acquired within that period. With this remarfc, I proceed to state :

First. That it is not likely that warehouses of the kind stated in jms
first interrogation can be procured in this district.

Second. I have no information on which it would be safe to refy in
Deference to the second interrogatory.

Third. The only additional oflScer whose services would be necessaiy
in such a district as this would be an occasional inspector to act as piifafic
storekeeper, whose business it would be to keep an accurate accoimt ct
all mercnandise received, record the marks, numbers, mcmiiest, fcc, tb
be lodged with the collector; and, upon reexportation or withdrawing
the same for consumption, to compare it with the former entry, aad
certify its accuracy or variation to the collector. In the smaller districts
the additional exfjense would probably be more than neutralized, pro-
vided it is determined to abolish the naval oflScers at ports where tbe
accruing revenue is generally less than the official bonds of the collector,
as is the case in this district.

Fourth. To the fourth inquiry I can give no answer derived fix>m ex-
perience; but I have no idea that it would materially affect the smaDcr
ports.

Fifth. I should think that it would be most conducive to die interests
of commerce to limit the period of deposite to three years, the time
allowed under the existing laws for securing the benefit of drawback.

Sixth. I do not believe that the adoption of the system proposed would
naaterially afiect the revenue accruing at the port of Newport.

Seventh* I should think, with much deference, that before adc^mi^
the plan proposed it would be well to be fully satisfied that the cadi
system ot duties will be the permanent policy of the country. In that
case it would seem to be a dutv to relieve the merchant fix)m the burden
of paying the dtities before he has had an opportunity of realiziiig them
firom a sale of his goods ; but if the contingency mentioned should not

be considered as reasonably certain, then I should think that a moderaie

•

Digitized by ijOOgle j

184S.] SECRETART OF THE TREASURY. 049

cxeditf 0€ in ethex wordd bonds at three and six months^ as has been
recently the practice, would give most satisfaction to the importer, and
be of e<^al benefit to the Government.

I have the honor to be, very respectftilly, your obedient servant,

WM. LITTLEFIELD, Collector.
' Hon. W. Forward*

^ Collector's Office, New London,

December 5, 1843.

Sir: I have the honor to state in answer to your circular of November
S4th, that there are no goods imported into this district with the excep-
tion of coal and salt, and but very Uttle of these articles; and inasmuch
as this is the case, and not having any practical knowledge upon the
general subject of the circular, presume it wiU be improper for me to
write more.

With great respect, I am, sir, your humble servant,

WOLCOTT HUNTINGTON, Collector.

Hon. Walter Forward.

Collector's Office, New Haven, 7th DecemJber 1843.

Sm: I have given to the subject of a general warehouse system, all
the attention wmch the limited time allowed me would permit, and have
the honor to submit the following answers to your different queries, as
the result of my investigations :

First. It would not be necessary for the Government to incur the ex-
pense of erecting warehouses at tnis port; stores suitable for the purpose
can be obtained here at a moderate rent.

Second. The amount of storage received at this port would probably
reimburse the rent and other expenses to the Government, or very nearly
so, and there might possibly be an excess of receipts. It is my opinion
that the deficiency in the smaller ports would be made up by the excess
in the larger ports.

Third. It is not believed that any additional officers would be required
at this port, but an increase of compensation might be necessary to sc«ae
of the present officers, but probably not to exceed in the aggregate $500
per annum. This would depend somewhat upon the details of the system*
If an account is to be taken of the goods oefore they are deposited ilt
the warehouse, and if the importer is to be allowed to take out goods
upon payment of the duties, without restriction as to the amount, perhaps
one aaditional c^cer might be required. I would suggest that no gooos
should be allowed to be warehoused the duties on which amount to lets
than two hundred dollars, and that none should be pwnitted to be taken
but upon the payment of a smaller amount, unless they should be the
balance of a cargo.

Fourth. It does not appear to me that the system would have any
mat^nftl effect upon the rdiative advantages of the larger and smaHi^
ports. ^

Digitized by i^OOQ IC

SEPOBT8 OP THE [ISftS.

Fifiiu k wovdd be pcoper, m my o|miQB,tD Kmk tbe poiod of depos^
ile to two or dnee jean.

jSuiA. lam dec^edly of opinkn tfaattbe inmortatioos into this port
win be matenallT iitcz^Msed bj the ado^^

SevaUJL I think that tbe system will obriate sereral disadvantages
incident to tbe present mode of collecting duties. A ^stem of cash
duties, oncofmected with a warekoiiae system, has a tendoicy to coQcen-
trate bofiness in the hands of large capitahsts, to the inpny of dioee
possessed of small means. It espedaDj benefits foreigners, whose facil-
ities for drawing bills of exchange enable them to obtsin an advantage
over OUT native merchants. It aJso has a tendency to derange the mar-
kets, and to canse floctuations in business, by occasioning forced sales
of goods at auction ; and so &r as it has that tendency, it goes to injure
those interests which require protection. These disadvantages wiU be
more efiectoally counteracted liy a system of warehousing than by any
other means.

A direct advantage to be derived frcHn the system will be the encour-
agement of the shipping interest, by occasioning larger importations,
both for consumption and exportation, which interest it is conceived to be
the duty of the Government to foster and protect, not only for the sake
of those concerned in it, but on account of the advantages arising frmn
it as a nursery of seamen for the Navy.

Very respectfolhr, your obedient servant,

JAMES DONAGHE, CcBed^r.

Hon. Waltbb Forwabd, Secretary of the Treamary.

CoLLBCT<Mi*s Officb, New Y<hul, December 1, 1842.

8ir: In obedience to your circular of November 24, Ihave the honor
to answer your various questions in the order in which they are pro-
posed:

** First. Is it likely that safe and comnKxlious warehouses can be pro-
scared without the expenditure of mcHiey by the Government in tn^
•erection?"

I have no hesitation in answering this question in the affirmative; but-
I would suggest the expediency of leaving, at least for the present time,
flie providing of stores to private enterprise, and allowing each proprie-
tor to collect from the depositor the amounts due for rent ana labor*
This would simplify the system, and impose upon the revenue offix^ers
no other duties than those of supervisicm.

We will suppose a merchant to have imported one hundred tons of
iron, which he desires to place in warehouse. He selects, any store,
and applies to the collector for permission to have that sttve placed upon
the list of authorized warehouses. The collector, having ascertained
diat it is in a convenient situation and of adequate security, grants the
permission, provided the proprietor consents to relinqui^ aU control over
It, by delivering the key to the {uroper officer, who is ordered to superin-
tend the receiving of the iron. At the same time a clerk is designaled
to note the receipt of the merchandise. It would not be necessary to

Digitized byi^OOQlC

1848.] SECRETARY OF THE TREASURY. 661

have a receiving officer tod a clerk for each separate stoie^ hecaiue in
general several stores in the saute neighborhood mi^ht be superintended
. Dy one set of officeci^, and the collector, when receiving applications to
rate any particular store among the authorized warehouses, would take
into consideration its locality in relation to such as had b^n previoosLy
authorizea. The owner of each authorized warehouse would Employ
and pay the laborers attached theretOt and. would collect from the depos*
itor whatever rates of storage, jcc., might have .been mutu^y agceed
upon* In some instances individuals would be the exclusive aepositors
in their own warehouses ; and in othersi, stores would be used for the.
accommodation of a numbei: of depositors^ each having a comparatively
small quantity of merchaadise to aeposke.

The. public stores now used foi" merchandise which is landed under
general order, or, in other words, landed because the ship's' time is out,,
would probably suffice, for the storage of such goods as belonged to
depositors who were Unwilling to designate any private authorized ware-
hoytse as the place of deposite ; and in this case no extra^expense would
be incufted by the Government* In authorizing waiehmises^ the col^
•lector should take several circumstances into consideration: 1st, their
security; 2dly, .th6ir situation in relation to others, that the supervisioii
might be attended with* greater facilities -and less cost; and, 3dly, their
situation as connected with the question of insurance, the offices beii^
unwilling to accumulate too msLny risks at one point. .

*^ Second. Supposing that commodious warehouses can be |>rocuredon
^ lease, would tne expense be reimbursed by the amount of storage
•received? And, if riot, is- it likely that .the deficiency in the smalkr.
•ports would be made up by the excess of the receipts fop storage in the
.•larger ports; in other words, assuming that the privilege of warehousH
•ing shall be universal, will it support itself without burdening the
•revenue?'* .

If the suggestion offerei under the first head was adopted, this second
anestion would be superfiuous* But, supposing ^ the Government to be
tlie lessee of all warehouses, and at least one warehouse to be hired in
each of the smaller ports, I should deem it oppressive to charge in the
larj^r ports such a rate of storage as would cover the outlay there and the
deficitocy in other places. But if the privilege were confined, as I
think it properly should be, to one port in each of the Atlantic States—
except that in Massachusetts both Boston and Salem should enjoy it— I
have no doubt that a uniform rate of storage, which would satisfy the
merchants and reimburse the general outlay, might easily be fixed. I
understand the reimbursement referred to in the question to apjdy solely
to rent and labor, and not to include the expenses of supervision which
are mentioned in the third question.

*• Third. What number of additional officers, if any,^ would be neoea-
•sary.for conducting a wsu-ehouse system with entire safety to the 6o(V^
•emment, afibrding at the same time reasonable facilities to importers f
• In replying to this question you are desired to advert to the peoufitt
•duties of officers attached to this service*'*

A knowledge of the peculiar provisions, checks, and limitations whick
the warehouamg plan proposes, is essential ta a distinct answer; but

Digitized byL^OOQlC

§m VEPOKKOriBE

«>

brm
: tkw pott, eatli of tke ICB 4
therBeopt smI utfiveiv €f

itfedorrof :
Wen actvaflr ladeo on
•hnipevL If tke i
Bffttdi sjTfliaD m^ fepcted fitum <

aced at thift pon with the mmbcf of officcfs wfaick I b«re i
^irQr ,) addmg five bookkeq>efV<Dc^ far the centEd office, iriikfc akmld
be cfao^^ widb the general wpciwiaion of all tl» details, aad which
oemral office wooU at this port pniperhr be the paUk atoiekeeper's
office^ M ealabtiafaed by exiaoiig legalalinro- I do not, as at prea»&
admed, aee any pcobabih^ umt the iDtrodactioQ of a waiefaoaang
fnwHege imo ow lerenoe system woold enable me lo dispense widianj
of the officers feqdred by already odstmg anaageraents, <v to chaige
ai^ of tbem with the new duties deinanded I7 the alteration. On the
oonlraiy, as wBiefaoose merchandise will be entered for cansnmption ia
dolafl, as pQichas^s oflfer, it is probable there will be an additioQ to the
labor in the offices of the collector and naval officer, windi wilLieqiii|:e
the appointment of fiom ten to twenty clerks additional, and the receiv-
ing of the original warehoosing emries will also cause an addition to the
legular duties of these officers*

** Fourth. What wotild be the efiect of this system upon the trade of

* the larger and smaller ports? Would it change or unsettle the relative

* advantages enjoyed by them under the existing system?^

I have no doubt it would increase the natural tendency of busmess to
concentrate itself in places affin-ding demand and supj^, fieuuhties of
intercommnnicationf large capital, and a market fix' excjiange. All com-
mercial history proves that such a tendency exists. This influence may
be, and often is ccxitrolled by acdvi^ and enterprise, or by a peculiarly
fiurorable position. Apart, however, from this view <^ the question, I dio
not perceive, in the proposed scheme, any greater probability than now
exists of the transfer of ousiness from the smaller ports to die larger.

^ F^. Is it expedient to limit the period of deposite, say to one year,

* the time within which expcMtation for drawback was allowed under our

* early laws, or should the period be indefinite?"

* It appears to me that one year is too short a period to realize tfaa
advantages which the merchants hope to derive fixna the proposed privi-
leges, and also that no principle of policy requires, that it should be
extended to an indefinite period. Two years would suffice for all the
contingencies of the domestic or foreign market which the impc»ter has
in rtew when he makes a warehousiB^ entiy ; besides, this extension of
tfw privilege would doubtless satisfy me expectations of the merchai^,
while a shorter term would not be acc^ptaole; and it is always advi&-
aUe to throw over any modifimoion 01 the revenue laws as broad a
p0fuhiky as aaqr be obtained widiout a swiifice of t^

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** SixiA^ What will be the eflfect of the system upon the revenue
stccruiog at the port of ^w York in the year next following its adop^
ion?"

Upon the 2&th ultimo I stated, in a l^ter which I had the honor of
ddressiiiff yew, my opinion that the net revenue of the year 18439 cot
^cted at Uus port, would be e^ht millions. If no alteration should occu£
1 our own condition by an improvement in the currency, I think the
Sect of a warehousing system would be, to reduce that eight millions
d six or perhaps five* I am convinced that at least (me quarter of the
Lutiable merchandise imported during the year 1843 will not be needed
br consompdon during tnat year, and diat, consequently* the receipts
vhlcfaf under existing laws, would fall into die next twelve months, wtU^
o that extient, be deferred to a later period*

** Seventh. You are requested to communicate your views of the sys-.
tem generally in connection with that of cash duties; your reasons, if
' any, that may favor its adoptkm, and your ojHnion of the advantages
^ i9(^hi<^ may attend it"

It is unnecessary to descant upon die causes of our present prostratioa^

but we know that their eflfect is deepened by our limited currency ; the

general poverty and lestric^d circulation cause cash duties to press with

great severity upon the commercial interest ; the sacrifices required in

order to provide funds for the payment of the duties are so great as to

discourage small operators, ami me tendency of the existing system is,

to throw all the import trade into the hands of capitalists; and capital

being more abundant in Europe than here, the consequence is, that the.

preponderance of the foreign mterest in our markets is increasing. Any

warehousiog system, fomxaed upon liberal principles, ofiers reUef GroiH

the pressure, by giving the importer an opportunity of entering his good*

at the times and in the quantities which his convenience may suggQst*

The general plea in favor of the warehousing system is strongly and

simpty statea by McCulloch; and sts this letter is likely to reach a

lei^th which will weary you, I content myself with expressing my full

concunence in the opinions which he states.

Having given a good deal of reflection to thi^ question, I venture to
suggest mree different modifications of a plan for your consideratioiiy
amid the numbers which doubtless have been c^red to you*

First. Permit the importer of merchandise to leave it in public store*
for a period not exceedmg two years, and enact that any goods. having
remaiiied in public storfe for .any period not exceeding two years after
the passage of this act, shall have the privilege of being exported with-
out the payment of duty.

This plan is recommended by its simplicity, and by the facility with
which it is made to correspond with our existing arrangements. It
would require from the Government nothing more than an enlarsement
of the number of public stores, and of the necessary attendants merein,
which the collector may now increase with the authority of the Secretary
of the Treasury, and would not require a greater increase in the central
storekeeper's office than is indicated in my answer to your third inquiry*
The mezchanis would make this objection, that the proposed plan, in the
fl{nrit of existing laws, wcmldrafer to the date of imjK>rtatiQii. ki ed9e<^

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6M REPORTS OF THE \VMSL

i^gthe duties upon those wareboused mods which 'wese entised fir
consumption, and would charge interest from the import to the ddivm
on the duties payable at the time of import. If tnis were deemed a
valid objection, the difficulty might be remedied by an enactmoit, tfai
when warehoused goods are entered for payment of dudes, the (tan
shall be considered as accruing oh the date of such entry ; bat the resdi
of this additional privilege would be, the nec^s^ty of employing aS tb
officers named in my answer to question third.

The 6nly general objection which occuib to me is this — that undenk
present jpubhc store system, there bein^ no entiy of the merchaii&e
required until a claimant appears, there is not that &eility of obtam^i
knowl^ffe of the kinds ana quantities of merchandise waxehoiiaed, n
secure which is one of the ol^ects of a warehouse system, and wfakfc h
eminently desirable in order to regulate the calculations of mercfaaoia,
and to keep the Government fuUj advised of the results of its canrnxs-
dai relations with foreign countnes. This objection would be obviated
bv an examination of each package, and a report of the contents^ and «f
ail articles imported in bulx; but such examination would require ad£-
tional store accommodation, and the empbyment of a QonsideiaUe
nuo^r of searchers and examiners; or, if a. record Were kept, demi
from the invoices of importers, the employment of a numb^ of dob
would be necessary.

The sscandjAdia which I would sugge&t is, to adopt tbe general fm\
ciples of the English act, 3 and 4 ^^^am IVv, ch/ 57, abandoning the
complicated and perplexing details in which that act abomxls, and
appTying it only to articles such as iron, sugar, molasses, pej^^er, oodmi^
indigo, bemp,'&c, paying specif duties, including liquors, and also lea
and coffee,- if hereafter made dutiable.

It is in this class of articles that the w$sxt of the relief promised bji
warehousing system is especially felt. By testing such, a system iipffi
a limited scale, the Government would acquire ap experimental knowl-
edge of its benefits and disadvantages ; and by sending au intdl^^ioi
agent to England iti the interim between the two next sessions of Coe-
gress. Would be able to acquire a thorough knpwledge gf the practical
working of their system. Suoh an agent would by one inonth s obser-
vation and inquiry, gain more useful infomiation than all the books witliiB
my reach can furnish. •

The third plan }s one which in piy opinion commends itself to states
men and legislators, as having within its scope' an immense amount of
practical good, and as combining the strong probabilities of the liitme
with the certainty of the present. As I read the signs of the limes, it
WulcJ be very unwise to anticipate in future years the enormous impoita-
tk>ns of the past; day after day we are rendering ourselves -more inde-
pendent of foreign supply, and. the question is of larce imp(»tance, what
IS to be the destiny or pur commeircial. marine, in tne preservatian and
extension of which so many of our fellow-citiztens are deeply int^i^^ted
as th^ir means of liyelihooa, and the Oovemment equally mtezested, as
giving vigor to the arm of national defence ? • . In proportu^ as we cea«
to e^iptey our ships in bringing foreign comnaomties fofoor own use,
we slmdd aim at lading them with all soits-of merchandise; fiireign u

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184S.] SECRETARY OP THE TREASURY. 666

well as d^nestic, fijr the supply of other countries ; and Ae most effectual
means of securing the result is to adopt a liberal plan of entrepdt, which
win assure to every purchaser a market supplied with every variety of
merchandise from every quarter of the world. In this view our ware-
housing system should be as comprehensive and as liberal as may consist
with the security of the revenue, and as free as possible from all vexa-
tions and restramtSy.such, for instance, as requiring a bond to produce a
landing certificate as the condition to issue a debenture. This provision'
in our existing laws is found in practice to be very oppressive and diffi-
cult of performance. . With, these preliminary remaiks I beg leave to
propose the outlines of a ^heme, which, I apprehend, will be considered
somewhat in advance of the times, but whicn, I cannot doubt, if adopted,
would contribute largely to the national prosperity.

1. The Government to provide (ks soon sus the condition of its ftmds
would justify the emenditure) commodious and secure warehouses, so
atranged as to ajSprd edsy access to the merchandise deposited, and so
constructed as to diminisb to the greatest extent the risk of loss by
fire.

J2. The depositor to be entided to receive fix>m the collector a separate,
certificate for each package deposited, or certificate for such numbers of
packajges as his convenience might suggest, or certificates for prescribed
quantities of merchandise imported in bulk, such certificates to be trans-
ferable on the endorsement of the depositor. This transferability would
liable the holder in case of need to raise money upoii his merchandise,
without the necessky of a forced sale.

3. Uppn presentation of a certificate to the collector within three years
from its date, he shall either, as the case may be, order the goods de-
scribed therein to be entered for the payment of duties as prescribed by
the existing laWs, or direct the proper person having charge of the
warehouse in which the goods are deposited, to attend to the shipping
of the same on board the vessel designated by the depositor ; but no
such goods shall be laden on board any vessel until an officer of the
customs shall have been designated to superintend the lading thereof;
such officer to remain on board, as prescribed by existing laws,^ for the
discharging of vessels, and at niffht to fasten and secure the vessel as
directed at present ; and when uie vessel shall have sailed the officer
shall accompany her to some given point— say, in the case of New York,
to the quarantine station, that being the point at which inward-bound
vessels are boarded during the proper season. This placing of an officer
on board each- vessel loacung for a foreign port with a cargo including
warehoused merchtmdise, would be a complete substitute for the landing
certificate ; but it would require the employment of a large number of
tide-waiters and inspectors. To defi^ay this charge, and to meet the cost '
of providing warehouses, I would suggest —

4.. A charge of one and a half or two per cent, upon the value, as
i^>ecified in me collector's certificates of rnerchandise exported.

This outline, with the addition of the checks and penalties which its
provisions manifesdy suggest, would fiimish a system under which the^
oonveuience of our merdnants would be promoted ; our shipping mterest
woaU receive a h^ddt&l impobe, and recover from its present languid-
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§t* ■EPOKIB

httt coodjkm, 9md <rjT mab

to t»^^jn U> <Hr laarkeu ^jc ticsr
I aao, luv vevT recpecrf uHt, t'

' ' EDWARD CCRT1S»

Ccsrrox-Hocss, Xbv York, XwoBkr 2S, 1S4S.

Sfft: Yoar ctrcokr dattd tbe 24tk
watdwrtuiog ^Jiem, came to hmd Uw i
ton.

To ihtfJhTit qaetfkia pfupouaded I aacvcr: At tkk put tkoe would
be ttf> pre«eiit difficulty in ptociuipg aor Mnihfi of good aad pioper
wareboutec, and piubaUy theie would not be any far a long tune la
cooie.

HixamL Tbe rents would be paid with the ttoiage reoetred, if doe
cautiou wa«ob«enred in biriogstofes. With pednsftoocafliooal excep-
tions, in tbe long mn tbe ooocem would sustain ittoC but nndiing oooU
be counted upon to make deficiencies at odier pests; the merobanta
would object to beinff tajted beyond tbe amount of tbe vents paid, so
that eacfa port would bave to bear its own burdens in tUs matter.

TAmL Tbe additional number of officers reqniied would depend very
much upon tbe pcovisioos of tbe bill to be enacted; if tbe system is to
be restricted to a moderate nnmber of beavy articles, no gnat increase
of fi>rce would be necessary; but if it is to emhrafie all softs of tbinga,
and \i fabric* to any extent are depo«ted, then the number of deika and
officers most be gready increased; at least I sbould presume so, especi-
ally if tbe merchant is to be allowed to enter sin^ packages; fiar in tbat
event, whether they are inspected and valued at the store in which th^
are deposited, or are transferred to the appraisers' store fin- that purposoy
there must be clerks to enter them in books, inward and outward, fiom
the stores, and officers to attend to them at both jdaces. Tbe nomber
of packages examined under such a system would be fiir greator tban
tmder the present, of coarse involving expense in some shape.

Fourth. Tbe effect of this system upon trade at the large ports would
be, upon tbe whole, utUaDaravU^ especially in r^^ard to manufiictured
goods, more particularry dry goods* The general consequence c^ its
adoption would be to cause shipments of me surplus stcxsks of other
countries, whenever they had accumulated to any extent; and the
mercbant, not having to pay the duty, could extend his advances upon
the goods, and coum compass much larger quantities than under the
present system.

The accumulation at this port, for instance, would, under such circum-
stances, be large and rapid, in proportion to the defn-ession in other
countries, and as a never-failing consequence, the goods would be forced
into the market at times when everything was at tbe lowest point of
depression here. I am of tbe opinion tbat paroxysmi in the market would
be xuore/requentwad morepioUiutban under the present system^-decidedly

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1^3 SECRETAKT OP THE TREASURY. S97

► . There would also be a constant depostte of staple goods, sucb as low
>tt€Ni8,'&c., for the supply of the Mexican and South American States,
. the hands of commis^on merchants under advances, and all experi*
■ice induces the presumption that they would supply that demand at
whatever sacrifice might be necessary.. The double object of reaUzing
leir advances and securing a commission, would tend very strongly to
lat result.

If any benefit is to be derived firom the adoption of this system, it wiH
rare entirely and exclusively to the larger ports, as it is consigned
merchandise, with few exceptions, that would b6 deposited, and four-
iflhs of it consigned on foreign account, which comes only to the princi-
laVports. , •

IFiJih. To prevent some of the evils which are manifestly incident to
he system, the deposite should be limited to one year; under no circum-
stances should it be indefinite.

Siocth. To this question there can be but one answer. It would lessen
iie receipts into the Treasury the first year, beyond doubt, perhaps
□aaterially.

Seventh. The operation of the ^stem, if made general, would be, on
the whole, injurious, in a national point of view, and its benefits would
accrue almost exclusively to persons of large capituL The men of mode-
rate means, importing on their own account, cannot afibrd to lie out of the
cost of the goods ; they must, in most cases, enter and pay the duty on
arrival, and they will constantly have to contend against tne evils which
an overstock of goods always causes, and which wiU operate with the
greatest severity when tiiey can least afibrd to be oppressed by it. One
of the prominent evils of trade for years past has been a constant plethora
of goods; and anything which mitigates that, as cash duties certainly,
to some extent, will, will benefit afl traders on their own account, as
well as the country at large. There need not be the slightest appre-
I hension or fear that cash duties will limit the imports below the net
proceeds of the exports, or at all, as long as the goods will pay a profit.
The wholesome restraint of the present system, for a year or two, seems
absolutely necessary, if any hope of recuperation is to be indulged, and
it would, I have no doubt, be mvorable to an increase of the aggregate
remmejbr a period of three or five years to come.

That any general advantages are to be derived fi-om the adoption of
this system at the present timcj to say the least, admits of very great
doubt; and, if made general, it will, I think, result in pretty universal
disappointment. If confined as it is, in fact, in England, to a few
heavy articles, mainly raw produce, it will perhaps be beneficial. I
think it would be, and it will not involve much additional expense ; or,
if confined to articles which pay a high specific duty, such as winesi
Uquors, sugars, iron, &c., its adoption would perhaps lead to no bad
consequences.

All inferences drawn fi^om the working of the system in England
would be entirely inapplicable to a general system here; the goods
deposited, in the first case, being confined mostly to a dozen or twenty
articles, subject t» duties of fix)m 50 to 500 per cent., averaging perhaps
150 per cent., and, in the second, ntimbering every species o? produce

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6M B£P0RT6 OF THE [1S4&

and numu&cture that can be named, subject, 6n ih^ average, to perhaps
S3i per cent, duty ; the hardship of advancinff the duty in the firct ease,
being a very different affair from what it would be in the second.

For the foregoing reasons I should advise, if adopted at all, dba
restricting the system for the present to a few protninent articles, believ
ing that the making it eenerai at this time would, be an exceedingly
hazardous experiment. 1 am- aware that these opinions are, in many
quarters, and Dy some of my friends, considered altogether heterodox;
but as they are the convictions of my best judgment, I cannot withhold
the expression of them.

I remain, with great respect, your obedient servant,

. THOMAS LORD.

Hon. W. Forward,

Secretary of the Trawwy, Wcukmgton.

Survbyor's Office, New York, November 30, 1842.

Sir: I have duly recfeived your letter of Ae 24th instant, in relation
t0 the warehousing svstem, propounding several interrogatories, &c

To the Jir$t, **^nether safe and commodious warehouses c^ be
obtained without the expenditure of money by the Government in thdbr.
erection?" . .

There is no doubt but safe warehouses may be obtained on lease, and
without any expenditure by the Government, but not so capacious as
they would build, or as would soon be built for them.

To the second^ as to the expense being reimbursed, by the storage.

I have no doubt but that }n this city the amount of storage would fully
meet the rent, and something mor^, but to ho great extent.

To the thirdy as to what number of additioral officers, if any, would
be required.

This would, in a great measmre, depend upon the extent of the system
and the size of the stores. If it should embrace all l^nds of dutiable
goods, it would require a considerable number of stores, such as could .
now be obtained. It wouldprobably require eight or ten stores. Eax^h
store would require three officers; one to keep me books, one to receive
the goods, and one to deliver them — say ten stores, thi-ee each, is thirty,
and for the general storekeeper three additional clerks; making in all
thirty-three. And if it is intended to confine the debenture to such goods
only as are put into the public stores, (which I should think advisable,)
it would lessen the necessity of having so. many officers attached to the
custom-house as are now there, to attend to thisi' business — ^perhaps
seven; so that it might be assumed that it would require from twenty-
five to thirty additional efficient officers.

To theyimTtA; What would, be* the effect of tiie system in the small
ports, &c»? I think it would increase the business of the large ports
without diminishing much the business of the smaller ports, as the goods
imported direct to the small ports are generally of the most bulky kind,
and only in about the quantity wanted for consumption in the immediate
neighborhood.

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B40.3 SECRETART (Sf T3m TSEASURT. Mt

ICo the J^: Ib H expedient to limit Ae period ? I thiok k.wonld be
clvisable to do so, and that, too, not beyond one year. It is hardly
Lesirabl^ to have great quantities of goods accumulate, to be thrown in
he inaxket at times when the regular dealers are least prepared to bear
t, and thereby create a panic which would be likely to cause failures,
fexr*, &c. Tlie object which I suppose to be desirable, is to give rsason-
ible time to the importer to determine whether his goods are wanted for
ronsujnption in the market, and if not, that he may export them without
>eiiig compelled to advance large sums in duties which he would draw
^ack again on the exportation of the goods. It would be advantageous,
ilso, as a depot for the making up of an assorted cargo for dinerent
oaarkets, ana thereby increase me business of the port, and probably be
beneficial to the shipping interest.

Ta the sixth: What will be the eflfect on the revenue ? For the first
quarter it would lessen the receipts into the Treasury, and perhaps it
would be so even beyond that time, and particularly if it goes into oper-
ation at a dull season for business ; but ultiiiiately, and even for the first
year, I think the actual receipts which would be left to the Government
iw'ould be fully equal to what they would be without it.

To the Hvenik: What would be the general influence, &c.? Under
the syst^n of cash duties, without a warehousing system, the bulk of
the fOTeign business would necessarily be confined to the large capital-
ists ; and as I suppose it to be the policy and the wish of the Government
to protect and promote the industry of the active middling interest, as
I f5gff as it can be done with safety, I thihk it advisable, nay almost indis-
pensable, that we should, with cash duties, have a warehousing system,
^ and more particularly for goods which pay a high specific duty, such as
' spirits, wines, sugars, iron, &c., and such as jequire much time to make
^ the voyage and do npt come into competition with the productions of
^ our own soil, or conflict with the manufacturing interests, fit>m the East
Indies, fipm Russia, &c.

I am, with great respect, most truly your obedient servant,

WM. TAGGARD,
' Surveyor and Lupector of Revenue.

Hon. Walter Forward,

Secretary of the Treasury, Washington*

New York, December 10, 184?.

Sir: I am directed by the Chamber of Commerce of this city, to
forward to you the apcompanying copiy of a memorial from them to
Congress, in favor of a warehousing system.

I have the' honor accordingly to submit the same to you, with the hope
that your favorable influence will be used in favor of its object.
I am, sir, with great respect, your most obedient servant,

JNO. D. VAN BUREN,
Secretary (^ the CJhamber of Commerce of New York.
Hon* Wai^ter Forward,

Secretary of the Treasury.

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Mi BEPC^TB or THE [1

housing $jf$t€m*

To the honorable the Senate and House of Representatives of the Ui^
States in Congress assembled :

The Chamber of Commerce of the city of New Toik respectfab
represents: That the system of au4 dutiei an arriad of ioimgn mciiiki
dise, instead of a warehousing system and cash duties on emstry fmam-
sumpion^ is calculated to work most injuriously against the best intestf
of our maritime cities, without controlling any b^ieficial infloeaoe ■
favor of other interests, but calculated* duectly and indirectijy lo i
serious injury to alL

It has been, until a late period, the policy of the lutdony ftom 4t
banning, to grant a credit on duties. This policy has been &om frat
to time modified, with the desire and intention of changing the oeftto
a cash paifmerU on entry. To this (thoujgh of doubtful expediencT) m
memonahsts would not urge an objection; but by resortiDg to eoA jtf
merUs of duties on goods upon arrival and allowing no ^yajehoosing, ii t
change so important, and practically goes so far beyond ^rhat^aur iaa»
rialists believe to have been the intention of Congress, that it is resfttir
fully conceived that a few brief remaiibs will fully illustrate the neoessar
of a prompt and immediate modification of the act of 30th Almost ]saL

Your memorialists understand that the leading objectiaDS'to & vne-
housing svstem are —

First. That it would facilitate and encourage over or excessive moam
which, though in warehouse or bond and not enUred^ sdll wooid be at
our doors, and so readily attainable as to thwart the advanceraeot of
those protected branches of industry which the policy of the ns&oo deesai
expedient and just should be advanced and prospered by a system of
counteivailing duties.

Second. That it would be impracticable to establish at eveiy port of
entry a warehousing system ; that the cost of constructing waieooraci
would exceed the ability of the Treasury; and that each port of ortiy
would have a right to claim, under the Constitution, facilities granted fi>
another.

Third. That the system of warehousing would add to the p^kxiij
already involved in our revenue system, unnecessarily enlarge di

Eatronage of the custom-house, and endanger or expose the revenue ts
'aud.

In answer to the first objection, your memorialists would briefly state
their entire beUef that, by the adoption of a warehousing system oa i
broad and liberal scale, one of the greatest difficulties and obstnictioiB
against which our home industry has had to contend, will be endiely oim> i
fi^ed. We allude to forced sales at auction or otherwise of fwe^ 1
commodities which, coming to the importer under advances or costs, ■
and charged also with duties and other money outlays, have no other
means of realization, A warehouse system, on the contranr, woeld
fiimish, as in London and other leading marts^ every &ciIityof avoidiitf
those forced sales, by the use of warrants or etaragd receipts, wUa
enable the importer to raise money on the laost economical terms, aod

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«*20 SECRETABY OF JHE "TRKASURY. Ut

o a;wa)t a demand, eilfaer at home or be^ exported al»road *r and tbuB a
teady market would be secured, instead of one subject to the fluctuatioas
^hich have worked so much mischief to all interests.

Your memorialists would here also remark that the practice of usiiifl
waxehouse warrants of storage receipts as a basis of credit, is calculated
x> inrork a favorable change in our present system of credit. In Londoui
where the warehousing system is m full operation, a dock warrant, qf
storage receipt is, by law, a transferable security, and the holder thereof
is regarded, ipso facto^ the owner of the goods; and such would be the
practice here if similar facilities e:jdsted. It furnishes a flexible and desi-
rable security, because it represents actual property. It ceases of course
to exist when the goods are entered for consumption. Thus credit is
made to rest upod property existing, and ceases when consumptioii
begins ; while with us a vast amount of paper exists and not yet ma*
tulred, long after the property which gave it existence has been consumed
and passed away.

By a warehousing system we invite a regular supply of the produc-
tions of all the world, and thus, at all X)ur maritime towns, ofier an
inducement to all the world to come to us and make up tiieir assortments
as well of our own as of foreign productions. This cannot limit the sale
of oui^ own productions. He who wants indigo, tea, coffee, and othe^
articles our soil or skill does not produce, and afio wants cotton, tobacco,
beef, pork, flour, lumber, fish, and cotton shirtings, and other articles
which we do furnish and produce, will scarcely be induced to inve^
more lar^ly in the productions ofWr soil or our skill because he can-
aot obtam foreign productions of a totally different character ; but by
being able to supply himself with all he may require, we induce him the
more to come to us, instead of compelling mm to seek other depositories
of general^tissortments where he can effect that object.

So well are the advantages of a warehousing system known and under*
stood in England, (a, nation peculiarly alive to every department of itd
own productive laoor,) that it is there established, extended, and cher-
ished on the most liberal basis. The history of its adoption there is full
of useful instruction. Until this system was established, duties were
demanded in cash on arrival of merchandise. This led to the neces*
sity, on the part of importers of limited meaps, to resort to forced loans
or forced sales, at any price, and this, in turn, created a powerful circle
of money lenders, who exacted their own rates and burdened com-*
merce most disastrously, and eventually drove it into few and exclusive
hands.

The doctrine, however, gained favor, that, in aU systems of taxation,
care should be had to accommodate the collection, as far as practicable,
to the convenience of the contributor; and, as the evils alluded to were
increasing and branching off* in various channels, to the manifest injury
of trade, a warehousing system, though at first met by signal and almost
successful opposition n-om the circles aUuded to, was finally adopted,
and has gone on, from step to step, till it has reached its present condi'^
tioA— a system so favorable to aU the abiding interests of the nation aa
Co have ocmtributed more, perhaps, than any other to make London what
it is, the great centre of exchange for the whole commercial world* and
Vol. IV. — 86.

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M9 REPORTS OF THE [I8«.

reflectiiig its infliience back through everjr chalmel to those soioces of
wealth and power that render Great Britain what she is.

In answer to the second objection against a wiu^honsing system, jour
memorialists would simply state that me General GU>vemmem wUl not,
and need not be called on to contribute a dollar to the constmcdcm of
warehouses. The law required to be enacted will state distinctly "that

* goods, wares, and merchandise, subject to duty, shall be endded to the

* privilege of warehousing, provided ssife depositories, so constructed as to.
*ffuard against every possioility of fraud, be obtainable, and which said

* depositories shall meet the requirements demanded by such rules and

* regulations as the collector, acting under and by the direction of the
•Secretary of the Treasury, may from time to time establish." Under
soch a law, private enterprise, acting in open competition, will at once
fbmish said depositories, and this competition will result in the greatest
economy in charges and expenses of warehousing. These depositories
will be constructed to suit the character of the goods stored, and to
facilitate their reception and deliveiy. And the number and capacity of
these warehouses will keep pace with the demand for their use.

The Government has simply to regard the system of safe deposite |
from shipboard as a continuance of the voyage. The expense of guard-
kig against fraud, and attending to reception and delivery, fedl f>n the
goods, not on the Government. The Government should exact nothing
cm goods exported. It simply sees that the revenue is not defrauded,
Bndf on entry of goods for consumption, collects the duty thereon in
cash. By this course, the whole system of debenture, with all its per-
plexities and liabilities to fraud, is got rid of, and avast amount of labor
and expenditure saved.

Every port of entry can thus furnish its own warehouses equal to its
wants ; and if not, then it results that the privileges of the system cannot
be extended to it, and the safest will be most desired, equally by the
kaporter, because this will occasion less cost in guarding against fraud,
which cost he bears.

To the third objection (if not entirely answered already) it may be
aaid, that the system of warehousing is, in all respects, calculated to
umplify the whole machinery of revenue, and limits fraud (if any can
occur under it) to the officers charged with the duty of guarding against
It. And as to fraud, it cannot be prevented by bans and bolts so eflfec-
tually as in the selection of competent and honest revenue oflScers; for
the best lock is powerless when the key is not in honest hands.

Your memorialists would take this occasion most respectfully to repre-
aetit to Congress that, however just and right it may be, in adopting a
system of duties for revenue, and with a countervaihnff tendency m favor
ctf leading branches of industry, which, for a time at least, require to be
irustained against the action of other nations who practice a similar sy&-
Iwn, care should be had that the interest of our commercial marine in no
case be neglected. The ship is as much the implement of trade and trf
boiiie industry, and is as much part and parcel of our maritime towns,
and as neoessEwy to the prospenty and the advancement of the nation,
6» the plough is to the form, the hammer to tfie workshop, or the spindle
lo the tactory. The ship 1ms at least tim peculiar daim over all others

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UiS.J SECRETARY OF THE THEASURy. 303

is the indis^nsable n^rseiy of the Navy. We can have no Navy
ithout an active commercial marine ; and without a Navy,^or the means

constructing one, we are left exposed to the rapacity of any Power
loat, who may exact of us, at any time, an abandonment of that very
rstem of home protection we deem necessary to our prosperity ; and
lus we may find ourselves absolutely unable to protect' protection. ^ .

"Unless we are ready, then, to abandon all participation in Ae trade
ad intercourse with other nations, we must look to our conmiercial
laxine, and keep that in a condition of a fair and active competition. It
{ already exposed, by the operation of what are called reciprocal treaties,
> an onerous conflict If to this we ask it to encounter additional
bstructions, we may work its entire ruin.

In conclusion, we would respectfully, but most earnestly invcdce that
protection to our maritime cities and towns which will, at least, give to
ny and all of our fellow-citizens, of small as well as of large means, a
air shore of the foreign trade of the country, and which a warehousing
y stem will measurably secure ; and without which system our foreign
commerce must necessarily fidl into the hands of the very few of large
neans, or into the hands of foreign agencies, which can, by confirmed
credits in Europe, control, by a bill of exchange, the ready means of
neeting cash duties on arrival, to the exclusion of our own citizens, who
nay not enjoy similar fiicilities.

JAMES D. OGDEN,
President of the ChaaiAer of Commerce.
JOHN D. VAN BUREN, Secretary.
\ Nbw York, November 19, 1842.

Collector's Office, Newark, December 6, 1842.
Sir: In answer to the inquiries made in a circular of the Department
of the 24th ultimo, addressed to this oflSce, respecting a general tvare-
kouse system, I have the honor to reply that —

1. Ssife and commodious warehouses can be obtained here without
expenditure by Government in the erection.

2. Rents being low at this port, the prospect is that the expense of
leasing would he reimbursed by storage, for reasons stated under the
answer to the fourth inquiry.

3. Not more than one or two additional officers would be necessary
for conducting a warehouse system with safety to Government, and
aflfording reasonable facilities to importers. The officers requisite would
be a storehouse-keeper, to give attendance at all times, and one in*^
spector.

4. There would, under such a system, be an increase of business in
this port. I so judge from the applications that were made during the
last summer at tnis office to ascertain at what price the storage of goods
could be procured, which, together with cost of transportation from New
York, (bemg half an hour by railroad,) would cause the expense to be
less Aan the storage there. My conclusion, from information reoeivedf
was, that storage could be procured at one*third of the cost in New

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564 REPORTS OF THE [IS&

York, and that storage and transportation hence to New Toik wo«U be
from 15 to 20 per cent, less than the storage there.

5. It would appear to be most expedient, for the purpose of eaai^
Government to ^.scertain, with some certainty, its prospective revcsE.
that the time should be not to exceed one year.

6; The effect of the system would, no doubt, be &vorable to the sr-
enue of this port the year following its adoption.

My own views of the system, generally, in connection with the c
cash duties, are as follows:

1. The revenue to Government would be certain, w^hich MtfaeHa Vf
bond, was insecure and liable to loss.

2. It would be more generally fiivored by the mercantile commas^
as giving advantages to the small capitalists which have hitherto bes
confined to' the larger capitalists.

3. The merchant now being obliged to famish or hire his own wa^
house, he would, under the new system, be enabled to conduct has h&
ness at a smaller expense, less inconvenience, and greater profit.

4. The receipts of storage, by a proper arrangement, maybe mail
source of additional revenue to Grovemment.

5. Frauds on the Revenue would be better prevented, and with gre^
ease detected.

I have the honor to be, sir, very respectfully, your obedient senat

A. GIFFORD, Collects.
Hon. Walter Forward, Secretary of the Treasury.

CusTOM-HousB, PhOiADBLPHIA, December 8, 1842.

Dbar Sir: On the receipt of your letter and circular, proponoding
inquiries in relation to the warehousing system and the revenue, auidressed
to us separately, we proceeded to consider them, with the aasistenoe of
the experienced deputies of this office. Finding, however, diat no osh
clusion could be reached so satisfactorily as one to be derived fiom d^
opinions of the importing merchants of mis place, a circular was sentD
each one of them, a copy of which is herewith transmitted. We it-
tended to embody their views in a commimication of our own; but,ofi
receiving answers from some of them, it was concluded that you worid
be better satisfied with the answers themselves. Those received are
therefiwre transmitted, and we omit any views of our own, as they seem
to be fully covered by these replies.

It will be observed, however, that there are some inquiries not cb-
braced in the circular, which are properly answerable firom this office.
The first is in relation to the additional assistance that would be lequiied,
if the warehousing system should be adopted. At this port it woqU
require, probably, two additional inspectors to act as storekeepers, with
two assistants to act as clerks, and nom ten to fourteen persons to sene
as watchmen and laborers, at an aggregate expense of fix>m S7,000 to
$8,000 per annum. This expense, however, would be more than cov-
ered by the amount of stora^ received. It is, however, suggested
tiiat if the system be adopteo, persons should be employed fivm me

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4S-] SECRETARY OF THE TREASURY. 666

tame, as the necessities of the service, fit>m increasii^g business,
^bt require. At this port not more than one additional inspector and
sistant may be needed for the first six months or a year. *
The second relates to the estimates of receipts at this port*. ' We esdr
ette them to amount under the present tariff for the six months ending
I the 30th of June, 1843, to $800,000, and for the year ending on the
)th June thereafter to $1,800,000; but these estimates are conjectural'
some degree, owing to the difficulties in arriving at certainty which
511 have suggested. These receipts will depend upon the continuance
r the present tariff. If the duties be put at a lower rate, provided they
e not greatly reduced, the amount of revenue will be increased. The.
>ss of revenue during the short time twenty per centum ad valorem was
harged under the compromise act, we estimate to be about $140,000.
io low a rate of duties would, it is manifest from this fact, greatly
liminish the revenue, but a lower rate than the present, it is thought by
LS, w^ould increase it. The result must, therefore, much depend on
egislation.

A third inquiry is in relation to home valuation. In answer to this,
ve have to state, that at this port in every case the hotne valuation was
ibove the invoice price. On British dry goods and hardware generally
he home valuation was five per cent, above the invoice value of the
^oods, and the same on goods imported from Europe generalljr. We
will transmit to you other answers to queries put as they come m.
We are, sir, very respectfiiDy, your obedient servants,

THOMAS S. SMITH, CoUector.

J. B. SUTHERLAND, iVamZ O^tfr.
Hon. Walter FoETtrARD, Secretary of the Treasury.

Collector's Office,
Port of Philadelphia, Decemher, 1842.
The Secretaiy of the Treasury having requested me to tumish him
with opinions upon a variety of points, and among them those hereafter
mentioned, it has occurred to me that the merchants are eminendy
qualified to give information, and that by applying to them I should
secure a nearer approximation to accuracy than in any other way, and
at the same time afibrd them an opportunity of communicating their
ideas to the Government on these important points. Your views in
relation to the questions are therefore respectfully asked, and, if it be not
too much trouble, I shall esteem it a favor if you will oblige, by putting
them in writing.

Very respectfully, your obedient servant,

THOMAS S. SMITH, CoUector.

Qjnettian 1. If the warehouse system, with a view to the better accom-
modation of the import business ^ the United States, should be adapted.

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£66 REPORTS OF THE [B<£

is it likely that safe and commodious warehooees can be pruoued wt^
out the expenditure of money by the Gtovenmient in tbeir eiedkm?

2. Will the amount of storage received sup[M>rt the expeuses of 4
system, Assuming that the privilege of warehousiiig should beomwrn:

3. Is it likely that a deficiency in the storage receivlsd in the madu
ports would be made up by the excess in the lai^er ports?

4. What would be the eflfect of the system upon the trade of like hm
and smkller ports? Would it change the relative advantagi» esfspc
by them under the present system?

5. What would be the proper limit to the period af the depo8tB» a
shotild it be indefinite?

6. What will be the efifect upon the revenue at this port in die jer
next following its adoption?

7. What will be the effect of the present tariff upon the impoftitigs
up to the dOth of June, 1843, and wnat its efiect up to the 30tn €(}m
1844?

8. What effect will the exhausted state of the countiy haiRc ipi
importations?

9. How will the suspension of labor aflfect them, and to what ca*?

10. What efiect will the surplus importations now in the o&antnii
any, have upon them?

11. Have not great sacrifices been made, and do they not condBae*
be made, in the sale of merchandise?

12. What are the causes of the declension of the imports?

13. How far is the declension owing to the surplus in the nuaiet,uiL
how far to the present tariff?

14. How far is it owing to other causes?

Philadelphia, December 6, 1342.

Dear Sir: In compliance with your request I submit, ^mdl diffidence,
the following answers to the queries propounded in your circular, of
which you did me the honor to send me a copy:

Question 1. I believe that ample storage can always be procinei
without the expenditure of money by the Government in the erectkaaf
buildings J because, in the first place, there never has been abciit
stores, even during the periods when goods of all descriptions w«t
imported to a most ruinous extent, and when the consequent depresM
of the market caused the stocks in the country to reach an unpre^^deoted
amount; and, secondly, because I believe that the inducement liHiick
every holder of the kina of property required would have to render Im
stores suitable for Government purposes, in order to have a safe and
permanent employment thereof, would very soon bring about an imprcnre-
ment in the arrangement of those already built, aiS a suitaUenesi in
those to be hereafter erected, which would entirely remove any a{^
bended difficulty. A small outlay might, in the first instance, be
required for books, but that is scarcely to be ta)£en into consideratioii.

Question 2. I believe that, were the warehousing system umvenalasMi
(especially) pertitmmij the amount of storage reoeivod wottid be nmfkix

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184fc] SECRETARY OF THE TREASURY. M7

its support This opioiian is founded on the &ct, that very few kindsof
property pay a better profit than that which exists in the shape otHaritig
toariekousesf when such property is kept in pretty constant use. I think
that even public stores, plainly but substantially erected, with the same
attention to economy that is bestowed by individuals in building for tlxeir
account, would in tune, and that not a very long one, pay for meircoat*
Although there never was a period when the low price of real estate and
of labor rendered such a plan more feasible, yet the want of confidence
in the permanency of this or any other system, and the objection to
buUding stores in the smaller ports, where they would not always be
occupied, would perhaps render it inexpedient for the Government to
xesort to it, at least in any other than the larger ports. But that the
system would support itsehf if private stores are used for warehousing,
there can be no doubt, because stores could be rented by the year at a
rate so much lower than they can be had by the month, or, as in some
ceases, by the package, that it would enable the Government, bjr estab*
lisbing a uniform and reasonable rate of charge by the month, rating any
number of days over a n^onth as a full month, to make as much on tM
storage as would contribute, in a great measure, if not wholly, to the
pay of such additional storekeepers as it might be necessary to appoint;
such necessity being, however, under a judicious arrangement, v^ry
problematical.

Question 3. In the event of the Government's erecting warehouses, it
is very doubtful whether the aggregate storage which would be received
in all the ports, would p^ the expense of their erection — in other words,
whether the deficiency of storage received in the smaller ports, would
be made up by the excess in the larger ones.

But if private stores be rented, each port will pay an amount of storage
adequate to the maintenance of the system in its own boundaries;
because, if the importations are small, so the extent of stora^ge required
will be small; and if ten, five, or even one store be sufficient for the
exigency of the place, no more than the required number need be rented*

In the smaller ports, moreover, much of the expense of storekeepers
would, in a great measure, if not wholly, be done away, the duties of
the several revenue officers being there so light that the functions of i%*
spector and storekeeper might very conveniendy be blended. It was so
done in this port wnen the warehousing system applied, though in a
very imperfect manner, to teas, wines, spirits, &c., and that, during a
period when an unreasonable credit was allowed for the payment of ths
auties.

Quettum 4. I have not been able firom the reflection which I have given
to the matter embraced in this inquiry, to come to the conclusion that
the system of warehousing would affect differently the interests of the
larger and smaller ports. What advantages they relatively enjoy und^
the present system, it would puzzle a ^eater casuist to point outr

Qu^thn 5. To this inquiry I would be understood to answer with
great diffidence, as on this subject there may be a variety ol opinion^
oven among the most intelligent and best intormed. Some are incUoned
to make a distinction between goods coming from a remote region, and
those coming firom countries comparatively near. It appears to ma*

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MS R£P(MtT8 OP THE [IBiaL

bowever, that many of the evib whkh flowed fiom the imperfect we-
honaii^ system once in force arose from this veiy distinctioii ; and as ^
aimwers fumished from other quarters will ptobably throw sufficaeatfi^
on this point, I will restrict myself to this smiple answer to die queatioB:
I shoula incline to limit the period cf deposite to six month from the 6te
cf[ impcwtation. Should the goods, or any part of them, be taken out of
store at any time previous, even the day alter they are put id stoie, it
dxxtY on such portion to be paid in caA.

^nation 6. The effect on the receipts of the Goveram^^ at diis pss,
for the year following the adoption of the* system, is a matter of os-
siderable uncertainty. Of course there will be a poatpc^iemeat in it
receipt of the duties accruing this year, ec)ual to the time the goods imj
be suffered to remain in store. This period may vary hxxn one day 6
six months ; but it by no means follows that it will extend in most cans
to the latter period. On the contrary, many circumstances, broagk
into operation by the adoption of the proposed system, will tend to b^
it probable, not only that the sales will be in general more active, andrf
course the payment of the duties accelerated, but that the amounc «
importations, which, in the present state of things, is likely to be so aiooB-
tiderable, will be gready increased, and the amount of revenue p^psr-
tionately augmented. Taking into consideration the operatioii of tie»
causes, it is, therefore, probable, that if the warehousing ^ system s
adopted, the eflfect upon tne revenue for the year next foUorwukg its adap-
tion will be of a more fovorable character than if the present dkasmos
state of things is adhered to.

Qtiestion 7. The information sought in this inquiry can, perfa^ be
more satisfactorily gathered from the returns in the possessioD of the
collector, than from any speculative opinion, particularly from the letanis
of the importations commencing three or four months after the pessge
of the existing taiiff. Many of the operations from which these imsort-
ations resulted were entered into previous to the operation of die law,
and were therefore necessarily consummated without reference to said
law. The importations commencing after that period give a fiurer thoogk
not entirely accurate idea of the probable amount to which tiiey aie
Iftely to he reduced by the present tariff. I say inaccurate, becaiae
though checked by the apprehension of the difficulties and embarrassmestB
consequent upon the payment of cash duties under so oneroue a tanS,
they are likely to be still more reduced after the difficulties and embn^
ressments have been actually encountered, and after a portion of eray
importer's capital merged in the payment of these hign duties is witk-
drawn from his control, forcing him to depend upon sales whidi Aem-
selve& can only be eflecled at a long credit, each succeeding openukn
taking still more fix>m his active means, tmtil, by a succession of import-
aticMis, the whole of his capital may thus be locked up; the result beiiig
that he must give up his business, or force sales at a ruinous sacri&e.

Que$ti(ms 8 and 9. Presuming that by the "exhausted siate of tie
OMmtry" is meant the exhausted state of the means or capital dt the
eoantry, I would reply generally, in answer to the above inquiiy, that
tuch a stat^ of exhaustion, together with the suspension of labor, most
ueeessanly tend to keep down, and to dimi^idx s1^ iBore, dun^g their

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.] BECRETAEY OF TBDE TREASURY. S6»

^ine^v^Llelice, the iociportations of this or any other coundry, and conse^
[vtexitly to leduoe the revenue arising tberefix)m. To investigate the
SLuses of such a state of things, and to determine how far they flow
rom the present tariff^ and to what es:tent they would be lemedied by a
esort to the system now proposed, would extend much beyond the limits

0 vrhich I am compelled, for want of time to devote to the subject, to
-estrict myself. It is hoped that the repKes which will be made to these
nquiries, on the part of the committee of the Chamber of Commerce, to
Mrnom they havecieen referred, wiU throw the desired light on the subject.

Question 10. I have not sufficient accurate information in regard to the
Bxtent of what is here termed '^ the swtplus mportations now in the country ^^^
and which, I ap|)rehend, can only apply to certain kinds of goods, to
speak with certainty in answer to this inquiry. I can only say that the
immediate e£^t must be to check any operations tending to incjrease
such surplus, and of course to keep down the rece^ts from imports, until
a revival of business, or sc^nething to produce an activity m demand,
shall promote the consumption and consequent reduction of the stocks
on hand.

Question 11. That the tendency of the cash duty srystem, under the
operation of an oppr^sive tariff, like the present, is to drive the importer
with small means, to ruinous sacrifice in his sales, cannot be doubted b^
any one wha» will give the subject the sUghtest reflection. That such is
actually the case, is seen from the memorial presented to Congress by

1 the Chamber of Commerce of the city of New York, in which much stress
is laid upon this circumstance. I answer the question emphatic^y, in
the affirmative. • •

And here may be found the clew to the desire entertained by some

persons to perpetuate the present system, which, though so ruinous to

the numerous class of merchants of small capital, may be turned to great

account and profit by large capitalists, both foreign and domestic. This

class of money-lenders, or brolter-merchants, if I may be allowed the

term, whose business has hitherto been to lend their paper to such persons

as axe unfortunately compelled to resort to such an expedient, nominally

at the legal interest, but saddled with a charge of a slashing commission,

and bac&ed by the best security they can get, would be highly delighted

at a state of things which would furnish them with an additional branch

of business, where the security would be undoubted, and where the

commissions might be measured by the exigencies of the poor importer.

They would, by furnishing the means to pay the duties, the security

being the goods themsielves, estabUsh a warehousing system, with this

odious feature, that they would be able when it suited them, to force the

goods to sale, unless the owner bled a litde more fireely in order to put off

a ruinous sacrifice. The efiect of this system will be, that the active and

industrious merchant with small means, will be driven from his business,

or forced to have recourse to the more aristocratic capitalist, who will

take good care to make him pay smardy for it. Nothing can be more

repugnant to our republican institutions. The warehousing system, om

the other hand, will release the merchant from this necessity, and remove

that of having to sell at a heavy sacrifice.

Qmtum 12. The great 4eclen«ton in ^ne imports of the countiy may

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S70 BEPOSELTS OT THE [ia«8L

be attributed to the combined operation of several causest some afibcting
commerce generaUy, some operating more directly on particiilarbiaiiches
of trade, but all tending to the same general result.

These are, in the mst place, the immense diminution in the active
capital of the country brought about by the events of the last six yean*
This cause wiU, for some years to come, continue to ^cert its influ^ice, not
only on our import trade, but on every branch of industiy in the coundy.
Next, and of a more partial character, because of a more unequal appUcfr-
tion, is the operation of the present tariff. Its efiect is to mrce many to
abstain from entering into any mercantile operation in the articles highly
taxed, until its eflfects are better known. To these causes may be added
the disastrous results which have attended the importatbns of many
kinds of fi[oods during the last two years, the great amount of goods on
hand, owing to the difficulty of efiecting sales, except at great sacrifice^
during the present unsettled state of things, and lastly, and to a greater
extent than is imagined, the inducements which are offered to introduce
articles of a nature that will admit of it along our extensive northern
frontier by smuggling.

These and perhaps other causes, applicable to branches of c(Mmnerce
with which I am not acquainted, are now inpowerful operation to reduce
and keep down the importation of goods into the country. Some of them
are only beginning to operate, and every day is adding f^rce to their
effect In a short time many now actively engaged in business vrith
small capitals, yet sufficient for dieir limited operations, must be driven
fix)m tl^ir pursuits, if the present cash-duty system is adhered to ; and
tiiAgh it may be urged that this will merely transfer the business from
the many to the few, the policy of which, by-the-by,is gready question-
able, to say nothing of its anti-republican spirit, yet it by no means
follows that commerce so monopolized would haveUie same activi^and
equally-productive results to the revenue of the country as when it
enjoys the advantages of a wholesome competition.

Answer to questions thirteen and fourteen. To these two questions I
candidly confess I am unable to give positive and satisfiwjtcay informa-
tion. From the answer to the twelfth query it will be seen that many
causes are operating to produce the same effect. To apportion that eflfect
among them, and to say so much of the declension is owing to this cause,
and so much to that, is not, I think, within the ability of any man. It is
hoped that the answers which will be received from the Chamber of
Commerce, the Board of Trade, and other bodies j where the questions wiU
be submitted to committees, composed, as they ought to be, of persona
engaged in the different branches of commercial mdustry, will furnish
the information in a more correct and satisfactory form.

All I can say is, that I am convinced that whatever amount of agency
in causing a declension of imports may be traced to flow from the present
tariff system wiU be found to gather strength and increase the longer it
is suffered to continue.

I am, dear" sir, very respectfully, your obedient servant,

A. PERIES.

Thos. S. Smith, Esq.,

CoOectoro/thePorto/Pkiiade^phia.

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1842.] SECRETARY OiF THE TREASURY. 671

Philadelphia, December 9, 1842.

Sir: We received your circular of questions, to which the enclosed
is our reply:

Ansfver to question one. Storage can be procured for which the importer
must pay, and the United States be put to no expense.

Anstoer to question two. The storage will pay the expense, and, we
suppose, leave a surplus.

Answer to question three. We think it would; but the United States can
always store goods, the importers themselves paying the storage.

Ansufer to question four. We think the trade would be divided as here-
tofore.

Ansujer to question five. The deposite should remain not over twenty-
four months, and then, if not removed, and the duties paid, advertised
one month, and sold to pay duties, &c.

Answer to question sixth. We think it will make no difference in the
revenue whether the goods are warehoused, as the goods that are
imported this year will be sold widiin the year, and the duties paid.

Answer to question seven. The importations will be extremely small of
such articles as pay large duties, and that a smuggUng will take place.
Moderate, fixed, and settled duties would produce more revenue, small
duties not offering a premium to smugglers.

Answer tb question eight. To make them small, we not having the
means to pay for them except in produce.

Answer to questions ninth and tenth. Destroys the means to purchase,
and therefore retards improvements.

Answer to question eleventh. There have been great sacrifices, and there
are still, but we think it will soon stop ; the goods manufactured in this
country will pay a small profit now.

Answer to question twelfth. The overstock of goods in the country, and
the return to specie payments, reducing the prices so low that there was
a loss on importations. Imports will increase as soon as we export pro-
duce suflScient to pay for merchandise.

Answer to questions thirteenth and fourteenth. The declension is owing
to the large stock in the market and the reduction of amount and
increased value of the circulating medium, and not to the tariff*, which
measure should have increased the prices.

We remain your obedient servants,

KUTER & STILES.

T. 8. Smith, Esq.

Philadelphia, December 7, 1849.

Dear Sir : Your valued favor of the — instant is at hand, and with
pleasure do I comply with your request, by answering your several
inquiries as annexed. There is no doubt in my mind but that the ware-
house system would be beneficial to the importer, without injury, if not
to the decided benefit, of the revenue ; all of which is respectfully sub-

™^^^- Your obedient servant, D. W. PRE8C0TT.

Thomas S. Smith, Esq.

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671 REPORTS OF THE [M.

Qutidonfint. Is it likely diat safe and commodioas wardioottsca
be procured without expense to Grovemment?

Ansvoer. In most places it is probable that stores, good and safe, cook
be rented at an expense that would be more than covered by the receipi
of storage. In most cases the importer could furnish warehouses satB*
fiictory to Government.

Question second. Will the storage received pay the expense of thesp
tem, &c., &c.?

Answer. With good management, I should think the Govenma
would derive an income that would overbalance the expenditures fa
rent.

Question third. Is it likely diat the storage received in the smaSerptHii
would be made up by the excess in the larger ports ?

Ansujer. Under prudent arrangements, the gain in the laiger pou
would doubtless cover the expense in the smalfer ports.

Question fourth. What would be the effect of this system upon thctni
of the larger and smaller ports, &c.t

Answer. Would it not give importers with small means a better diiiioe
to cope with large capitalists, without being subject to the necessi^^
forcing sales to meet the duties ?

Question Jifth. What would be the proper limit to the period of dq»5-
ite?

Answer. If an indefinite period was fixed upon, (except upon pcrii-
able articles,) 1 can see no object on the part of the importer to hanji?
his goods out of market longer than prudence would dictate; coosc-
quently the Government would not suffer by having the time wiAoise*

Question sixth. What will be the effect upon the revenue at te port
in the year next following its adoption ?

Answer. I cannot perceive that it would decrease the revenue, ta.®
the contrary, might increase it. If the interest of the importer is pjo-
moted, he is better prepared to do his share toward giving an unp^
to business, which, of course, would increase the revenue.

Question seventh. What would be the effect of the present tariff np ^
the 30th of June, 1843 ; also, up to June, 1844?

Answer. I should think the revenue would continue to decrease. **
of the importers of West India goods are satisfied that the tariff aw"**^
be modified so that molasses should not pay over two and ahalf totoj^
cents per gallon ; brown sugar one and a half cents per pound; ^
sugar two and a half cents per pound ; and that tea should paj**"
five to ten cents per pound, and coffee one cent per pound.

Question eighth. What effect will the exhausted state oi the cooflflT
have upon importations ?

-Atracr. Probably curtail them. ,

Question ninth. How will the suspension of labor affect them» and
what extent? m

AnMoer. It is difficult tp form an opinion as to the extent* ^^ J^
better judge if we could arrive at the relative amount paid for *^'
compared with active business times. If the person who ^"^'^^^
one dollar for his labqr now gets but twenty-five cents, he cannot spw'
nauch for imports.

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1843.] SECRETARY OF THE TREASURY. 673

Queftion tenth. What eflfect will the surplus importations now in the
country, if any, have upon them ?

Anstoer. To keep new importations back till wanted.

Questum eleventh. Have not great sacrifices been made, and' do they
not continue to be made in the sale of merchandise ?

Asmoer. Large sacrifices have been made, and are constantly making.

Question twelfth. What are the causes of the declension of the imports ?

Answer. Numerous causes. The consumption has decreased for want
of means with some, growing out of the general prostration of business.
One branch of trade acts on another ; the importer suffers, and his suf-
fering acts on the planter, manufacturer, mechanic, and laborer ; part
of his suffering is being obliged to advance a large part of his capital
for cash duties.

Question thirteenth. How far is the declension bwing to the surplus in
the market, and how far to the present tariff?

Answer. Under ordinary circumstances there probably would not be
a surplus in market. The present tariff is severe upon the importer. If
he has exhausted his means in purchasing a vessel and cargo, it may be
extremelv difficult for him to raise another capital (perhaps equal to half
the worth of his cai^o) to meet the duties before he can handle one dol- ■
lar's worth of his cargo ; consequently he must let his vessel lay on her
oars till by a heavy shave or sacrifice he can get enough to releiase his
car^. If by paymg a proportion of the duties he could come into pos-
session of part of the cargo, he might (if cash sales could not be made
to advantage) barter for the articles wanted to load his vessel, and thus
make business for the manufacturer, mechanic, and grower.

Question fourteenth. How far is it owing to other causes ?

Answer. In foreign ports our merchants are obliged to employ agents
who charge five to seven and a half per cent, commission in some
places, under a penalty of $500. Those same foreign agents can come
into our markets without being necessarily obUged to pay commission on
their goods. Our merchants need protection on this pomt

Philadelphia, December 8, 1842.

Dear Sir: I have received your letter of the 3d instant, containing
certain interrogatories, which I have answered to the best of my judgment,
and beg, herewith, to enclose you.

I am, very respectfully, your obedient servant,

T. W. ROCKHILL.
Thomas S. Smith, Esq.,

Collector Port of Philadelphia.

No. 1. To the first question I answer, yes. I have no hesitation in
saying that ample warehouse room could, at all times, be obtained,
without the (jovemment incurring the expense of erecting warehouses.

No. 3. I cannot doubt that it would.

No. 3. Assuming that ^private warehouses would be hired by the Gov-
enunDnt in the smmler ports^ as well as in the larger, and that the price
paid for them would be a charge upon the good^ stored^ I cannot see why

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674 REPORTS OF TBE [IStt.

any deficiency io the storage need occur in tJbe smaller poits, if fnps

discretion in renting warehouses be observed.

No. 4. I do not see any reason for supposing that the wmAaam^
system would vary the relative advantages between the snialkr sai
larger ports.

No. 5. I am of the opinion that two yean would be a pioper limit It
the period of deposite.

No. 6. The effect of the ff^stem, in my judgment, woidd unquesdoa-
ably be to mcrease the revenue at this port in the year next fisUcrwmg m
adoption.

No. 7. I believe the effect of the present tariff wiH be to dimimA db
amount of importations for the years 1848 and 1844.

No. 8. The loss of credit by the States and General GovemraeGt, m
Europe, having put an end to om- obtaining loans there, {vrhich caosta
us in the shape of merchandise for several y^urs past,) will cetta^r
diminish the amount of importations for some time to come. Tik ks
of credit is what I conceive to be the meaning of the phrase, ^^exhaunei
state of the country."

No. 9. The suspension of labor in the construction of roads and caoab
having necessarily cansed the perscms hitherto so occufHed to be dov
employed in apiculture and manu£tcturing pursuits, mast have fke
e£fect, to a considbrable degree, of reducing the amount of foreign aa-
chandise required.

No. 10. In my opinion, the surplus importf^ns in the coimtiyflil
have some effect in checking importations in 1843. But I think it wil
cease before the expiration of that year.

No. 11. Great sacrifices have been made, and will continue to be
made, no doubt, during the early part of the year 1843.

No. 12. I have stated my impressions upon this subject in my reply
to the eighth interrogatory.

No. 13. I am not prepared to assign to each of these causes afyxi wo-
portion of the declension of our imports; but believe that bath oave bad
their effect. I believe, however, that the main cause of the declenskniB
to be found in my reply to the eighth interrogatory above referred to.

No. 14. No doubt the sudden contraction of our circulating medium
has operated conjointly and necessarily with causes already stated, in
diminishing the amount of importations, and causing a considerable
reduction in the consumption of them.

Philadelphia, December 8, 1842.

Sir: Your circular of this month, addressed to me, has been dvij
received, and annexed I have the pleasure to transmit my answers to die
different questions ; which I do in as brief a mamier as possible.

Answer to question 1. There is no doubt but abundant 'wsrebooae
room could be found, in case the Government did not provide liiem;
although, after a few years' trial of the warehouse system, no doubt they
will find it to their interest to erect the principal ones.

No. 2. No doubt but that the storage received T^ould fiiUy suppcctand
exceed the expenses required in superintendence.

C

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342.] SECKETART OF THE TREASURY, «7»

No. 3. Sioald any d^ciency axise in the smaller ports, which I do
D1: tJiink likely, it might be made up in the larger ones.

No. 4. The warehouse system, or a credit on the duties, I deem india-
ensable on importations; the former j in prrference to a fixed credit.
Vithout either, the importations must fall into a few heavy capitalists'
ajads, and become veiy limited.

No. 5. On Uquors and wines, I should say the time should be unlimited.
>n other articles, five yecu^ would be abundant

No. 6. The effect will be an increased revenue, should the present
ariffbe revised and modified.

No. 7. The effect of the present tariff, up to the 30th June, 1843, will
>e productive of very little revenue; the duty on many articles acting as
3L prohibition; add to which, the cash system, which puts it out of the
po'w^er of a very large proportion of the importers to meet, except on a
very limited scale. Tne same causes would still lessen the importations
for 1844; except a national bank, or some moneyed institution should
be created, so as to form a currency and regulate the exchanges.

No. 8. So long as the exhausted state of the country remains, so long
i^iU the importatbns remain on a limited scale.

No. 9, My pursuits do not allow me to answer this question' in a satis-
fewjtory manner.

No. 10. I do not consider there are surplus importations at present in
the country; but, on the contrary, very light stocks; in British manu*
&ctured goods, particularly.

No. 11. Great sacrifices are made, and continue to be made where
sales are effected, on merchandise.

No. 12. In Dart, the small demand anticipated irom the trade, and the
^ uncertainty what the duties mi^t be on the late fall importations.

No. 13. There was no surplus stock in the &ce of the iaU importations*
If affected at all, the reasons are given in No. 12.

No. 14. I consider the low prices arising principally bom over-pro-
' duction — by over-production I mean excessive home manufactures —
' added to the want of a sound currency in the different States.
Very respectfully, your obedient servant,

WM. C. CARD WELL.
Thomas S. Smith, Esq. r

CusTOM-HousB, Collector's Offictb,

Baltimore, November 29, 1843.

Sir: In replying to your communication of the 24th instant, on the
subject of the warehouse system, which I do at the earUest day practi-
cable, I answer the several questions therein asked in the order in which
they are proposed.

Pint. It is my opinion that warehouses could be obtained on lease,
which, without expense to the Government, could be made safe and
commodious, and without the expenditure of money by die Government
in their erection.

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«T«

I

Mvr#-!>i:^ r:!ie 4dk:«scT v:&>it vuaifi tiiK t^kk n ttr snAer poits,

tvm. : *ju3tf -Juft 1^'^urj^ of dKocr* i

JfltaLift // iz«e «r«ie& be ^

freiait *r00:ai f caiiarit pna«*d to rrre

•nnuj^ priru« wcmid be eq^ai and beaefical: k vody !
portt to et/if tue adraalaiee^ of thcff nttcnl
KwAu n^aisn^ fiocn the iJul and

/^/iA. I bfritfrre k to be expedient to
■pmH be paid to two jearf; sad no aitkie to
dr^wbstck that had not been demsted
ODtil t;»Jbe?i oat fr>r expottatioa. The tnnc
ij'awl.*a^;k wnui be a2>nred migbt remain, as i
tbnse Tears, or be JnMknie,

HiA/L h h inipoftMbk, tmder the preaeut embaicaned and onnatanl
ftMtUfm of comniercial afiiiiy to say what the cflbct of the system
wmM be npoo the frrenoe accnun^ at this poit in the Tear next Soi-
lowing its adoptkm; bat k may, I think, be safely a&med that when
commercial matten resmne tlieir ordinary coarse, the adoption of the
war^rb^mjie inrstetn, comparing k with the piesent syHem of cash duties,
woaU notcanseanj&Iliiij^offordiminitfiontiftherevcBR^

fkvmtk. In conmranicating my views of the system seneraUy, I am
dearly o( fjif^nsnoa that, taken in connectkn with cash mities, k should
hr BiCppieil — not that I believe the system, taken by itself to be die best
one fiir the commerce of this coontry, but where the duties are required
to be paid in cash^ some snch measure appears to be caDed for. The
system of cash duties having a tendency to throw the whcde importa-
tions of the country into the hands of the ridi capitalists at the larger
ports, giving to them the control of the markets, and enabling them to
regulate and enhance the prices of many important aitides of primary
necessity, to the detriment and injury of the mass of the community,
and making the smaller ports tributary to the larger. This tendency
would be checked by the adoption of the warehouse system, which
would diffuse among the whole conununity equal fecilities in the pay-
ment of duties to the government, and leaving all to apportion their enter-
prises to their credit and means. What is said above has reference to the
^stem of cash duties and warehousing. If I am permitted, I would say
that a system of short credits, with the option of warehousing, would be
preferable to cash duties, and give more encouragement to foreign trade,
increase the revenue, and without much risk of loss to the (^ovenunent.

I have the honor to be, very respectfully, your obedient servant,

N. F. WILLIAMS, CoUeOar.

Hoir. Waltbb Fohwaso,

Secretary of the Treantry.

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1842.] SECRETARY OF THE TREASURY. 677

Surveyor's Offiob,
CusTOM-HousE, Baltimore, November 28, 1842* .

Sm: In reply to the circular of the Department of the 24th instant,
requiring information relative to the poHcy and practicabihty of a gen-
eral warehouse system, I have the honor to state, in the order the inter-
rogatories are proposed, that —

1st. Warehouses of a suitable description can be readily obtained.

2d. I beheve that the estabUshed rates of storage would not only be
sufficient to pay the expenses of the system at the large ports, but would
yield an excess applicable to the expenditure at smsuler ports; and I do
not deem it probable that the adoption of the system would impose any
charge upon the revenue.

3d. To conduct a warehouse system at this port with security to the
United States and faciUty to the merchant would not require any addi-
tional force. Two of the inspectors might be detailed as storekeepers,
who would keep records of all goods deposited and. deUvered, and of
storage due, collect the same, and render verified statements of the same
quarterly.

4th. The effect of the proposed system upon the relative trade of the
larger and smaller ports would be to aid the smaller ports, because the
present system of cash duties requires a command of ample capital,
which is enjoyed more extensively at larffe ports, and the change to a
credit and deposite system would give facilities which at present do not
exist. The importer could make sales without being compelled to pay
the duties in cash.

5th. It would seem to me ex£)edient to Umit the period of deposite to
one year — ^a space of time sufficient to enable him to avail himself of the
home market or of exportation. If this period of time was extended or
made indefinite, it would invite speculative importations, which have
heretofore been attended with such disastrous results to the nation*

6th. I have no doubt that the system would increase the revenue of
this port in the year after its adoption.

7tL The adoption of the proposed plan seems to possess advantages
over any other system. While the United States are secured, ca^italr
ists of moderate means are afforded facilities which they do not posseis
under the present arrangement; and in the indirect trade, where goods
are imported with a view to exportation to a foreign maiket, the ware-
house system would offer great facilities, as no ouUay of capital would
be required from the importer to pay duties, and he could export them
within the limited period of deposite, subject only to the retention duty
of 2} per cent. If the system should be adopted, I think it would l>e
very important that the merchant having goods deposited for duty in
public store, should be permitted to assi^ at the custom-house any
goods so deposited imtil tne expiration of me period of deposits. Sudb
tcansfer, while it accommodates the importer, does not lessen the seeu-
lity of the United States.

In omclusion, I b^ leave to state that the system, now in operatsm,
of cash duties, appears to be equally iigurious to the United Statee asd
the mercantile community.
Vol. IV. — 37.

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578 REPORTS <»" THE [IStt.;

I have the honor to be, wtlib great coDsideration, sir, joar oibe&E .

WILLUM PINKNEY, Smrwfm. .
Hon. Waltb& Forward, S€cretary of the Trtatwry.

CusTOW-HousE, Georgbtown, NovenAer 26, 1811

Sir: In reply tx) your circular of the 24tb instant, I beg leave to s^
that no merchandise having been imported into this port since sj
appointment to thia office, I feel that my inexperience in regard to tk
matters embraced in your inquiries would made it knproper fi)r h» 6
venture anjr suggestions for your guidance.

The private warehouses here have ever afibrded all the accomiDo^k-

tions required by our merchants in our seasons of created commefcsb

prosperity, withotrt expense to the Government, and that would fikefr

. again be the case in the event of any great augmentation of trade i^a

us hereafter.

In regard to your sixth interrogatory, I have to state that there is i^
prospect at present of any revenue accruing here next year. Our cm'
paerce is considerable at present, but entirely coastwise.
With great respect, your obedient servant,

H. ADDISON, aOtMr.

Hon, W. Forward, Secretary of the Trecumry.

CUSTOM-HO0SE, Al«EZANBRlA,

Collector's Office, December 6, 1S42.
Sir: I haye the honor to acknowledge the receipt of your circular of
the 24th November, in relation to the warehouse system, request
information on the several points therein enumerated, together wi4
such suggestions in relation to the policy and practicability of the ^^tea
as my experience will enable me to furnish.

In reply, I have to state that neither my experience nor my koovl-
edge will justify my offering an opinion with any degree of coofideiKt;
but my impressions of the system are decidedly fe-vorable, and they a?
strengthened by the concurrence of merchants and others with wbn
I have consulted.

To the several interrogatories, I have to reply as follows:
1st. Safe and commodious warehouses can be procured at this poit
2d. I am unable to say whether or not the storage received -wooU
reimburse the expenses in the aggregrate, or whether " the defici^icT
in the smaller .ports would be made up by the excess of receipts fo
storage in the large ports," but would respectfully suggest that, in tbe .
emal^r ports, the importer should make selection or the warehKise'
himself, and pay all the .expenses of putting into store, storing, as^
delivering: the receiving ana delivering to be under the inspection of a

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1842.] SECRETARY OF THE TREASURY. 679

revenue officer, and the key of the warehouse to be under the charge
of the surveyor, or some other officer of the customs.

3d. The number of additional officers requisite will be few, if anVi as
the weigher and measurer, and inspectors, will generally be able to
perform the additional duties. It may be necessary, occasionally, to
employ one or two temporary inspectors; the annual expense of which
will not, in all probabihty, exceed one hundred to one hundred and
fifty dolbxs. Salt will be the principal article warehoused at this port.
Most other merchandise, if not all other, can be stored in the pubUc
stores already owned by the United States.

4th. The system proposed would not, in my opinion, disturb the
relative advantages enjoyed by the larger and smaller ports at present.

6th. It would, in my opinion, not " oe expedient to limit the period
of deposite." If the system be beneficial, there might, after goods had
been deposited one year, be just as good reason for extending the priv-
ilege as at the time of importation. If limited at all, I would suggest
the time within which exportation for drawback is at present allowed,
say three years.

6th. " What wiU be the efiect of the system upon the revenue accruing
at the port of Alexandria, in the year next following its adoption?"

Answer. It is believed that few persons at this port will avail them-
selves of the proposed system, except the importers of salt; and of those,
such only as receive their salt too late for the spring fisheries. Such
importations will probably be warehoused until the spring next succeed-
ing. The dudes the first year will probably not be reduced more than
fifteen or twenty per cent., which will in fiiture years be more than
recompensed.

7th* I may remark, in addition to my impressions expressed at the
commencement of this communication, that I can see no reasonable
objection to the warehouse system in connection with cash duties, other
than the additional labor, and consequent increased expense in the col-
lection of the revenue; which, I presume, cannot be very great in the
larger ports, and in the smaller must be very trifling.

The advantages that have occurred to me are, that, although it will
give to the merchant of limited means increased facilities, yet there will
be no such inducements for excessive importations as when credits were
extended, and adventurers, both native and foreign, were enabled to
raise a capital out of the duties, and trade upon the credit given them
by the Government.

The plan now proposed, when carried fully into operation, must cause
more stability ana uniformity than either the former or present systems;
avoiding the dangerous extension caused by the one, and preventing,
to some extent, the monopolies which are fostered by the other. As
the amount of duties collected will be governed by the actual wants of
the people, the revenue must graduaUy increase with the growth of
the country, and consecjuent increased demand for foreign products.

Regretting my inabihty to throw more light on the subject, I have the
honor to subscribe myself, very respectfiiily, your obedient servant,

JOS. EACHE8, CoUectar.

Hon. Waltbr FoBWABD, Secmary (ftke Treamry.

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680 REPORTS OF THE [1848.

Co|<LBCT(»i*s Office, Richmoni>, Va., December 8, 1843»

Sm: Your letter of the 24th ukimo was duly received. On the sub-
ject of it, to wit: the general warehouse system, I have no experience
at all. Since its receipt, I have had conversations with several of our
merchai^, among whom there is a contrariety of opinion as to its efkct
in dus district However, in one particular they all agree; and that is,
that if cash duties are to be required, the warehouse system will be
indispensable.

In answer to your first question I would reply, that I think safe and
commodious warehouses may be procured on lease by the Government.

2d. Although in the small ports the expense might not be reimbursed
1^ the amount of storage, yet I should suppose that the deficiency would
be made up by the excess of the receipts tor storage in the larger ports;
the system thereby supporting itself, without burdening the revenue.

dd. I do not think any additional officers would be necessary in this
district, as I do not expect the importations would be so large but what
all the duties miffht be performed by the officers now attached to the
customs. If I snould oe mistaken in this view, any necessaiy officer
might be afterward appointed. Not knowing what the peculiar duties
of officers attached to this service are, I cannot advert to tbem as
required.

4th. There is a diversity of. opinion among our merchants as to what
would be the effect of the system upon the trade of the larger and smaller
ports; some expressing the opinion that the larger would be benefited,
and the ^nailer ports mjured, and others taking the c^posite ground,
that the smaller would be benefited to the injury of the lai^r. The
smaller ports might be benefited if, by reason of the system being
adopted, merchants of small capital should be induced to import, which
would probably be the case it they are not required to pay the cash
for duties upon the importation of their goods, but are allowed to store
them and not pay the duties until they are taken from the warehouse.

6th. I think it would be inexpedient to limit the period of deposite of
goods. That should be indefimte.

6th. It is impossible to say what will be the eflfect of the system upaa
the revenue in this district in the year next following; but my impres-
sion is, that for a year or two very Uttle efiect would be produced^ If
the system should be adopted and become pemument^ it may be bene-
ficial in its results; but no system, unless it be permanent^ can be relied
upon.

7th. The foregoing is the best answer I can give to this query.

I am, very respectfiiUy, your obedient servant,

THOMAS NELSON, CoUedGt.

The Sbcsetaby of thb TaEASuat^, Washington.

Collector's P^ticb, Pbtbrsburo, DecenAer 1^ 1842.
-Sm: In obedience to your circular under date of the 24th ultimo, I
vnll reply to the series of questiona hi the order ^K^ein MtttaiJf miii the

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B^%S.J SECRETARY OF THE TREASURY. 681

^ctsons jpn> and can, as far as my limited knowledge of the subject may

Although my own opinion has been averse to the warehouse system,
specially as it regards the smaller ports, yet there are some reasons in
ts favor which ou^ht not to be ovenooked, ,

Question 1. " Is it likely that safe and commodious warehouses," &c.
Answer. I have no doubt that commodious warehouses could be pro-
iured on lease here, but there might be some difficulty in obtaining such
LS are fire-proof. I should not, however, think it necessary, at so small
X port as Petersburg, to have a Government store permanendy leased.
A. isvarehouse, or apartment, I think, might be obtained temporarily, to
be used when required, under Grovemment locks.

Question 2. " Would the expenses be reimbursed," &c.
Answer. I am of opinion that the expense of a Government warehouse
in Petersburg would not be reimbursed by the amount of storage received,
unless the proposed system should cause much larger importations than
are now made, or unless store-rooms rented temporarily, as occasion
might require, were employed, and the storage charged pro rata to the
o-wners of the goods. The chief imports here are dry goods, and the
impK)rters are men of capital, who, under the cash system, import goods
in the spring and fiJl for immediate sale. The warehouse system would
not much affect this class, nor would the amount of storage be much
increased by the deposite of dry goods.

Question 3. " What number of additional officers," &c.

Answer. In regard to this point I remEirk that an additional officer

! -would scarcely be necessary at this port, -unless the contemplated law

should require duties to be performed of which I am not at present

aware. On this point I cannot speak decisively. I think it probable

that such an officer wouM not find at this port constant employment.

[ The multiplication of officers, and consequent expenses, is one of the

i worst features of the warehouse system.

I Question 4. " What would be tne effect on the trade of the large and
small ports," &c.

Answer. I have to observe under this head that the trade in the
smaller ports does not admit of cargo sales, nor often of extensive prompt
sales of any one article ; and under the system of cash duties an importer
cannot safely venture on a cargo of iron or sugar, or any other article on
which high cash duties are required, though he might do so without
difficulty under the warehouse system.

As to the dry goods, though the proposed plan might not be so neces-
sary to the importer of theili, yet ne might, and no doubt would, avail
himself of the mcility offered to make earner and larger importations, so
as to be able at all times to have an adequate supply of goods on hand»
and might order them at such seasons as they could be more easily pro-
cured and transported.

If the warehouse system were universal, I do not see that it would
aflfect the relative advantages of the small and large ports; but if partial,
as in England, it would benefit the latter at the expense of the former.
Que^ion 6. ** Would it be expedient to limit the period," &c.
A»swr. The interests of the revenue might render it expedient to

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682 REPORTS OF THE [IMS.

limit the period of deposite to one year^ and the importer.could not be
much damaged by the rejection of a longer period* But I am of opinion
that it would be better to vary the time according to the nature of the
goods. Those on which the duty is low, and such as are of a perishable
nature, or subject to waste, miffht be limited to a shorter period ; while on
wines and spirits, or salt and iron^ on which the duty is high, and some
of them of slow sale, a loneer term might be allowed.

QueHurn 6. "What will be the eflfect on the revenue," &c.

Armoer. If the proposed system should not enlarge the amount of
imports, the efiect would be to prx^ng the payment without increasing
the amount of duties ; but I think it probable the revenue would be
increased by the exclusion. of cash duties.

Question 7. "Views of the system generally."

AnnoeTp Under the cash system importers must necessarily restrict their
orders as near as possible to suit their immediate sales, while under the
proposed system of warehousing their orders would be more extensive*
They would thereby have a portion under Government locks until wanted
for sale, and ultimately have the option of a foreign market, with the ben-
efit of drawback, if a demand did not exist at home after a sufficient trial.
And here I would observe that the proposed system is eminently suited
to secure the laws of drawbacks, and close the door on frauds to which
they are now exposed.

I would remark that some articles of prime necessity should always
be abundant in the markets to prevent a monopoly in the hands (^ a few
holders. I will instance salt, the principal dfemand for which is at a
season when there is the least inducement for ships to visit the ports c^
Virginia. To pay cash duties for this article in the summer, ana hold it
till the winter, mvolves too great an outlay of capital and loss of interest.
The prime cost of salt is small, and it is the only profitable ballast that
ships from Liverpool can bring to our ports. Hence it is obvious that
our ship-owners are deeply interested in the warehouse system, which
would enable them to bnng return cargoes of this article at a season
when they could get nothing else.

The farmers also Would be interested, in being able to procure an
article of prime necessity, without being subjected to the high prices
which monopolists might require from its scEu^city. An abundant supply
of any kind of merchandise will always insure a re^lar market and
moderate prices. The remarks applicable to salt may, m a great measure,
apply to iron and other articles.

In the event of a sudden collision with the country from which our
chief supplies are received, the warehouse system would operate favor-
ably to us. It might, also, in some degrfee, relieve the present commer-
cial pressure.

I would remark, further, that the present cash system is calculated to
give the wealthy merchant who has ample funds a monopoly of many
articles, to the exclusion of the class in more moderate circumstances.
He can oRen secure the trade in his own hands, and charge his own
price, while those who cannot afibrd to pay high cash duties are shut
out from the trade. The warehouse system would place the rich and
poor merchant on the same footing.

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1842.] SECRETARY OF THE TREASURY. 6M

In making the above soggeatiana^ I would not be understood as giving
either the cash or warehouse system the preference over the old credit,
flystem of bonds at three and six months, which seemed to answer the
purpose of the revenue, and the convenience of the merchant, without
burdening the former with» expenses, or oppressing the latter by the rigors
of prompt payment.

All wnich is respectfully submitted by your obedient servant,

JNO. W. CAMPBELL, CdUctar.

Hon. W. Forward,

Secretary of the Treasury y Washington city.

CusTOM-HousE, NoEFcjLK, December fi^ 1842.

Sib: I have received your circular letter of the 24th ultimo, announcing
your intention to bring before Congress, at its present session, the subject
of the warehousing system; respectinff which you propound certain
inquiries, and invite suggestions as to its practicability and policy. I
have reflected on the subject as one of much pubhc interest; and though
my position and oflBcial duties have not been of the character to acquire
any ^reat information respecting it, I propose to respond, as due to your
apphcation, to the several heads of inquiry..

i; 2. I can anticipate no difficulty in procuring safe and commodious
warehouses without expenditure of money by the Government in' their
erection. Where there are not already pubUc stores, and where the«e
are inadequate, uncustomed goods might be stored in private buildings,
care being taken previously to ascertain their security, and the control
over the articles oeposited being with the officers of the customs. In this
case, all expense of cartage, labor, hire, &c., should be borne, as the law
has always appeared to require, by the owner. This plan, however,
would brinff no profit to the Government, even in the large ports, to
remunerate it for the expense of the additional officers who would neces-
sarily be required; and I cannot think that erecting, purchasing, or
leasing warehouses, would be found to lessen the cost consequent on the
adoption of the proposed system. I cannot, therefore, think it would
support itself. Indeed, the universal adoption of the system, witluNit
reducing the present number of ports of entry, would most largely
increase the numbej of public officers, and thereby burden the Treasury,
and be Uable to be taken advantage of to defraud the revenue, particii>-
larly if the right of transhipment fn)m port to port was permittea before
the pajrment of duty. The requisite limitation might, perhaps, be made
b^ oiscriminating between the .large and second rate ports, on the ope
side, and the smallest class of ports of entry on the other. Such a dis-
tinction already exists, in respect to the entry of vessels arriving from
b^ond the Cape of Good Hope; and the safety of the revenue has dic-
tated a similar distinction in respect to the privilege of export for draw-
back. It would not appear a greater inequali^ between the several
E^rts of entry, to designate whi<3i of them snould be places of deponte
r uncustomed goods.

3» The number of additional officers would depend, first : on the e^^anl

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M4 REPORTS OF THE flBm.

of the experiment — whether it is to be confined to a cer^dn clads of pcvts,
or to embrace all the present ports of entry. Second : whether the imports
are to be received into public or private stores. In the first case, the
oi&^rs would be expected to lock to the preservation in pijoper condkion,
as well as to the safe keeping of the property ; wWle, in the other, a
general supervision would alone be necessary to prevent delivery without
permit; and, therefore, a smaller number would suflice. ^^iTiat ratio
the number of receiving oflBcers should bear to those now principal^
employed only in attending to the discharge of cargoes, would be varied
in cuTOrent ports by the nature of the cargoes, the time of the arrival,
whether regularly, or many at once. I should thmk it might safely be
put down as one to four.

4. In periods of expansion of the currency, the operation of flie pro-

S system would probably tend to concentrate conmierce, since the
excess over the immediate demand then likely to be introduced,
be more readily distributed, as required fix)m the ^reat centre of
trade. When, however, imports are made only to meet existing demands,
the opportunity afibrded of saving the advance of duties, while tte article
IB at the same time readily commanded, may perhaps induce direct im-
portations to the points of consumption. But the import trade is already
so much concentrated, that I caimot think any permanent or general
change will be made in it.

5. A limitation in point of time to the right of storage should be regarded
as all-important; and twelve months would most probably be kmg
enough.

6. The trade of this port, in the next twelve months, will be increased
by the warehousing system being adopted. For, first, our merchants
will avail themselves of the opportunity of releasing that portion (rf their
eapital now employed in paymg duties, which they say is equal to that
invested in the purchase of foreign goods, being for the most part West
India produce, and by that means increase their exports. Secondly,
ihey now discourage the consignment of goods to their care, as they wJl
be required, immediately on receiving the consignment, to advance the
duties in cash. Inability to do this would not only cause the loss of the
particular operation, but aflfect iojuriously their fiiture credit and busir
ness. The right of deposite until a sale could be effected, would relieve
tfiem fix)m this apprehension, and induce them to extend their commis-
sion business. At the present time, too, trade is greatly contracted,
ftom the apprehension of a reduction of the tariff at the present or the
next session, and that importations which may be on hand will be brought
into competition with those made under a lower rate of duty. There
would be less risk of such result while the article remains with the
officers of the customs until sold, as the new rate would probably be
made to apply to such.

7. The introduction of the warehousing system into our revenue code
would greatly mitigate the prevailing commercial distress, give steadi^
ness to trade by discouraging large importations to meet temporary
ficarcity, and (by enabling our merchants to depend on their own pru-
dence and enterprise alone, not subjected to the improvidence and reck*
iMsness of others, as was the case under our late system of personal

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3«e.3 sECR£TAinr of tbs '^easurt. mb

doniity) grealljr contiibitte to elevate our commercial oiiaracter. Wtlh*
ut: thie change or aretum to short cre<fit8 icrr duties^ trade fi>r the next
<ie3r \irill be veiy much restricted. . This in itself may be a benefit to
be country, but wiU be seriously feh by tfaoee immediately interested*
rbe only bisection to the measure proposed seems to be in the addition-
t ^^09-111 cause to the number of public officers, and the expense which
aay attend it. Whether this is sufficient to counterbalance its benefits
'. liave not formed an opinion, and I am not a proper judge if I had
looe 80w

In submitting these remarks, in obedience to ^jrour instructioiis, I only
regret that tfa^ are so little calculated to add to your information on tbs.
Lmportant subject to which they refer, so deeply afiecting the public
mterest*

I am, very respectfully, your obedient servant,

CONWAY WHITTLE, CoSertor.

Hon. WAI.TER Fo&WARI>,

Secretary of the Treasury.

District OP Norfolk and Vortsuovtb^ .

Naval Ofj^icb, November 30, 1842.

Sir: Since the receipt of your letter of. the 24th instant, propounding

' Gcrtajn inquiries to me relative to the policy and practicabihty of a §en-

' eral warehousing system, I have been much occupied in examining mtfy

the subject, and procuring all the information I could from the most

^ intelligent and experienced merchants in our community. Imperfect as

my replies to your ini^uiries may be, I have determined to communicate

^ tbem promptly ; and if any new ideas may occuiv or other information

be obtained which may be believed to be worthy your notice, I will

I avs^l myself of the privilege of a further communication. .

i As to the policy of the system much may be said, and many diflferent

I opinions are advanced ; but the prevailing one appears to be in favor of

it,* and the experience of the greatest commercial nations sanctions iu

[ There will be but little difficSty in establishing its practicability, if,

I as is done in Great Britain, there be authority in our Government to

I nominate the ports to which the privilege shaU. be confined ; but inas*

I much as this may conflict with the provision of our Constitution which

requires'^ all duties, imposts, and excises, shall be uniform throughout

f the United States," it appears to me that the difficulty can only be sur-

I mounted by abolishing numerous small ports of entry, and annexing

I them to the district to which they may be most contiguous or convenient,

1 without restricting any of the privileges now aflforded them as to the

I coasting trade, and the registering and clearing of vessds for foreign

ports with any other than debenture goods. This would be productive

I of many other ^vantages which, if there be any probability of its

accomplishment, I should be pleased to have the opportunity of suggest*

ing hereafter.

In reply to your first inquiry : It is believed that in the present state of

^pMvided ^e euih syttem ill eontiiitted. *

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SM^ REPOBTS or THE [itt

commerce, the OQ8tom-4ioufle store in tfaa port will be Mfficienilx^ .
ocmtemplated object Its locatibn, which in ordiiiaiy deliveiies of cai^
would be attendfed with greater expense to importers in transpomtke I
to and from it, is the only objection to it, as it is the custom in dm pa. l
and I believe in others, to charge all expenses incurred in recemDgai i
delivering ^oods on storage to the owners* '

It is behoved that safe and commodious warehouses can reidi^k
obtained on lease in this port, but whether the expeodijtuie of owDejk
the Government would be reimbursed by the amount of storage recm
would depend upon the quantity of goods required to be deposited «
the number of omcers required to attend to them, together wtth the o(»
pensation allowed for their services.

There are two other modes by which equally safe and commodioa
warehouses can be procured for all«the purposes required iothiipiA
The one, bv allowing the proprietors of sucn as may be selected t
benefit of the charge for storage, and depositing the goods under the jois
locks and keys of the proper officers of the customs and tbe owds^
under prescribed regulations, by which no access could be hadtelj
proper authority. The other, by depositing them in the custody of «j
proprietor of the warehouse, under proper respODsibili^r for their nfaj
and the delivery of them only to the order of the proper officer of »
customs. In either of these cases there would be no aaditiooaleip»t
ture of money by the Government.

In reply to the latter part of your second inquiry, (the first bei^
already answered,) I can form no opinion of the amount of ster^J
the larger ports ; and whether ** the deficiency in the smaller pwB wouM
be made up by the excess of the receipts for storage in the laijppo'^
should the privilege be universal, will much depend upon thetnanp-
ment of the plan. If^he Government shall uncfertake to l>^^»**^
to lease warehouses in all the small ports, I should suppose the eipew-
itures could not be reimbursed; but on the other hand, iftl^p^
shaU be invested with the privUege, and the goods be authori2edtDK
deposited in the mode provided by the 60di section of the c^^''^*^^'^
of 2d March, 1799, at the expense and risk of the owners, then twt
would be no additional charge to the Government. ,

As to the additional number of officers which would be required oiwp
the contemplated arrangement, I do not conceive any wouM ^^
sary in this port, unless it may become necessary or expedient Dei«iff^
to procure other stores on lease by the Government; then, in ^^
it might be requisite to employ a storekeeper, and an assistant? ^^
duties shall be particularly defined. ^

I am informed, by respectable authority, that proper P^'^^^^u
. readily be had in this placft foi- a salary of $800 to $1,000 for the pn^y^
and $500 to $600 for an assistant storekeeper. The p«>P^r.^?^jj^
storekeeper are so incompatible vrith those prescribed by exi«ong ^
to "inspectors of customs," according to my understanding of ^^^
I would respectfully suggest the propriety of confining tfcse ^"^jjj
their special duties, and appointing such officers as ^^J^^^^i
other necessary duties, under their proper titles— thereby ^^^
SQialler number of inspectors necessary than are now GBf»^^

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IS.] SECRETARY OF THE TREASURY. 587

pplying the places tbej now occupy as clerks in costom-bouses, stoie-
epers, assistants, Scc.y &c., by suitable appointments &r those pur[>oses»
much less cost to the Government. In support of this assertipn, I
3uld remark, that I now employ in my office, as my deputy, an indi-
dual at two and a half dollars perdiem^ for every day actually employed,
bo is equal in abihties and character to the inspector who performs the
Bee of storekeeper, and the clerical duties in the collector's office, at
I allowance of three dcdlars per diemy for every day in the year, which
, in fact, nK>re than I have ever received for my services in the office I
^Id. I w^ould not be understood as expressing the opinion, that the
Uowance provided for the services of inspectors, as required by law, is
eyond an equivalent, but it is believed to exceed an adequate provision,
1 many cases, for services performed by them in other capacities«

I am unprepared to express an opinion in reply to your fourth inquiry,
A to the enect of the system upon the trade of the larger and smaller
K>rts, or whether it would change or unsettle the relative advantages
jnjoyed by them under the existing system. I cannot conceive of any
luch change to be produced by the operation.

In reply to your fifth inquiry, if it be expedient to limit the period of
iefK)site, I am persuaded that, as a general rule, it would be better to
iiinit die term to a period of one year; should the term be indefinite, it
might happen that there miffht^be unclaimed merchandise, or merchan-
dise involving judicial decision as to the right ownership, or other causes
of doubtful and disputed title, by which, m the first case, the Govern-
ment would be forever deprived of its duties, and in the other, the deci-
sions might be delayed until the articles would be depreciated below the
amount of duties. To this ^neral rule, there might be exceptions in
favor of certain specified articles — Ach as wines, distilled spirits, and
such others as improve and become more valuable by time. Except as
to such articles, it would rarely, if ever, occur (unless in the cases stated)
that there would be any inducement or desire, by importers, to keep
their goods longer than one year on deposite.

As to the effect of the system upon the revenue accruing at this port, it
is the current belief that it would produce a considerably larger amount
of revenue than will be obtained by the present system of cash duties
on entry.

As to your seventh inquiry, of my "views of the system generally, in
connection with cash duties," &c., it is answered, in part, by my opinipn
of the policy and practicabiUty of it. I am decidedly of opinion, that if
the system of cash duties is to be continued, some such accommodation
must be provided for the importers ; but my own opinion inclines in
favor of tne former system of securing duties by bonds, with good and
safficient security, pajrable at short periods, say two and four, or not
exceediag three and six months, from the dates of importation. This,
system is well understood; affords the importers an opportunity of dis-
posing of their goods in time to aid their payments to the Government;
and it is believed that failures of payment of duty bonds have rarely,
occurred since the credits have been reduced to tne term of three and
nx months; in no single instance has it occurred in this port. Perhaps
aa improvement might be made by authorising the principal officers of

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S6» REPORTS or THE [I84&

commerce, the custom-house store in this port will be sufficient fi>r the
contemplated object Its location, which in ordinary deliveries of cargoes
would be attenaed with greater expense to importers in transpoiKatioD
to and from it, is the only objection to it, as it is the custom in this port,
and I believe in others, to charge all expenses incurred in receiving and
delivering ^oods on storage to the owners.

It is beheved that safe and commodious warehouses can readily be
obtained on lease in this port, but whether the expenditure of money by
the Government would be reimbursed by the amount of storage received,
would depend upon the quantity of goods required to be deposited and
the number of omcers required to attend to them, together wrth the com-
pensation allowed for their services.

There are two other modes by which equally safe and commodious
warehouses can be procured for all ^the purposes required in this pcMt.
The one, by allowing the proprietors of such as may be selected the
benefit of the charge for stoiuge, and depositing the goods under the joint
locks and keys of the proper officers of the customs and the owners,
under prescribed regulations, by which no access could be had but by
proper authority. The other, by depositing them in the custody of the ^
proprietor of the warehouse, under proper responsibiUty for their safety
and the delivery of them only to the order of the proper officer of the
customs. In either of these cases there would be no aaditional expendi-
ture of money by the Government.

In reply to the latter part of your second inquiry, (the first being
already answered,) I can form no opinion of the amount of stor^ jn
the larger ports ; and whether " the deficiency in the smaller ports would
be made up by the excess of the receipts for storage in the larger ports,
should the privilege be universal, will much depend upon the arrange-
ment of the plan. If ^he Government shall undertake to build, or ev^
to lease warehouses in all the small ports, I should suppose the ^^P^°*^
itures could not be reimbursed ; but on the other hand, if thes^ pens
shall be invested with the privilege, and the goods be authori2ed to
deposited in the mode provided by the 60th section of the ^^^f^^^^V
of 2d March, 1799, at the expense and risk of the owners, then tnere
would be no additional charge to the Government. . . j

As to the addition ;il ninnhcT ot'nllicrrs wliich would be ^^9?^ ^f^
the contemplated iirrangcmcnt, T do not conceive any ^^^ /^
sary in this port, urde.ss it may become necessary or ^^^P^^^^^^^^^^Y^^vf
to procure other ator^^s on lease by the Government; then, in that ^.^
it might be requisiti' lo t^mploy a storekeeper, and aii as^ifitant*
duties shall be parriculajly defined.

I am informed, by respectable authority, lb at proper per^i
. readily be had in thi^ plficff lor a salary of §800 to *l,000 for mv^
and $500 to $600 fur an assistant storekeeper. The pm'l^lnr
storekeeper are so ineompiilible with those pi-t-.^scribed h|g|W^
to ** inspectors of customs," according to my ianclt*rsiaOH|^^^^t^^^^
I would respectfully suggest the ptopriety'of '*' -^-*^^^^ ^^K

their special duties, and appointinj:^ sucli oiiii ^^K

other necessary duties, under their proper ) •

SQQaller number of inspr 'ooasary "

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-^89
Tnment in their

eat difficulty to

•an be procured
inbursed by the
16 deficiency in
the receipts for
lat thepnvilege
without burden-

ured, but not im-

I to recommend,

lie custom-house.

(y suitable can be

hat the buildings

)erty, as well as a

, (which would be

&c., &c., and the

per's residence was
se character stands
) he might supervise
m the upper, as well
1 mediately under the
rocured at nearly onc-
er could be procured

no doubt, a great deal

r ports, for these obvious

10 be) in the larger ports,

tice, knowing the lack of

iiat the traders between

> in Key West, and bring

.1 answer: there is hardly

night watching, &c., often

n^oes, much smuggling is

od of deposite, &c.

1 Id be the best, if we were

lis so successfully into effect.

vaults are very small ; thou-

t, not only Gcom storage, but

1 obliged to keep two officers

their stores, the key of which

ine, or a retail sale of a keg,

is tien secured, and the kej^s

' we haxl our own, this profit

'ic expenses, but wouldj in rny

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688 REPORTS OF TBE [184&

die customs to require security by a deposkb^ of so m«oh of sidd goo^
aas might be necessary in lieu of personal security 9 to be determijied by
option of the officers/in^ead of that of the inspectors as heretofore ; and
further, by allowing a discount at the rate of six per cent, per annum oa
all payments of duties for anjr intermediate term -within the period of
authorized credit I find, by inquiiy among the merohants, that none
but the largest capitalists are in favor of the system of cadi duties, pay-
able on entry, while the importers generally are' in favor of die crecut
System as heretofore ; but if no credit can be allowed on the deKveiy of
eir ffoods, they deem it important that some provision should be nmde
by which they shall be Relieved fi-om payment of duties to the Govem-
ma^it, until the jsale of a portion of the articles, at least, on which the
duties are exacted. They represent their imwillingness to receive ohi^
ttgnments in many cases, and therefore discourage their correspondents
in shipments, which they would recommend if they can be relieved ficona
the obUgation to pay the duties in advance of the sale of goods. This
course afiects die amount of revenue.

In recommending a general warehouse system, it may be necessazy
to provide for the transportation of goods from the port of arrival to
the ports of their final destination, or such ports as the importers may
wish to send diem to for benefit of a better market; odierwise they wifi
be deprived of some of the advantages of the system. This would be
accomplished by some similar formaUdes as are now prescribed on the
exportadon of merchandise for benefit of drawback, by which bonds and
security would be required for double the amount of dudes, to be
cancelled only by the pn>duction of a proper certificate of the deposite of
the goods in the custom-house stores at the port of destination, and the
payment of the duties on the delive^ of them from the stores, either at
the port of importation or under such other arrangement as might be
provided.

I am fully sensjjble of the imperfect manner in which I have herein
expressed my vague ideas on this subject, and of the Htde value of any
information I possess ; but shaU always feel gratified by an opportunity
to apply the extent of my feeble ability in aid of the accomplishment of
any useful public measure. .

I have the honor to be, with very great respect, sir, your most obedient
servant, F. GATEWOOD, Naml Oficer.

Hon. Walter Forward.

' Chablkston, Vecefnber 6, 1842.

Honored Sir: In answer to yours under date of the 24th instant, I
beg leave respectfully to excuse my not prompdy answering the same
from no other motive than to hear the opinions of such persons as I deem
worthy of the same ; and will, with extreme deference, answer 8u(^

rstions relating to that branch of this department in which I have been
twenty-nine years.
QueHum one. Is it likely that safe and commodious warehouseB oan be

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I84g.] SECRETARY OF THE TREASURY. W9

jrttxmred without the expcnditture of money by the Govemment in their
erection?

Answer * No ; for I should suppose there would be great diflBcuUy to
procure warehouses without the expenditure of money.

Queitian two. Supposing that commodious warehouseacan be procured
on kaae l)y the Government, wwild the expense be reimbursed by the
amount of storage received, and if not, is it lifcety that the deficiency in
the smalt ports would be made up by the excess of the receipts for
storage in the hn&ev ports? In other Words, assuming that the pnvilege
of warehousing shall be universal, will it support itself without burden-
ing the revenue?

Answer. Safe and substantial warehouses can be procured, but not im-
mediately in the vicinity of the custom-house ; and were I to recommend,
I would prefer this, dividing the risk with the vaults of the custom-house.
Secondly : At the present prices of real estate, property suitable can be
procurea without any alteration for at least one-naif what the buildings
could be erected for, exclusive of lots and wharf property, as well as a
building appropriate &r the storekeeper to . reside in, (which would be
extremely essential.)

Question 3. What number of additional officers, &c., &c., and the
duties of such officers.

Answer. It would only require two, if the storekeeper's residence was
occupied by» him. The present storekeeper, whose character stands
unrivalled, (twenty years experience tells me so,) he might supervise
the upper as well as our vaults, with one assistant in the upper, as well
as one in the vaults, the last being in a manner immediately under the
^e of the surveyor. The assistant here could be procured at nearly one-
half what the upper one would need. Such officer could be procured
for $dOO to $1,000 per annum.

If the present tariff is continued there will be, no doubt, a great deal
of smuggling, and will be practised in our smaller poits, for these obvious
reasons : fii^ there is a greater guard (or ought to be) in the larger ports,
which causes the smuggler to exercise this practice, knowing. the lack of
experience, in the smaller ones. Why is it that the traders between
Cuba and Charleston enter their foreign cargoes in Key West, and bring
to Charleston all of the most coastwise ? I will answer: there is hardly
any of them but has given much perplexity, night watching, &c., often
detected, but in a smsul w^ay ; and from innuenaoes, much smuggling is
ef&cted at or near Indian Key.

Question 5. Is it expedient to Umit the period of deposite, Stc.

Answer. The cash system, no doubt, would be the best, if we were
provided as those countries are who carry this so successfully into effect.
But our port has not those facilities. Out vaults are very small; thou-
sands and tens of thousands have been lost, not only fix)m storage, but
fiom property destroyed. At present I am obliged to keep two officers
employea in attending to the merchants at their stores, the key of which
I hold, and this id perhaps only to examine, or a retail sale of a keg,
quarter-ca^, hogshead, or pipe; the store is then secured, and the keys
ajre hung up for another call. Whereas if we had our own, this profit
UrisiDg nom storage would not only pay the expenses, but would, in my

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690 REPORTS OF THE [1848.

humble opinion, add to the revenue, but not undjr this tariff, for veiy
many of our importing merchants have declined importing this year, ft
is well known tnat the merchants of this place are not capitalists ; most
of the trade is carried on by British or French agents, ana, Bke birds of
passage, if they can get nothing to do, they emigrate to some more
convenient place to carry out their plans. Bupposmgthat our collector
has gained all the information ftx)m those competent to advise, and
believing he will answer satisfactorily to every question, I subscribe
myself, with the greatest respect, your obedient servant,

THOS- H. JERVEY, Survetfor part of CharhOon.

Hon. Walter Forward.

Charlbston, December 7, 1842.

Sir: In reply to your letter of the 24th ultimo, I have no hesitation in
expressing the opinion that the warehouse system is desirable in connec-
tion with cash duties, and that it would be an accommodation to the
import business of the United States.

r^irst. In this port there is no difficulty in renting safe and commo-
dious warehouses without any expenditure for building.

Second. I do not believe that the storage would pay the rents if the
system is adopted indiscriminately, but that it woula if confined to the
principal ports of the country.

Third. In Charleston one additional officer would be necessary.
There would be additional drayage and porterage.

Fourth. The tendency of the system would be to concentrate business
and to favor the large ports ; but it is not easy to anticipate the operation
of the system in this respect.

Fifth. I think one year sufficient, and that a longer time would be
injudicious.

SixtL It would make but little difference in this port at present;
under an improved state of trade it would be different. For the next
year, if now adopted, the change would be unimportant, and the revenue
but little affected.

Seventh. Of the expediency of cash duties I have no doubt. Whatever
causes may have rendered a credit for duties desirable or expedient
formerly, tney no longer exist The regular American merchant is able,
and for the most part willing, to pay his duties in cash. The cash
system avoids the risk of loss from non-payment of duty bonds; it is
more simple ; it prevents the foreigner from trading on the credit of the
American Government; it stops heavy imports of goods on foreign
accounts, and debars the foreign merchant or manufacturer from thus
injuring the regular home merchant and the country generally.

I have hitherto, in the absence of authority to procure warehouses,
where storage became necessary, permitted the merchant to furnish his
own store, placing the key in Ae keeping of the collector. Perhaps

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184S.] SECRETARY OF THE TREASURY- 691

some dtdcvedonaiy power of this sort in the smaller ports might be better
thani renting stores, which. might involve a heavy expenditure.

I have the honor to remain, with great respe,ct, your obedient servant,

J. J. GRAYSON, CoUector.

I fuUy accord with the views and opinions of the Collector.

ROBT. HOWARD, Naval Officer.

CusTOM-HousB, CoLi^cToa's Ofpicb,

Savannah, December 1, 1842.

Sir: I am in the receipt of your circular of the 24th ultimo, and as
its very interesting and important contents may be brought to operate
upon the best interests of tne country, I feel great anxiety to ascertain
tibe views of this mercantile community, so that I may reply advisedly.
The course I have adopted may occasion a litde more delay than I could
desire, as I have to depend upon the movements of others. In the mean
time* I shall be at wort in collecting such information as may be useful.
Enclosed I hand a copy of my letter to the Secretary of the Chamber of
Commerce of the city of Savannah. I understand at their meeting last
evening a committee was appointed to report. The moment I am placed
in the possession of the same I wiQ lose no time in forwarding it to you.
• I am, sir, very respectfully, your obedient servant,

H. HUNTER, CoUector.

Hon. W. Forward.

Custom-House, Collector's Office,

Savannah, November 30, 1842.
Snt : The accompanying circular I received by the mail this morning,
embraces questions of a nature so exclusively mercantile that I am de-
sirous of advice from the merchants of the city ; and as I observe a call
for a meeting of the Chamber of Commerce this evening, I take the
liberty of requesting you^ill bring^ the subject to the notice of the
Chamber, and say that any information it may be pleased to commu-
nicate in relation thereto will be very acceptable and most thankfully
received by your obedient servant, H. HUNTER, Collector.

Charles Green, Esq.,

Secretary Chamber of Commerce^ city of Savannah.

CusTOM-HousE, Collector's Office,

Savannah, December 7, 1842.
Sir: Enclosed herewith I have the honor of handing the communica-
tion bom the Chamber of Commerce of the city of Savatmah alluded to
m my letter of the 80th ultimo, upon the subject of the warehousing
system as brought under their notice by your circular of the 24th ultimo.

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ma REPORTS OF THE [IMS.

I da not accord in opinion with some of the viewa ti^^flD by the Cfaaodbcr
of Commerce. I sun of the opinion diat the warehounng sy^iem sbooU
be limited to storei either oumed or reiUed by the Government, and that
the time allowed for goods to remain should be placed as nearly apon a
footing (u to credit^ as was the case previous to cash duties being
required.

The document alluded to refers you to me for a reply to the third
question propounded in your circular, viz:

" What number of additional officers would be necessary for conduct-
* ing a warehouse system with entire safety to the Government, affording
*at the seme time reasonable facihties to miporters?"

I am of the opinion that from the business habits of the gentlemen
now in the employ of the Government in this district, that the duty can
be divided among themi, and that until the imports increase no fiirther aid
will be required.

In the hope that the answers embraced in the document furnished by
the Chamber of Commerce, with such views as I have submitted, may
prove acceptable to the Department, I am, with much respect, your
obedient seivant, JAMES HUNTER, CMector.

Hon. W. FORWABD.

Savannah Chamber of Commerce, December 7, 1842.

Dear Sir : I have the pleasure to transmit to you herewith the report
of the Committee. appointed by the Chamber to take into consideration
the circular submitted to our body by you from the Honorable Walter
Forward, Secretary of the Treasury, on the subject of the ** wardiousinff
system," which report, at the last meeting of the Chamber, was unani-
mously confirmed and adopted ; and I remain, dear sir, very respect-
ftdly, yours, CHARLES GREEN, Secretary.

Jambs Huntbr, Esq., Collector.

Savannah, December 6, 1842.

The committee appointed by the Savannah Chamber of Commerce
to take into consideration the circular of the^onorable Waller Forward,
Secretary of the Treasury, submitted by James Hunter, Collector of
the port and district of Savannah, beg leave to report upon the questions
in order:

Ist. Is it likely that safe and commodious warehouses can be procured
without the expenditure of money by the Government in their erection?

The committee believe that sslfe and commodious warehouses com^ if
needed, be procured without the expense of erection by rent or lease ;
but under a well-digested warehousing system it is respectfully sug^
^sted that goods need not be warehoused solely in Govemm^it build-
mgs; they might be placed in any fire-proof store which may be
designated by the importer, provided the security of the premises be
made apparent to the officei^ of the revenue, distinct locks and fiutf^i-
ings bemg placed upon the doors and windows by the Govenunent at
the eaqpense of the importer*

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1842;) SECRETARY Of THE TREASURY. 4«5

■ 2d- Supposing that commdcHous warehouses can be procured onleas0
hj die Govennnent, woald die expense be reimbursed by the amount of
Mxnage received; and if not, is it hkely that the deficiency in the smaflet
popts would be made up by the excess of the receipts for storage in the
ktrger port&t In other words, assuming that the privilege of warehous*
iog be universal, will k support itself without burdening the revenue ? '

Reply: It will.

3d. What number of additional officers would be necessaty lor con»
ducting a warehouse syistem with entire safety to the Government^
ftfibrding at the same time reasonable facilities to importers?

The reply to this question the committee conceive the collector best
iMe to furnish, irom his experience in the details in his department*

4th. What would be the effect of this system upon the trade of Ae
larger and smaller ports t Would it change or unsetde the relative
advantages enjoyed by them under the existmg system ?

The effect of the warehouse system would be to give to the lessef
ports' a more equal division of the importmg business, now of necessity
diverted to the larger ones by reason of the larger cash capital there
concentrated, as it will be probably conceded as a general rule that
merchants of larger means are seldom found established in the lesser
ports, and no merchants of limited means can, in the present state of
cash duties, profitably conduct the iinporting business*

6th. Is it expedient to limit the period of dcposite, say to one year,
Ae time within which exportation for drawback was allowed under our
early laws, or should the period be indefinite ?

The committee conceive that it is expedient to limit the period of
deposite to one year on goods generally, and to two years upon certain
articles— blankets plain, and bagging for instance — as it sometimes hap-
pens, that goods may remain on hand two years without demand. As,
lor illustration, blankets are only given to negroes every second year;
the demand for bagging runs one year upon the heavy qualities, and die
next upon the lighter ones; and osnaburgs are one year preferred of
cotton, and the next of linen. A shorter limitation of deposite on such
articles than two years, would operate against large and assorted stocks
of goods.

6th. What will be the effect of the system upon the revenue accruing
at the port of Savannah in the year next following its adoption ?

The committee believe that the effect of the warehouse ^stem upon
the trade of Savsuinah, even if carried immediately into effect, would
fail to elicit any marked improvement in the revenue before the winter of
1848, after which time a considerable accession to it might be expected.

7th. You are requested to communicate your views of the system,
generally, in connection with that of cash duties; your reasons, if any,
diat may favor its adoption, and your opinion as to the advantages that
may attend it.

Taken as an abstract measure, the committee beheve the collections
of dudes in <ja8h, upon the arrival of the goods, to be felt by the entire
southern mercantile interest, as a system replete with hardship and in-
convenience, its effects being to distress importers, and to compel them
to resort to die necessity of selling their goods immediately on landingj
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604 EXPORTS OF THE {1842.

in order to raise money to pay the dudes* Its effects are further to
depress the prices of goods, and to assign the entire importing business
to the northern and most westerly marts, and even theze to concentrate
it in the hands of the few whose means enable them to monopolize im-
portations, and to subject prices to unwholesome fluctuations. To enjoy
the advanta^s of cash duty and avoid its evils; to adopt its security
without its distress, the committee conceive the " warehouse system '*
should, beyond all doubt, be made its subsidiary measure. The obvious
advantages of this system may be summed up in a few words :

1st. It would impart &cihties to commerce without affecting the
security of the revenue.

2d. It would beneficially curtail the credit of trade without destroying
them, as cash duties upon arrival do.

3d. It would, compelling payment of duties. at the time of sale,
moderately check importations by confining them to those houses whose
credit enables them to command faciUties upon the paper sold for.

4th. It would, if connected with an exportation system on bond, (as it
undoubtedly should be,) encourage the importation of such articles as
were not required immediately for domestic use or consumption, making
us an entrepdt for foreign products, and inviting foreigners to our markets.

6th. It would advance the interests of our mercantile marine, giving
us much of the carrying trade, directly or indirectly, of the West Indies,
Texas, Mexico, and South America.

To a cursory observer, the machinery of the warehousing system, wiA
all its guards and checks, may appear cumbrous, and inapplicable to the

SM3uUar character of our commercial habits, but those who nave watched
em closely in their operation in Great Britain, are best assured that it
wants but an intimacy with the details of the system, to be impressed
with the sagacity of its origination, the efi!ectiveness of its provisions,
and its complete appHcability to the commerce of these States.

In reply to the request that practical views upon a warehousing code
may be presented, the committee observe, that the general principles of
the Enghsh system might be successfully adopted, avoiding its single evil
of the too great an extension of time allotted to the continuance of
imports in bond — the term for tobacco, the committee beheve, being six
years, and for all other goods, three^ and at the expiration of that time,
rebonding is frequently, upon appUcation, permitted. This is obviously
too long, as it encourages an accumulation of stock, and injures its
qualities.

The main features of the warehouse system should require —

1st. Bonds to be taken upon the arrival of goods, for tne payment of
duties, so that, in. the event of improper abstraction from the warehouses,
the rights of Government may be secured.

2d. All goods should be duty paid for home use, or cleared for export-
ation in one or two years from the date of import, otherwise, to be sold
at auction by the collector of the port, and the duties and storage charges
retained fh)m the price realized ; when all the duties are paid, or the
goods exported, the bonds to.be cancelled.

3d. Goods arriving, and not designed to be landed, should be admitted
to entry for exportation, and either retained on board until departure of

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1842.] SECRETARY OF THE TREASURY. 696

the ship, or warehoused in the custom-house stores until that time, at the
option 6( the importer.

4th. Reduction should be made from the duties on account of loss or
damage of goods by fire, flood, or natural waste, while in the warehouse.

5th. Removal of goods under bond £rx>m a bonded warehouse in one
port, to a bonded warehouse in another, should be permitted.

6th. Permission should be given to sort, separate, and repack, damaged
goods in store, in bond, under inspection oi officers.

The incidental regulations, providing for distinct and roomy storage
of each invoice of goods. Government marks upon each package as ware-
housed, maximum amount of duties allowed to be paid at once, isolated
storage for ^oods of imflanunable property, et cet., et cet., will present
themselves m course ; and, in leaving the subject, the committee entertain
the hope that a system, the policy and wisdom of which have been so
long and successmlly tested in other countries, may be extended in liberal
application to the commerce of the United States.

G. B. LAMAR,
Chairman of ConmUtee Savannah Chamber of Commerce.

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REPORT ON THE PTNANGES.

• DfeCEMBfiR, 184S.

Trba8UBY Departmbnt, l^ecember 6, 1843*
Sm: By the a^et of Congresst approved May 10, 1800, it is made the
duty of the Secretary of the Treasury *'to digest, prepare, and lay

* before Congress, at &e commeBcement of every sessKxi, a report on tlie

* subject of finance ; containing estimates of the public revenue and public
'eiqpeiHlitures, and plans for unjM-oving or increasing the revenues, from
'time to time.'' By the act of 26th August, 1848, the fiscal year of the
Treasury is dir^ted to commence on the fir^t da^ of July in each y^ar^
beginning vfith that day in the year 1648; and it is provided that the
r^xnt ami estimates required to be prepared and ktia before Congress
at the commencement of each session, by the Secretary of the Treasury,
shall be a report and esttmatea for each fiscal year, commencing as
Icforesaid, and terminating on the 30th day of June in the succeeding
calendat year. In obedience to these laws, the following report is suIk
tnitted.

Tbe act of 1842 contemplates that estimates of the receipts and
«q>eiiditures cX the fiscal year, commencing 1st July, 1844, shoidd be
fiimished at the oommencement of the present session of Congress.
They hhve, accoFdiiM[ly, been prepared, and are faenein presented.

The estimates &)r Uie current fiscal year, commencing 1st July, 1848,
were made in December, 1842 ; so much in advance o( me time to which
they related, that they were neoessarily conjectural to a great extent.
They can now be rendered more exact, by a knowledge of the true
state of the Treasury at tbe commencement of the fiscal year, and by a
better acquaintance with the necessities of the various branches of the
poUio service. Accordingly, tbe different Departments have been
fequested to revise their respec^ve estimates. Upon the information
ditts obtained, a corrected accoimt of the actual and estimated receipts
and expenditures of the current fiscal year, commencing the 1st of July
last, has also been prepared, and is now submitted.

In order to fill the diasm in the accounts between the Slst day of
December, 1842, and die 1st day of July, 164A, caused by the cfaangk
in the fiscal year, and to asoenam the true balaace id ^ Treanuy on

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698 REPORTS OF THE [1843.

the 1st of July, 1843, it becomes necessaiy to exhibit a statement of the
receipts and expenditures during that time; which is accordingly pre-
sented herein. It will be seen mat the expenditures exceeded, and the
receipts fell short of, the estimates for that period. An account of the
actusQ receipts and expenditures ' of the calendar year 1842 is also
annexed to this report, a part of them only having been hitherto submit-
tedr^to Congress, in which the expenditures wiU be found classed under
general, yet distinctive, heads of appropriation, so as to exhibit, brieftjr
and intelligibly, the mibjeetB to which they have been applied. It is an
abstract of the warrants issued to the Treasurer, pursuant to the appro-

!>riations by Con^ss, and paid by him. It does not embrace the trust- .
imds or indemnities, although it does include what are usually called
outstanding warrants — which, in fact, are not outstanding, but are
merely unsettled, having been paid by the Treasurer to the parties who
presented them, by checks ana drafts on the public depositories and
receivers, but which had not been returned at the time of the settlement
of his accounts, although most, if not all of them, had, in fiu^t, been
paid.

The statements of the receipts and expenditures for the half year
between the 1st of January and the Ist oi July, 1843, and for the 6r8t
quarter of the new fiscal year, are also fonnded upon the entries in the
books of the Register of the Treasury, and make no distinction between
warrants settled or unsettled. These statements, therefore, show accu-
rately the payments that have been made according to the appropria-
tions by Congress, ahhou^ all the evid«3ces of uose disbursements
reouired by the auditing officers may not hove reached their offices.

This mode of exhibiting the state of the Treasury has not always been
observed. The mon^ apparently in the hands of the Treasurer has
sometimes been so stated as to leave the impression that it was an avail-
able balance. The average of outstanding warrants (as they axe called)
for a series of years, has been deducted from the apparent balance,
instead of deducting the exact amount that remained unsettled. But
when a warrant has been issued to the Treasurer, and paid by him, the
amount is efiectuaDy disposed of, and cannot be. reached by Congress,
whether the Treasurer's account of sudi payment is settled or not. The
mode now pursued, therefore, is deemed the proper one to exhibit die
amount in the Treasuij subject to aj^ropriation. This explanation is
made to account for discrepancies that may appear between the state-
ments and tables herewith presented, and those m former reports.

These accounts and estimates present a connected series mmi the 1st
of January, 1842, to the Ist of Jiuy, 1845, and exhibit the operations of
die Treasury for the last two years, (with the except]<m of the present

Suarter,^ its present condidcm, and its future prospects. The results
educed from diem, and the views they suggest, will now be presented
in the order of time in respect to the difierent periods to which tb^
relate.

RECEIPTS, EXPENDITURES, AC, OF 1842.

According to die settlement of the Treasurer's accounts on the 1st day
of January 1S42, there was in the Treasury . . . .tS8,686,lll 08

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1843.] SECRETARY OF THE TREASURY. 69»

From whidi is to^ be deducted as not available —

Amount deposited with the States. $28,101,644 91

Balance ot trust funds 1st of January

1842 374,621 18 ^

28,476,166 09
The outstanding warrants at the close of
.the year 1841 were 813,268 46

Total liabUities .$29,289,484"55 •

Deficiency of means to meet warrants $604,323 47

$29,289,43415

Instead of any available balance in the Treasury on the 1st of Janu-
ary, 1842, there was, therefore, a deficiency to meet the outstanding
wapranu of $604,323 47

From the accompanying statement, (A,) it appears that the receipts
into the Treasury during the year 1842, exclusive of trust fimds and of

the avails of Treasury notes and loans, were $19,643,966 40

The expenditures, of the same year, exclusive of the
sums paid on the redemption of Treasury notes, and
interest on them and on recent loans, and on account
of the old public debt, were 23,921,037 60

The excess of expenditures over revenue was 4,277,071 20

The amount paid on account of the old public debt,
Treasury notes, and interest on them and on loans,
was 8,477,868 94

To supply the deficiency in the revenue, and to provide
means for the redemption of Treasury notes, others
were issued, and loans obtained to the amount of. . . 14,808,735 04

And a balance was thus left in the Treasury, on the 1st
of January, 1843, (exclusive of deposites with the
States, indemnities, and trust funds, and deducting
outstanding warrants,) subject to appropriation, of. . . 1,449,472 03

RECEIPTS, EXPENDITURES, AC, OF THE FIRST SIX MONTHS OF 1843,

The balance in the Treasury on the first of January, 1843, exclusive
of deposites with. States, trust funds, and outstanding
warrants, was $1,449,472 08

By the acompanying statement, (B,) it appears that the receipts
between the 1st of January and 1st of July, 1843, exclusive of the avails

of Treasury notes and loans, were $8,065,326 46

And the expenditures^ exclusive of the sums paid on

account of the public debt, were 10,698,390 83

Excess of expenditure over revenue $2,633,065 37

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REPOBTO or THE {imBL

The amount paid ibr redemptidn^of TreaaBTf aotos, and £m pooeipal

and interest on the public debt, was* $861,607 47

To supply the deficiency, and Urfotyide means for the
redemption of Ti^easury notes, others were issued, and

loans obtained to the amount of. 5,545,708 36

And a loan was made, under the act of March 3, 1843,
of $7,000,000, of which nearly the whole vtas

received during the quarter 6,934,000 00

Which left a balance, on the 1st of July, 1843, of. , - . , 10,434,507 55

This lax^ appeuient balance arises from the circumstances that, while
nearly the whole proceeds of the seven-million loan were paid in during
the half-year, the amount of notes redeemed by those proceeds does not
appear in the accounts of that period, but is contained in those, of the
next quarter.

The 'real balance* excluding the loan and the notes subsequently
redeemed, was about $3,370,000 00

BBTISED ESTIMATE OF THE RECEIPTS AND EXPENDITURES FOR THE FIS-
CAL TEAR COMMENCING JULY 1, 1843.

The accounts of the first quarter of the present fiscal year — that is,
firom July Ist, to September 30th, 1843 — exhibit the following results:

From customs $6,132,272 09

Sales of public lands 388,870 22

Miscellaneous and incidental 26,871 43

Total revenue received 6,548,013 74

Re^ue of subscription to loan of seven millions. 66,000 00

Total. 6,614,013 74

Balance in the Treasury, July 1, 1843. .* 10,434,507 66

Total means 17,048,621 29

ExpendUttres.

Civil, miscellaneous, and foreign intercourse $1,016,357 17

Arm J proper. 858,785 15

Fortifications, ordnance, arming militia, &c. 610,400 90

Indian department 880,171 88

Pensions 806,800 04

Naval estaWishment ^ 2^049,387 36

Interest, &c., public debt 95,555 48

Total exclusive. of redemption of Treasury notes and

interest 6,317,357 98

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JB48.] SECRETARY OF THE TREASURY. eoi

I^ud do v^taiptian of Treasury notes and interest #6,902,081 64

Total payments fi>r the quarter 13,219,389 &i

Leaving a balance on the 1st of October, 1843, of. 3,829,131 77

B8TIlCA!rBS PdR THE KBMAlNUVQTHBaSQUARTXRS 09THB FISCAL YBAE.

Bedance at tiie end of the first quarter^ 30th September,

1843 $3,829,131 77

\* .
Iktimated IteceipU*

Second quarter, fiDin cuatoms. * $3,100,000

" " " lands 637,000

Third quarter, frwn customs 4,600,000

" " "lands 600,000

Fourth quarter, fiom customs 3,600,000

" "* " lands 620,000

Mttcellaneous * 60,000

' I 12,907,000 00
Total means 16,736,131 77

Of the specific appropriations already made by law ap-
plicable to the service of the last and the current fiscal
year, there remains unexpended $19,609,636 89

Of this balance there will not be required to beexpetnded
during the year, but will be required during the next
year, for the civil Ust, foreign intercourse, and miscel-
laneous .-.©62,387 41

MiUtary establishment 2,266,638 66

2,608,026 06
And which will not be required, and may

be carried to the surjdus fund 604,940 73

3,112,966 79

Leaving of the specific appropriatians which, according
to the data furnished by the respective Departments,
will be required durinff the year 16,396,669 10

To which is to be added amount of permanent and in-
definite appropriations which will be required 2,677,713 88

Additional appropriations necessary. 289,012 96

$19,263,396 94

This sum is composed of the following items :

Civil list, foreign intercourse, and miscellaneous $4,769,037 09

Armj proper 2,776,628 06

Fortifications, ordnancci arming militiai &;c 2,674,906 91

Digitized by LrrOOQ IC

eos REPCSII^ OF THE [184a

Indian department • i tl,6^,46S 71

PeneioBS 954,578 46

Naval establishment , 5,063,070 76

Interest, &c., public debt ^ . . . . . 1,403,791 95

19,263,395 94
The means in the Treasury, as above stated, are 16,736,131 77

Deficiency. $2,527,^4 17

It will be seen that a sum exceeding two millions and a half is deducted
fit>m the appropriations already made, on the ground that it will not be
required to be paid out during the fiscal year. Bein^ actually ap]Ht>-
priated by Congress, and liable to be used even during the year, and
certainly within a short time after its expiration, the undersigned has
hesitated to deduct the amount fix)m the expenditures; and altlK)ugh this
has been done in conformity with usage, this explanation is necessary to
prevent mistake. Notwithstanding this deduction, it will be perceived
that there will be a deficiency of more than two million five hundred
thousand dollars. To this deficiency must be added the amount of such
special appropriadons as Congress may make during the present session,
in addition to the appropriations for which estimates are submitted in
another report It is a duty -also to remark, that the credit of the Treasury,
the facility of its operations, and tlie necessity of guarding against uqibre-
seen contmgencies, have usually induced Congress to make provision for
a small surplus. There is nothing in the circumstances ot the present
year to induce a departure fix)m such a provident course ; and, tor that
purpose, a millicm and a half of dollars ought to be added to the defi-
ciency above stated. The whc^ amount to be provided for the service
of the present fiscal year, beyond the means now existing or estimated,
would, therefore, be about |4,000,000.

ESTIMATE QF REVENUES AND EXPENDITURES FOR THE FISCAL YEAR COM-
MENCINO JULY 1, 1844, AND TERMINATING JUNE 30, 1845.

Revenue.

From customs , $20,000,000 00

From sales of public lands 2,250,000 00

From miscellaneous sources 50,000 00

$22,300,000 00

Expenditures.

According to the data fiimished by the different Departments, there will

be required the balance of former appropriations $2,608,026 06

Permanent and indefinite appropriations 2,318,189 02

Specific appropriations for tne service of the year 21,950,844 11

$26,877,059 19

Digitized byVjOOQlC

3*a.] SECRETARY OF THE TREASURY. 668

rCliis. sum is compcNsed of the followitig items.:
Jivil list, foreign intercourse, and miscellaneous objects. . $4,6'69,904 98

Lrmy proper. 3,926,096^ 07

"ortifications, ordnance, arming militia, &c.. 4,478,112 19

Qdiaxi department 2,330,355 14

^exi^ons 1,555,844 57

*a.val establishment 8,894,007^-22

xiterest, &c., on the public debt 1,032,739 02

■■ ' ' ' ■ '•«.

$26,877,059 19

Prfxbable deficiency, independent of other specific appropriations that
may be made by Congress $4,577,059 19

The estimate of the proceeds of the sales of public lands is founded
upon the expectation that all the Miami lands in Indiana, or those in the
Choctaw cession of 1880 in Mississippi, will be brought into market. If
both tracts should be oflfered for sale, the amount from that source may
Y>e increased $400,000. If neither should be offered, the estimated
amount will be reduced $250,000.

The preceding estimates are made on the assumption of the continue
ance of the existmg laws for the collection of duties on imports and ton-
nage, and for the sale of the public lands; and,of course, will be affected
by any changes in those laws. The fluctuations of commerce forbid
an implicit reliance upon any prospective calculations for a long term.
^ Those now presentea have been made fix>m the best information that
coiQd be obtained, and fix)m a comparison with the receipts of previous
years. The large amount of eighteen millions received in 1842 from
customs is not to be wholly credited to the business of that year. It
includes $4,808,666 11, the amount of duties which had accrued in 1841,
' and was secured by bonds that were paid in 1842 ; and also $567,000
of Treasury notes redeemed by the collectors in the former year, but which
were credited in 1842 ; thus leaving the actual receipts firotn the duties
of the year at less than thirteen milhons. It will be perceived that there
was a decided improvement in the duties on imports during the yew
1843; for during the first three quarters of that y6ar the receipts exceed-
ed thirteen miUions, and, from returns already received, it is quite certain
those of the fourth quarter will amoimt to more than three millions-
making a total of more than sixteen millions for the calendar year.

Vanous general considerations, and particularly that the stocks of im^
ported goods were, during the last two years, nearly exhausted, induce
the belief that the revenue from this source will continue to auffment
under the present laws for the next two years ; but it is doubted whether
this increase will exceed three or fout mmions. It is believed that habits
of economy are prevailing among our fellow-citizens, stimulated and
strengthened by the sad. consequences of overtrading and a spirit of
speculation. The disposition to husband their means prevents the pur^
cnase of many superfluous articles of forei^ manufacture which were
formerly in extensive use. Many fabrics which were heretofore imported,
and nearly all those which are necessary to our cooifort, (excepting those

. Digitized by LjOOQIC

M4 KEPOnre Cff TB!E ^

composed of silk,) are manufactured whiiin our own border* as vA \
and are furnished as cheaply, as the pnxluctioos of other coantnea. Ilf
cause has for several years gradualfy reduced the consomptkn cfftrap^
merchandise, and will continue to operate, and, in connectioa "vritb an«
healthful economy, will materially afiect the revenue. The KlHimi'prf •
receipts from customs for the ensuii^ eighteen months have beesi fcmd
in reference to these considerations.

A table has been prepared under my direction, whick msooinpmm
this report (O,) exhibiting the value of forei^ merchandise imported at
Reexported from 1821 to 1842, and showmg the value of artic^ oa-
sumed or left on hand during each year. By a comparison of this tiUe
with another, (I,) also hereto annexed, showing the value of mewAjafa
imported, and the duties accruing thereon for each year daring' the tmt
period, it will be perceived, as a mneral result, that the duties were ifc
greatest during the years when uie largest amounts of importad gxk
were either consumed or left on hand. A comparison of these for Ik
several years will affi>rd a very good idea of the average consumpdosef
foreign goods, and the balances that must have been left cm hand; ad
will justify the conclusion that the largest amounts of duties were SaaaU
upon the excess of importation over consumption ^— in other words, 4a
the regular and steady consumption of the country did not finaiib 2k
means from which those excessive revenues were derived. The kkh
ence to be drawn from these results is, that we are not to expect «i
amounts of duties as characterized the years 1881, 1832, 1835, iWs
and 1839, without the existence of the same cause— ^mportationsiieyoid
our waqts. And, indeed, a nK)re general inference may be drawn, Aa
without the intervention of some extraordinary causes, wrhjch thae «
now no reason to anticipate, we cannot rely upon UKnre than a very
moderate increase of duties from customd^ bearing a proportion %o i
increase of population, for years to come.

With a view to furnish the information collected in this Depaitraoi
respecting the course and fluctuations of our foreign commerce, in a oor
venient form for examination and reference, aeveml very valuable taUa
have been prepared, which are annexed to this report. Among theii,
besides those already mentioned, is a statement of our experts of domes&e
produce and of foreign goods, distinguishing those subject to duty fiott
mose that were free ; al^ tables of the most important articles impoitri
from those countries with which we have the most intercourse, designatiig
them respectively ; and also of our exports to the same countries. Then
is also a table showing the gross revenue of each year, the ^qpenses
chargeable upon it, ana the net proceeds. All these embrace the period
ftom 1821, when the statistical reports were first made, to the yetf
1842.

The proceeds of the sales of the bublic lands have been estnnated 6odi
the best elements within reach. The demand for these lands ia alead^
while it is moderate ; and there is no reason to anticipate the vrild m
excessive rac^e for purchases which at one time prevaiwd. If tiie tide of
emigration should take its course towards the shores of ibe Pacific, tf
might materially afieet Ae Government sales of lands.- ' The tracts set
apart to the new States, and located by them, being'or fikelj t» be in di

Digitized by LjOOQ IC •

B4»i\ SECRETLY QF THE TffiEASURT. «Mi

[^su^et, will al«io ba¥e an influence vpcm the quesdoiL These, and
»th^ qonaideralioQS, not of equal magnitude, but having a bearing upon
be result, have induced the undersigned to doubt whether the receipts
rom the sales of lands will be equal to the estimates submitted, which
lAye beQi) obtained fiom the General Land OfiSce, and are founded upon
W:go pu^h^isea beipg made of tracts that will be brought into the
uairket*

The ei^panditures for the next eight/een months will be diminished to
BL considerable ext^at, in conseq^uence of the distribution of the proceeds
of the sales of public lands having ceased; of no appropriations being
necessary for npw purchases of InoUan lands ; of various public buildings
keretofbre authorized being completed; and, it is hoped, of the claims
of militia and volunteers bein^ nearly satisfied. Yet, from present
9^|9pearances» it seems certain that the deficiencies above stated will
e.xifitfinring the present and the next fiscal year. They are but contin-
uances of similar deficiencies which commenced immediately after the
de]x>sites were made with the States, and have continued tor the last
seven years.

Tbia accompanying table (C) exhibits the receipts from the various
sources accruing between the 1st of Januaiy, 1837, and 30th September,
1843; the expenditures exclusive of payments for principal or interest
of tl^e public debt, those made on that account, and the actual balances
ia the T^asury.

It will be seen, that the deficiency has been diminished during the last
' three years, having been at the rate of seven hundred thousand dollars
^ less per year duru^ that time than during the preceding four years.
The average rate of revenue per annum accruing between the 1st of
' Januaryi 1837, and the 31st December, 1840, was twenty-one millions
' of dollars; while that bejween the 1st of January, 1841, and the 30th
^ September, X843, was eighteen million two hundred thousand dollars

peryesu:.
> Tlie accruing revenue stated in the table embraces all the receipts
' ipto the Treasury during the periods referred to, excepting those fi»m
deb^p apd othey funds existing prior to 1837, in reference to the first-
mentioned period ; and with a like exception of receipts fix>m similar
funds which existed before 1841, in reference to the second period; and
excepting in both cases, the means derived fix)m loans and Treasury
notes. This view is taken for the purpose of exhibiting the actual
revenue, independent of accidental and extrinsic additions. Thus,
during die first fom* years the deficiency in the ordinary revenue was
applied by the balance in the Treasury on the 1st of January, 1837,
of $16,087,278 88, by receipts firom debts and other funds existing before
^ Ist January, 1887, to the amount of $8,676,697 63, and by Treasuiy
QOtee. During the last, two years and nine months, the deficiency was
partly supplied by the balance in the Treasury on the 1st of January,
1841, viz; $1,196,627 66; by receipts firom fiinds existing before the
last-mentioned day, to the amount ot $720,723 99 'y and the residue by
loans and Treasuzy notes*

It will be. perceived, also, that the expenditures for the four years,
fi>r allpuxposes.other than the public debt, averaged at the rate of twenty*

Digitized byLjOOQlC

«0« REPORTS OP THE {Btt.

eight million one hundred and twenty-five thousand dollars perm
while those of the same character for the last two years and ninennis
averaged at the rate of twenty-four million four hundred and forty-e^
thousand dollars per annum. The reduction in expenditures hh
last-mentioned penod was much greater than the dimmutionofrmBit

The payments on account of the principal and interest of the w
public debt, and the interest on loans and Treasury notes duriag i
last-mentioned period, exceed two millions; v^hile those between l!?
and 1840 were less than seven hundred thousand doUars.

From the preceding estimates and statements, it appears tbti tb
will be reauired for the service of the present fiscal year, beyond i

means in tne Treasury $4,000,000 »

And for the service of the fiscal year, commencing July

1, 1844, beyond the probable revenue at least 4,600,000 »

$8,600,00091

The loan of 1841 becoming due January 1,1845, amounts

to $S,672,9KS

The balance of the Treasury notes which were outstanding
on the 3d March, 1843, and were not redeemed by the

last loan, amounts to 4,656,387 tf

With respect to the last item, the balance of unredeemed IVeasaj
notes, it is supposed that adequate provision for the present is made bj
existing laws, which authorize the funding such notes in a ten jwrr
stock, or the reissue of them before the 1st of July, 1844, Sooeoteff^
vations will be found in a subsequent part of this report, ex^ss^^
the views and course of this Department in regard to these f^J^^
notes. In this place it is deemecl proper only to express theopiniw^
no legislation will be necessary to provide for this amount of n^J^
four millions and a half, other than the continuance, by Congress, Dit«
provisions of the act of March 3d, 1843. '

The loan made under the act of 21st of July, 1841, is in tern»
redeemable at the option of the Government after the Istof Janoai^
1845; yet, it is not doubted that the understanding of the 1^^^^?[*
time was, as it always is in respect to loans on similar terms, tta^
would be redeenjed at the specified time. In the opinion of the iH«Wf'
signed, the practice of rendering loans indefinite or uncertain as fi'
times of payment, ought not to be indulged when it can posiWj
avoided. A postponement, supposed to be temporary, bocal^ ,
year, embarrasses the operations of the Treasuiy, by the "^^'^^tL
the demands which may be made upon it. In the present abflww"^
of money, it is beheved that a new loan might be obtained ^ *^
fifteen years' stock, on terms more favorable to the ^^^^"^''^^'^^-jjge
Aose on which that about to become due was procured. '^^^^
is recommended, also, by die consideration that the probable ^^^^
in the revenues of the next fiscal year, to meet the ordinary exp^^di^
will be sufficient to call forth ail our resources without en "

this additional amount. The remaining 18,600,000 {^^La
expenditures over the receipts of the present and next fiscal JW

Digitized byL^OOQlC

^-48.3 SECRETARY OP THE TREASURY. WT

3 avoidedi in whcde or in pcut, by a reduction of the public expendi-
ir^es; or provision must be made to meet them, by an increase in
le revenue. Both these topics, therefore, demand consideration.
First. A reduction in the expenses of the Government.
The subjects for mtrenchment fall pecuUarly within the province of
le legislative branch of the Government, particularly those of a general
haracler. There are some, however, which are necessarily. better
no'wn to the Departments having charge of them. It is beUeved that
be ex{>en^ of collecting the revenue from customs may be materially
Liminished by the abohtion of some cdlection districts, and of some
»ffi€^rs in other districts which have ceased to be useful, and by a more
^xax^t regulation of the compensation of those officers who may be
retained.. The subject has heretofore been brought to the attention of
Congress; and it is again respectfully submitted to its consideration.
ALtiy additional information that has been obtained, and the views of the
Department, in detail, will cheerfully be conmiunicated to the appropriate
Domniittees.

A large and unnecessary expense is frequently incurred in the pro-
ceedings to obtain judicial condemnation of goods of small value, which
have been seized as having been illegally imported. In one collection
district, and in a single quarter, out of forty-three cases of seizure, balances
of costs were paid by the United States in thirty-nine of them, averaging
fifty-four dollars in each suit. This is probably an extreme case; but
the evil is known to be very general. If no claimant ventures to appear^
the conclusion seems irresistible that no defence exists. It is subnutted,
therefore, whether a more prompt and economical mode of proceeding
may not be adopted, consistent with the rights of all. Conffress has
made Uberal provision for the remission of forfeitures, where they have
been incurred without fraudulent intent, by a short and simple process,
which saves to the applicant the cost of a trial. It would seem but
just that a similar principle should apply in fevor of the Government.
In cases where the appraised value of tne goods seized shall be less than
one hundred dollars, an ample public notice might be given, requiring
claimants to appear and give security for costs in case of failure ; and in
default of a claim, the goods might be sold at public auction, and the
pix)ceeds deposited in the Treasury for a convenient period prior to final
distribution — to be refunded in the proper cases.

The act regulating the amount ot compensation to be retained out of
their fees by clerks of district and circuit courts when the same person
officiates in both capacities, has received a construction by one of the
circuit courts which defeats the purpose that Congress seems^ have had
in view ; and requires amendment, if it be intended that the surplus of
fees, bejond the given amount, shall belong to the Treasury.

Considerable expense might be saved by a modification of the act of
June 12, 1840, which would allow the consolidation of two or more
surveying districts, whenever the remedning surveys therein could, in the
opinion of the Department, be completed under the surveyor general of
one of them ; and by authorizing the discontinuance of land offices, when-
ever their expenses exceed twenty per cent, of the annual amount of
sales, and annexing the lands unsold to some other office.

Digitized by CjOOQ IC

Me REP(XIT8 OB THE pNtj

The acts making penuaoent and indefinke appvopriatioBS m^ji
great propriety, be revised with a view of asoertaining whelfaer itt
to the country^ as well as economy, does not recfuire the iqieil « sok
of them ; or at least a limitation of the time for which they diaU rmk
or of that in which applications shall be made and die proob compbi
The expenses char^ea npon the judiciary fund call fi>r eraminatMnai
regulation, and will be the subject of a special lepnt.

Secondly* It becomes the duty of the undersigned to esmxk
remaining question presented-— whether any, and what, provisions cafe
made to meet the contemplated deficiencies, or stich portioii of 4ei»
may exist iifter the reductions which Congress may direct The abifr
tives which suggest themselves, are: direct taxation, an aogsxsn
of the proceeds of the sales of public lands, the increase of ciisag
duties on imports, and the imposition of duties upon articles now fo

It is presumed that direct taxation of real or personalproperty wc^
not be attempted until all other resources have failed* The undeiap
has, therefore, nothing to suggest on this subject.

It is not believed that any modification of the land laws can be nai
l^ which any permanent increeiae of revenue from the public dcaakm
be secured, borne temporary accession mi^t be obtained by re4>G^
the price of land offered for sale; butit womid be with the haiani^a*
certainty, of destroying a rich fountain, whose r^ular and steady 8B«s
is kept up by maintaimng a moderate price, adapted to the axcna^sKS
of our fellow-citizens, and yet not inviting speculative investmeitfs. to
ultimate resource, then, must be the duties on imports. And vb&i^
consideiied how large a portion of the expenditures of theGovenuncat^
caused by our light-houses, by our foreign intercourse, byourSaiyj*^
other means to protect and extend our commerce with foreign Mtt»*t
and with how much more equality and equity a tax upon ^^*?^
tion of foreign merchandise operates upon all classes, than ^^J^
mode of raising revenue, with now much more ease it is coUecttia*
how it entirely avoids all collision with the State sovereignties '^^^^
the subjects of taxation, this mode of supplying the wants of v»^'
emment will commend itself to favorable consideration. -^

SuflScient information has not yet been obtained respecting tbe p»^
cal operation of the act of 26th August, 1842, estabhshing tte ^^
rates of duties on foreign importations, to authorize an accurate opj^
of the probable results of its different provisions. The ^^'^"'^^jfljii
tistical statement required by law, embracing the returns from tbe
of September, 1842, to the 30th June, 1843, is in course ^^P^fr^
by all the force that can be applied to it, and it is hoped, w«l ^
before the two Houses of Congress in the course of the ^*™^J?2
As it wiU embrace the first nine months during which the t^\^
has been in operation, it will probably contain the desii'ed ^^^'^^
But the undersigned feels bound to say that, from the ^^^"^^l-ji
reports he has caused to be made from die priiKnpal ports, ^. l ^^
general view of our commerce, after the best consideration ^^e^
could give to tbe subject, he has not been able to d^^^^^^^'^jL^^
existing duties which can be increased with any reasonahfc P^^^
augmenting the revenue. The danger from this source is, that

Digitized byL^OOQlC

J

84S.3 SECRETARY OP THE TREASURY. <0»

pcmi wMch high duties are levied will either be clandeetineljr introduced
r not imported at all. It is believed that to the great vigilance whiob
as prevailed dilring the past season along the coast, and on our extended
[ila-nd liontier, it is mainly owing that the fraudulent importations (which
I ad been anticipated by some) have been prevented^ The temptation,
LO^wever, should not be carried so far that success in one enterprise will
emunerate for the losses in several failures.

On the other hand, looking at the subject exclasively in its bearing*
ipcHi the revenue, the undersigned is not prepared to specify any very
mportant rates of duty that will bear reduction, unless the deficiency b©
supplied by duties upon other articles. Those levied on glass, particular
sinas of iron, coal, and sugar, are considered by many too high for
revenue purposes. Should the statistical information befoi'e referred to
exhibit such a result, in respect to these or any other articles, they will
doubtless arrest the attention of Congress.

Assuming (what will probably be found to be the case) that no
essential improvement of the revenue is likely to be effected, at least for
the present, by an increase of the duties already existing, or by a reduc-
tion of them, it becomes necessary to inquire whether any articles no\^
firee of duty can with propriety be subjected to a moderate impost, and
whether there are any other means of providing for the anticipated
deficiency.

The articles now firee of duty, which present themselves most prom-
inently as subjects of impost, ai-e teas and coffee. Ih the last annual report
fium this Department, this source of revenue was indicated. The necessity
of resorting to it is as apparent and more urgent now than it was then.
The opinions of importers of these articles, of merchants, and of officers
of the customs, in various parts of the United States, as communicated to
this Department in pursuance of its request, are unanimously and decidedly
in favor of such duties, as **more equal and less burdensome than any
•other mode by which the samis amount could be collected." From the
x:)rganization of the Government to the year 1832, duties were laid upon
these articles. In that year they were repealed, in pursuance of the
recommendation of the President, which was made, as he stated, in
consequence of the national debt being extingmshed, and the revenue
being abundant for the public service. The reason for that policy having
cea^, and additional revenue being indispensable for the most econ-
omical administration of the Government^ it cannot be doubted that our
felk>w-citizens will acquiesce in the necessity which requires such an
impost as cheerfully as in any other burdens which they are called to
bear for the security and protection of themselves, their property, their
rigbte, and hTjerties.

Notwithstanding the opinions of some, I cannot doubt that the price of
these articles Would be enhanced to the consumer, to some extent, by the
imposition of duties. But it may be questioned whether this effect would
not be temporary. Coffee is raised in various countries, and the amount'
produced has increased of late years rapidly. Should the competition
Detween those countries be or become so active as to enable us to choose
the source of supply, the duty may fall upon the producer. In respect
to teas, the openmg of the China trade, and the exchange for them of our-
Vol. IV.— 39. ^.^^^^^, by L^OOgle

eiO REPORTS Ol* THE {Ml

eoarse cotton &bricst instead of specie, as iKreCoCbre^ wi& cfiabkosti
obtain larger supplies and at dieaper rates. But whatever majfae^
increase of price to the consumery and wfa^her it be pennaneotoriefr
porary, it would be fairly distributed among the wlMMe commmiky^
nearly aU are consumers; and, by a proper adjustment of tbe imi
would fall chiefly upon those who used teas of die most expenafehd
Hence a specific duty, in reference to cost, would be most advisable, i
order to exclude a spurious article, which has sometomes forced its «p
among us, it would be expedient to fix a minimum value at «iilttif
twenty centf per pound. A duty of five cents per pound od all »
costing twenty-five cents or under, of seveft cents upon those c«a
fromtwenty-nve to thirty-five cents, and thus advancii^ the dotyacaai;
ine to the cost, would aflbrd the most certjlin and practicaUe raoii
collection, while it would be the least burdensome. With re^*
coffee, it is represented that the difference in value between the vaii»
descriptions in use among us, is not such as to render Bnaivakfrnii;
necessary or expedient. A moderate specific duty of two cents pc
pound, when brought from the country of its growth, in Asia, Afea,tf
America, and three cents per pound when imported fixwn Europe, ij
believed, would be fair and moderate. Such a doty may be emd
to produce at least two miUiori five hundred thousand doUan. fw»
a duty on teas, graduated as above suggested, we tiaay expect to iw
about one million five hundred thousand dollars.- Much, "^''^'^
depend upon the terms of our trade with China. It cannot be suppow
that duties to the amount of four millions, distributed awcognf^
eighteen millions of persons, would be seriously felt by any, evenM^^
that the consumers would exclusively bear the bunfen, andtteitwofltf
not be divided between them and the producers. ,

Among the means of improving the revenue, thel doties op **^°"^?f
light money, heretofore collected^ have received consideration, b'^
diese duties were repealed, except as to the vessels pf ^^^^^^^^
that impose duties on goods and tonnage, discriminating ^^^^^^^^
own vessels and ours. In respect to those nations, counter discnini^
duties on our part still remain. They vary in amount; but ^'^^^J^J^

Sroduce, on an average of the. last twelve yearsris about ^^9 '*?^
ollars, although for the last year it was less than thirty tho«s4«lo*^
It is respectfully submitted whether it would not be expedient to d^
that this duty, as collected, should be applied to the relief o< ^\^
disabled seamen, in aid of the hospital fund. Although this aiM«J^
Ax^ould not furnish an adequate provision for this meritoricww^^j^
citizens, yet in connection with other provisions hereinafter ^JK^^
would, to a great extent, relieve Congress from the ^PP'^P'^*^^^ of
narily made to supply the deficiency in that fiind. The ^^^J^^J
such an arrangement would be to ovoid the distressing ^^^f^'^
an inability to meet t^e cases of suffering that occur after the iw'"
exhausted, ^and previous .to an appropriation. j^

Considering, the disadvantages undeir which our navigation now^^
fix)m various causes, the undersigned is not disposed to '^"^^^jilof
restoration of the general tonnage duty. But it is deemed ^^
oonsiderati(»> whetber^e vessels enjoying the^benefit»ofourTeiy«^

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i4:3-] SECRETARY OF THE TREASURY. 611.

ve ligfat-bonse establishment ought not, in justice, to contribute to its
Lsdntenance* The light duty was repealed at the same time with the
3neral tonnage duty, and, it is believed, for the same reason — ^the abun-
ance of revenue then existing. That reason has ceased to exist. Our
svenue is not adequate to the ordinary expenses of the Government*
. duty of six cents per ton upon all vessels engaged in the foreign trade,
> be paid upon each entry into our ports, (except that not more than one
uty wall be required for any one month,) and a like duty annually upon
essels engaged in the coasting trade and fisheries, would produce on
le present tonna^ about two hundred 6md thirty thousand dollars-'— less
tiaxi one-half of me average amnual expenses of the light-houses. The
nnual duty would be so light as scarcely to be felt; and if other sugges-*
lonB contained in this report, by which the interests of our navigation
aay be promoted, should receive favorable consideration, they will be
aore thsm remunerated for the amount of duty now proposed.

It is worthy of consideration whether the revenue might not be im-
proved, and the navigation of the country augmented, by the imposition
>f a transit duty upon imported merchandise, on its passage from one of
>ur ports to the dominions of a foreign State immediately adjoining the
Jnited States. By the existing law, no drawback whatever is allowed
n such cases, except to foreign places to the southward or westward of
Louisicma. The facility afforded by the improvement of our interior
communications, and by the appUcation of steam, for the rapid and safe
xansmission of goods from our own seaports to the British dominions,
»gether with the early closing of the ports of the latter by ice, and the
late periods at which they open, would ordinarily induce a preference to
that mode of supply, and at particular seasons would be so skdvantageous
to our own citizens as to secure a very large portion of this carrying
trade, besides ^ving additional employment to our ships. The poUcy
which has in effect prohibited this trade, doubtless arose from the appre-
hension that it might afford opportunities for the illicit reintioduction into
this country of the goods thus exported; It was adopted at a time when
the whole amount of duties collected on merchandise, with a deduction
of one per cent., wa^ refunded on its reexportation.

. It is- submitted whether the introduction of the just and judicious prin-
ciple of retaining a much larger perc^tage of the amount of drawback,
and the imposition of duties m the colonial ports, have not changed, to a
great extent, the ground of this policy. It is not perceived what motive
of interest can exist to smuggle into this country goods which have paid
this transit charge and these duties, rather than the merchandise which,
under existing laws, may be reexported to Halifax, and carried fi'om
thence into the same dominions. Whatever apprehensions may exist on
this point, it is rtot doubted that they may be removed by adequate
guaras.' Among these may be suggested the designation of the ports
from which only the reexportation might be permitted, and the produc-
tion of official evidence that the same goods nad been received, entered,
and .paid duties in the adjacent Britisn dominions to .which they were
reexported. It cantiot be doubted that such a measurc would tend
gready to the increase of our tonnage, and restore to out* own ships a
trade (^ wbick our own policy has, to a great extent, deprivjed them.

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612 REPORTS OF THE pL

In the last annual report fix>m this Department, the attention rfC*
ffress was invited to the warehouse system, and various communicate
from custom-house officers and intelligent merchants were snbimtted. \
is certainly worthy of inquiry whether the time during which impar
goods are permitted to remain in the charge of custom-house officensn
not be extended, so as to relieve the importers from the advance cft^f
duties which they are now obliged to make before the amount is raSR
by sales of the cioods. The frequency of the communications betiK
our shoi:es and tnose of Great Britain, and their surprising regukr
have doubtless miti^^ated the burden of these advances upon onr i^
citizens, as the goods to be imported from that country are, in eftf*
warelioused there, and are shipped according to the supposed denatf
of the market. But it may be well to inrjuire whether this mitigatifli?
not, in fact, destructive of that portion of the importing business of c?
own citizens upon which it operates, by tmnsfeiring it to those ^
whom the burden falls Kghtly, if at all. Possessing large captakai
able to command money at much lower rates of interest than m on
citizens, British merchants can better afford to keep large ^ocb«
hand, or to advance the duties upon such as they send to tts. Theat
advantages in their favor exist also in respect to merchandise imp«w
from the continent and other parts of tne world. In the ateeif <*
regular and speedy communications, the stocks of this description bs^
be ordinarily large, and the advance of duties upon them mnsitk^
capital and cause a very serious inroad upon the profits of busin^^. fi
is represented that the importing trade is now chiefly in the haarf^rffe
agents of foreign houses. Independent of other considerati«fc^ ^^
will suggest themselves, the consequences to our navigation, todi?wH~"
ing of snips, and to the employment of our own seamen, of giving^ ^""
jects of other countries the selection of the means of conducting ctHnniertt
with us, may be venr serious. And it will not escape intelligent leps*-
tors to inquire how far it is intrinsically just to demand of (m^ <^^
our citizens the advance to the Government of a portion of their (sp-
while it is not required fi'om any other class. The importers sieM^
the collectors of the duties for the Government; and it would seeffitta
very cogent reasons of public policy should exist to compel them to p»I
over before they had collected. The general opinion to be derived tos
the correspondence communicated to Congress in the report bew
mentioned is, that the revenue from customs would be augmerm^
the first year by the warehouse system, in consequence of the gi^
facility that Would be given to importations, and of a fair and mk^
competition, and, consequently, a probable reduction in prices; tt»
fluctuations in the amount of imports would be prevented; ^^"^?
commercial marine would be increased, by rendering thiscoflntij^
entrepot for merchandise destined to other markets. In these ^^
am inclined to repose great confidence. The better opinion ^"*|?f^
to be, however, tnat the system of warehousing should be ^estnc^
prominent articles of considerable bulk, and paying high specific a«^
such as wines, liquors, sugar, molasses, iron, &c. Doubdess the ^
would be to postpone the collection of that portion of the duties ^^
would accrue on the warehoused articles. This temporaiy eftct rB^

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S4».] SECRETARY OF THE TREASURY. 618

►e m^ whenever the system shall bf. adcwpted; and it Doray as well be
encountered now as at any other time. If the consequence would be,
Ls anticipated, an augmentation of the revenue, it could not well happen
c:>o soon. The temporary deficit which might be created could be pro-
vided for by an extension of the authority to borrow.

The loan of seven milUons, which has been previously mentioned,
cvas efiected in pursuance of the act of March 3d, 1843. By thajt act,
L^^^o modes of providing fcwr the amount of Treasury iiotes then out-
standing were authorized : .one by a reissue of notes ; the other by a loan
on a stock for not more than ten years. The, rtotes outstanding at the
passage of the act amounted to $11,656,387 45, of which more than
S8,000,000 fell due before the 1st of July, 1843, and the residue in the
ensuing months. The hazard of a demand for money being created by
stny sudden revulsion, which might be produced by contingencies in
other countries, or by causes over which we had no control, seemed to
require that an amount equal to two-thirds of our annual revenue should
not be left in a condition to be thrown Upon the Treasury, and thus ab-
sorb the means of carrying on the Government. Nothing appeared to
justify the behef that there would be such an extraordinary increase in
our revenue for years to come as would be necessary to meet such a
demand.^ It was, therefore, deemed advisable to put beyond the reach
of accident such a portion of this large outstanding debt as would relieve
the Department fiom any apprehensions of inconvenience or danger from
the residue. The great plenty of money, which might be temporary,
also invited to such a course, as at all events saving a considerable
amount of interest. The state of things actually existing as contempla-
ted by the third section of the act referred to, a loan was accordingly
made, under the direction of the President of the United States, of seven
millions of dollars, upon a teii years' stock, bearing an interest of five
per cent, per annum, payable semi-annuallv, at the rate of one hundred
and one dollars and one cent for every hundred dollars of stock, for
nearly the whole — a small portion having been taken on terms still more
favorable. The persons to whom, and the terms on which the stock -
was awarded, and the names and proposals of those whose offers were
not accepted, are given in a statement (marked E) accompanying this
report,

By the funds thus provided, Treasury notes bearing six per cent, inter-
est, to the amount of seven millions, have been redeemed. There then
remained of the outstanding notes, $4,656,387 45. These notes also
bore an interest of six per cent., which was considerably above the value
of money. It seemed a very obvious duty to exercise the authority given
by the first section of the act of 1843, of issuing oth^r notes in such
form and on such terms as would promote the convenience of the Treas-
ury, and avoid the dangers and expense of remitting coin to the public
agents for disbursement, and at the same time save to the country the
greatest amount of interest. The certain prospect of the condition of
the Treasury, which has been exhibited in this report, admonished to
this course, independent of all other considerations. Notwithstanding
all interest had ceased upon more than two millions of the outstanding
Treasury notes, in consequence of the notice given of a readiness to '

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614 REPORTS OF THE ^

redeem the wbole amonm, yet it w«8 perceived tbat they were aApt'
ficftited for redemption, but wer6 retained by the people fcr the popi-
of remittance in th^ transaction of their bu9ifie38-. This bet mlx6i-
that the whole amount could probably be reissued, as the oattsufe
notes should be redeemed in others of a low dfsnominationf witbotiF
or at a nominal inteiest : and that they would b6 received with zrk^
by the public creditors, if m&de convertible into coin cm demand, h
this state of things, and for these reasons, it was detenmned, vkl it
sanction of the President, to issue notes of the denominatioD of ft
dollars, with interest at the rate of one niill per annjom upooonBb
dred dollars, and to exercise the authority given "by the eighth 3edi0i5
the act of 1837, by purchasing these notes at pax, whenever preMfr.
for that purpose at tne depositories of the Treasury in the cityrfSe»
Yoric, wnere two-thirds of our revenue and means are ccSkctsi d
deposited : and to give notice of such a determinatioB by an fsi/B-
ment upon the notes. It was doubted whether the bonds requirri If
law to be riven by collectors, or any other officers, would exteod »»
responsibihtyfor funds that might be placed in their bands to make si

gurchases; and hence it was deemed impracticable to empbjtheBiit
latpiirpose, if it had otherwise been considered expedient.
The notes are made payable in one year, rather in confefntfj*
the construction heretofore given to the act of 1837^ than frwn i o*
viction of its being . required by that act. The object of the seed
section seems to be to prevent them from running, or bearing irt®*
longer than a year. It is silent respecting any shorter period, nffsmij
with the view of leaving some discretion. The notice thattbeirwiBte
purchased is endorsed oh them, distinct from. the body of tbeBOies^
that, if any extraordinary emergency should occur to produce any™-
culty in their purchase, or for any other reason it should be decipeda-
pedient, the endorsement may be omitted, and the notes pemAwl *
circulate without interest, or they may be altered to specify a^
They are not only receivable for all public dues, but maybe exdanp^,
for specie at par, at the custom-houses and land offices, to the anjwtf ^
one half the coin they may respectively have on hand. Less than t«
hundred and seventy thousand dollars of the new notes havew*
issued.

The eflfbit had been made by a former Secretary to substitute «**
with nominal rates of interest, and also notes with the low nte^tf^
per cent; but it had not succeeded, in consequence of their not bc»j
convertible into coin on demand; for, as the present value ofBffC^^
is diminished in exact proportion to the time it has to run before id***'
rity, a discount upon it can only be prevented by allowing interestegitf^
alent to that time. The question of convertioility, therefee* ^"
truth a question whether interest should or should not be saved, «» ^
permitting the notes to be at a discount was not to be tolerated'

No apprehension was or is entertained of the perfect ability wt»
Department to purchase all that may be presented for the pojP**
There is, and always must be, a sifrplus in the Treasury ^V^-^
immediate calls upon it. This, with a revenue more than thr* ^
the amount of the note3 constantly accruing, woukl be adequate, • *

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J SECRETARY «F THE TREASURY. «16

>lsK3e could ahrajB be sa{^)lied with other notes, with or without intar-
^s^ as curcomstanoes required, with which a portion of the public expen-
li^iires could be met. In the possible event of a large accumulatk)!!*
Freasury notes bearing such interest as would insure loans not exceed-
in ff the prescribed rate, or a resort to the authority to i^sue a stock, wouldi
siuier of them, be sufficient to provide the* necessary funds to meet such
accumulation.

The exigencies of the Treasury demanded that the effort should be
xoade to relieve it from such a weight of interest, especially as it would
not preclude a return to the system which invites banks to hoard Treas-
ury notes, by allowing them an interest, while they borrow of the com*
munity , witnout interest, to the extent of their circulation.

The authority given by the Constitution to "borrow money on ^
credit of the United States," ip its terms comprehends every form of
loan virhich Congress may think proper to prescribe ; and it is not easy
tx> perceive how this express and unqualified grant of power can tie
limited or curtailed. . Certain it is, that the most distinguished among
these who contend for a strict construction of the Constitution, haye
giveix their sanction to the existence of this power, in the form . of bills
of credit or .Treasury notes. « .

Well-founded oWections east to borrowing, without an urgent neces-
sity, in the form either of permanent loans or those of a temporary char-
acter. That necessity must also influence the tenns and conditions of
either mode. The former, by putting off the day of payment to " a more
ccynvenient reason," removes the most effectual check to prodigality, and
ofiers a temptotion of difficult resistance. It has, accordingly, proved the
■ bane of all Governments. The policj'^ of the Treasuty-note system
Beems to have been devised to guard against this evil by bringing the
' day of payment close upon that of expenditure; and it would .seem that
the more immediate the liabiUty to pay, the more would that policy be
promoted. The po9tp(Hiement even for a year invites to profusion, and
no check can be so effectual as instant responsibility. Every loan thus
made directly from the people, is. in fact made not in consideration ef
the interest agreed to be paid by the Govertuncnt, but literally and solely
I • upon "the credit of the United States."

If, after such notes have answered the purpose of Government in pro-
moting bmivenience, security, and economy in the public disbursements,
they Mwuld, in consequence of their uniform value, be kept in circular
tion to any considerable extent, by our fellow-citizens, for their own
convenience in maintaining internal trade, and keeping down the fluctiH
atiohs of exchange between different parts of die country, arising from
a diaordered currency, it is not perceived how such a result affords
ffround for otuection to a system constitutional in itself^ and adopted for
tegitimate and constitutional objects.. It is submitted that the Uovem-
ment is responsible only fer the use which it makes of the power to incur
tt debt, and not for the. use or abuse by the people of the evidences of
Ihat debt which it may issuci Their appliqation by the community to
die purpose mentioned, is. a proof that they are. wanted for that purp€»sie,
«ndtfaat "the credit of the United States" has. taken the place of local,
cfaartenedyor State credit Those who object to such a consequence in

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CM R£P(mT6 OF THE [I8»

die present state of oar finances, which require a Unui in
however, choose between the evils of that resak (if they aze erils)
the perils of a permanent naticmal debt, which must either be ens
directly, or must follow at no remote period, and take up secQiideswyd
may be issued in the form oi' a protracted promise to pay; fcrin thisr«
in other coses, we are not allowed the use of means entirely finee fin
objection, but are compelled to select between diflferent modes im
which is the least objectionable.

At all events, the small amount of convertible Treasury notes tts
may be issued under existing laws, (less than one-third of the amat
i«ceipts, and less than one-fourth of the annual public expendknes,!
cannot create any very dangerous "paper currency." And it is sap-
posed that the objections referred to are not so much to the iasat i
such an amount as a temporary expedient, but are fininded rather ups
an apprehension that these notes will be so useful to the Govemmoi,
aad so beneficial to the people, that their issue may hereafter be cmd
to excess. It is a fair question, whether the danger of excess in m
mode of borrowing money is equal to that arising from loans ^
deferred times of payment t While the wisdom and firmness of CBe-
gress ought not to oe distrusted in either case, jret it is worthy of obi9>
▼ation, thsU the mode which requires immediate liability to pay, kr-
nishes a guard in itself against abuse, by the instant and in&llible cbei
which it furnishes upon issues beyond the means of converting itt
coin.

A brief synopsis of the foregoing statements and suggestions, m idt-
tion to the deficiency of means to meet the ordinary expenses of Gov-
ernment during the current and the next fiscal year may oe use&L By
extending the loan which becomes due 1st January, 1845, its amooat
<i6,672,976 88) may be provided for.

By the raising of light money, by a duty on articles now fiee, {jwrtk-
ularly tea and coffee,) and by the other means suggested in this repocti
an addition may be made to the revenue of between four and five nd-
lions of doUai's. Estimating this at four million five hundred thotuud
dollars, thero will be left to oe provided for four miUion five huodied
thousand doUars, and the outstanding Treasury notes amounting to a
little more than four million six hundred thousand dollars. The^ two
items, amounting in tlie whole to nine miUion one hundred thousand
dollars, mi^ht be supplied by a continuation of the act of March S,
1843, (providing for the reissue of Treasury notes, with a consiDgeB!
authority to fund into a stock,) which is limited to the 1st of July, 1844|
and by extending it so as to include the anticipated defiiciency of ibif
million five hundred thousand dollarsi or such portion of it as it may be
ibund expedient to meet in this manner. By this, aa increase of tbe
permement pubhc debt may be avoided; and any reduction of esqiendi^
tures, or increase of revenue, that may take place will enable the Depai^
mentto redeem a portion of this floating d€l)t. For this reason, if fiH^oo
other, it is advisable that this portion of our debt ^ouid be kept in soA
a condition that it may be redeemed at [Measure. Should the dtsoetiQB
as to the rate of interest on the Treasury notes to be issued be abto-
gated, or should the authority to purchase them on presentatioQ be wi^

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t^A9.2 SECRETARY OF THE TREASURY. 617

2l<i-^r-wfaibh would be equivalent to a direction that interest shall be
lid at all events — then it will be necessary to add to the estimated defi-
eiiacy for the sei-vice of the next fiscal year at least four hundred and
\y tnonsand dollars.

There lire some subjects to which it seems a duty to invite the atten-
Dn of Congress before closing this report

To prevent illegal importations on our southwestern frontier, as well
i to aflford the proper facilities to traders who may wish to bring mer-
[i£uidise in that direction, it would be advisable tnat a port of entry
:iouId be established in thaat quarter. The town of Independence, in
[ifisouiiy has been suggested as a good position.

By the existing law, an appeal to the Supreme Court cannot be made
.x>in the decision of a circuit court, in cases involving the amount of
laty that may be levied on imported merchandise; because the amount
n controversy, in the particular case, never exceeds the prescribed
.miu The courtesy of the judges sometimes induces them to disagree
a lbrm» in order to obtain the opinion of the Supreme Court. But it
requently haraens that only one judge holds the court; and.it would
eem that the Government ought not to be indebted to the courtesy of
txiy officer for the. opportunity of correcting what may be an erroneous
:onstruction of its revenue laws. The principle which prescribes a lim*
taction of the value of the subject in controversy, in civil suits, to entide
I party to an appeal, ia believed not to be applicable to questions of
•evenue, where tne decision of a particular case may, and often does,
nv<^e humlreds of thousands of dollars; and it is submitted that, in all
5uch cases, the United States should have the right of appeal, of course ;
^ut that the costs consequent upon such a proceeding snould not, in any
3vent, be charged upon the opposite party.

A practice has prevailed of allowing the compensation of clerks
smployed in the custom-houses to be paid out of the revenue, in cases
wl^re the fees were not deemed adequate to obtain the necessary num-
ber. Believing this practice unwarranted by law, and being confirmed
in that view by the opinion of the Attorney General, it has been abol-
ished. There are probably cases, however, where legislative provision
'will be necessary to procure the proper assistance to the collectors and
naval officers. ^

The provision for the relief of sick and disiabled seamen is, and for
years has been, wholly inadequate to its purpose. Seamen being, from
their pursuits, usually unable to share in the general provision jfor the
destitute, and having contributed to this fund what the law demands^
claim its benefits, without knowing or referring to its amount, or to the
legal restraints upon those chai^gea with its administraUon. All efforts
to prevent the expenditures exceeding the means provided, have here-
tofore been unavailing ; and there is constantly a balance against the
fund, which is supplied by appropriations firom the Treasury. To
increase the amount demanded from them would be odious, if not oner-
ous. By the act of March 1, 1843, the laws requiring contributions to
this fund are extended to the oumers of re^stered vessels. It is sub-
mitted whether this principle might not, with great propriety, be still
further extended to the owners of all vessels, in the lorm of either

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618 REPORTS OF THE [18«.

monthly or yearly contributions, gradnated by the tonnage of tiie -ressd.
This provision, with that already suggested, of appropriating to the
same purpose the discriminating tonnage duty, would probably famish
the relief which humanity as well as policy dictates should be extended
to a class of men proverbially improvident, but yet identified with the
power and prosperity of the country.

The condition of the marine preventive service against smuffgling has
been materially improved, while a wholesome economy has oeea pre-
served. It will be the subject of a ^cial report. The light^boose
estaUishment will also be the subject of a future communication to Coo-
ffress. Reports from the Commissioner of the General Land Oflice, and
n-om the Solicitor of the Treasury, respecting suits and prosecutions in
behalf of the Government, will also be submitted.

It affords me great pleasure to state that there has been no delinquency
or default on the part of collectors of the customs, the receivers of public
moneys, or any other officer or agent charged with the receipt or deposte
of the public funds. The sums which collectors and rceiveres are per-
mitted to retain in their hands, have been limited to the very lowest
amount the public service would allow, while they have been required
to deposits the surplus immediately in the institutions designated for
that purpose. A rigid adherence to these regulations is maintained by
means of a constant watchfulness of their accoiints. A list of the depos-
itories selected by the Treasury accompanies this report. The tenps
on which they are employed are the same as those settled in 1833, and

SromuWted in the circular of the Secretary of the Treasury on the 9th
ay of October in that year. A few of them merely receive the public
moneys on special deposite. It is but an act of justice to say that they
have faithfully falfiUed all their engagements ; have transferred the funds
as required without expense to the Government;. and have jHXHnptly
met all drafts upon them.

I am Unwilling to omit the opportunity of inviting the attention of
Congress to the multitude and frequency of oaths prescribed in our
system of collecting the revenue. A custom-house oath has become ft
by- word to describe an unmeaning ceremony, and it is doubted whether
it is felt as imposing an obligation equal td that of a simple afl^rmatioa.
It is not perceived why the same penalties may not be inflicted for the
wilful fgJsehood of a declaration in writing, which might be substituted,
in most cases, for the irreverent invocations of the Supreme- Being. A
bare allusion to the subject, it is hoped, will be sufficient to induce that
consideration of it to which it may be entitled.
Respectfully,

JOHN C. SPENCER, Secretary of the Tmuury.

To the Hon. John W. Jonbs,

^peaJcer of the H(m$e \^ Reprc9ent€UMe9.

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1843.] SECRETARY OF THE TREASURY. 619

Li$t of Statements and. Tables accompanying the Report of the Secretary of

. Ae Treasury,

A. Statement of duties, revenues, and public expenditures, during the

calendar year 1842.

B. Statement of duties," revenues, and public expenditures, between 1st

January and 30th June, 1843.

C. Statement of the revenue, expenditures, public debt, and balances

in the Treasury, from January 1, 1837, to September 30, 1843,

D. List of the general depositories of the Treasury, and of the banks in

which special deposites are made.

E. List of the persons to whom the seven million loan was awarded,

with the terms, and the offers not accepted.

F. Statement of the debt of the United States, December 1, 1843.

'6. Statement of die value of foreign merchandise imported, reexported,

and consumed of on hand, annually, from 1821 to 1842.
H. Statement of the value of the exports of domestic products and
manufactures, and of foreign merchandise, reexported annually,
from 1821 to 1842.
L Statement of the value of merchandise imported annually from 1321

to 1842, and the gross duties accruing thereon..
K. Statistical view of the commerce of the United States, exhibiting the-
value of exports and imports, and the tonnage employed in the
foreign trade, from 1821 to 1842.
L. Statement exhibitiqg the duties on merchandise and tonnage, the
drawbacks, bounties, and expenses of collection, from 1821 to 1842.
M. Values of the several articles of merchandise imported annually,
irom 1821 to 1842.
To this statement are annexed, as explanatory thereof, the following
tables:

M No. 1. Showing the various .articles included in the column

headed " Cottons."
M No. 2. The articles included in the column headed " Wool-
ens."
MNo. 3. Those included in tjbe columns of "Liliens, and

manufactures of flax,** and of " Mahufactures of hemp.'*
M No. 4. Those included in die column " Manufactures of ^

iron and steel."
M No. 5. Those included in the Column " Hemp and cordage.**
N. Statement of the value of articles imported, designating the countries

from which received, annually, from 1821 to 1842.
O. Statement of domestic articles exported annually, from 1821 to 1842.
P. Statement of the value of articles exported, designating the countries
to which exported, annually, frt>m 1821 to 1842.

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REPORTS OF THE

{1843.

Suuement of Duties^ Ret)enues, avd Public Expenditures, during the calendar
year 1842, agreeably to warrants issued, ej::clusive of trust funds.

The receipU into the Treasury during the year 1843, were ai

follows:
From customs, viz: —

During the first quarter. . ••

During the second quarter.

' During the third quarter •

During the fourth quarter. ..••...

From sales of public lands

From miscellaneous and incidental sources *

Total receipts, exclusive of loans and Treasury notes. . .
Avails of Treasury notes issued under act of February 15,

1«41

Avails of Treasury notes issued under act of Janury 31

1842

Avails of Treasury notes issued under act of August 91

1843

Avails of loans of 1841 and 1842

Total means

The expenditures for the year 1843, exchisive of trust funds,
were, viz:

CIVIL LIST.

Legislature

Executive

Judiciary

GK)vernment8 in the Territories of the United States

Surveyors and their clerks '

Officers of the Mint and branches

Commissioner of the Public Buildings

Secretary to sign patents for public lands

Total civil list

FOREIGN INTERCOURSE.

Salaries bf Ministers • »....•

Salaries of Secretaries of Legation

Salaries of Charges d 'Affaires

Salary of Minister Resident to Turkey

Outfits of Ministers and Charges d'Amiires

Salary of dragoman to Turkey, and contingencies

Diplomatic agents in Europe, attending to tobacco interest.. .

Contingent expenses of all the missions abroad

Expenses incurred by the l^;ation to Mexico, in relation to
prisoners

Contingent expenses of foreign intercourse

Salary of the consuls at London and Paris

Relief and protection of American seamen , . .

Clerk hire, office rent, dbc., to American consul, London. . . .

Intercourse with Barbary Powers

Interpreters, guards, &c., at the consulates in Turkish domin-
ions

Expenses of the commission under convention with Mexico .

Total foreign intercourse

11340,721 15
6,138,390 63
6,281,659 18
3,927,137 81

118,187,906 76
1,335,797 52
120,260 13

1,060,206 05

7,914,644 83

3,408,554 89
3,425,329 87

1,203.513 16

887,615 33

560,990 87

141,264 82

51,141 46

44,077 55

3,000 00

1,500 00

62.012 85

16,465 71

55,369 15

4,395 00

45,000 00

2,025 00

8,500 00

45,819 29

5,150 00
25.500 00

2,166 66
58,410 52

3,444 47
11,509 00

3,000 00
9,117 12

19,643,966 40

14,808,735 64

34,452,702 04

2,893,103 09

S57384 77

Digitized byLjOOQlC

1843.] SECRETARY OP THE TREASURY.

A— Continucdi

d&i

MISCELLANEOUS.

Surreys of public lands

Support and maintfenance of light-houses, &c

Marine hospital establishment

Public building, dbc., in Washington

Furniture of the President's house • . .

Support and mainte&anoe of the penitentiary

Sixtti census «

patent fund

Distribution of the sales of public lands

To meet the engagements of the Post Office Depflu*tment... . . .

Public buildings in Iowa Territory

Printing, dkc., ordered by Congress

Building custom-houses, &.c '

Surrey of the coast of the United States

Mint establishment

Two per cent, granted to the State of Mississippi, act Septem-
ber 4, 1841 : . . . .

Two per cent, on saJes of public lands in Alabama

Relief of sundry indiridualsk •

Miscellaneous claims unprovided for \. ,,,.

Exploration and survey of the northeastern boundary line . . .

bisane hospital for the District of Cofumbia

Bridge across Pennsylvania avenue

Removal of the statue of Washington '....'....'

Purchase of ground north of the .General Post Office , . .

Erecting and ligrhting lamps on Pennaylvahia avenue.......

Auxiliary waten in the city of Washington

Expenses incidental to the issue of Treasury notes

Expenses incidental to the loans

Temporary support of lunatics of the District of Columbia. .

Three and five per cents to certain States

Relief of the several corporate cities of the District of Columbia

Debentures and other charges

Additional compensation to collectors, &c

Payment of horses, dbc, lost

Duties refunded under protest.

Repayments for lands erroneously sold

All other items of a miscellaneous nature

Total miscellaneous.

UNDER DIRECTION OF THE WAR DEPARTMENT.

Army proper

Military Academy

Fortifications and other works of defence.
Armories, arsenals, and munitions of war.

Harbors, roads, rivers, &c

Surveys

Light-houses and marine hospitals.

Pensions

Indian department

Claims of the State of Virginia.

Ulaims of the state of Vii^nia

Arming and equipping the militia

Payments to militia and volunteers of Uie States and Territories

Meteorological observations at military posts i .

Relief of sundry individuals

Total under direction of the War Department

UNDER DIRECTION OF THE NAVY DEPARTMENT.
Pay and mbmitence, inclndiog medicines, &c

«91,664 78
389,388 84
114,77t 73
164,963 56
1,500 00

10,503 50
190,136 94

47,220 00
425,607 68

53,697 00
600 00

40,532 68
^ 109,560 03

87,263 00
.84,'782 87

144,214 33

119,207 61

407,696 33

8,290 34

49,901 42

3,000 00

12,000 00

860 00

23,243 75

1,100 00

2,396 79

3,095 19

4,923 19

4,000 00

70,901 78

132,724 05 :

375,004 00

23.637 62

2,825 98

183,479 17

16,468 99

19,384 92

3,641,778 29

178,776 05

958,277 90

738,979 79

108,482 34

37,708 32

14,804 13

1,445,212 78

1,097,006 65

16,915 53

211,811 10

420,837 43

1,000 00

52,917 66

(3,420,548 07

8,924,507 97

4,048,441 59

Digitized by LjOOQ IC

68»

SKPOilTS OFTBQE

A*— ContmnecL

[1848.

Iiicpeaae». repairs, armament, and c({aifiinent. ; • • .^. . . .

Contingent expenses .' ;. .

NaTy-yards

Kary nospttals and asylum ^ • .

Magazines .-. .' ^. .,

Sunrey 6f the coast from Appalachieola bay to the mouth of

' the Mississippi

Charter of the steamers Splendid and Clarion, for the survey

of Nantucket shoal .'

Arra^ng, preserviog, &c.f collections made by the Elplor-

' in Expedition.

Erecting the statue of Washington •

Suppression of the slave tradfe .' ;

R^ief of sundry individuals

Marine corpsw , ' ^ ....... •

' Total qndeir the direction of the Navy Dcfmrtment •

PUBLIC DEBT.

Paying the old public debt. ,,,,..

Interest on the loans of 1841 and 1842.

Redemption of Treasury notei. . •

Interest on Treasury notes.' ; • . • ..

Total publi<S dd>t « .«...;..

Total expenditures. ...j......

13,114,473 10

485,166 04

235,^29

24,182 27

619 13

10,925 28

•

4,345 3d

15,100 00

4,000 00

2,584 57

1,998 79

377,829 32

#8,32433 70

-

5,165 25

405,894 07

7,704.674 84

362,134 78

8,477368 94

-

32,398,906 54

TasAstJRT Department,

Register's Oppice, November 16, 1843.

T. J.. SMITH, ifcgTi«cr.

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1843.]

SECRETARY OP THE TRRASURY.

6t8.

B.

StaUmeni ofVtttiesy Revenue ^ and Pvilic Expenditures^ between January land
June 30, 1843, agreeably to warrants issued, during said period, exclusive
of trus^Jimds.

The receipU into the Treasury from January 1 to June 90,

1843, were as follows: •
From customs, viz — .

During the first quarter • ; - . •

During the second quarter •.

From sales of public lands • *

From miscellaneous and incidental sources

Total receipts, exclusive of loans and Treasury notes. . .

Avails of Treasury i^otes issued under act of January 31,

* 1842 ....; ;.........

Avails of Treasury notes issued under act of August 31, 1842.

Avails of loans of 1841 and 18^ ;

Avails of loan of March 3, 1843

Total

The iexpenditures from January 1 to June 30, 1843, ezclunve'
of trust funds, were, viz:

CIVIL UST.

Legislature •• ^ • • •

Executive.

Judiciary , , . .

Gh>vemments in the Territories of the United States

Suryeyors and their clerks -

Offices of the Mint and brainches - •

Commissioner of Public Buildincs 1

Secretary to sign patents fot pubuc lands. •••..•

Total chril list '.

FOREIGN INTERCOURSE.

Salaries of Ministers. '

Salaries of Secretaries of Legation '.....•

Salaries of Charges d'Afiaires. ^

Salary of Minister Resident to Turicey ^

Contingent expenses of all the missions abroad

Salary of dragoman to Turkey, and contingencies

Outfit of Charge d'AfCiires to Denmark .-.

To establish the future commercial relations with China

Compensation for certain diplomatic services

Conungent expenses of foreign intercourse

Salary of consul at London..

Relief and protection 'of American seamen

Clerk hire^ office rent, dbc., to American consul, London. . . .

Intercourse with Barbary Powers. •

Compensation to a Commissioner to the Sandwich Islands. .
Expenses incurred by the legation to Mexico, in relation to

prisoners • •

Extra compensation to the late agent for prosecuting the claim

to the Smithsonian legacy • ^ ••...'. .

Total foreign intercourse. ••••.•.••••••••.••••••••••••

12,940,804 16
4,106,039 75

45,350 00

617,000. 00

4,883,358 36

6,934,000 00

335,183 92

440,898 82

287,058 04

79,260 92

: 33,309 93

19,050 00

1,419 44

750 00

17,046,843 91
897,818 11
420,663 44

8,065,325 46

12,479,708 36

20,545,033 82

- •

1,196,931 07

33,507 29

7,856 00

25,325 00

2,765 00

23,557 37

1,952 55

4,500 00

40,000 00

15,081 49

8,000 00

1,007 06

27,867 02

1,400*00

4,803 87

2,150 00

810 75

3315 73

•

9M,398 13

Digitized byLjOOQlC

mi

REPORTS OP THE

[184S.

B — Continued.

MISCELLANEOUS.

Surrey! of public lands.

Support and maintenance of light-houses, &c

Marine hospital establishment.

Public building, &c., in* Washington

Support and maintenance of the penitentiary of the District
or Columbia. . . . . »

Sixth census -

Patent fund » . . •

Distribution of the sales of public lands

To meet the engagements, &c , of the .General Post Office
Department

Documentary History of the American Revolution

Payment of books ordered by Congress.

Payments to Maine and Massachusetu under the fiAh article
of the treaty of Washington .,

Building custom-houses, &c

Survey of the coast of the United States *

Mint establishment..

Relief of sundry individuals

Miscellaneous claims unprovided for

Sales of certain lands ceded by Ottowa Indians.

Survey and exploration of the northeastern boundary line. . .

Erecting penitentiary in Iowa Territory.

Three per cent, funo to the State of Niissouri

Relief of the several corporate cities of the Dislriot of Col-
umbia.

Debentures and other charges

Additional compensation to collectors, &c

Payment of horses, &c., lost

Duties refunded under protest

Repayment for lands erroneously sold •..»••»

Insane hospital for the District of Columbia. ......•••

Removal of the statue of Waahinffton

Auxiliary watch for tlie city of Washington

Expenses incidental to the issue of Treasury notes

Expenses incidental to loans ».».....

Testing the capacity and usefulness of the system of electro-
ma^etic telegraphs • •

Results and account of the Exploring Expedition

Temporary support of lunatics of the Distriot of Cekimbia. .

All other items of a miscellaneous nature

Total miscellaneous

UNDER DIRECTION OF THE WAR DEPARTMENT.

Army proper.

Military Academy

Fortifications and other works of defence

Armories, arsenals, and munitions of war. '.

Harbors, rivers, roads, &c « ,

Surveys

Light-nouses and marine hospitals

Pensions

Indian department,

Claims ot the State of Virginia ,^

Arming and equipping the militia

Payments to militia and volunteers of States and Territories. .
Relief of sundry individuals ,

Total undsr the direction of the War Department. • . .

i23,901 51

184,548 46
50,134 54
21,(i98 60

4,500 00
26,752 14
19,925 00
83,233 79

21,303 00
34,468 00
41,618 00

300.006 00
25,571 64
26,300 00
33,020 00
72,078 77
904 75
20,679 90
21,382 05
14,4^ 00
10,492 31

93,560 64

2,450 00

100,923 85

28,596 69

143,478 78

7,712 59

7,000 00

2,500 00

3,416 57

1,581 04

11,346 79

8,000 00

5,000 00

500 00

12,985 12

1,693,274 73

63.605 10

404,083 78,

328,203 94

104,698 68

21,472 00

4,667 04

a36,277 36

444,585 30

6,572 50

84,540 75

109,649 34

66,753 79

$1,465,964 53

4,158,384 31

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1848^] SECRETARY OF THE TREASURY.

B— Continued.

6S6

"UNDER DIEECTION OP THE NAVY DEPARTMENT.

Pay and subsistence, including medicines, dkc

Increase, repairs, armament, and equipment.

Contingent ej^>eiises » •

Nayy-yards •

Kav^ nospitals and asylum ,

Repairs or magazines. . • •,••••# -

Pensions to iuTaUds and widows and orphans

Surrey of die coast from Appalacbicola bay to the mouth of

the Mississippi rirer.. '

Surrey of the harbor of Memphis, Tennessee

Arranging;, preserving, &c. , collections made by the Exploring

ExpMlition 4

Building d^t of charts

Purchase or the use of Babbitt's anti-attrition metal

Suppression of the slave trade

Relief of sundry individuals • . .

Marine corps.

Total under the direction of the Navy Department. • . .

PUBtiC DEBT.

Paying the old public debt •

Interest on loans of 1841, 1842, and 1843

Redemption of Treasury notes

Interest on Treasury notes.

Total publicdebt

Total expenditure

19,079,546 42

916,172 35

339,505 63

67,055 60

13,245 59

306 00

21,449 00

3,923 53
111 12

2,000 00
3,000 00
20.000 00
2,000 00
1,324 76
203,077 79

5,224 32

386,187 88
832,788 32
137,406 95

$1,672,717 79

861,607 47

111,559,^8 30

TeEASXTRY DEPARTBfENT,

Register's Office, November 16, 1843.

T. L. SMITH, Register.

Vol, IV.— 40*

Digitized by

Google

mi

REPORTS OF THE
B — Continued.

[1843.

MISCELLANEOUS.

Sunreys of public lands

Support and maintenance of light-houses, &c .•

Marine hospital establishment.

Public buildings, &c., in' Washington .***.**

Support and maintenance of the penitentiary of the District
or Columbia.

Sixth census

Patent fund

Distribution of the sales of public lands

To meet the engagements, &c , of the .General Post Office
Department

Documentary History of the American Revolution

Payment of oooks ordered by Congress.

Payments to Maine and Massachusetu under the fifth article
of the treaty of Washington

Building custom-houses, &c

Surrey of the coast of the United States

Mint esta!)]i8hment..

Relief of sundry individuals

Miscellaneous claims unprovided for

Sales of certain lands ceded by Ottowa Indians

Surrey and exploration of the northeastern boundary line. . .

firecting penitentiary in Iowa Territory.

Three per cent, funa to the State of Missouri

Relief of the several corporate cities of the Distriot of Col>
umbia

Debentures and other charges

Additional compensation to collectors, dbc

Payment of horses, &c., lost

Duties refunded under protest

Repayment for lands erroneously sold ■, ...•....•.

Insane hospital for the District of Columbia.

Removal of the statue of Washinsrton

Auxiliary watch for the city of Washington

Expenses incidental to the issue of Treasury notes

Expenses incidental to loans *

Testing the capacity and usefulness of the system of electro-
magnetic telegmpns »

Results and account of the Exploring Expedition

Temporary support of lunatics of the District of Columbia. .

All otiier Items of a miscellaneous nature

Total miscelhineous .,<,.. ...««.

UNDER DIRECTION OP THE WAR DEPARTMENT.

Army proper ^.**, , „ »

Military Academy * , ,

Fortifications and other worKu of defence, .**,*.,....,,,,.*
Armories, arsenals, and munitiotis of M'ar. .,.....*.««*«....

Harbors, rivers, roods, &c. ,.***. , . , ., p , . . . « ^

Surveys ....,...„..,,, , , , , ,

Light-houses and marine hoApkidB ,.,..«... i, ^ ,. .

Pensions .,.*..,»*>,«

Indian department ....,....,,.,..,...,...... ^ ..,,,.....« ,

Claims ot the State of Virginia <.»...,.*.•,,,.,..

Arming and equipping the imlitm ..,.»-., ...».,»,.»,,

Payments to militia and volunteers of SuiieaaiidTt rri tones..
Relief of sundry individuals *»-.»♦»,.* ,

Total undsr the direction of the War Depiartinen i . » . .

i23,901 51

184,548 46

50,134 54

91,(i98 60

4,500 00
26,752 14
19,025 00
83,233 79

21,303 00
34,468 00
41,618 00

300.006 00
25,571 64
26,300 00
33,020 00
72,078 77
904 75
20,679 90
21,382 05
14,400 00
10,492 31

93,560 64

2,450 00

100,923 85

28,596 69

143,478 78

7,712 59

7,000 00

2,500 00

3,416 57

1,581 04

11,346 79

8,000 00

5,000 00

500 00

12,985 12

]n4,fitit4 m

^*i .47!i m

4,(^7 04

Kh;,377 36

444.5^5 30

id;' .
54i,

|r,<G5,W 53

J,

1848.] SECRETARY OF THE TREASURY.

B — Continued.

6m

"ONDER DIRECTION OP THE NAVY DEPARTMENT.

Pay and subsistence, including medicinesi &c

Increase, repairs, armament, and equipment.

Contingent expenses ^ •

Nayy-yards

Navy hospitals and asylum

Eepurs or magazines. ^

Pendons to inralids and widows and orphans

Surrey of the coast from Appalachicola bay to the mouth of

the Mississippi riyer '

Shinrey of the harbor of Memphis, Tennessee

Ammgin^, preserving, dkc. , collections made by the Exploring

Expedition «...

Building d^dt of charts

Purchase or the use of Babbitt's anti-attrition metal

Suppression of the slare trade

Reuef of sundry individoals

Marine corps

Total under the direction of the Navy Department. • • .

PUBLIC DEBT.

Paying the old public debt -

Interest on loans of 1841, 1842, and 1843

Redemption of Treasury notes

Interest on Treasury notes.

Total public debt

Total expenditure

13,079,546 42

916,172 35

339,505 63

67,055 60

13,245 59

306 00

21,449 00

3,923 53
111 12

2,000 00*
3,000 001
20,000 00£
2,000 00*
1,324 76f
203,077 79 ;

^^: i

t3,672,n7 79

5,2^32

332,789 32^
137,406 95;

861497 47

«U,a9J98 39i

Treasury Departbcent,

Register's Office, Notember 15, 1843.

T.L. SMITH, %i<rr.

'«ii- m

y

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6M

REPORTS or THE
C.

Oists.

AMemeitf lowing the Reveiwejrom Cuttom ond other lemnei, Expen£titret,

January t, 1837, 0

EBonrrt.

Total ree^pla

ntnn rtrenue,

accruing dunn^

the 7ear.

«,««•.

Ymn.

Froradudeton
merchandise^

Prom pubKc
lands, db mwcel-
laneoustourcet.

From debts and
oilier funds,

before 1837.

From loans and
Treamirj notes.

1«37
1836
1839
1840

#11,165,970 33
16,155,455 59
33,136,397 10
13,496334 37

16,863,556 46
34214483 93
7,361,117 94
3,494,356 41

#18339,536 68
19369,639 46
30,397,515 04
16,991,190 71}

#1378,486 77

4,779,671 05

63,838 51

1,855,701 30

#3,993389 15

13,716390 86

8,857376 21

5389347 51

63,954,657 33

90333,314 74

84,787,871 96

8376307 53

95,156,633 73

1841

1849

To 8«pt. 30,

1843

14,481,997 88
18,176,730 76

13,179,116 00

1,470,395 IS
1,434,878 58

1,496,038 83

15,953393 00
19311399 34

14,605,144 83

•680,163 65
•33367 06

•8,194 38

13,659317 38
14308,735 64

19345,708 36

145,837,834 64

#4331,909 53

#50,169,037 16

#790,733 9f| #41313,761 38|

Rsceipta from debt* and other ftmds whkk ezisCed before 184L

Actual balances above stated brought down-

Id these balances are included the foUowmg amounts of unavailable^
fundst parts of which, by act of March 3, 1837, were passed to the
credit of the Treasurer, and to the debit of the banks where the
money had been deposited ; leaving these sums as parts of the
balances in the Treasury

Bahnce in the Treasury on the Slst December, 1836, exclusive of trust
Including the amount subsequently deposited with the States,

which being deducted from the balaince, leaves an available balance
The amount paid on account of the principal and interest of the public

December 31, 1840, was

And between January 1, 1841, and September 30, 1843, was

The amount paid for interest on Treasury notes during the period first
And the sum paid for interest on loans and Treasury notes between

These payments are included in the column of ** Payments

Tbbasubt Dbpaetmbnt,

Rboi8tbe*8 Offiob» December 1, 1843.

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184«0

SECRETARY OF THE TIffiASURY,

«iB7

€.

PMie Debt, nominal anA aettutl b«l<meet t|» tke Tf-autiry each year, Jrom
Segtmim 30, 1843.

Total receipta.

Expenditarea^

exdoaiTe of

payments on

account of the

debt, according

to the warrants

each year.

Payments on
account of the
old debt. Treas-
ury notes, and
intaresW

Total
expenditurak

Nominal

balance in the

Treasury at

the and of each

year.

Actual bal-

ance,exdusive

of deposites

with the

States, and

outstanding

warrants.

fS2,901,OO8 €0
36,866,131 37
34,317,629 76
34,436,439 49

133,808,274 30
31,421,098 20
24,999,189 26
22,351,147 67

121,822 9:1

5,605,720 27

11,117,987 42

4,086,613 70

133.830,097 21
37,026,818 47
36,117,176 «8
-26y437,761 37

#37,387,252 69
36,891,196 94
33,157,503 68
29,963,163 46

16,654,435 73
6,493,748 63
3,235,418 78
1496,627 65

118,521J2Q3 22

112,579,709 43

20,832,144 30

133,411,853 73

304»1,772 93
34,452,702 04

27,159/M7 56

26,394,343 31
23>921,057 60

16,920,193 38

5,698,380 74
8^77,848 94

7,859,194 49

32,092,724 05
32,^8,906 54

24,779,387 8^

28,685,111 08

30,521,979 44 1>449,47S 03

32,901,639 18 3,829,131 77

191,903,522 58

167,235,594 24

#22>035,424 17

189,271,018 41

• ••»««•««•••«•

«^te.-^In the above statement the trust ftmds are excluded.

1887.
«6,654,436 73

18d8«
$6,493,748 63

1839.
$3,235,418 78

1840.
$1,196,687 65

1,669,640 63

l,496,a6« 18

1,496,26» 18

37,4M S6

$6,094,896 20 $4,997,496 46 $1,739.166 60 $1,169,158 40

funds and outstanding warrants $46,748,463 60

$28,101,644 19, and $1,669,640 63 unavaikble funds,

January 1, 1837, of 16,087,278 88

debt existing before 1837, between January 1, 1837, and

62,898 99

, ' 32,320 08

mentioned was 689,438 46

January 1, 1841, and September 30, 1843, was 2,006,844 69

on account of the old debt, Treasury notes, and interest."

T. L. SMITH, Rtguier.

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Digitized by'

6S8 REPORTS OF THB [1848.

D.

Lkt of CUnend Depotiu Banks.

Commercial Bank PorUmoatb, New Hampdiite^

Merchants' Bank Bostop, Massachusetts.

Arcade Bank Providence, Rhode* Island.

Farmers and Mechanics' Bank Hartford, Connecticut.

Bank of Commerce New York.

Bank of America New York.

Merchants' Bank New York.

Philadelphia Bank Philadelphia; Pennsylvania*

Exchange Bank Pittsburg, Pennsylvania.

Merchants' Bank Baltimore, Maryland.

Bank of Baltimore Baltimore, Maryland.

Bank of the Metropolis Washington, District of Columbia.

Southwestern Railroad Bank Charleston, South Carolina.

Bank of Louisiana New Orleans, Louisiana.

Ohio Life Insurance and Trust Co., . .Cincinnati, Ohio.

Clinton Bank of Coliunbus Columbus, Ohio.

Bank of Norwalk Norwalk, Ohio.

Michigan Insurance Company Detroit, Michigan.

Bank of Sandusky Sandusky, CH>io.

Banks in which Special Deposites are made,

American Exchange Bank New York.

Bank of Washington Washington, District of Columbia.

Bank of Potomac Alexan<ma, District of Columbia.

Bank of Virginia Richmond, Virginia.

Exchange Bank of Virginia Norfolk, Virginia.

Planters' Bank of Georgia Savannah, Georgia.

Bsuik of Mobile Mobile, Alabama.

Union Bank of Tennessee Nashville, Tennessee*

Bank of Missouri St. Louis, Missouri.

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1S13.]

SECRETARY OF THE TREASXJRY.

689

UNITED STATES LOAN OP 1843.

SuameiU ofPenom to whom teas awarded the Stock of th^ Loan for seven
tnUlions ofdottarsy at Jive per cent, interest^ payable in ten years from Jrdy 1,
1843, with the terms.

OFFERS ACCEPTED.

Namat of Subscribers.

John Ward & Co

Secretary of War, in trust for Indian >

tribes J

Southwark Bank

Bank of Potomac

Piscataqua Bank..«.«.« ,

Charles Davies, Treasurer Military )

Academy, West Point \

Daniel Piufker

Philadelphia Savings Fund Society. . . .
PennsylTania Company for Insurance >

on Liyes and Qrantmg Annuities.. ]

Amount.

16,498,000

50,000

200,000
40,000
90,000

16,000

10^000
100,000

56,000

#7,000,000

Rate of pre-
mium.

Rate of inter
est.

#101 01

101 01

101 01
101 01
10101

101 01

101 01

102 37|

10155

5 per cent.

do.

do..

do.

do.

do.

do.
do.

do.

Amount of
premium.

#65,629 80

505 00

2,020 00
404 00
303 00

161 60

101 00
2,31^00

868 00

#72,367 40

OFFERS NOT ACCEPTED.

Patapsco Bank « «.

George Curtis

John A. Stevens.* ••

J. Q. Fendi

Bank of Baltimore

Horace Binney

J. G. Thayer & Brother ,...•••...,

Corcoran A Riggs.

Franklin Havoi..

Corcoran dk Riggs. ......•••, ,

Corooraa 4k Riggs •

Bernard W . Campbell

Massachusetts Fire and Marine Insu<

ranoe Company

Josiah BmdIeedkCo

William Pratt

Phineas Upham •

Middletown Bank

Bank of Charleston, S.C. ,

James Camak ,

Bowenr Savings Bank ,

Timothy C. Leeds

Provident Institution for Savings,)

Boston {

John W. Tredwdl

Thomas P. Hoopes

John J. Swift

Bank of the Metropolis • .. .

Henry Tohmd

#20,000
50,000
50,000
30,000

100,000
16,000
30,000

100,000
2,000,000

350,000

1,000,000

10,000

60,000

68,000
100,000

25,000

30,000
100,000

30,000
125,000

10,000

123,000

90,000

10,000

10,000

500,000

1,000,000

#101 00
101 00
101 00
101 00
100 75
100 75
100 75
100 75
100 90
100 25
100 00
100 00

100 00

100 00
100 00
100 00
100 00
100 00
100 00
100 00
100 00

100 00

100 00

100 00
100 00
'Mostfavorjable
103 10

5 per cent,
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.

do.

do.
do.
do.
do.
do.
do.
do.
do.

do.

do.
do.
do.

5 per cent.

The two last bids were not received until after the time for makinr offers had sxpiUBd, and
(he anangcaMnt had been closed with those whose offers were acceptM^

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as* KKPCATB or THE [iMa

StatmtHt €f the JMt of Ae United States, December h 1848.

1. Of the (old) funded debt* beiof unclaimed principal

and interest returned from the late loan offices, ^ . . $208,009 S4

2. Outstanding certificates and interest to December 31,

1798, of the (old) unfunded debt, payable on pre-
sentation 24,214 29

5. Treasuty notes issued during the late war, payable on

presentation 4<S17 44

4. Certificates of Mississippi stock, payable on presenta-
tion 4,330 09

6. Debts of the corporate cities of the District of Colum*

bia, assumed by the United States, viz :

Of the city of Washinffton $900,000 00

Alexandria 210,000 00

Georgetown 210,000 00

^ 1,320^000 Oi

6« Loans, viz:

Under the act of July, 21, 1841, redeem-
able January 1, 1845 6,672,976 88

Under the act of April 15, 1842, redeem-
able January 1, 1863 8,343,886 03

Under the act of March 3, 1848, redeem-
able July 1, 1853 7,000,000 00

--21,0163«2 91

7. Outstanding Treasury notes:

Of the several issues prior to August 31,

1843. - '. •3,917,726 92

Of notes issued and paid out under the act

of March 3, 1843 247,500 00

^— 4,166;225 9i

Trbasurt Depaetment,

Rkoister's Office, December 1, 1843.

T. L. SMITH, R^itter.

*Thia ama includes f98,M0 in th« hands of the acoountih^ oftcers.

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REPORTS OF THE
G — Continued.

[184&

(I.) 1831.— Imported free of duty ^ 410,0eS^tS

Dutiable ^ 53,503,411

I fGS,585,794

Exported free of doty 10,764,757

DutiaUe 10,537,731

91,309,488

Conaumedandoiihandi. «... ^41,983,936

(9.) 1839.--Imported free of duty A7,998,708

Dutiable ....•...• 75,949,833

i83;Ml,541

Exported free of duty 11,184«896

Dutiable 11,101,306

' Conanmed and on hand ^60355,339

Treasury DEPARTMEirr,

Register's Office, November 15, 1843.

T. L. SMITH, R^iriHer.

H.

A statement exhibiting the value of the Exports of Domestic Produce and
Manufacture^ and ^Foreign Merchandise reexported^ annually ^ from 1821
to 1842, inclusive.

TALvs or Kxpoart.

Yearaendine
September 30.

Domeetic pro-
duce, Ac.

Foreign merchandiee reexported.

Total Tahie of
exporta.

Free of duty.

Paying duty.

Total.

1891

143,671,894

110.764.757

110,537,731

#21,302,488

#64374,389

18»

49.874.079

11,184.896

11,101,306

92,986,902

79,160,981

1893

47,155,408

7,696,749

19,846,873

97,543,622

74,699,030

1894

53.649.500

8,115,082

17,222,075

95,337,157

75.986,657

1816

66,944.745

9,885.840

22,704,803

39,590,643

99,535,388

1896

53,055,710

5,135.108

19,404,504

94,539,612

77,595,399

1897

58.921,691

7,785,150

15,617,986

93,403,136

82,394327

1898

50.669,669

8.427,678

13.167,339

21,595,017

72,964,686

1899..

55,700,193

5,931,077

11,427.401

16,658,478

72,358,6n

1830

58,462,029

2,320,317

12,067,162
12.434,483

14,387,479

73,849,508

1831

61,977.057

7,599.043

20,033,596

81310,583

1832

63,137.470

5,590.616

18,448,857

94,039,473

87,176343

1833 ,.

70,317,698

7,410,766

12,411,969

19,892,735

90,140,433

1834

81,024,162

12,433,291

10,879,520

23,312,811

104336,973

1835

101,189.082

12,760,840

7.743,655

20,504.495

191,693377

1886..

106,916,680

12,513,493

9,232.867

21.746,360

198,663340

1837

95.564.414

12,448,919

9,406,043

21,854,962

117,419376

1888

96.033.821

7,986,411

4,466,384

12,452,795

108,486,616

1839

103.533,891

12,486.827

5,007,698

17,494,525

191,098,416

1840

113,895.634

12,384.503

5,805.809

18,190,312

139385346

1841

106,382.722

11,240,900

4,228,181

15,469,081

121351303

1849

92,969,996

6,837,084

4,884.454

11,721,538

104391334

Trxasttry Department,

Regibtbr^s Office, November 16, 1843.

T. h. SMITH, R^iuer.

Digitized by i^OOQ IC

18«r.] SECRETARY OF THE TBEABURY.

I.

633

A ttatenunt exhibiting the value of Merchandise imported from 1821 to 1843,
and alto the amount .ofdvtim which accrued annually upon tuck merchandise
during the said period.

TALVB OF IMPORTS

Period.

Qrom datiea on
merchandise.

Free of duty.

Paying daty.

Total.

Ymr endine Sep-

|10,082,ai3

$52,503,411

#62,565,724

118.475.703 57

1832

7.298,708

75,942,833

83,241,541

24,066,066 43

1823

9,048,288

68,530,979

77,579,267

22,402.024 29

1824

12.563,733

67,985.234

80,549,007

25.486,817 86

1825

10,947,510

85.392,565

96.340,075

31,653,871 50

1826

12,567,769

72.406,708

84,974,477

26.063.861 97

1827

11,855,104

67,628,964

79,484,068

27,948,956 57

1828

12,379,176

76,130,648

88.509.824

29.951.251 90

1829

11,805,501

62,687,026

74,492,527

27.688.701 11

1830

12,746,245

58,130,675

70,876,920

26.389.505 05

1831

13,456,625

89,734,499

103,191,124

36.596,118 19

1832

14,249,453

86,779,813

101,029,266

29.341,175 65

1833

32,447,950

75,670,361

108,118,311

24,177,678 52

1834

68,393,180

58,128,152

126,521,332

18,960,705 96

1835

77,940,493

71,955,249

149,895,742

25,890,726 66

1836

92,056,481

97,923,554

189,980,035

30,818,327 67

1837

69,250,031

71,739,186

140,989,217

18,134,13101

1838

60,860,005

52,857,399

113,717,404

19,702»825 45

1839

76.401,792

85,690,340

162.092,132

25,454,533 96

1840

57,196,204

49,945,315

107,141,519

15,104,790 63

1841

66.019,731

61,926.446

127.946.177

19,919,492 17

18^

30,627,486

69,534,601

100.162.087

16,622,746 84

.\Ue.— The sptucea show the changes in the tariffs.

Treasury Dbpartment,

Register's Office, November 16, 1843*

T. L. SMITH, Register.

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REPORTS OF THE

I184S.

The foUowiog Tables are annexed to Table M as exphcaaxxjryfhemof:
M No. 1. Showing the various articles in the column heiufed *♦ Cottons*'*
M No. 2. The articles included in the column "Woolens/'
M No. 3. Those included in the column of "Lineos and nmnufiurtures

of flax," and that of " Manufactures of hemp."
MNo.4. Those included in the column *♦ Manufactures of iron and

steel."
M No. &. Those included. in the column "Hemp and cordage."

M No. 1.

A itatemera exkihiting the wdue of Manujacturm qf CtOUm imparted from

1821 to 1842, incluiioe.

MAirUPAOTURBf or COTTOV.

Ymn.

Dyed and
eolorad.

White.

Hosiery,
gloves, miu
dt bindings.

Twist,

3rarn, and

thread.

Nankeeas

firom

China.

Articles not
specified.

Total.

1821

1822.

1823

1824

1825

1836

1837

1838

1839

1830

1831

1833.

1833......

1834

1835.

1836

1837

1838

1839

1840

1841

1843

14366,407
5,856,763
4,899,499
5,776310
7,709,830
5,056,735
5316,546
6,133,844
4,404378
4,356,675

10346300
6355,475
5,181,647
6,668,833

10,610,733

13,193,980
7,087370
4317351
9,316,000
3,893,694
7,434,727
6,168,544

12311^5
2351,627
2,636313
2,351,540

3,:u*i/i08

2,.>si/..M
2,4.^1.316
2,i4J.H05
2,4^^7 .H04
4ri--.l75
2,:i:^,i.72
1,181,512
1,766,482
2,738,493
2,766,787
1311398

980,142
2,154,931

917,101
1,573305
1385,894

1198,783
433309
314,606
387,514
545315
404,870
439,773
640,360
586,997
387,454
887,957

1,035313
623,369
749,356
906369

1358,608

1,267367
767,856

1379,783
792,078
980,639

1,027,621

1151,138
181343
103,359
140,069
301349
175,143
363,773
344340
173,130
173,785
393,414
316,133
343,059
379,793
544,473
555390
404,603
333,114
779,004
887,095
863,130
457317

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10,399,653

7,660,449
10,145,181
15367385
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11,150,841

6,589,330
14308,181

6,504,484
11,757,036

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Trbasurt Dbpartmbnt,

Rboistbr's Officb, NovenAer 16, 1843.

T. L. SMITH, Register.

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11843.

A imUmeiU exhibitiiig the vaiue of Hemp and Cordage imported mto ike
United Stateefrom 1821 to 1842, indutioe.

HEB4P AND CORDAGE.

TRAB8.

H«ttp.

Tarred «oidikge.

Untarrtd cordage.

Total TahM.

1991...-

tfltti

#510,489
1354,764
674,454
485375
431,787
551,757
635354
1375343
655335
900338
995,706
866,865
470,973
514,743
598381
815358
483,799
519306
«r7,766
686,777
561339

#107,867

147391

199377

104360

49,646

77,186

56,169

109,454

97,436

71391

33399

116389

149338

147,805

8I394

89361

34,108^

75,149

106308

85304

119395

66348

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6339

6,744

6368

8,114

6344

3399

10343

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5,76is

5381

19,180

9317

9331

13,434

68,936

19,491

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590335

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1843.

T. L. SMITH, RegUter.

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REPORT ON THE FINANCES^

DECEMBEfi, 1844.

Tbba8urt Dbpahtmbnt, December 16, 1844.

Herewith I have the honor to commniucate to the House of Represadr
aidves of the United States tl» annoal report, requirsd by law, of die
Seeretarv of the Treasuiy.

. I Avail myself of the oGcasion to express my profbnnd respect for the
body oyer winch you have the distiihruished honor to preside, and to
tender to you, personally, assurance of high regard.

GEO. M. BIBB, Secretary (f the Treatmy.
HoB^ JoHK W. JoHtta,

Speaker of the Hatue <^ R^pregenUUives.

Te 4he hamrabU ike Msmfterv ef tke Senate and of the House of R^eeenki^
timt of the Vmted 8tate$ of AmericOf in Cmgrets aeeemhled:
By "An act to establish the Treasury Department,** approved Sep-
tember 9, 1789, it is the duty of the Secretary of the Treasury " to digest

• and prepare plans for the improvement and management of the revenue,

• and ror the suppoit of the public credit ; to prepare and report estimates
•of the public revenue and the public expenditures.'*

By •* An act supplementaiy to the act entitled * An act to establish
Ae Treasury Department,*** approved May 10th, 1800, it is "the duty

• of the Secretary of the Treasuiy to digest, prepare, and lay before
•^Cbngress, at the commencement of eveiy session, a report on the subject
•of &aance, containing estimates of the public revenue and public ex-

• pend^tures, and plans for improving or increasing the revenues, fitim time
•to time, Sm* the purpose of giving mformation to Con^ss in adopting

• modes of raising the money requisite to meet the pubhc expenditures.**

By other acts, certain other duties are required of the Secretary of the
Treasury.

In obedience to those several acts, the Secretarjr of the Treasury
tsbmits most respectftilly to the Congress the following report and
ertioMUesi

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.6M REPORTS Of THE [1844.

The dupport^ the public credit is of the first importance to*tibe nabonal
honor, national safety, national prospentj, the wel&re of the cidz^as
individually and collectively.

Public credit '' is a faculty to borrow at pleasure large sums on mod-

* erate terms ; the art of disdibutin^ over a succession* of years, the costs

* of the extraordinary eflS)rts found mdispensable in one ; a mean of accel-
^ crating the prompt employment of all the abilities of a nation^ and even
*of disposing of a part of the overolus of others."

The mqans by vsrhich public credit is to be supported, are die exertion
of the will and the power to provide, by prudent forecast, the ways and
means amply sufficient for the punctual payment of all debts according
to the terms of the contracts, and good faith in fulfilling all engagements
expressly entered into, or impliedly and ftiorall^r obligatonr*

A nation is composed of natural persons united together as a body
politic for the purpose of promoting their mutual safety and advantage
oy the joint effi^ts of their combined strength. Such a society is a moral
person, susceptible of rights and obligations* As individuals who fulfil
their engagements are respected, trusted, prosper, and are able to obtain
succor in emergencies, so States, by like means, are respected, trusted,
prosper, and are able to obtain succor in exi^ncies.

Breaches of public engagements which nave arisen put of especial
emergencies, which seem to, plead for-them as baving been inevitaUe,
have not been without efiect, m a greater or less degree, to weaken public
credit. But violations of public engagements proceeding from negiigence^
choice, want of knowledge, or want of firmness of moral puipose to levy
taxes and provide the ways and mecms, are highly injurioiis to pdblic
credit.

The mischiefe which ensue from non<-fiilfilment of public engagements
are numerous and complex, baleful to the affairs of individuals, and
hurtful to the successfiil operations of the government. Public wid private
credit sie closely -allied. Credit may fa^ considered as one ^Rmle — an
entirety— -each part having a dependency upoti^, and sympathy with,
every other part. A shock tp public credit diminishes the resources of
private credit; deranges exchanges, sales, and pa^rments; caused disorders
and strictures in commerce, domestic and for^ga. If the creditors of
government are disappointed in receiving punctual payments, they fail
m their engagements to their creditors, and so on between other debtors
and creditors, until the disappointments are felt throughout a long series
of creditors and dpbtors ; the pirculation is obstructed, business languishes,
losses are incurred, and bankruptcies ensue.

The inviolability of public fiEutb, the support of public credit, is recom-
mended by (considerations of public i;it]bty, public virtue, and public
happiness ; it is commanded bv the unchangeable precepts of OKi^ality.
Tba-affairs df a nation cannot be happily administered without the* strict
observ^ce of justice and good feith.

In the afiairs of nations, exi^gencies have arisen, and may be eOLpec^ed
to occur, to produce a necessity for borrowing. The changes made in
modem times in the condition of nations, the great aherationsmtroduced
into the art of war, have rendered modem wars ve)ry exp^sive,' inso-
much that money, to a considerate extent, may be accounted an in*

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^4AJ} SECRETARY Of THE TREASURY. 661

riixnent which conduces to victory. No natbo has been able to defray
ke expenses of a modem war by the firpceeds of taxes during the war.
'he ^weight of increased annual taxation, to pay the whole increased
cinual expenses of the war, would be* intolerabhr oppressive. There-
>re a necessity ^arises of borrowing large sums, of charging the payment
pon' after generations, b^ fundinj^ the debt, imposing taxes to pay the
nnual iaterest, and providing a smkii^ fund to pay the principal grad-
lally in times of peace.

To be able to borrow, and to borrow on good terms, the national credit
nust be firmly established; a system of revenue must be provided, l)y
axation, adequate to the punctual payment of interest, ana pledged for
hat object. If the public faith and credit of the nation be doubted,
oans cannot be obtained without extravarant rates of interest, reserved
in one form or another ; and the like disadvantag^e will arise to the
government, upon purchases of commodities upon promises of future
paypoent.

The safeguards interposed by the texture of the Federal Constitution
have saved us from wars from trivial causes, or schemes of personal
Eunbition. But the just and pacific policy ma^ested by the United
States in their intercourse with foreign nations, has not saved us in time
past &>m the calamities of war. Nor can we reasonablv expect that
the "blessings of peace which we now enjoy will be ever-during.

To be prepared for war, is one of the safeguards a^inst foreign
aggressions, which lead to war. A wise people will, in time of peace,
Irok to the possft)ility that, in their intercourse with foreign nations, they
may be involved in war, and will not wholly neglect to provide for the
exigencies of such an event, by laying up supplies of military stores and
Unplen^ents, disencumbering themselves fh>m the debts of former wars,*
and instituting a just system of permanent revenue, which might be
readily augmented when- occasion shall require; thereby placing the
public credit and national resources upon the most solid foundation, and
m the most oommandinc; posture.

On the 1st day of July, 1844, the debts of the United States consisted
of the following particulars, videlicet:

1. Of the old funded debt, being unclaimed principal and interest returned
from the loan ofl5ce, payable on presentaticHi $178,034 84

2. Outstandin^certificatesof the olci unfunded debt, with
interest to me 31st Decetnber, 1798, payable on pre-
sentation 24,214 9>

8. Treasuiy notes during the war of 1812, terminated
in the vear 1815 4,317 44

4. Certificates of Mississippi stock issued under the acts
of 31st March, 1814, and 23d January, 1815 4,820 09

6. Debts assumed by the United States for the several
cities in the District of Colunjbia, under the act of May
20, 1836, originally amounting to one million five
hundred diou^and dollars, beanng interest at the rate
' of 6 per cent, per year, payable in yearly sums of sixty
thousand dollars in each and every year — ^now re-
duced to . . . •/ 1,260,000 00

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662 REPORTS OF THE {18<4

6. Outstanding Treasury notes, viz:

Of those issued after the 12th October, 1837, and
before 3d March, 1843 *9«),807 31

Of those issued under the act of 3d March,

1848 1,306,400 00

Aggregately making the sum of $2^256,207 1!

7. Certificates of stock for k>ans under the act of 2l8t
July, 1841, redeemable on the 1st Januaiy, 1845,
which were to the sum of five milfion six hunored and
seventy-two thousand nine hundred and seventy-six-
dollars and eighty-eight cents, beaiing interest at the

rate of 6 J per centum per annum, payable half-yearly 5,672,976 39

8. Cerdflcates of stock issued under the act of 15th April,

1842, to the sum of eight million three hundred and
forty-three thousand ei^t hundred and eighty-six dol-
lars and three cents, rMeemable at the pleasure of the
Oovemment on or after the Ist day of Januaiy, 1863,
bearing interest, payable half-yearly, at the rate of 6

per cent, per year 8,343,886 0

9. Certificates of stock issued under the act of March 3,

1843, to thie sum of seven million four thousand two
hundred and thirty-one dollars and thirty-five cents,
bearing interest, payable half-yearly, at tne rate of 6

g?r cent, per year, redeemable at the pleasure of the
overnment.on or after the 1st day of July, 1868. . . 7,004>231 85

The aforegoing loans under the acts of 1841, 1842, and
1843, make, together, the sum of twenty-one million
twenty-one thousand arid ninety-four dollars and twenty-
six cents of principal, bearing interest at the rates on
the sums, respectively, before stated 21,021,094 3g

All the aforegoing nine particulars amount to a debt of twaitjr-fcar
million seven hundred and forty-eight thousand onehundred and eigfay-
eight dollars and twenty-three cents. ($24,748,188 23.)

Of the Treasury notes issued since the year 1837, the Secretary offte
Treasuiy has caused to be redeemed in this fiscal year, ccHnmenctngiK
the Ist July, 1844, the sum (for principal and interest of three huBcted
tod twenty-two thousand five hundred and eighty-four dollars and sxty-
one cents. ($322,584 61.)

Of the stocks redeemable 1st January, 1845, he has canaed to be
purchased to the sum of five hundred and thirty-nine thousand 'mat
hundred and fifty dollars of principal and interest, ($539,950,) by wlidi
anticipation, a saving pf interest to the sum of four thousand and dcrei
dollars and seven cents ($4,011 07) has been eflfected.

To support the puUic credit and preserve the national fiuth, an lamttal
revenue is necessary, certainly productive, according to eommon occw-
ten<ies and human finsesight, exceeding the ordinaiy^ annua! expeaditaici

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L844.]| SECRETABy Of THE TREASURY. 66S

n tirDd^'oTpeacei the surplus to be apjdied to pay the aopual iatare^ti
Liid toi^ards lessening} and ultiinately extinguishing, the principal of the
lebt- .^ • .

The amount of public debt whicl\ can be paid during any period of
>eace, depends upon the length qf the continuance of the peace, and
he amount of the annual suqHus.(|bove annual expenditures which sh^
je applied.

If tne periods of war compared with those of peace, as^d the annual
Bxcess of the war. expenditures compared with the annual savings during *
the peace establishment, be* so related as that more debt is contracted
in every YTiar than is discharged in the succeeding peace, the con3e-
quence will be a continual increase of debt ; and th6 ultimate sequence
must be, that the debt wiU swell tp a magnitude which the naticm will
be unable to bear. . \ .

The only efiectual safeguards against such danger must be sought io
extending the relative length of the periods of peape, compared with
the periods of wiir; in fru^Jity in the peace establishment; in lessenma
th^ war expenditures; and in the increase of revenue from taxes. levied
duiip^ the war, or permanently.

By increasing the war taxes the sum to be borrowed will be lessened;
by . increasing the taxes in times of peace, the sum applicable to the
discharge of the^ public debt will be increased. In the proportion in.
which annual income exceeids annual expenditures, will be the gradual
discharge of existing public debts. By such means, the halcyon days
of no public debt, and the alleviation of the burden of taxation may be
restiored. . . ^

The excess of revenue above expenditures is die only real sinking
fund by which a puWic debt, can be discharged. The lessening w
expense, and the increase of revenue, are the omy means by which the
sinking fund can be enlarged, and its efifectual operations be accelerated.
The certificates of. the public stocks are now above par. value in the
market, transferable, and readily ponvertible for gold and silver at the
pleasure of the holders. If ffiiarded against depreciation, they may be
accounted as so much capital to aid business and enterprise ; as a cur-
rency of the most approved order in the ^enus of paper currency,
entitled to implicit conndence. ,

It is of high concern to the interests of the holders and dealers in
those, certificates of public debt, to the general transactions of businesfif
to the prosperity of the country, and to the national honor, that the cer-
tificates of pubhc stocks and Treasury notes be guarded against depre-
ciation, ana established firmly in the confidence of moneyed men..

To those ends the Sec^retary of the Treasury deems it not unapt, nor
without utility, 1st. To give a summary view of the public debts of the
United States which sprung out of the war of the Revolution, the suc-
ceeding extraordinary expenditures caused by the Indian wars and
campaigns of Generals Charles Scott, Harmar, St. Clair, and Wayne;
by the insurrection in the western part of Pennsylvania ; by the war with
the Barbary Powers; by the troubles.and quasi war consequent upon the
French revolution; by the war of 1812, terminated Jby the treaty of
Ghent in 1816; by the purchases of territory and pubfic domain — from

• Digitized by ijOOgle

664 REPORTS OF THE [1844.

the State of Georgia of her western lands, of Louisiana from France,
and of Florida from Spain; in connection with the numbers of the pop-
ulation of the United States, and the means by whicn those masses <d
•debt and expenditures have been gradually lessened, and finally eitin-
guished.

2d. To bring into view the resources of the United States for public
revenue, and mcreasing the income of the nation whenever future
emergencies shall require,

3d. To show the existing security for the payment of interest, And the .
uhimate redemption of the principal of the public debt.

4th. To propose the establishment of such a sinking fund as will and-
cipate and accelerate the final satisfaction of the public debt

I. During the revolutionary war, and antecedently to the adoption of
the Federal Constitution, the thirteen United States had contracted debts
to the sum of $7M16,476 62.

On the 1st January, 1790, the foreign debt, viz: to France, Spain,
and to foreign oflScers, including interest for the ye^r 1790, amounted to .
the sum of $12,656;871 28, and the domestic debt to $60,219,022 44;
together amounting to the sum of $72,775,893 72. The population of
the United States then numbered 8,927,827 souls, accordmg to the
census of that year.

. On the 1st Jaimary, 1800, the national debt amounted to $82,976,294 35 ;
and the population of the United States numbered 6,305,920 souls,
according to the census of that year.

On the 1st January, 1810, the debt of the United States amounted to
$53,173,217 62; and the population numbered 7,239,614 souls, according
to the census of that year.

On the 1st Januaryj 1816, the public debt had increased to the sum
of $127,334,933 74. This great increase was caused by the war of
1812, terminated by the treaty of Ghent of 1815, for the expenditures
of which ihe taxes had been increased ; the loans obtained amounted to
the sum of $70,478,209 73, and Treasury notes were issued to the sum
of $36,680,794; together making $107,169,003 73.

On the 1st January, 1820, the public debt had been reduced to the
sum of $91,015,566 15. The population, as numbered by the census
of that year, consisted of 9,638,131 souls.

On the 1st January, 1830, the public debt was reduced to the sum of
$48,565,406 50. The population numbered 12,866,020 souls, according
to the census of that year.

On the 7th December, 1835, the President's message announced that
" All the remains ofthe public debt have been redeemed, or money has
*been placed in deposite for this purpose whenever the creditors choose to
•receive it. All the other pecuniary engtigt^meiiti Urvc been prompiljf
*and honorably fulfilled, and there will be ii l>alaiice in the Trea&Ulj
* the close of the present year of about $ J 9 ,000,000." On the 6 tb f
ary, 1836, the commissioners ofthe sinking fund, and the rep*
Secretary of the Treasury, stated that all the dt^bt Iia*l bet^nj
the sum of $37,513 05 — ^which Consist<-rl nL^aims for
supplies durinff the revolutionary war **>!

issued during Uie war of 1812, $5,755 ;

/

DigitizecHMgOO'

Oock IT

^44.] SECRETARY OF Tlffl TREASURY. 665

e act of 3d Marcbt 1815, $4,390 09; and they fenewed dieir reGom-^
.eodation that the sinking fluid and the oomnDOssioners of the sinking
irxd be discontinued. It may be presumed that those Treasury nbtes
sued in the war of 1813, and not presented for payment, have been
sstroyed; and that of the other sums so long due and unclaimed, only
small pwt (if any) will ever be presented for payment
From the Slst December, 1789, to the Slst December, 1835, the
Tnited States paid for interest on the public debt the sum of $157,629,-
50 69; and tor the principal the sum of $257,452,083 24; together
laking the sum of $415,082,033 93.

The national income out of which that extraordinary sum of four
Lundred and fifteen millions of dollars was paid, over and above the
rdinary annual expenditures, (which, during that period of forjty-six
'ears, exceeded five hundred millions of dollars,) was derived princi^
lally Srom the duties on imports and tomiage, and the sales of the public
anas. Direct taxes and mtemal duties and excises were employed
i-om and after the 8th day of May, 1792, until the 30di June, 1802,
?(^hen they were repealed; and again epacted in the ydar 1813, and
■epealed 31 st December, 1817. A system of direct taxes and internal
luties has been resorted to only in emergencies, and has prevailed only
br a,bout fifteen years of the fifty-five which have elapsed since the
Federal Ck)nstitution was adopted.

The moral power, courage, and capabilities by which a nation in its
infancy, loaded with a debt of the revolutionary war of such magnitude,
harassed by Indian wars, and encumbered by another debt of the war
of 1812, terminated in 1815, discharged those debts faithfully — exhibit-
ing to a gazing and astonished world the example of a nation which had
exerted such energies, of a Government without. a national debt, with
an overflowing Treasury, and without direct taxes, internal duties, and
excises — are to be looked for in the genius of the Government, the integ-
rity of those who have been elected to administer it, the good sense,
honesty, and enterprise of the citizens, and lastly, though not least, in
the beneficent smiles of an all-wise and protecting Providence.

The general modes of operation have been by distributing over a suc-
cession of years the costs of the extraordinary efibrts found necessary in
some; accelerating the prompt employment of the abilities of the na-,
tion; using a part of the overplus of others; leaving every citizen to
choose his occupation; protecting him in the ftee enjoyment of Kfe,
religion, prpperty, and the means of acquirement; taking no more from
the earnings of industry, nor encroaching further upon the comforts of
Ufa than necessary to support a government economically administered ;
making our country an asylum for oppressed humanity, and inviting the
^ people of all nations to partake of tne blessings of a free government*
I By such means, stimulus. has been given to the increase of our popula-
tion, insomuch that, from lesQ than ttie number of four millions of soqls
in the year 1790, they had increased to upiyards of seventeen millions
in the year 1840; and may now, according to the ratio of increase
I exhibited by the successive enumerations taken every tenth year, be
stated at not less than nineteen million seven hundred thousand aoula.
A debt which would have be^ oppressive and intolerable if levied upon

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666 REPORtS OF THE [1^44

four nullioiis c^ peoplci has been fimnd not opptessire vfheii (fidtrilnited
over a period of forty-six years> and levied upon a cosdiraally increas*
ingpopolation* ,

Toe particular means by which the interest has been paid annnaify,
the principal lessened gradually^ and finallv redeemed, were by the
operations of a sinking fund, regulated by the act of Congress of 4tK
August, 1790, by which the surplus of c^tain taxes, and me proceeds
of sales of the pubUc lands, after paying the ordinary annual expenses
of the Grovemment were pledged and appropriated inviolably to pi^
the interest and redeem tne principal of me public debt; further regu*
lated by the act of 12th August, 1790; augmented by the act of 8th
Mfty, 1792 ; fiirther r^ulat^ by the act of 3d March, 1795 ; further
increased by the act of April 7m, 1798, by which the pnx^eeds of the
sale of the lands ceded by the State of Georgia were added; further
augmented by the act of April 29th, 1802, by which the specific sum of
$7,300,000 annually was appropriated, to be paid to die commissioners
of the sinking fund, which was increased to $10,000,006 annually by
the act of March dd, 1817. Xhis latter act added to the $10,000,006
such surplus as should remain unappropriated after leaving $2,000,000
in the Treasury for contingencies, and oirected all certificates of stocks
rede^ned by the commissioners of the sinking fund to be cancelled.

By means of the appropriations and provistons for the sinking ft2nd«
the sums of ^34,871,062 93 in tl^ year 1816; $26,423,036 12 in the
y^ar 1817; $21,926i209 62 in the year 1818; $16,568,393 76 in the
year 1824; $16,174,378 22 in the year 1881; $17,840,309 29 in the
year 1832, were applied to the payment of the interest and prmcipal,
beades the. smaller sums in other years, until the debt was extmguished
in the year 1836, as before iM)ticed.

&icn has been the effect of the. sinking fund. Such has been the scn>
pulous good faith which has been observed by the United States towards
the creditors of the Government.

JL As to the resources of the United States for public revenue, and
increasing the national income when exigencies shall require.

The public lands of the United States, stretching Srom the lakes of the
North to the Gulf of Mexico, and fi-om the foot of the Apalachian moun-
tains westward to the Pacific ocean, constitute a domain of incalculable
value.

The public lands are to be considered, first,- iii respect to the price for
which they can be sold in successive years to the increasing popuIatk>n;
secondly, m respect to the increased revenue which can be derived from
the increased populatum which those fertHe lands are capable of
sustaining.

Reasoninff fit)m the past to the future — ^fi^m the increase and spread
of our popumtion in the preceding fifty years, to the sticceeding half
century — ^firom the ratio of increase firom-less than four mfllions, by the
census of 1790, to upwards of seventeen millions, by the census of
1840, and iiow not less than nineteen million seven hundred thousand,
to the number which will be in the ensuing fifhr years— -it may confi-
dently be affirmed that by that time the population of the United. States
will exceed seventy miUions, Cf^^ing, with continuous connected settle^

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344-] SECRETARY OF- THE TEJEASUiRY. 6^

lentBy tbe land^ from our present frontier setttemeats all the way to the
acific ocean/

New laudSf at moderate prices, to be brought into cultivation by the
sinfi^ generations^ are sure foundations, Imderour institutions, for the
iipid increase of civilized m^nj and land and labor, agriculture, manu-
ictures, and commerce, are the true elements of national wealth,
atlonal income, and national stren^h. *

The proceeds of sales of the public lands, with duties on imports and
>anage, without direct taxes, internal duties, or excises, have hitherto
eeijL sufl^ient, in times of peace, to defray the ordinary annual supplies
ecessary ft«: the support of the National Government, and to yield a
urplus for the sinking fund; also for laying up supplies of arms and
ther munitions of war, the gradual augmentation of the Navy, the sup-
port of the Army, the erecting of fortifications, light-houses, surveying
lie coasts, &c. /

In the wide-extended domain, in the rapid increase of population, in
he physical and intellectual energy and enterprise of the people, in the
onsequent increase of agriculture, manufactures, and commerce; with
'- Government consulting the general welfare and conducting to the true
em pie of liberty, .the United States of America present to the view of
nankind a nation comparatively youthful, of unsurpassed resources, in-
licative of gigantic strength and great moral power. From thirteen, the
States have increased to the number of twenty-six, spreading over widely-
?^xtended new territories. By the instiiimentality of State governments
rox regulating their domestic affairs, with a Federal Government for regu-
cutting those which concern all, and particularly cominerce, foreign relar-
^ions, and the general defence, the United States of America are capable
of expansfon over the continent, without relaxing the force of law and
order, at the extremities, and without degenerating into tyranny* In
^tbe union of the State and Federal Governments we have a . tower of
•strength— sentinels to guard against epcroachments, preserve public
liberty and domestic order, and secure the general felicity. If this, the
I fairest fabric of hum^i government, shall nod from on high and totter to
[its fall, the sad catastrofwhe will be caused b^ sacrilegious violators of the
terms of mutual concession and compromise on which the Constitution
, of the United States is founded. Agamst any attempt at such violation,
it is the duty" of all good citizens to oppose their united strength.

m. As to the existing security for payment of interest, and the ultir
mate redemption of the principal of the public debt.

By the act of 21st July, 1841, a loan not exceeding the sum of twelve
millions of dollars was authorized, reimbursable at any time after three
years from the 1st day of January, in the year 1842.

By the 4th section of that act, tfie Secretary of the Treasury is author-
ized to purchase, at any time before the period limited fdr redemption
of the stock, such portion thereof as the funds of the Government may
admit. of, after meeting aU demands upon the Treasury; and afty sur-
plus in the Treasury is appropriated to that object.

By the 6th section of that act, the faith of the Government is expressly
pledged for the punctual payment of the interest, and the redemption of
the certificates of stock.

Vol- IV.— 42* r^ T

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668 REPORTS OF THE {IS*;

Under the provisioiis of dmt act, certificatjes of stock wwe
the sum of $6,672,976 88, bearing interest at the rate of ^ per rr.
per year, redeemable on the Ist day of January, in the year 1^
These certificates of stock will be paid on that day,'if OTescotsed. T.-
liinds in the Treasury are sufficient for the purpose. The Secretej,
the Treasury has caused public notice to be given, so as to stop Aera-
ning of interest from and after tliat day.

"An act for the extension of the loan of 1841, and for an addkin
$5,000,000 thereto, and for allowing interest on Treasury notes t»
approved April 15, 1842, extended 3ie time limited by the act of J:
21, 1841, for obtaining a loan of $12,000,000; authori2^ the ceriibcs?
of stock to be issued under this latter act, to be made payable at s
time not exceeding twenty years fix)m the 1st January, 184^; xl
authorized an additional loan of $5,000,000.

By the 5th section of this act of 1842, the moneys arising from Ae>
on imports of goods, wares, and merchandise, are pledged and aj^
priated for payment of the interest from time to time, and for paros
and redemption of the principal of the certificates of stock to beiss^
under the act of 1842, and under the act of July 21, 1841, asanKii^
and so much of the proceeds of duties on imports '* as may be wcesas^
*to pay the interest on said stock, and redeem the same wheo<kf.:^
* hereby appropriated to that object, to be first applied by the Secmsj
*of the Treasury to such pajrments and redemption."

The 7th section of the act of 1842 enacts that all the prorvisaoDBi'if
said act of 21st July, 1841, "not hereby modified or changed, stf s^
and remain in force, and apply to this act,*'— of the 15th of AprilSft

By authority of the act of 1842, certificates of stock were issaei t
the sum of $8,343,886 03, bearing interest at the rate of 6 per cat
per year, payable half-yearly; the principal payable oii the ist tiara
January, m the year 1863.

By " An act authorizing the reissue of Treasury notes, and fcr ^
purposes," approved March 3, 1843, another issue of certiBcates oi^
was authorized under the same restrictions, limitations, and provigr»
as are contained in the act of April 15, 1842; except that the cervdass^
of stock to be issued shall be redeemable at a period not longer thafltt
years from the issue thereof.

Under the provisions of this act, certificates of stock tothesimfl
$7,004,231 35 were issued, bearing an interest, payable 8emi-aninB2/
at the rate of five per centum per annum, the principal redeemable ce
the Ist day of July, in the year 1853.

The acts of 1843, adopting the act of 1842, which adopted the 4di
section of the act of 1841, taken together, contain express pledges rftbt
faith of the Government, and of the proceeds of the duties on gocxbafi^
merchandise, to pay the interest ana redeem the principal, and Bff^
priate any surplus in the Treasury, after meeting all demands um it
to redeem the principal. The 4th section of the act of 1841, adof*»i
by the two latter acts, authorizes the Secretary of the Treasoiy lo t»
any surplus of fimds, after meeting all demands upon the Treasury, t^
purchase any certificates of the stock before the period limitBd if
redemption.

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i44.3 SECRETABT OP THE TEEASUR,Y. W9

In the national fidtb, which has been sa honorably observed in ^yittg
e principal and interest of the former debts, to the sum of Sild^OOOyOOO^
id upwards^- in the pledge and appropriation of the proceeds of the
aties on imports of goods land merchandise^ — in the increasing ability
* a population, now numbered at not less than 19,700,000 souls, to pay
Xes — the holders of the certificates of the public debt of the Umted
tates, and all dealers in those certificates, have cause for implicit faith
ad perfect confidence that the interest will be paid punctually, and that
le principal will be redeemed and paid accoming to the terms of the
3ntracts.

No citizen of the United States of America, understanding the polity
f the Federal Grovemmentr and its past action in tulfilling its engage-
lents, can have a loop whereon to hang a doubt of the future fidehty
f the National Government in paying the interest and redeeming the
rincipal of the national debts, as they respectively shall become pay-
ble and deinandable. " .

If aliens, not understandinff the texture of the National Government,
o not distinguish accurately oetween engagements entered into by the
Fovemment of the United States, and those entered into by the several
states, in their capacities- of distinct local governments— each StaJte
aving power to contract for itself, but without capacity to bind other
States, or the Government of the United States — have distrusted the
redit of the National Government, because of the failure of some of the
states to comply with their respective engagements, such distrust is to
>e regretted. That any one of the States should have been under a
lecessity, real or imaginary, to incur a defiiult in payment to those who
lad loaned her money, is to be deplored; but most of all it is. to be
araented that any State should have resorted to repudiation of her debt.
X may, however, be confidently expected that reason will resume the
lelm of State — that the good sense of the people wUl in time correct those
5vils. With their increasing population and resources, when tliey shall
4ave recovered from the debihties caused by extravagant issues of
insound bank paper, premature undertakings of internal improvements,
and fanciful speculations — from the panic of depreciated tank notes,
md fall in the prices of lands and products — ^wnen a prosperous com-
aaerce and a sound ci;rculating m^um shall have rest(M:ed reasonable
prices for staple commodities — the. people of the States will manifest a
sincere determination to make reasonable reparation to their creditors
for delay caused by adverse necessitous circumstances. The momen^
tum of moral force embodied in the States against non*fulfiJment of
engagements and repudiation of debts, tlie immutable principles of jus-
tice and moral obligation, will ultimately prevail. The States will pay —
must pay their debts. State faith and State obligations will be
redeemed. The virtuous precepts and bright example of the Federal
Government wiU not go unheeded. Justice will be done.

IV. The Secretary of the Treasury recommends the establishment of
a sinking fund, to anticipate the payments of the certificates of stock
issued under the authority of the acts of 1842 and 1843.

The certificates of stock bear a premium in the market. - The five per
cent stocks, redeemable in 1863, are at $106 for every $100 of stockf

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MO REPORTS OF THE [1S4I

the six per cent, stocks, redeemable in 1863» are at $116 fiir eroy t^
of stcx^k. Tbode premiums are superindoced b^ the extramrdinaiy asci
mulations of large sums of mcHiey in the principal cities erf* the Jlrh
States, (particuCirly at New YoA and Boston,) sought to be empiopi
at low rates of interest upcxi good securities; by the large soiib i
depooite to the credit of the Dnited States in the banks of depaat&ij
which those banks pay no interest; and by other adventitious cku.-
stances. How long such a state of things shall continue, depends m
•easons, crops, commercial operations, and foreign afiairs, beyond tk £i
of human foresight Of the dangers to be apprehended fiomaBOf?'
issue of bank notes and bank accommodations, which mi^ht encosru
excessive importations, fanciful speculations, and overtracunfc tke S^
retary of the Treasury has not been unmindful, and has inratcl^iro]
view to counteraction in case the banks of deposite had yielded id ::i
temptation arising from the large sums deposited to the credit of t^
United States.

The present time is propitious for laying the foundatioQ fcr an asb
pated redemption of the public debt, and for elevating the barfed
taxation* The circulating medium is sound, and sufficient for sS e^
purposes ; business is revivin^^ from the depression of past events; &
nabits of the great body of the people are frugal; the rates of te
imposed by the act of 1842, with the sales c^ the public lands, ^^
nage duties, may be fairly estimated as yielding an annual Rtsfc
greatly beyond the wants of the Government, frugally and eco«ffl«^
administered in time of peace. The taxes imposed upon the pejt
indirectly, but certainly by duties on imports of goods and merclaB^
ought to be revised, reformed, and lightened, as soon as justice lo Q^
creditors of. the Government, and sound policy as regards the iutac^-
those who are importers and dealers in goods and' merchandise impoR^
under the existing rates of duties, will permit

Before die law for reducing the rates of duties to the prraer stanto
of necessary revenue should take effect, reasonable notice ana timesbii
be given to those who have imported and dealt in ^oods and mffda^-
dise under the hiffh rates of duties, to dis|)ose of theu- stock of mercte-
disc before they snail be in competition with those who shall impQit^'
goods and merchandise under the lowe^rates of duty. Merchants ^
have notice to accommodate their ouday s and adventures to the new scat
•of dudes. Commerce is beneficial and essential to the jwosperityof^
country; it is the handmaid of agriculture and manu&ctures. ft
interests of merchants deserve to be respected by the GovemineDtf ^
should not be oppressed by sudden changes in legislation, any ffl^
than the interests of any other class of men who are contributoiy to^
.public weaL

I*rudence, justice, and duty require that the annual charges xxpa^^
Treasury for interest upon the public debt be lessened, and finally ,extifi-
guished, with all convenient and proper despatch, and that die burda^
taxation be lessened.

The pubUc debt to be provided for after the first dgy of Jannay i^
the year 1846, will consist of the debts assumed by the tfnited States fe
the several cities in the District rf Columbia ; the two loans redeaaaUc

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J44.] SECRETARY OF THE TREASURY. Wl

1863 arid 1863, respectively; and siich parts, of the Treasury Botesi
d debt, and Mississippi stock, ^as shall not have been theti presented fi>r
siyment, with the annual interest cCccruing« •
The interest upon the two loans amounts to the sum of $860,844 77,
atil the first day of July, 1853;* and after thq,t, to the annual sum of
500,633 21 • The interest from and after the 1st July," 1845, to the
St July, 18££3, on those two loans, will amount to the sum of
^6,806,758 16; and on the residue, redeemable in 1863, to the sum of
4:,818,015 09— together $11,619,773 25. The principaland intereston
he t^wo loans, if not redeemed before the times limited, wiU charge the
Treasury ^w^itbthe sum of $26,967,891 48. The existing rates of duties
>n imports and tonnage, with the other sources of revenue, would,
iccordin^ to the best estimates, after keeping down the interest until the
lat July m the year 1853, and after paying the ordinary annual expendi-
:ures for the support of the Government, Mid afl«r discharging the ban of
(7,000,000 redeemable 1st July, 1853, leave an accumulated surplus of
laot less than $50,000,000; and the same rates and sources of revenue,
Af continued until the year 1863, would, after defraying the ordinary
expenditures &r the support pf the Government, and discharging the prin-
cipal and interest upon the debt then rede^nable, leave an accumuLued
surplus in the Treasury of not less than $112,000,000.

The system of accumulating national treasture, to be hoarded an4
. locked ikp for future ^^ars or imknown wants, has been exploded. Such
.a system was suffered only in times and countries where the govera-
t mentwas considered as a person having an interest distinct fiom the
. welfare of the people; where men were considered as the property of the
government— tne vassals of the few who ruled. But where govern-
- ment is the property of the people, to be administered for their welftune,
r the accumulation of annual sums far beyond any known wants, to be

hoarded for unknown ftiture contingencies, will not be endured.
, All taxes, whether director indirect^ substract so much from the fimds
f by which the people taxed supply their wants and their comfints, and
J tend necessarily to lessen their enjoyments and means of improving their
. conditioB. The amount of revenue required, even in time of peace, for
,, the administration of justice and police, for the support of the Army and
I ^e Navy, and various other objects constituting the civil list and support
, of the Government, is necessarily large. The sum raised from each
^, individual is so much taken by Government from his earnings. The
^ fiumer pays in taxes a part of the produce of his farm, (that is, its vialue
■ in money,) for his proportion of contribution to the public revenue, and

has 60 much less for other purposes; he is so much poorer,— -and so of
. all others who are taxed for the public revenue.

The money raised by taxes never returns to those who pay in ^be

proportions in which they respectively contributed ; hence the interests

of the tax-papers and the interests of the tax-enjoyers become antago-
I nists. The higher the rate of taxation, die poorer the tax-payers, luid

the richer those who receive and enjoy the proceeds for employments,

services, jobs, and profitable contracts.
I The sums annually taken from the people by taxes for the support of
' Government, lessen the surplus of baxm iiulivicfual above his own wantSi

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6M REPORTS OF THE [1814

vhich fifurphis he would apply in the pursuits of his own priraie iod*
try; If money, then, be taken annuaUy by taxatiofi, beyond the kmm:
wants of the (Jovcmment, and merely to be boarded fir onknowa m.
tingencies, the general increase of wealth by the produoe of agrict^
mechanical labor, and commerce, will be proportionably retarded, St
taxation, for the purpose of hoarding, is a waste of capital — a W8^<
the means of improvement. A government so taxing the peo|)k if
mere accumulation and hoarding, is no wiser nor more benevoieiit dt
die miser who, burying his gold, obstructs the increase of his s^ve.^
denies to his household the comforts of life for fear of fiiture ^wwiL

Nor should the temptations to extravagance and 'waste' in the expni-
tures of Government, arising from exuberance of revenue and an on?-
flowing Treasury, be overlooked. Expensive, extravagant eslriiA'
ments and habits of waste, when once created by a Crovemment, arc M-
cult to be reformed and retrenched. In the conflict between the iajepps:.
of tax-payers and tax-enjoyers, there are never wanting those whop-
pose various iancifiil schemes for absorbing the revenue and prevwiai
the burden of taxation from bdng lessened, whereby their ioonfitT
gains individually would be lessened. By such, even a national ib
would be advocated as a national blessing, and high rates of dmiesn
imports of goods and merchandise be urged as the efficient meaasa
laesenin^ prices to the consumers.

A national debt, by its interest anntfally accruing, increases the barifl
of taxation, and maybe Ukened to an eating moth which is feeding!^
and despoiling the substance.

To a government which stands in need of artificial aids to biad kb
to its support, and force others to submit to injustice, inequali^? ^
oppression, a national debt maybe appealed to as an auxiliary in taiuK
the spirit of resisttmce cmd revolution ; but in a Government based npffl
equality of rights, with no exclusive privileges, there is no need rf»
nationjtl debt ; it is no more a national blessing than a private debt c^
into annual income is a private blessing.

Duties on imports tend to circumscribe the quantity of goods impoivd
because of the capital required to pay the duties. By diminishiiif ^
quantity of imported merchandise, the competition between imported
articles and like articles manufactured in the United States is less^jed;
and such lessening of the supply and competition has a direct tendescf
to raise the prices to consumers.

The amount of the duty paid upon the article is incorporated with 4e
natural price of the commodity, and is paid along wim it by the cta-
flumer. It is nearly the same in effect as if the consumer should pij
the natural price of the article to the manufacturer or imp<Hter, and
•hould at the same time pay a tax to the Government equal to the ivss
laid upon the article.

The merchant or importer pays no part of the duties on imports,
•except in so far as he is a consumer; he does but advance the duty to
the Government at the custom-house ; he is afterwards reimbursed, wid
his profit, as well upon the original cost of the article as upon the duty
he has advanced, by raising the price of the article, and thereby devoir-
» iiig the drigiwd cost, the tax paid to the Govermnent, and his pttifit, m

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4A.J SECRETARy Ofl? THE TREASURY. MA

^ ecHQieUEXier* Every mtermediate saleaini profit between the importer
U the retailer, down to the -coosumer, enhances the price of the com-
odity to the consumer, who must ultinjately pay the c^-iginal cost of
e aiiiole, the duty, and all the intermediate profits and expenses, t>eing
imponent parte of the price at which the commodity is oflfered for sale.
The duty paid upon an imported article goes into the public Treasury;
le enhanced prices upon articles of like kind manufactured in the Uni*
3d States, caused by the duties on Hke articles imported, and paid by
le cot^umer of such unimported articles, go into tne private purses of
hQ manufacturers.

Axkother cause of increase of prices of commodities is to be found in
he relative increase of circulating medium compared with the mass of
nerchandise offered for sale. The increase of circulating medium arises
ixocn two causes : the one is the increase of the quantity of gold and
silver, the other is by the artificial means of paper circulation.

The increase of gold and silver first takes place in the nations that
are proprietors of the mines of those precious metals ; but the gold aitd
silver is gradually difiused among all nations connected by a r^ulajr
commercial intercourse. The increase of gold and silver cannot, be
sudden, because it is regulated by the labors of mining, 3melting, and
refining, coining, and putting it into circulation, and by tJbe general laws
of trade and commerce.

The increase of the circulating medium by the artificial means of
paper credits and bank notes, whUst it has the same efiect upon the
prices of commodities in the naUon wherein it prevails most abundantly,
OBM^ not the advantages of a slow and gradual increase, as in respect of
gold BJtkd silver^ coins, but is liable to sudden changes and fluctuations;
has not the same tendency to diffusion and equali^ttion by commerciid
intercourse, between different nations ; occasions considerable difficulty,
' oftentimes, in eommercial transactions, and always, to the disadvantage

of the nation wherein such fictitious paper currency most abounds.
' Each of these increases of the circulating medium after the time of
contracting dd[>ts, subjects every creditor, public and private, to a loss
^ pw^portionaie to the degree of the relative depreciation in the value of
' money, whilst appreciations subject debtors to loss. Alterations in tte
' standard weights and fineness of coins, or in their relative value mtes of
tale, or in the relative value between coins and paper currency, produce
umilar effects upon the relations of debtor and creditor, and are there-
fore, in the general, evUs to be depredated.

The supply and demand for goods and merchandise being given andi
' alike, and the quantity of circulating medium being given and. alikey ait
any given periods, the lessening of the rated of duty on imports of goods
and merchandise would be attended by a proporticmate lessening of the
prices of goods and merchandise. Other cu*cumstances being equal,
the increase g£ the duties upon imports of goods and merchandise haa a
direct tendency to increase prices ; the lowering of the rates of duly, a
direct tendency to lower the prices.

The system of revenueenacted by ike law of 184? for impgsiDgxluties
4Xi imports, will yield, according to the estimates founded upon uie pMt
wul {tfoapecta of tb^fiiture^ a nmok greaiter amount of annual revenii^

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6M REPORTS OF THE [m.

dum iff necetsaiy for tbe support of die Goreromett, the fdbKccnii
and die wants of die Treasury. The accumoladmis expected lo(»
befinre die years 1858 and 1863 have been stated. These accomdiiD'
of annual surphis revenue caA be applied but pertiany towanb h
purchase of die certificates of stock reaeemableY respectively, in tbe w
1863 and 1863. Tbe pleasure <^ the hcdders ci those certificates of as
is to be consulted, not sdiely the will and abdity of the Govenaaaii
redeem in anticipation of the days appointed by the contracts of Im
But few of those certificates, compared with the whc^ sum, are htm J
into market, and those sell at a price above par value. It caMt^
affirmed that if the Government shouki oSer moderate {Mnraniums fais
certificates, they could be purchased, except in part — not tota%.

All that can be done is to provide a sinking fiind adequate to pi^ii
iitferest on the public debt, and to purchase so much, in each yeai.kh
principal, as shall be oflfered for sale at reascmable rates for thecal
cates of stock, and to amount, in the successicHi of j^ns whicb^
dapse before they will be redeemable by the terms x)f the contntt-t
a suffid^icy to pay the principal when the time for redefflpdoDirf
arrive.

if the Government will purchase before tbe time limited for reimf
tiOD, at par, or at a fixed price above par, then the stocks willDotil
below that price ; because, if no individual will give as mocji to a kUer
desiring to sell, such holder will c^ply to the manager of die mik
fund to become die purchaser.

A sinking fiind of two milUons of dollars annually, is deemed skSm
for the purpose of preventing the certificates of stock from fiiBingbeisv
par value, and for paying tbe annual interest and redeeming die pkf^
sums of those loans at the respective periods assimed for redemptti;
and the duties may be graduated and lowered to mat scale. *

In establishing a. sinking fiind, two modes have been henetolblekl!^
ficially used by the Congress; the one, by approj»iating the mxlefcatf
surplus remaining in the Treasuiy, in each year, after satis^'
Appropriations for the support of the Grovemment, as adopted bj**i»
act making provision for the reduction of the public debt,'' af^Ko^
August 12, 1790, and the supplementaiy acts of May 8^ 1792, and ^
March, 1795 ; the other, by appropriating a definite sum, anntirf|y,«"i
to be increased by the annual interest upon the certificates of stodLp*
chased, and the annual surplus in the TrecLSury, above appn^f^iatiowtf^
expenditures for the support of Government, after leavmg two viSb»
of dollars in the Treaiisury to supply any deficiency in the esrina^
revenue, as^opted by "An act malong pro^^sion for the whole of tie
public debt of the United States," appioved 29th April, 18M,aDd*
supplement of the 3d March, 1817. '

As the annual proceeds of the duties on imports and tmmage, W^
proceeds of the sales of pubUc lands, are uncertain in amount, aoi^
disposable surplus above tbe annual wants for support of Governs^
eannot be exacdy known, it seems to be most coavenient to adopt k
plan used under the acta of 1790 and 1795, of applymg die aiiiio'
suiplus of rervenue above the sum necessary for ih^ support of Gow"'
immt; and it isrespec^&illy reocnnineaded that the comaittsioyiBKirf^

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L844«3 SECRETAKT OF tHE TREASURY. 666^

smking^ fimdi (to eoaast of ^tfae Chief Justice of die United^ States, the
Secretary of &»te, the Secpotory rof the Treasury, and the Attorney
QeneraJ,) or a majority of them, shall be authoriz^, from time to time,
bo determine theratesatwhiehthecerdfioates of stockshall be purchased,
Bit par, or above par valuer

The Secretary of the Treasury in the discharge of die duty required
of him by the act establishing the Treasury Department, most respect-
fully reeconm^uls to Confess a. review and reformation of the act oi
18^, to provide revenue mxn imports*

ViTetghty conaderatkms before mentioned, and othars to be mentioned,
ccmctir in pleading for such review and reform.

The Constitution of the United Statest)rdaixis that ** all duties, imposts,
'and excises shcdl be uniform throughout the United States/' ^^No
* preference shall be given by any relation of commerce or revenue to
[ * the ports of one State over those ot another." The act does not pur-
port any violation of those provisions of the Constitution ; but the lack
of perspicuity and exact definitions in some of the enactments of that
laiKT, gives rise to difier^t constructions by collectors at difierent ports;
8o that, practically, and in fact, different rates of duties on like articles
have been collected at diifevent ports in the States. As often as these
diflferences were made known to th& Secretarjr of the Treasury, circi^ar
letters have been -sent to the collectors to produce uiiiformity ; but such
, differences are continually arising. These differences of duties at the
ports of the different States are evfls inflicted befi»re the subjects of
^ difference are brought to the knowledge of the Secretary of the Treasurer.
^ The proper rates <m duty caainot be exacted after the imp(nter has paid
^ a rate too low, and obtained his goods and a clearance fiom the custom-
^, house* The return of ^scess, where higher rates of duties than are im-
posed by law have been exacted by the collector, is a palliation, but not
^ a comjMete redress of the evil.

' The provisions in the eighth and eleventh sections of the act declare
^ that nounng therein shall be construed or permitted to operate so as to
^ interfere with subsisting treaties with foreign nations ; and Such provision
J is necessarily to be appHed to other sections, inasmuch as the act of the
^ Congress cannot abrogate the obligations of a subsisting treaty. The
' collectors at the various ports are thus left in the first instance to
' compare the law with the stipulations of the various subsisting treaties
^ with foreign nations, and determine the question as to the rale of duty
' c»i'the particular article imported, or whether it should be fi^«r of duty.
! If the collector exacts too high a duty, then the Secretary of the Treasury
' is itivoked to revise the act of the ccdlector. Various complaints on this
' subject of the conflict g£ the act of 1842 with subsisting treaties have
' been made ; and as often as the -Secretary of the Treasury has decided
upon die complaints of the diplomatic agents of foreign nations, odier

rstions have arisen as perplexing. It is respectfiilly suggested, tiiat
better mode of le^lation v^ould be for the Congress to consider the
) stipulations of subsisting treaties, and make the letter of the act of
Ccmgress conform to the obligations of the treaties, so that the coUeetors
I fihalf have a fdaio rule of conduct prescribed in the letter of the Salute,
iastead Cleaving to the collectors the responsibility of modifying the

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•M REPORTS or TBE ilSli

statute-bythesuperi<»'obligalkin8andfiuth<»f thetiOAtie^ P&stfiBbCtBiii
examples teach the importance of such modification of the ^arnif, sd
will assist in making the re£>rm« '

It is recommended that the duties on wines be cbaaged fiom speeiie
to ad valorem duties, so as to avoid any difficult vrhich may grow m
of a treaty with one natkm, that no other or higher duties AaH be ii-
posed upon goods or merchandise of the giowth or jModiKre of tbft
nati(Ni, than are or shall be imposed upon l^e articles, the giow^ c
produce of any other foreign nation $ emd that the exetnptk»i &om im
of tea and cofiee, when imported in vessels o( the Uoitad Suites bm
places of their growth or production, be modified, so as ^ avoid it
difficulty growing out of the stipulation, by tr^tty, that no cAher or hob-
duties shall be charged or collected in the pwts of the United Sow
upon articles imported in the vessela of the comracting foreign mam,
than are or shall be charged and collected upon like articies impofteda
vesseb of the United States.

Taxation is an evil, but necessarily to be endured to the exfieot & ffli
proper for the support of Government, prudently and ecoooDucalij a^
ministered. Justice, and the obligation of duty arising oat of thetntf
confided to the Congress by the ConstituticKi erf" the Dmted States, (ie-
taie that taxation shall be made to bfear fairly an<l equally on ail cfafls
and on all citizens, in proportion to their property, meana, and abii^v
pay, as nearly as human laws can accomplish.

The power delegated to the Congress by the Constitutiop, b> ^lajvi
collect taxes, duties, imposts, and excises, to pay the debts and pnynde
for the common defence and general wel&re of the United Statt^" isi
high trust limited to the uses so expresdy declared. It is grained a
trust for all, not for the use of a part only ; to be exercised by geoeri
laws, not by partial laws; discreetly, for the prcmer purposes and te
discharge the duties imposed by the Constitution itself not arbitral^
and to an illimitable extent.

So long as the Congress shall keep within the confines of raisng re^
nue necessary for the support of Government, to maintain the p^
credit and provide for the common defence and general wel&ie, ie
accidental encouragement and protection of domestic manu&ctiB0
arising out of the mode of levying such necessary revenue by duties ob
imports must be deemed rightful, as an inevitable attendant upon tbe
exercise of the delegated power.

To reduce the rates of duties to the standard of the necessary reveme
is a task not without some difficulties. The probability of a defidenct
of revenue is to be most carefijlly avoided ; on the other hand, a large
surplus above the proper wants of the Government should be avoided
The desideratum is the happy mean between those extremes.

With a scale of duties adapted to the sum of revenue necessary sad
proper to supply the wants ot the Grovemment, economically admiab'
tered, with prudent and moderate discriminations rangii^ witUn the
lowest and highest degrees of duties which look to revenue, and «xe
adapted to raise the sum necessary and proper, it may be expected tbt
the moderate and discreet of all parties would be" oonlent; that madbt
-system, adopted for the fiiture policy of the United Stalest aswl ste^Jr

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844.3 SECRETARY OF THE TREASURY. Wl

sLstly purstied, is best calculated to heal tke dkcontents and promatethi
general prosperity and hajqjiness.

T\ie stability of the Union, the national wealth and strength, and the
reneral -welfare, will be best promoted by such action on the part of the
E*ederal Oovemment, in exercising the power of taxation, as will leave
all that is not necessary to supply the wants of the General Government
Ltself to the people themselves, and the State governments and the Fed-
eral Government to revolve in their r^pective appropriate sphei^s.

The eyes 6f the world are turned to the United States of America,

T^ratching the effects which the novel political institution for the govem-

tnexit of the Union shall have upon tne public and private prosperity

and happiness. The glorious success which has hitherto attended the

experiment should inspire sentiments of virtuous zeal and patriotism to

i continue its success and grandeur, by practising and inculcating those

[ habits and dispositions, and that spirit of amity, mutual deference,

concession, and compromise, in which the Constitution is foitnded, so

: that the l)n'f)!i n»;tv be perfected and cemented, and the stability of' the

1. Constitution and its blessings be rendered perpetual.

r The receipts and expenditures for the fiscal year ending June 80,

. 1844, were tne following:

^ . Receipts and Means,

^ From the customs 426,183,670 94

^ From sales of public lands 2,059,939 80

^ From miscellaneous sources 261,007 94

Treasury notes and loans under act of March 3d, 1843. 1,877,181 35

- Total of receipts 30,381,700 08

" Add balance in Treasury July 1st, 1843. • 10,434,607 66

'^ Total of means / 40,816,207 68

The expenditures during the same fiscal year amounted
-^ to the sum of. 82,968,827 94

-' Leaving a balance in the Treasury on the 1st of July,

^ 1844, of seven million eight hundred and fifty-seven

* thousand three hundred and seventy-nine dollars and

'^^ sixty-four cents $7367,379 64

? As will appear in detail by the accompanying statement C.

t' The estimated receipts and expenditures for the fiscal year ending
t^ June 30, 1846, are ks follows:

^1 , Receipts^ viz.

'J From custmns*-

ti! 1st quarter, by-actual returns of the collectors. . ... .$10,873,718 04

f For 2d, 3d, and 4th quarters, as ^timated 81,071,300 00

c( Total fixim customs. .^....^... 81^946,018 04

^ • Digitized by L^OOgle

866 aEPCOlTS OF THE [m

From sales of puUic lands S24393^i

From miscellaneous and incidental sources 120,000 R

Total of receipts 34,204374 S

Add balance in the Treasury on the 1st of July, 1844. 7,657^ U

Total means, as estimated, to the sum of fiMly-two mil-
lion sixty-two thousand two hundred and fifQr-ibur
- dollars and fifty-seven cents , • .$48,062,a&4£

ExpeMtUum.

The expenditures, actual and estimated, for the fiscal

year commencing July 1, 1844, and ending on June 30,

1845, are, viz :

The actual expenditures for the first quarter ending the
30th of September, 1844, including the payment of
$81,404 62 for interest on the public debt, which bad
become payable ; also, $234,600 of th^ loan of 1841,
redeemable January Ist, 1845 ; and also $322,584 61
for principal and interest of Treasury notes, redeemed,
amounted to the sum (per exhibit D) of. $7,233,844 42

The estimated expenditures for the public
service during the other three quarters^,
from tl^ 1st of October, 1844, to 30th
June, 1845, are as follows, viz :

For civil list, foreign intercourse, and mis-
cellaneous purposes 4,802,AB6 74

Annyprfyper 4,669,516 90

Fortdcations, ordnance, and arming mili-
tia, fcc 1,-817,659 00

Indian department. 1,964,596 06

Pensions under acts 4th July, 1836, July
7, 1838, 23d August, 1842, and 3d
March, 1843, the additional sum of. . . 775,251 66

For interest on public debt and Treasury

notes, after deductinff those redeemed. 997,954 40 *

I'or redemption of the loan of .1841, July

21— redeemable let January, 1845 5,438,376 88

For Treasury notes which are yet out-
standing, and payable when presented. 1,959,559 17

For old funded and unfunded debt, Mis-
sissippi stock, and Treasury notes issued
during the war of 1812. : 210,886 57

For naval establishment 5,129,199 26

TotBiiofesthnatedc^qpendilttres.. ,...^. 35,019,451 W

Leaving in die Treasury on the 1st July, in the year

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L844*l SECRETARY OF THE TREASURY. Q%»

1845, an estiihatecl balance of seven million forty-two
thousand eight hundred and twenty-three dollars and

fifty-one cents .1 *. $7,048,823 61

Of ihi3 balance so estimated, this sum will not be required
for actnal expenditure during, the fiscsd year ending
SOth June, 1845; but will be required for the fiscal
year ending SOth June, 1846, viz: of the civil, miscel-
laneous, and military, .- 1,462,105 92

—^—i I' ■ ■ I
This 'wrould leave an estimated balance to be in the
Treasury on the 1st July, 1845, of eight million five
hundred and four thousand nine hundred and twenty-
nine dollars €ind forty-three .cents ... * 8,504,929 48

I Sut this balance is subject to be decreased by such additional appro-
\ priations as the Congress shall make, to be expended during the fiscal

year ending SOth June, 1845; and to be altered by the sums which may
J not be presented for payment of the old fimded and unfiuided debt, old

Trejtsury notes and other Treasury notes, and Mississippi stock.
I The estimated receipts, means, and expenditures for the fiscal year
^ comniencing 1st July^ 1845, and ending June SOth, in the year 1846, are
f as follows, viz:

^ Receipts.

From the customs for the four quarters ^ ,$80,0S0,S02 00

From the sates of die pubhc lands. 2,010,000 00

From miscellaneous and c6ntitigent sources 120,000 00

Total of revenue-. 32,160,302 00

^ Add estimated balance to be inJthe Treasury on the 1st
'* July, 1845, including the unexpended sum as before
' stated ^.. 8,604,929 43

i Total of means for the service of the fiscal year ending

I 80th June, 1846 . . . , .. : . , 40,665,231 43

ExpendUures*

if Expenditures duing the year ending SOth June, 1846, as .

estimated at the several Departments of State, Treas-
H ury. Navy, and War, viz :

The balances of former apjM-opriations
i which will be required to oe expended

. in this year f 1,462,106 92

; Permanent and indefinite appropriations. 2,083,794 72

St)ecific appropriations asked for this year . 24,647,884 18

Total of estimated expenditures , . 28,193,784 82

' That, sum is composed of the following particulars :

For civil Kst, foreign intercourse, and mis-
^ cellaneous. -... ,..$4,944,083 93

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670 REPORTS OP THE [im

For Army proper, &c. ..$3,648,8ft8 43

For forti^catiorifl, ordnancet arming mill*

ta,ftc ; 4,845,736 75

For penidons 2,897,000 00

For Indian department 2,086,164 65

For naval establishment 9,411,666 34

For interest on public debt 860^44 72

$28,193,784 82

Which sum of expenditure deducted from the total of
means before stated, gives an estimated balance of
twelve millions four hundred and seventy-one thousand
four hundred and forty-six dollars and sixtj'-one cents
to be in the Treasury on the first day of July, 1846. ^12,471,44€ 61

AT)te. — ^The sum of $60,000, and interest, on. account of the debt assumed for tke Mven ^i
in the District of Columbia, is included in the aforegoing simi for eivil ]ist mod nuaed^Eamt
ejLpenditures.

This estimated balance is liable to be increased by the cnrtaifaiKsf
of such of the appropriations asked by the estimates as Congress ner
not deem fit to authorize by appropriating the money, and by soA
portions of the old fimded debt, unfimded debt, old Treasury notes, aai
those of the late issues, and of Mississippi stock, which may not bcp?-
sented for payment, but sBall be outstanding on the 1st July, 1846. i
is Hable to be diminished by such approprisuions as the Congress sbS
make for expenditures during the fiscal years ending on the ^Oth Jae,
1845 and 1846, respectively, beyond the estimates be^e stated.

Comparing the estimates made for the service in th^ fiscal yeared-
ing 30th June, 1846, with the estimates &t the fiscal year ending 3ftdi
June, 1845, the estimates of the War Department exceed tho^ for 1S45
by the sum of $1,916,443 10; those of the Navy Department for 1S46,
exceed those for 1845 by $617,649 12 — ^the excesses corijointly amom
to the sum of $2,434,092 22. Comparing those estimates for the feci
year ending June 30, 1846, with the actual appropriations made bj
Congress for those Departments for the fiscal year ending 30th Juik,
1845, the estimates for the War Department exceed those appropriatkics
by the sum of $5,286,329 16; the estima,tes of, the Navy Dej^rtmeoi
exceed those appropriations by the sum of $3,559,192 01; these excessa
united amount to the sum of $8,845,521 17.

In estimating the receipts to be expected fi-om the customs under die
act of 1842, the Secretary of the Treasury has endeavored to ascertam
the probable amount of goods and merchandise to be imported as nece^
sary for the consumption of the existing and increasing populatiMi of
the United States, and the probable proportion of goods not payii^ asd
those paying duties. To that end he resorted not only to the returns
from tne custom-houses since the passage -ofthe act of 184^^ but also to
the consumption as it progressed ,fi:t)m the year 1820 doWn to the year
1842, noting the averaged impx^rtations and consumptions anainUy
during the respective periods fiipm^30th September, 1620, to^SOQi Sep-
tember, 1824 ; §br the four years firom 182* to 1828 f fi>r th^iowr years

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.844.] SECRETARY OF THg TRJCASUKY. «71

rom 1^18 to 1882 v^^^ for the tei^ js^s from 188d to 1S4S. Those
>eriods xnarii the respective alterations in the rates of duty. . He like-
vise noted the averaged sums per year, during those respective periods,
)f goods imported free of duty, 4hose paying duties, and the averaged
exportation of goods paying and those not pajring duty ; likewise the
averaged annual sum for drawbacks^ allowances to fishing vessels^
bounties for expctttations of salted fish, end expenses of collection.

It appears that the revenue yielded fit)m the importations under the
act of 1842, for the tiine months from 30th September, 1842, to 30th
Jui^, 1843, averaged upcMi the goods paying duty, was equivalent to a
duty ad valorem of $37 84 1-10 upon every $100 ; fbr the whole year,
from 30th Septei^ber, 1842, to 30tli September, 1843, the averaged duty
■was equivalent to a net revenue of $35 05 1-2 upon every $100 in value
of goods paying duty ; t^mt^for the importations firom 30th June, 1843,
to 30th June, 1844, the net revenue received into the Treasury was
equivalent to a duty of $33 85 9*10 upon the $100 of goods paying
duty ; that from 30th September, 1843, to 30th Sq)tember, 1844, the
Ufet revenue received imo the Treasury was equivalent to an ad valorem
duty 6n goods imported, paying duty of $31 26 8-10 upon the $100.

From the various rates of duties upon the different descriptions of
articles, whereof some are sp^ific, others ad vaioiem, ranging from
twenty tx> one hundred and to two hundred per cent* ad valorem, it
foBows -rf^at the averaged duty per centum ad valorem in each year
de|>ends upon the respective descriptions of articles paying higher or
lower duties during^ the yeiar, ajid tne proportions of each, and so th0
duty ad valorem must vary in the.difierent years : no fited rate of duty
can be applied in future to the articles to be imported subject to the
varioHs rates of duty.

In computing the value of goods paying duty and goods exempted
from duty, the aggregate^ value of both conjoined may be estimated for
a given population under the act of 1842 ; but the proportions of each
cannot be so satisfiictorily estimated. The past, events show that a high
rat6 of duty on some ardcles, whilst others are admitted free of duty,
increase^he proportion of free articles, and decreases the proportion of
lurticles paying duty; to which efifecvtbe increased supply of domestic
njanufactures has been an aujciliaty.

In estimating the reveliue to be expected from the customs for ^the
three quarters of the' cuireut fiscal year, and the four quarters of the
fiscal year ending 30lh June, 1846, me probable consuinption of foreign
articles required by the existing population of die United States com-
pared with the consumption and population at former periods and under
former laws, the actual operation of the act of 1842,- and the supplies of
domestic- manufactures^ have all been taken into view, together with the
sum of the value of exports of articles of domestic pix>ducts* The
result of the estimates is submitted to the Congress of the United States
-with great respect, and with due confidence in their i^ombined informa-
tion and deUberation. *

An indubitable conclusion as to the sum of revenue hereafter to be
received up to, 30th June-, 1846, ccmnot be asseverated. Presumption
must be indulged. .Froin the p^ course apd process used, a violent

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67« REIHMIT8 OF THE [lS4i

presumption arises as to tbe fbtaee. Time and experieboe alone oi
substitute fact in the place of that which is now but ax^gumeot.

It is not probable that, for the seven ensuing qaaiters, the a^nen^:
s«m of revenue per quarter will fall below the average of the last ti
quartero. The value of importations is not inordioacte for the increasA
and increasing population^ when compared with other years of pes-
peritv and the then existing j>opulation. Tbe ooomrv is recbverin^ te:
the diseased state of the circulating medium, andf tbe AspFcmmcmi
commerce and industry caused thereby ; tbe exports of domeadc pr*>
ducts and manufactures during the fiscal year ending 30th Juoe, iS41
to the value of S1004B3,000, as appearing by ther^ums fttna tk
custom-houses, (in which the value of ships and vesmAs bnik in mt
United States for foreign States and individuals is oot kicliid^ ) indi-
cate a healthiul, prosperous condition, promising to the people an afatfv
to supply themselves with the comforts^ and luxuries of other clBsattt
and countries, and affi>rding a well-grounded expectation that thefeYl
not be ^nv extraordinary exportations of gold and silver*

The value of goods and merchandise imported free of duty, beac a
great proportion to the value of those imported paying duty^" By sal
exemptions from duty tlie inequality of the bunfen of taxation b^ti^ea
the res{>ective classes of consumers is increased. By ^olargiag ik
circle oi* articles charged with duty, and dimkiishing the circle ofaiticis
exempted from duty> the proportions of contribution lo tbe public Tn^
ury can be made to bear more fairly and equitably upon tEiosewiK»]|n
these indirect taxes. By lowerin|; the rates of duties, and akidgiK
the list of articles admitted free of duty, the coniibFts and consusapos
of the people uill be enlarged, the temptations to snau^gHi^ ^ bf
decreased, and the necessary sunt of revenue will be mowe certak
raised* Therefore the Secretary of the Treasury roost reBpectfc&r
recommends to the consideration of the Congi?es3 the proprfety rf i»
sening the rates of duties; and that all articles imported, be 8id:jecttd
to. duty, excepting such as shall be impcnted for tJbd uae of the twtei
States ; for literary institutions; wearing apparel, took, and implezaem
of a mechanical trade ; profesi^onal instruments and books i stieh leaf-
ing apparel, tools, 'and mipiements of mechanical trade, inatruHietts
and Ixjoks of a professional callings being brought .along with sudi pff-
sons arriving in the United States, and bringii^ such, not S^r sale or
merchandise, but -for the especial uafe ofhimselfi herself or his or be
frunil^« ' •

It IS respectfully r<^commeiided that the mode of ascertaining tbe tor
nage of any ship or vessel, as directed by "An act to regulate the coBo-
tion of duties On imports and tonnage^" appjov^ 2d March, 1799,
(Latus V. S.f vol* ?, chap^ 128, tec* 64, p. 196,) be so lar altered ud
amended as to require, that the- actual •depth of the ship or- vessel be
measured^ that the breadth thereof be measured 9l every perpendicsltf
foot at tbe broadest part above the. maii>-wales^> that average of the
breadtb be made ; and then that the lengthand breadth as avera^^ed, tad
depth* as measured, be mulupliedy with the deduction as directed bv ibat
act. This change has become important, because, in modem tuoet,
models ^f ships and vesseb have beea so altered as that the meosarft-

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J44.1 SECRETARY OF THE TREASURY- 673

^n directed by that act does luit apiuroximate to the true tonnage, but
lakes it appe€Lr far less than the truth. By such short mensuration, our
lips* papers are brougtu into suspicion and discredit in foreign ports,
le duties in our ports €ure lessened, cuad our tonnage and navigatioQ
ppear untruly to have declined greatly.

The seventh section of the act of 17th June, 1844, "making appro-
riatioiis fbr die civil and diplomatic expenses of Government for the
Lscal year ending SOth June, 1845, and for other purposes," enacts that
be number of inspectors, gaugers, measurers, or markers, in any custom*
LOuse, shall not be increased beyond the number then in s^vice. That
estriction, evidently intended tor economy, has turned out the reverse.
rhe allowance to inspectors of three dollars per day whilst actually
^ixxployed in aid of the customs, sinks into littleness when compared
svitn the sum of duties evaded by smuggling, and with the delays in
ilischar^mg cargoes. The pessing demands for additional inspectors,
tx> g^uard ceactaka points usea by smugglers, and for assisting in taken
charge of vessels m the busy season, urged by collectors at some of the
DCHTts, could not be granted because of diat prohibition. The repeal of
phat section, so far as it relates to the inspectors of the customs, is most
respectfully recoaunended.

\ The acccMnpanying statement A shows the debt of the United ^States
b3S it existed on the 1st July, in the year 1844.

a The statement B shows the debt as it existed on the 1st December,
^844.

II The statement C shows the receipts and expenditures during the fiscal
;iyear commencing* Ist July, 1843, and ending on the dOth Jime, 1844;
iJleaving a balance m the Treasury on the 1st Jmy, 1844, of $7,867,379 64.
)j, The statement D shows the receipts and expenditures during the
^ first qtiarter of the fiscal year, commencing July 1, 1844, and ending
, ^September 80, 1844. The receipts fi-om customs during that quarter,
^$10,873,718 04; fix)m the sales ot public lands, $484,908 04; fi-om mis- ^
^ ceUaneous and incidental sources, $27,889 16: total of receipts during
.that quarter, $11,336,459 24. The expenditures during that quarter
J were $7,933,844 42.

Statement E ^ws the articles imported during the nine months ending

June 80, 1843, the duties on which exceeded thirty-five per cent, on
r the wholesale maricet value of such articles.

\ Statement F shows the value of the imports and exports during the
^ year ending June 30, 1844. Imports firee of duty, $24,766,082; those

charged with duty, $83,668,620: total, $108,434,702. Exports of do-
^ mesne produce, $100,183,497; offoreign merchandise, $10,944,781: total
f. of exports $111,128,278. Gross revenue fitim customs $29,137,060 60;

* net revenue firom custcons paid into the Treasury, $26,183,570 94:

* difierence, $2,953,489 66.

^ Statement O diows the purchases of certificates of stock to the sum

^ of $529,950, in anticipation of the redemption thereof on the Ist of

** January, 1845; by which a saving of $4,011 07 was eflfected by such

^ anticipated redemption.

* Statement H shows the new depositories of the Treasury which have
i| Vol. IV. — 43.

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674 REPORTS OF THE [1844.

been selected by my predecessor and myself, since his report of Decem-
ber 6, 1843.

None of the former depositories have been changed ; but new ones
have been added to the former, whose services have been retained. In
making the additions, these motives operated: to accommodate the
oflScers and agents employed in paying out the public money according
to appropriations, as well as those entitled to receive; to prevent over-
g^rown accumulations in particular banks, begetting temptations to
mordinate discounts and issues of bank notes, and bank credits, producing
speculations, overtrading &c.; to diffuse the benefits of tne publ£
aej>osites, and thereby obtain greater security for the pubUc money^
until disbursed according to the appropriations.

Messrs. Corcoran & Riggs, bankers, doing business in Washingtcm,
District of Columbia, and also in New York, were selected as deposito-
ries, they giving security by pledge of stocks to the full amount of the
moneys deposited, and they were instructed to purchase for the (Jovem-
ment certificates of stock m anticipation of the redemption on the 1st
January, 1846, provided a saving to the Government of a part of the
interest which would be due on the 1st January, 1845, could be eflected,
which proportion of interest was fixed in their instructions* Mr. Dodffe,
of Georgetown, District of Columbia, was also made a depository, he

S'ving security by pledge of certificates of stock to the fuU amount of
e sum deposited.

No depository has paid, or been required to pay, anything for those
deposites. They are bound to pay when and where required, and to
transfer the fiincls to any part of tiie United States, fi-ee of charge to the
Government.

The purchase of the banking house formerly owned by the president,
directors, and company of the Bank of the United States, has beeq com-
pleted, and the custom-house at Philidelphia is now located in that
Duilding. The agents of the bank a^eed to take, in part of that purchase,
the old custom-house and grounds thereto appurtenant. ' The agents and
trustees of the bank are wiUing to take the sum which was allowed for
the old custom-house and grounds (viz : fifty thousand dollars) instead
thereof. It has been suggested that it would be advantageous to the
interests of the Government to retain the old custom-house, and pay the
sum of fifty thousand dollars; that it is needful for a store-house for the
customs, and also for other public purposes. But this is submitted most
respectfully to the judgment of the Congress, with this remark — that if
it be desired to retain ttiat property, the decision of the Congress should
be made at the earliest convenient day.

My predecessor in office (the Hon. J. C. Spencer) engaged Mr. (Jordon
to coUate and print in one volume all the laws relating to the Treasury
Department, and the matters under the superintendence of this Depart-
ment, with a special agreement that Mr. Gordon should take the risk of
an appropriation by Congress to pay the price of five himdred copies, or
thereabouts. Mr. Grordon has printed tne book, and deUvered a few
copies as specimens of the execution, and is desirous todeUver thenum*
ber ; but the undersigned did not think fit, as no appropriation had been

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1844.] SECRETARY OF THE TREASURY. 676

made, to take the copies proposed. The work is useful, and especially
for the oflBcers of the customs. It is 43ubmitted most respectfully to the
consideration of the Congress whether or not they will make an appro-
priation for that object.

The report of Professor A. D. Bache, superintendent of the surveys
of the coast, contains a collection of facts and information for the benefit
of navigation, worthy to be communicated to the world. The appro- .
priations for* continuing the surveys of the coasts are respectfully recom-
mended.

In concluding this report, the Secretary of the Treasury will remark
that the proposed review and modifications of the act imposing duties
on imports are presented to the consideration of the Congress, not with
a view to action during the present session, but to awaken attention and
inquinr, and to lead the way towards eUciting all Ae information necesy
sary for such matured legislation as the important principles and interests
involved seem to require.

Sudden changes are no more desirable in the political than in the natural
atmosphere. But circumstances render changes in public policy and
legislation as wholesome in the political world as the changes of the
seasons are in the natural world.

All which matters are submitted with due deference and the most
profound respect to the Congress of the United States.

GEO. M. BIBB, Secretary of the Treasury.

Treasury Department,

December 16, 1844. *

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9r<( REFORTa OP TBE (I84<^

Statement of the Debt of the United Siatee, Jufy 1, I844r

1^ Of Ae (old\ funded debt, being unclaimed principal and toteresc
returnea from the late loan offices ^ . . . $178^034 84

2. Outstanding certificates and interest to the 31st of De-

cember, 1798, of die ^Id) unfunded debt 1^4,214 39

3. Treasury notes issued durmg the late war. . . «« 4,317 44

4. Certfficates of Bfississippi stock 4,320 09

6. Debts of the coroorate cities of the District of Colunv-

bia, assumed by the Umted States, mr

Of Aecityof WasfciMton $840,000 00

AlexancBia 310,000 00

(Georgetown 210,000 00

■■ 1,260,000 OO

C Loans, viz i

Under Ae wl of 21st Jtdy, 1841, re-
deemable Jamiaiy 1, 1845. . - . . .5',672,976 89
Under the act of 15th April, 1842,

redeemable January 1, 1863. . . ^8,343,886 03
Under the act of 3d March, 1843,

redeemable July 1, 1858 - .7,004,231 36

■ 21,(B1,094 20

7. Outstanding Treasury notes, riz :

Of the several issues under ftoCs

passed prior to 3d July, 1843 ?f . . 960,807 31

Of notes issued and paid out under

the act of 3d July, 18437 1,306,400 00

■■ 2,266,207 31

Tbbasttrt Department,

Rbgistebi's Office, November 30, 1844.^

T. L. SMITH, Reiner.

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1844.] SECRETARY OF THE TREASURY. 677

B.

SiatemerU of the Debt of the United States^ Vecemher 1, 1844.

1. Of the (old) funded debt^ Wng unclaimed principal and interest
retmrnea &om the late loan offices $1M,174 61

5. Outstanding certificates and iatei>eat to the Slst of

December, 1798, of the (old) unfunded debt 92,003 66

8. Treasury notes issued during the late war 4»817 44

4. Certificates of Mississippi stock. .« 4,320 09

*• Debtsof the eorDorabe otties of tlje District of Colum-
bia, assumea by the United States, viz :

Oftheeity of Washington $840,000 00

Aletendria 210,000 00

GeoigeCown. 210,000 00

1,960,000 00

6. Loans, viz:

Under 4e act of Slst July, 1841,
redeemable Januaiy 1, 1846 5,143,090 88

Under the act of l«th April, 1848,

redeemable January 1, 1863 8,343,886 03

Under the act of 3d Mardi, 1843,

redeemable July 1, 1853 7,004,231 36

20,491,144 26

7. Outstanding Treasuiy notes, viz:

Of die several issues under the BCUf

pas8edpriortothe3dofJuiy;i843 626,063 17

Of notes issued under the act of 3d

July, 1843A 1,286,660 00

%^ 1,912,713 17

sUU6t/^At?//^f^ ^^^^ 028,860,673 03

Tbbasurt Depaetmsnt,

Bbcosts&^s Orrivnt November 80, 1844.

T. L. 6MITH, lUgHter.

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678

REPORTS OF THE
C.

[1844.

Statement ofDutUiy Revenues^ and PuUic Ezpenduures^ during the fiscal yeter
ending June 30, 1844, agreeably to the warrants issued^ exclusive of trust
JwndSi and the balance in the Treasury July 1, 1848.

The reeeipta into the Treasury during the ft*eal jmr ending

the dOth June» 1844, were m foUowet
From customs —

During the quarter ending September 90, 18IS.. ••....

Dufing the quarter ending December 31, 1849

During the quarter ending March 91, 1844.. •

During the quarter ending June 90, 1844.. ,

Prom sales of publie lands. m. •••••

fVom miscellaneous and incidental sources

Total reoeipts, ocehisiTe of loan* and Trwiury notes. •
Ayails of Treastiry notes issued under the act of March 9, 1849

Ayaus of Treastirv notes issued un<
Arails of loan of March 9, 1849^ .

Balance in the Treasury July 1, 1849. . .
Total means •

The expenditures for the fiscal year ending June 90, 1844,
exclusive of trust fUnds, were, viz:

CIVIL LIST.

Legislature .*»•••..» ^

Executire • .*

Judiciary

Governments in the Territories of the United States. • •

Surreyora and their clerks

Officers of the Mint and branches • ^

Commissioner of the Public Buildings ». . . .y. • .

Secretary to sign patents for public bmds.. . > . ^'.^^ I . . .

/
Total ciTil list »....

FOREIGN INTERCOURSE.

Salaries of Ministers

Salaries of Secretaries of Legation

Salaries of Chaig€s d'Affaires

Salary of Minister Resident to Turkey

Outfits of Ministers and Chargis d^Amures

Salary of dragoman to Turkey, and contingencies

Contingent expenses of all the missions abroad

Contingent expenses of foreign intercourse -

Expenses of forwarding the mails, dbc., between Chagres and
Fuiama •

Commissioner at the Sandwich Islands •

Salary of the consul at London ...••••.

Relief and protection of American seamen

Cleric hire, office rent, dkc., to American consul, London. • . .

Intercourse with Barbary Powers

French seamen killed or woimded at Toulon

Interpreters, guards, dkc., at the consulates in Turkish domin-
ions • •

Playments under the 9th article of treaty with Spain

Total forsigD intercourse »

16,192,379 09
9,861,999 47
7,675i66 4^
8,499,998 98

1,806,950 00
70,991 95

856,874 84

840,752 99

550,477 18

Ii()],796 04

U,451 98

47,100 00

9,000 00

.-1,500 10

69,566 06

19,946 00

46,819 96

9,000 00

9,000 00

1,850 00

96,927 72

96,064 67

950 00
850 00
9,000 00
81,859 74
9,800 00
6,994 24
1,000 00

9,000 00
1,979 00

126,189,570 94

9,059399 80

261,007 94

28,504,518 68

1377,18195

90,981,700 09
10,494,507 55

»40,816,2D7 58

12,451,892 26

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Google

1844.] SECRETARY OF THE* TREASURY.

C — Continued.

679

MISCELLANEOUS.

Surrey of pubic laiicbu. ••.« •

Support and maintenance of light-houses.. ,^»

Manne hospital establishment.

Public builoinffl, dbc., in Washington

Furniture for President's house

Support and maintenance of the penitentiary « .

Sixtn census «

Patent fund

Distribution of the sales of public lands.

Pftjrment to Maine and Massachusetts for expenses incurred
in protecting the heretofore disputed territory on the north-
eastern frontier of the United States

BuDding custom-houses and warehouses

Survey of the coast of the United States

Mint establish men t......

Relief of sundry individuals •••...

Miscellaneous claims unprovided for

Surveying and marking the northeastern boundary

Three per cent, fund to State of Missouri

Three per cent. f\ind to State of Ulinois

Five per cent, fund to State of Michigan

Two per cent, fund to State of Alabomna «

Two per cent, fund to State of Mississippi

Relief of the several corporate cities of the District of Columbia

Debentures and other charges

Additional compensation to collectors, Ac

Duties ref\indea under protest

Pajrment of horses, Ac, , lost

Rraaymeni for lands erroneously sold

Refunding purchase money for land sold in the Greensburg
district, Louisiana

Auxiliary watch for the city of Washington

Expenses incident to the issue of Treasury notes

Expenses incident to loans

Testing the capacity and usefhtness of the system of electro-
magnetic telegrapn

Results and account of the Explorine Expedition

Preserving the botanical and horticultural specimens brought
home by the Exploring Expedition

Preparing indices to the manuscript papers of Washington.. .

Information respecting foreign commerce ••••...

Registers for ships and vesMls

Ol^k to commissioners^ and expenses incurred by collector of
New York in relation to goods destroyed by fire

Removal of the statue of Washington

Payment of books ordered by Congress

All other items of a miscellaneous nature

Total misceUaneous

UNDER DIRECTION OP THE WAR DEPARTMENT.

Army proper ; «..

Militaiy Academy •

Fortifications anti other works of defence

Armories, arsenals, and munitions of war

Harbors, roads, rivers, &c

Surveys

Pensions.

Indian department

Claims or the State of Virginia

Arming and equt]>ping the militia

Payments to militia and volunteers of States and Territories. •
Relief of individuals, and misceUaneous

Total imdsr the direstion of the War Department. .

1133,388 63

303,487 35

65,741 73

46,146 03

549 63

13,500 00

933 49

39,353 38

15,301 09

306,934 79

96,695 66

95,000 00

78,875 00

138,704 67

5,358 46

38,500 00

6,616 60

90,576 60

837 84

103,884 77

710 65

134,360 93

377,337 04

17,779 58

453,89a 18

11,315 33

18,358 83

98,746 86
6,490 74
3,000 00
3,300 00

17,500 00
30,000 00

1,300 00
1,108 00
3,000 00
3,000 00

7,005 99
3,500 00
5,444 76
5,553 31

3,053,394 53

133,195 37

705,980 44

610,837 43

363,639 51

55,310 56

3,013,073 63

1,031,500 18

18,404 78

176,941 37

174,819 63

14,440 91

#3,484,565 47

18,331,317 33 |

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680

REPORTS OF THE
C — Continued.

[1844.

UNDER DIRECTION OP THE NAVY DEPARTMENT.

Pay and mbaiatence, mdoding nif^ioiBea, Ao., ...••••..«•••

Increaaa, repairs, annamenta, and equipmeota* ••«•-•«

Contingent expenaea.. . . • ••••«•••••••••••«

NaTy-jrarda .

Navy hoapitala and aaylum ......**•••,

Ma^^azinea ••......»,..,..,

Rebef of indiyidaala, and miaeellaneoiia* •

Penaiona « ...»,,,

Marina corpa • •%•••..,

Total under the direction of tht Nary Dapartniattt.
PUBLIC DEBT.

Paying the old f>Qblio dabt •...«,...

Interest on loans of 1841, 184S, and 1848..
Redemption of Treaaury notea. ....••..•,
Intereat on Treasury notea •»..••

Total pQbti&del)i ». . .

Tatal expenditiiraa • •
Balance in the Treasury Jaly 1, 1644..

|4,14S,M7S5

M1S,737 54

640,396 76

141,010 75

U,S19 60

760 01

18^19 00

16,834 43

303,^9 81

46,077 79

1,»9,8S7M

1U18398 49

«1,010 34

fM0M9O65

19,998,773 54

39,958,697 94

^7357,379 64

Tbbasury Dbpartmbnt,

Rbchstbr'b Office, November 16, 1844.

T. L. BMITH, Regitier.

Statement of Dutieif Revenues^ and Public Expenditure$j for ihejint qmxrter
ofthefiicaL year^from July 1 to September 30^ 1844, agreeably to the i
rants issued^ exclusive qftnatjunds.

RECEIPTS.

From cnatooM

From sales of pubHc landa

From miaceUaneottS and incidental aourets..

EXPENDITURES.

Civil, miacellantona, and foreign intereourae ,

Army proper ,

Fortificationa, ordnance, arming militia, dec. .

Indian department ^

Penaiona • . . , ,

Naval eatablishment «

Interest, &c., public debt

Redemption oi part of loan of 1841

Redemption of Treasury notes, and intereat . .

tl0,8n,718 04
434,909 04
97,839 16

111336,439 94

#1,411,059 05

1,945,689 75

910,027 94

907,968 76

933,717 50

1,906,906 89

81,404 69

934,600 00

399,584 61

#7,933,844 49

Treasurt Dbpartmbnt,

Rbgister*s Office, November 16, 1844.

T. h. SMITH, Register.

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1844.]

SECRETARY OF THE TREASURY.

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1844.]

SECRETARY OF THE TREASURY.

683

A tUOemetU exhibiting the value cf Imparts and Exports during the year

ending JuTie 30, 1844.

Period.

3d quarter, 1843
401 quarter, 1843
let quarter, 1844
9d quarter, 1844

Totel. •«•••••

▼ALUS or mPORTl.

Free of
duty.

Dutiable.

Total.

▼ALVB or BXPORTfl.

Domestic
produce/kc,

ForeigTi
merchandise.

Total.

14,883,366
5,760,097
5,568,953
8,553,766

119,615,316
14,366,860
25,324,984
24,361,460

#34,^6,589
30,126,957
30,893,937
32,915,226

114,381,803
19,210,159
25,403,473
41,188,062

#3,412,194
2363,048
2,101,600
3,067,939

#17,793,997
21,573,207
27,505,073
44,256,001

24,766,063

83,668,^

106,434,702

100,183,497

10,944,781

111,1284^8

Gross duties which accrued during the year ending June 30, 1844 #29,137,060 60

Faymente into the Treasury from customs during the same time. 26,183,570 94

Treasury Department,

Register's Office, December 3, 1844.

T. L. SMITH, Register.

G.

Statement of the gain on the purchase of the Stock ^1841, in anticipation of
its redemption on the 1st of January ^ 1845.

Amount of certificates purchased $629,950 00

The interest which would have accrued there-
on to the 31st of December, 1844, inclusive,

amounts to 10,795 75

$540,745 75

Amount of certificates purchased as above. . . 529,950 00

The premium paid thereon amounted to 3,103 38

And the interest, paid up to the days the pur-
chases were made, to 3,681 30

636,734 68

Gain $4,01 1 07

Treasury Department,

Register's Office, November 29, 1844.

T. L. SMITH, Register.

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[1844

•Xjnp.

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index;

A.

AwjtiUHPiH cltT^ ntt CMot Wf ^BSfttUtn br the P cdend Ooreftintcnc •<«•••• •.••••44. i79f

973, 359, 357| «»i 371, 385| 483, 504, 630, 651
AMowancM >ee JWii^ FeMrit.
Appedi die nght tif, to the Sttpfcnie Court whoM be aflowed in casee inTolring an amount

of dutf i4 4. «..^.4« 4 ^.•«.*...^. 617

AppropnatKHUTi detailed estimatai ofi ibr 1836« * < « * < • . . .193, 134

ibrI840 298, 299

for 1841 4 «.. 390,391

Appropfiatiottii in asmcate and detallf made for 1837 # « « 134 to 158

made k 1839 i»9 to 334

made in 1840 .391 to 424

Apprilpffiatioavi iir acmgate and detail« made by former acta of Conereea—

loraieaervieeofl838 - 128, 158

for tile aenrice of 1839.< « « « 181

for the aenrice of 1840 ^ < « '. .296, 334

for tite aenrice of 1841 4 .390, 424

exiadngi required for 1837 and former years, to be expended in 1838 123<

^ 159 to 170

erjating, required for 1839 and former years, to be expended in 1840 298,

S35to 340

ejciatinr, required for 1840 and former years, to be expended in 1841 390,

426to436

dons in 1898 that prudence requires a reduction in the annual 186

Bch will probably be carried to the surphis fund in 1837 123, 159 to 170

inl839....<998,335to 346

in 1840 390, 425 to 436

existing, not required for 1837, proposed to be applied to 1838. .123, 159 to 170

1839, proposed to be applied to 1840. .298, 335 to 346

1840, proposed to be applied to 1841. .390, 425 to 436
▼iews in 1837 in regard to the mfll^dty in paying the, and on the issue of

Treasury notes ««.. ^ ..••<••« <.4« « •«....« 7

ft reduction in the, for the year 1840 recommended, to prerent a deficit. . • • 234

estimated amount of new, m 1841.. •«««..« •«<«...«• 358

the outstanding and une3q>ended in 1837< <ihaiged on the Treasury • . 3

the outstamfing, unsatisfied at the end of the year 1837, estimated 91

. ^ the outstanding, unsatisfted at theend of the year 1893, explanations as to

•HWit, the 180

^ the amount of, estimated to be uncalled for at the end of the year 1839. ... 235

• « f^ estimated, to be imcalled for at the end of 1840 #358

the amount of , the, for 1887, to be applied to the aenrice of 1838, without

0 reappropriation. •••••••«••...•••«.•••••.•••••.•••.••••..•••••••••• 91

• • the amount of the, for 1838, appUoable to the serrice of 1839 180

the amount of the, for 1839, which Will be applied to the serfiee of 1840,

without reappropriation « •••....•.•••. • 935

the amount of me, for 1840, which wfll be appfied to the serrice of 1841,
without reapprc^nriation,. ••••••«*••••••• •••«••.•« 4«. - 858

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684 REPORTS OF THE SECRETARY, fcc [1844.

DeponU Bank^ ideeud tmot latt MMmiol repent fr9m

Bank of Burlington Burlington, Vermont.

Farmers and Mechanics* Bank Burlington, Vermont.

City Bank New Haven, Connecticut.

Mechanics and Farmers' Bank. . .Albany, New York.

American Exchange Bank New York city.

Bank of Middletown Middletown, Pennsylvania.

Bank of Washington Washington, Diitrict of Coliunbia.

Patriotic Bank Washington, District of C<4imibia*

Bank of Potoniac Alexandria, District of Columbia.

Farmers' Bank of Virginia Richmond, Virj^inku

Corcoran & Riggs Washington, District of Cohunbia.

Planters' Bank of Georgia Savannah, Oeoigia.

Fireman's Insurance Company. . .Cleveland, Cttuo.

Francis Dodge Georgetown, District of CohuDbia

KHD or VOLUME IV.

Digitized by

Google

index;

As

AlexaaMt dtTi tfM d^ of, vmnned br the Fedend GoreftimcnC « # «. 179#

973, 359, 357| «», 371, 385| 483, 504, 630, 651
ABowancM >ee JWii^ FeMrit.
A|meal| die n^t tif, to the Sttpfcnie Court ttioald be aflowed in caseeinTolTing an amount

of d«tf . •««««4i4A. •••«•««••••. 4«« •<•.•••••••• •«««•••••«••. ..4. 617

AppropnatKHUTi detailed eMimatai ofi ibr 183e« * < « # «... .193, 134

for 1840 298, 299

for 1841 4... 4 u <«...390, 391

AppropriotiottSi in agmcate and detalli made for 1837 « « 124 to 158

made in 1839 < 299 to 334

made in 1840. ^1 to 424

Apprilpffiatioavi iir aemgate and detail, made by former acta of Conerees —

^rflieaervice of 1838 * ^ 123, 158

for tile aemce of 1839 « « 181

for the senriee of 1840 ^ ^ « <• .296, 334

for tile aerrice of 1841 * 390, 424

eziatingi f^uired for 1837 and former years, to be expended in 1838 123<

^ 159 to 170

CTJating, required tat 1839 and fotmef yean, to be expended in 1840 298,

336 to 340

eiti8tinr,TBqnired for 1840 and former years, to be expended in 1841 390,

426to436
•otteations in 1838 that prudence requires a reduction in the annual.^. . . . 186
Which will probably be carried to the surphis fond in 1837. • . «.123, 159 to 170

fail839.....998,335to 346

in 1840 390, 425 to 436

existing, not required fbr 1837, proposed to be applied to 1838. .123, 159 to 170
1839, proposed to be applied to 1840. .298, 335 to 346
1840,propoaedtobeappUedtol841..390,425to 436
▼iewB in 1837 in regard to the iGfllculty in paying the, and on the issue of

Treasury notes « 4 •• ^ ..••«••«<•«« « <....•.••.. 7

ft reduction in the, for the jmr 1840 recommended, to prerent a deficit. . . . 234

estimated amount of new, m 1841. .«•««..«• <«...«• 358

the outstanding and une3q>ettded in 1837, charged on the Treasury 3

the outstanding, unsatisfied at the end of the year 1837, estimated 91

k>. _ ^ the outstanding, unsatisfied at the end of the year 1^, explanations as to

^^"^^^.fp ^the,....Trr. *.^ * 180

^ the amount of, estimated to be uncalled for at the end of the year 1839. ... 235

• • « t^ estimated, to be uncalled for at the end of 1840 #358

• the amount of the, for 1887, to be api^ied to the senriee of 1838, without

» 0 reappropnodon. •••• M. «••••••••«•••••••••• • •«•• ••••••• 91

• • • tiie amount of the, for 1838, apptiodile to the serrice of 1839 180

the amount of the, for 1839, wluch Will be applied to the serfiee of 1840,
without reappropriation « ^ • • • 935

the amount of me, for 1840, which wfll be appfied to the senriee of 1841,
without reappropnation • § •••••! «*••••#••«#••#•••••••• ••«««•••••••• 368

Digitized byL^OOQlC

686 INDEX.

Appropriatioiuh the balance of, outstanding on the Istof January and 4th of March, 1841. • 448
a leneninc of the, for the aenrice of 1841, recommended aa a meana to pre-

aenre a balance in the Treaaury ^ • • . ^ ^ 961

beyond the eatimatea, riewa in 1837 in regard to the indefinite and the

outatandine • • • ^ . • • , 101

to pay the debt of the Diatrict of Columbia to Holland 91

Army. — Eatimatea, appropriations, and expenditures on account of the see MMtmjf

Service, •
Attorneys, United States, circular to, in 1837... ..•••••••• 36

B.

Balance in the Treasury let January, 1836, including trust (unds 88

let January, 1837 1,89,175,605, 627

30th June, 1837 .3, 441

Ist January, 1838 90,91,176,178,256, 627

Ist January, 1839 175, 178, 231, 255, 256, 371, 629

1st January, 1840 351,371,372,437, 627

1st January, 1841 438,461,462, 605

4th of March, 1841 438,439,441, 486

Ist of January, 1842. ^ 485, 598

1st of January, 1843 487, 599

1st of July, 1843 , 598, 600, 678

1st of October, 1843 601

1st of July, 1844 667,673, 680

nominal and actual, at the end of each year from 1837 to 1843. .626, 627
on the 31at December, 1836, exclusive of trust Auds and outstand-
ing warrants • 627

Balances in the Treasury, views in 1837 in regard to the.......... • • 91

views in 1838 on the policy of avoiding large 184

unavailable • . .178, 372, 599

Balances estimated to be in the Treasury on 31st December, 1838, and views in regard to. .93, 98

on the Isi January, 1839 177, 178

on the 3l8t December, 1839 180, 232, 234

on the 31st December, 1840 .234, 255, 352

on the 3l8t December, 1841 .357, 358

on the 30th June, 1843 488

on the 30th June, 1844. 488

on the Ist July, 1845 669

on the Ist July, 1846 670

Balances of public money due by the late deposit banks, December 12, 1834 229

due the United States see £snl»— see Bank UnUed gfsfft see
Bonds,

of public money subject to draft, 4th March, 1841 449, 452

Balances, qf appropriation outstanding on the 1st of January and 4th of March, 1841. . . . 448

Bank capital, discount and issues, a cause of the financial embarrassment in 1836-'7 30

Bank notes, not receivable in payment of duties, Ac.. • • • 43, 47

circular from the Treasury Department in 1789, with regard to the receipt for

X duties and transmission oy nudl of. .......... •• ..••.....• • 53

Treasury circular in 1790, in regard to the bearing of the collection law upon

the receivability of, for public dues ....•..••. 54

the circulation of, in 1837 103

the conveniences of, when equivalent to specie 106

the effect of the curtailment of the issues of, in bringing al>out a resumption

of specie payments ....•.••. 190

act of Congress of July 5, 1838, in relation to. • • • 217

the exclusion of small, from circulation advocated in 1839-. • • • 252

Bank of the United States, the amount of the bonds due by the .3, 234

concerning the restriction on the sale of the bonds of the. . • • . • 182

the creation of a, recommended in 1841. , .••.... 447

bonds of the, outstanding and falling due to the Treasury in 1^,

1838, 1839, 1840, and 1841 /..,. 455^

receipt into the Treasury from the bonds due by the— m.\^€9lf^

in 1837 .,... -*'^"

1B38 ^jlTjB, im

1839 Jf • ^

1840

the condition of the', in'l837*and i8^V.*.'.*.*.V.'.".\218, SKl

warrants drawn on the. ,

in 1816 did not prevent reviUsions in trade and finiip^'ftl embar-
rassments •..••.. .........-...*.

Digitized byLjOOQlC

INDEX. 687

Qank of the United States, views in 1841, in favor of a, as a isoal agent of the Govern-
ment « J. . * 445, 446

Banking, its conveniences, advantages to trade, dbc 103

free, the prderable system of. ., 369

Banking institutions, a reform in, su^;gested to the States in 1838 191

views in 1839 m regard to the condition of, generally, and the kind

of money receivable for public dues 249

Banks, the deposit, views in 1837 in regard to the condition of, and to a settlement with

the former deposit .«•... 17, lOd

letter to the Executives of the States, with the postscript as to the return of the

transfers in case of the nonpayment of the deposits by the • 51

Treasury circular to the deposit, discontinuing those which had ceased to pay

specie for their notes • • S5

list of the deposit, discontinued under the act of June, 1836 57

of deposit, list of, retained under the act of June, 1636. • • 58

collectors of the customs and receivers of the public moneys made depositaries in

case of a suspension of specie payments by the. ,...•••.... 59

views in 1837 on the circulation andf ability of the, to resume spedepayments. .103, 105

the deposits of Government funds unavailable for the service of 1838. • « 177, 178

the deposit, including the United States Bank and branches, the number and amount

of warrants drawn on the, in the year 1834 s • • •••••••. 61

comparative condition of the, in certain particulars, in November, 1836, and in

March, May, July, and August, 1837. ..••.. • • 64

state of the accounts of the former and present, with the Treasurer of the United

States 65

statement of the condition of the former, on the 15th of August, 1837 70

Treasury circular of July 3, 1837, to the former, urging the resumption of specie

payments 86

views in 1837 in regard to the availability of the balance of Government funds in

the coffers of the 91

recommendation, in 1837, that the notes of local, specie-paying, only, be received for

lands , 25

views in 1837 in regard to the, and the safekeeping of the public moneys 103

comparative statement of the condition of all the, in the United States, on and near

the 1st of January, 1836, 1st January, 1837, and since the suspension of specie

payments 173

comparative condition of the, in fifteen States, before and since the suspension of

specie pa3rments • 173

the further credit extended to the, and the ultimata and ready settlement by the, dkc. . 97

views in 1838, in relation to the resumption of specie payments by the 188, 191

oomparative statements of the condition of the, in the different divisions of the Union,

according to returns dated nearest January 1, 1837» and January 1, 1838 318, 339

views in 1839 in regard to the, in connection with the safekeeping of the public

moneys .«•..... fUS

the use of the public money by the, for diacounta, unprofitable • • 193

concerning the system of special deposits with the 193

deposit, statement of the condition of the, on or near the 1st of November, 1S38, A>c, . 335

losses by the deposit^ in 1834, small compared, with those of 1837 194

list of general deposit, and the amount in cash subject to draft, in accordance to

returns received to 1st December, 1838. » 334

list of the late deposit, in which special deposits have been made, A«., and the

amount of miecial deposits subject to draft, 1st December, 1838. . • 338

statement of balances due the United States, 10th November, 1834, from banks

formerly depositories of the public money, with the credits to which they are

entitled for payments since that date, &c 339

list of former deposit, which suspended specie payments, and gave bonds to the

United States, under the act of^ 16th October, 1&7, and the amount of balances

due by them on said bonds on 3d December, 1838, ic 330

statement in 1839 of public moneys to the credit of Treasurer of the United States

in the two general deposit. ••• • .. . » • ^ • 346

statement of the condition of Aie deposit, to the SOth November, 1839 347

estimated payments into the Treasury in 1840, out of the moneys due by the former

deposit •••••• • .••.••••• 351

available fVmds in the deposit, in 1841 • 357

balances of the deposits with the, prior to the suspension in 1^7. ...••...••• .451, 454

amount of special deposits with the. .....•• • .451, 454

debts due by the, in 1837 to 1841, inclusive. 455

lists of general and oeeial d^MMUt, ih 1843. • ••••.••• 696

list of deposit, in 1844 • 683

in the District of Columbia, concerning the resumption of specie payments by the. • 31
insolvent. Government funds in the, unavailable. • .91, 177, 178

Digitized byL^OOQlC

688 INDEX.

Bearer el«di, the piioee of, in 1843. . • » • • M§

Beef, eatUe, hides, dbc., exporitd annoally frooi the Unitecp Stales, from 1790 to 1838

mduaiTe, the ¥«hie of. • ••-..». W9

•tatemeat of the ratue of, exported annually from the United
States, ft«em lall to 1849, mdusiTe; and ef the comitriee to

which exported ^ 645,646, 647

Bftib, Sectetary-^see .Fiiisnfflt-

Bonds due by the Bank of the United States meBmk^th$ Utiikd 8Uii$.

Bonds for duties, ooBoemin^ the payment of ..»• •• 3

for daties, eoasiderataens in 1897 in reg;ard to the postponement of the payment of.. » 4
circulars of the Secretary and Solicitor of the Treasory in regard to the postpone-
ment of the payment of. »•••••.•..••.« ^ ••• • ••.•• ^ .•.•-..• . .33, 36

memorial of the "New York merchanu, in 1837, to the President, for the stay of

ib/6 collection of .•••.. ^ .«•• ^ 38

memorials of the Chambers of Commeroe of Boston and New Orieans on the same

snfajsot. ^ ; ^,41

Treasury circulars to the Boston Chamber of Commerce and the GoUedor at New

York, in reeard to the kmd of money receirabte for, Ac • • .43, 47

memorial of Uie Chamber of Commeroe of New Yorit, Angnst 98, 1837, asking

for a po^tponesfM&t of the payment of duty bonds 49

▼iews in 1837 and 1838 in n^m to the extension of the credit on. 97, 190

BountiM sad drawbacks, a modiication of the, rseommended in 1640 ,.*•.«•.... 360

on pickled fish eocported, payments for, from 1891 to 1849 ..«..••.••.•.•. 635

Bullion sad specie see Jispti-to ste Eaporlt.

Butter, cheese, Ac, exported annually from the United Slates, from 1790 to 1838, indn-

mrctheTahie bf. 987

statement of the iFatue of, exported annually from the United States,
from 1891 to 1849, and of the oountries to which exported. .645, 646, 647

C.

Calico, miporud and Amerioan, die prices of, in 1849 ^.^..^ 508

Certificates, without interest, recommendation, in 1837, that, be issued and made rocemible

for public dues. ••.»». •••... •••.•••••.• • «.»•••.* 95

Clerks, submissions for the appointment of new »• • .• 157

Clerks see Cmtpm Homm.

Circulars .see TVfomry Cwmtmrt,

Ciril. dipiommic, and misosUansons serrko—

estimStai for 1838 193,194,138,156,159

sstimatet for 1839 181,939

estimates for 1840..... -. .935, 99ft, 331

estimates for 1841 358,890,491,440,469

estimates for 1849. 486

estimates for 1843. 467, 601

estimates for 1844-'5.. ....^...•*^ .488, 603

estimates for 1845-'6 669

appropriations made in 1837 • * 194, 159

q^propriations made in 1839 #•••...•••...•.••«> Ji99, 331, 335

Impropriations made in 1840.. • • • ».. 391, 491, 495

appropriations made in 1841 ••......••»...• ..•.••... 438

expenditures m 1837 ^ 109, 175

expenditures in 1838 ...•••.. 177,178, 901,956

expenditures in 1838..... .989,957, 3n

expenditures in 1840 359,373, 437

expenditures in 1841 438,469, 471

expenditures in 1849 486,499, 690

expenditures in 1843-'4 ...600,69$, 678

expenditures in 1844-'5 668, 680

Coast Sunrey, the progress of the, Ac 408,199,953, 675

Cofifee mid tea, duty on, recommended. . . .'. ...••. .609, 616

the value of, imported into the United States annuafly, from 1891 to

1849. v. .T 637

Cofll'ee, the tuHm of, imported into the United States from 1790 to 1838, indusm 976

Collection of duties, statement of the expenee of, annually, from 1891 to 1849 635

Collection law, extract from the report of the Secretary of the Treasury in 1790, touching
the bearing of the, upon the reoeitability of bank notes in payment of

duties - 54

a revision of the, recommended .• • 199

CoQeetor at New York, Treasury circulars to, in 1837, in regard to the specie cbvnlar and

duty bonds .33, 47

circular Irom the, m regard to the excesstre suf^ily of foreign
merchandise in 1849 507

Digitized byi^OOQlC

INDEX. 689

CoUaetor at BaUisKMre) in 1789, Treasury circular to the, in regard to the receipt and trans-
mission by mail of bank notes « 53

CoUeclors of the Customs, made depositaries of the public moneys received by them in

case or suspension of specie payments by the banks 59

to receive Treasury drafts in payment of duties. 68

continue to make deposits of -public moneys in certain banks. 193
concerning the report of the ultimate losses of public moneys by, 194
recommendation of collateral security from, as keepers of tne
public moneys ) and making any embezzlement of public

money by them a penal offence. . « » 195, 196

Treasury cu*culars to the, in 1838, in relation to the kind of

currency receivable in payment of public dues. * i215, 217

list of, and of receivers of the public moneys, having public
moneys in their hands, on wnom dmfts have from time to
time been placed, and are intended to be continued, for the
sums to the credit of the Treasury; showing, also, the bal-
ances in their hands subject to draft, conformable to returns

to December 3, 1838 * 227

Treasury circular of July 14, 1838, to the, exhorting them not

to use the public moneys for private gain, &c,. 230

a reduction of, recommended in 1840 364

Commissioner of Customs proposed in 1837 and 1838 108, 109, 349

Compensation, the, to custom-house clerks 617

Commerce of the United States, views in 1639 in relation to the 233

the extent of the— see hnpurh — see Exports.

statistical view of the, from the year 1821 to 1842 634

Commerce, foreign, concerning the fluctuations in the 604

what constitutes legitimate » 367

Cdnstitutional currency— see Cwrreney,

Cotton, over product of, and reduction of its price, cause of financial embarrassment in

1837 28,95

the net profits of, in 1835 and 1636 105

statement of the value of manufactured, imported annually into the United States

from 1790 to 1838, inchisive 275

statement of the value of, exported annually from the United States from 1790 to

1838, inclusive.* 285

statements of the value of, exported annually from the United States from 1821 to

1842, and of the countries to which exported 645, 646, 647

Cottons, statements of the kinds and value of, imported into the United States annually

from 1821 to 1842 636

the value of manufactures of, imported for the same periods 638 -

Credit, the Government, views in 1839 as to some stable means to preserve the 243

public, views on the necessity of permanent legislation to preserve the, against the

contingencies of a fluctuating trade • 184

how preserved, &c., in 1840 354, 355

the importance of its maintenance 490

views in 1844 on the importance of sustaining the public 650

Credit, an excess of, always ends in revulsion 367

Crockery ware, the value of, imported into the United States from 1790 to 1838 inclusive. . 276
Currency, views in 1837 in regard to the constitutional, and the proper kind of, to be

received in payment of public dues, A« 21, 98

Treasury circulars to the Boston merchants and collector at New York in regard

to the kind of, to be received in payment of duties - 43, 47

circular in 1789 in regard to the kind of, receivable for duties 53

kind of, in view of the collection law, in 1790 receivable in payment of public dues. 54

the^ as afibrded by the banks 103

views in 1838 on the kind of, received for the public dues, dbc 188

Treasury circulars of June 1 and July 6, 1838, to the collectors and receivers,

in relation to the kind of, to be received in payment of public dues .215, 217

views in 1839 on the condition of the banking institutions, and the kind of,

receivable for public dues • 249

advantages to the, by the disuse of paper in paying public dues 3^

Ca8tom>house establishment, concerning the. 253

bonds act Bonds,

clerks, practice of allowmg compensation out of the revenue where the fees

are inadequate, A«., abolished 617

officers, concerning the restriction on the increase of 673

revision of the pay of, recommended in 1837 109, 199

reduction of, recommended in 1840 364

responses of the various, of the United States, to Treasury circular
of November 24, 1842, in regard to the warehouse system. .530 to 595

Vol. IV.— 44. Digitized by L^OOglC

690 DJDEX.

Customs, Commissioner of, proposed in 1838 and 18S7 • • 106, 199, 349

Customs, receipts from, estimated for, and ascertained—

In 1836 V 89

1837 ^ 2,90,175

1838 « 1 92,176, 178, 256

1839 180,231,371

1840 234,351, 437

1841 357, 438, 439, 440, 456, 461, 463

1842 ^ 442,456,463, 485,620, 603

1843-'4 456,487,488,600,623,667,678, 680

1844-*5 602, 667, 678

1845-'6 669

Customs, receipts from, from 1st January, 1816, to 31st December, 1836, inclusive 459

from 1st January, 1837, to 31st December, 1840 460

from 1st January, 1837, to 30th September, 1843 627

a change of duties recommended in 1841, and an increased revenue therefrom.. . 442
estimate of the amount which will be received from, in the last quarter of 1841,

and each of the two succeeding years, under a modification of the tariff. 466

views in regard to the receipts from, in 1842. «.. 463, 603

estimated receipts from — see EttimaUt.

D.

Defalcations, report in 1838 of the probable losses of the public fiinds by receivers and col-
lectors 194

concerning the list of officers reported as standing on the books of the Treas-
ury, 12ui October, 1837, as defaulters 195

collateral security from collectors and receivers and other depositaries, and

attachment of penalty to prevent • • • • 195, 196

concerning checks and securities and penal enactments against .252, S63

the losses by individual 366, 444

the, by banks, as keepers of the public moneys 445

congratulations in 1843 that there are no, by officers of the Qovemment 618

Deficiency in the Treasury, apprehended. 3

apprehended at the close of the year 1840, the amount of. 234

views in 1839 on some oermanent safeguards to prevent, Ac. • . 243

concerninga provident hind to meet a 252

a modification of the tariff reconunended in 1840 to prevent a. . 362

to be provided for in 1842, and views in regard thereto 439,

440,462,463,464,469
amount of, 31st December, 1842, and views in regard thereto, 487, 488

amount of, on the 1st January, 1842. 598

probable, at the end of the fiscal year 1843-^4 , 602

probable, at the end of the fiscal year 1844-*5. 603

the, how supplied.... ..;......... 605

views in 1843 as to provisions for meeting, in the revenue. ..... 606

Deposit act of 23d June, 1836, an act to modiry the 217

Deposits, of the public moneys with the banks, views in 1837 and 1838 in reeard to ... 10, 17, 192
letter to the Executives of the States, with the postscript as to me return of the

transfers in case of non-payment of the 51

Treasury circular discontinmng the, to such banks as had suspended specie pay-
ments 55

unavoidable 91, 177, 178, 357, 372, ©7

with the banks, considerations in relation to a system of special 193

with the States, in 1837 1, 3, 30

considerations touching obstacles in the way of transferring the last instalment

of, to the States 5

views in 1837 in regard to the extent and availability of the, dbc 90, 97

unavailable for the service of 1838 177, 178

the Secretary does not anticipate that there will be any surplus in the Treasury

1st January, 1839, to deposit under the act of June, 183o 181

the obligation to deposit with the States any surplus, not a debt due the States, 181
further views in 1839, on the impracticability of making available the, and the

legislation of Congress on the subject 184

concerning the , , 353

ihe aggre£;ate amount of. 627

(For further information and views in regard to, see BanJa^-Bee PtibUe Monem.}

Deposits, public, interest on, from 1837 to 1841 455

Deposits in the Mint— see Mini.

Depositories, views in 1837 on the propriety of appointing genera] 107

general, under the act of 4th July, 1840 ,449, 453

selection of certain, in 1844 ., .,, ,. 674

Digitized byLjOOQlC

INDEX. 691

Diplomatic sereice— «ee I^oreign Intereoune* '

Disbursing officers, views in 1840 in regard to, &c .•••... « 3$3

Discountft, the use of the public moneys for, unprofitable and injurious to the banks and

borrowers • 193

Districtof Columbia, amount of debts of the cities of the, assumed by the Federal Oovemment. 179

payments on the, and remarks in regard to the debt of. 273,

353, 353, 357, 358, 371, 385, 483, 504, 630, 651

Documents, list of, appended to the Secretary's report in 1837 33

Domestic produce and manu&cture, ralue of annual exports of, from 1821 to 1843 indusire.. 633

▼iews in 1840 on Uie exports of, for a series of years. . 355
statement of the value of the annual exports ofy from

1821 to 1843 634

statements of the vidue of certain articles of, exported
annually from 1821 to 1842, and exhibiting the coun-
tries to which thejr were exported ........ .645, 646, 637

value of exports of, in 1844 683

exporu of, from 1834 to 1840, the value of, 15 per cent.

added • 457

statement of *he value of, rei&xported annually from

1821 to 1843 631, 632, 6&, 646r 647

exports of, from 1790 to 1838 285, 287

See Exports.

Donations for local oImccU should be forborne, recommendation in 1838 that. 187

Drafts in hands of disoursing officers saleable for specie alone. 363

Drawback paid on foreign merchandise, domestic refined sugar, and domestic distilled

spirits, annually, fiom 1821 to 1842 « 635

Drawback, the inequalities of the, on sugar and molasses, and necessity of legal provisions

to correct.... « .* 443

a retention of a larger percentage of, recommended 611

Drawbacks, views in 1840, concerning 354, 360

Dues, the money receivable for— see PukUe Dms.

Duties, the amount of, collected annually— see Revenue — see B€€eipi$-~eee hnperU see
PtMie Dues*
the bonds for— see JSdiMb.

views in 1837, concerning the extension of credit on « . . 97

the receipts from, in 1838, and the estimated, for 1839 183

how estimated 183

under protest, concerning the mode of keepingand repaying 200

a modified duty of 20 per cent, ad valorem, recommended in 1841 443

increase of, recommended in 1841 469

the decline in the importations in 1843, not attributable to the system of duties. ... 490

the laigest importation under the highest rate of. 604

any clmnee in the rate of, not likely to improve the revenue. 609

on tea and coffee urged. .609, 616

on tonnage and light money recommended to be applied to hospital purposes. ..610, 616

transit, on imported merchandise, dkc., suggested 611, 616

the amount of^ on merchandise from 1837 to 1843. 626

the amount of, collected on foreign merchandise from 1821 to 1843 631

amount of, which accrued annually upon imported merchandise, from 1821 to 18^. . 633
statement of the amount of, on merchandise, tonnage, light money, passports, A«.,

annually from 1821 to 1842 inclusive 635

expense of collection annually from 1821 to 1842 inclusive. • 635

statement of, ad valorem and specific, upon manufiurtures of iron and steel imported

into the United States annually from 1821 to 1843 inclusive 641

their efibct upon importations anid the prices of merdmndise, Ac 663

the average yield or, Ac, under the act of 1843 671

of articles imported during the nine months ending 30th June, 1843, the duty on
which exceeded 35 per cent, on the average wholesale market vahie of such

articles. • . • • • • ....•••.• 681

gross, which accrued in the fiscal year 1844. 683

Datv, the value of merchandise imported rrom 1834 to 1839, both inclusive, free of, paying
aa volorem, and pasring specific. ...•«•••.... • ••••-.••• 374

E.
Embarrawments see PImtmeitd,

Estimates of receipts into the Treasury from all wmrces and of all expenditure for all
object*—

for 1837. J2,3,90

for 1838 .93, 93, 133, 134, 176, 177, 178

for 1839 180,181,231,233

for 1840 334,335,398,399,351,358

Digitized byV^OOQlC

699 WDEX.

EftimatM of receipts into the Trenory fixmi all aoaiOM od of dl mniiiliian £br «fl

for 1841 ^ *. .357, 368, 390, 391, 439, 440, 45«, 4«

for 1842 ^ 442.463,485,486,598

for 1843 ^, ^ ^,,...487, 59>

for 1843-^*4 ^ ..,......• 487,488.600, 601

forl844-'5.... 602,667, 668

for 184^*6 - 66f

expknatory remarks in 1837 on the, for 1838 «..,^.«« ^ . .«99, 101,123, 124

expknatioiis in 1838 of the, for 1839, and svggfstioaa on the mode of meeting fluctuations

m them •-• -•••.- 182

•f 1839, on an economical basis. ........•« • # • • .^ «. 18&

views in 1839 in regard to the estimates of recsipts for 1840 i235, 236

explanations in 18& of the estimates as to the expenditures and of some forther reduc-
tions in them r........ ...••.•••... •« r 237

Tiews in 184U, in regard to the, for 1841 *. 356, 357

explanations in 1841, of the, for 1842 ^ 463,487,358,359,390, 442

▼iews in 1842 of the estimate of 1843 iSS

Tiews in 1843 of the estimates of 1844^*5 603

Tiews in 1844 oT the estimates of 1845-*6.....*. 671>

of appropriations, in aop^gate and detail, for 1838.. 123, 124

of appropriations for 1840 .235, 298, 299

of appropriations for 1841 • • •• 4158, 390, 391

sutements under the act of May 1, 1820, acoompanying the annoal.. . ...•.• .159, 335, 43S

of the duties on tlie sTerage Talue of imports, from the 30th of Septsssber, 1834 to 1840

incIusiTS • •«.y. * 458

Ewing, Thosaas, Secretary of the Treasury^-see Fmstwet.

Exchanges, domestic and foreign, views in 1838 on the good cooditioo of the. •••... .^.190, 191
Expenditures of the Government for all ohfeots, estimated for and ascertained, in aggregate
and in detail, in-^

1836 ^ « JB9

1837 ^ -•... ^ 2,90,109,175

1838 ^ 93,177,178,201,256

1839 180,181,232,257,371

1840 235,352,373,437

1841 .358,438,439,440,448,462,471,599

1842 463,486,492,599,620

1843 ^.. ^ 487,599,623

1843-'4 « ^... 48,600,601,667,678

1844-'5 *....^ .603,668,680

184S-'6. ^ - 669^

fiaq>enditursa, views in 1837 in regard to the estimates of, for 1838 • .94, 101

and revenue for 1837, forther explanation as !• the efiest upon them by lawa

passed at the special session in ]837....«...«^«* • 96

prediction in 1^7 thai on certain contingenetes the, can be redueed to
117,000,000, and views why former predictions of reduction were not real-
ized 101

viewsinl838inregardlotheiiictiialionsinths..... 182, 184, 185

views in 1838 on a nduction of the annual to meet the diminished revenue

appr^ended in consequence of the gradual reductions in the tariff, . . J85, 187
views in 18391 why the expenditures in 1840 wiU be less than those of the

previous year, and why they should not be note than tl8,000»000 237,

238,252

general views in 1899 in regard to the causes of inerease in Che ., 239

conaideratioos in 1839 as to soMepermsasnt safiqguaid under fluetoatioas in

receipts and r.......M...«.242, 259

proposition for a reduction of. • • .'... .l.« • ^.^ »•••.. • 252

general views in ]840inregaid to,andfor a reduction of the. «... 366

exceeded the revenue, and how, and the necessity of eaily r^guktion to pre-
vent a further augmentatioa • • • «••.•«.... .441, 4^

•xeess of, over revenues, m. 1842 • ..•••. .., 589

views in 1843 in regard toadiminutionof the*. ••.•••• ••..... ........... 605

views in 1844 against extravagance in r 662

average rate of, for certain years, exclusive of the public debt 605

exclusive of trust fonds, loans, and Treasury notes, fitom 1816 to l^fi, and
from 1st Janaary, 1887, to aOlk December, 1840.. ............. ...^.45d,460

average annual expenditures from 1816 to 1836, and from 1836 to 1840. .4^, 460
excess of average annual expeodituie for cuizent expenses over receipts. .... 460

statement of the annual expenditures on all accounts, foom January 1, 1^7,
to September 30, 1843.. .....««. ..*...•..•.....•.•.•..••. 627

Digitized byi^OOQlC

INDEX- 693

fitpenditiires, an account of the principal and interest of the puUic debt exktin^ btfore
1837, betvreen January 1, 1837, and September SO, 1843^ and for interest

on loanti and Treasorr notes from 1831 to 1843 ...•«• .6SM, 627

see Mtscellaneous Expenditurea—^ee Treasury Mtes—eee EsHmaUe^^-Bee Jhibiie

Dell— see J^aval Sertke-^-^ee fhteign hUercoune,
for the «ifrmy, see MMiarw Strtkt,

cxpettMs of Government, -riewa in 1843 in regard to a reduction in the 607

of collecting^ the revenue — see CoUeetum,
see MxptfuMwTt$»
Elcplosions- see 8tm»Mler$.

Exports, in 1837, ascertained and estimated, and views in regard to. . • • • •« 94

statement of the value of, durine^ the years ending 30th September, 1836- ^37 171

value of, during the commercial year ending September 30, 1838 181, 214

vahi'e of, during the commercial year ending 30th September, 1839, and views in

relation to t)^ amount, dkc, of. . « » • 233

statement of the value of imports and, during the years 1834, 1835, 1836, 1837,

1838, and 1889.. » 274

statement of the value of annual, domestic and foreign, fW>m the United States,

from 1790 to 1838 inchisive 285

statement exhibiting the States from which the annual, from 1790 to 1838 were

made, and the value of, from each State, &Jt * 287

^untries to which the annual, from the United States wer# made from 1790 to

1838 inclusive, and the annual value of, to each country m 291

views in 1839 in regard to past hnports and, of the United States 294

in 1840, the amount and peculiarities of, showing an excess over the imports. . • . 354

views in 1840 on the, of domestic products for a series of years 355

statement exhibiting the value of imports and, annually, from 1791 to 1840 inclusive,

and the excess in either case for the same period. 387

value of, and imports during each presidency, from Mr. M onroe^s second term to

Mr. Van Buren's, inclusive. . • * » * .. . « « « > * 388

<of bulKon and specie during the year ending 30th September, 1838 224

of brllion and specie annnaUy from 1790 to 1838 286

average value of) for six years, Ac., &/c 456

of domestic and foreign produce from 1834 lo 1840, the value of 15 per cent, added. 457

value of, during the year ending 30th September, 1842 505

value of foreign merchandise exported amiuaUy from 1821 to 1841 506

statement of the value of, of domestic produce and manufkctiu'e, and of foreign

merchandise rei^xported annually, from 1821 to 1842 631, 632

statistical view of the commerce or the United States, exhibiting the value of im-
ports and* annually, from 1821 to 1842 634

statements of the Tahie of certain articles ot domestic produce and manufacture,
and of bullion and specie exported annually, from 1821 to 1842 inclusive, and

the countries to which exportedi . » .» 645, 646, 647

statement exhibiting the value of, during the year ending 30th June, 1844 683

P.

I^ees, the surplus, of clerks of district and circuit courts, concerning 607

Finances, in 1837, reports of Mr. Woodbury on the state of the Cwvemment 1, 89

1838, report of Mr. Woodbury on the state of the 175

1839, report of Mr. Woodbury on the state of the * ». . . . 231

1640, report of Mr. Woodbury on the state of the 351

1841, report of Mr. Ewing on the state of the 437

1841, report of Mr. Forward on the state of the 461

1842, report of Mr. Forward on the state of the 485

1843- '4, report of Mr. Spencer on the state of the 597

1844- '5, report of Mr. Bibb on the state of the 649

of the Gk>vemment, recommendation in 1837 of certain legal provisions for the

proper administration of the. * 107

touching the recommendation of permanent measures to meet any fluctuation in

the. 183

Financial embarrassment, views in 1837 and 1838 in regard to some general causes of,

and remedies for 28, 184

the excess of importation of foreign merchandise over the ex-
ports one great cause of 233

le^slation recommended In 1840 to prevent 355

Financial operations of the Qovemment, general riews in 1840 in regard to the. 365

Fiscal year, alteration in the, proposed 199, 349

the change in the 597

Fish, exported annuiJly from the United States from 1790 to 1825, inclusive, the value of. . S86

exported annually from the United States, from 1821 to 1842, inclusive, the value of. . 645

Fishing vessels, albwanees to, annually, from 1621 to 1842. » 635

Digitized byL^OOQlC

694 INDEX.

FbBacl,AMneaa,tlicprieea<;kl8tt. ^ ~ 509

Ffexaad hrmi, mmtenem of tlit ¥«i— of — yfarlrei of,nBporied ofto die Uniled States

■uhmDj, frvB laSl Ml842,aKfaisYe S4»

Fhx — 9tt i.imntt

Fl<mr, expofiedaiunuVj from tWUnhcdSuucs firoci 1790 to 1^38, iado^ 9BS

litfmfBf of tlM vttkw of, exported mnB9MBy frooi the Unit^ Scales, froas 18S1 to

lda,ui4of tkecoaBthcsiowkickcxpovtea ^ .€4S,646»6il

Fla4rtQstioo in recsipu sad expcaditiires — eee F^mmmrtt

PordgD intcmMine, estmistes for 1838 lor « ^ 19,144,156,159,177

csdaatcs for 1^39 for J81. 33»

csthaatcs for 1840 for J298, 235, 322, 33»

I for 184] for ^58, 390, 413, ^2, 440, 4e2

iforlS«2for 486

I for 1843 for .487,601

iforl544-'5ror 488,603

^forl845-'6for - .- 66»

appropriatioiis audeia 1837 for 144, 159

appropristaoiM SMde ia 1839 for ^ 299,322,335

appropriations made in 1840 for. ..••...•••....•.•...••.••.... <413, 435

approptiatioBS made in 1841 for... 436

expeoditares in 1837 on aceotuu of..... 109, 175

expcnditores in 1838 on accoant of. 178, 201, 256

expeoditares in 1839 on accoaat of.. .......••...•••..•... .232, 257,371

expeoditares in 1M40 oo account of 352, 373, 437

expenditnrae in 1841 on account of 462,471

expeoditares in 1842 on account of. 486, ^2, 620

expeoditares in 1843-M oa account of. ..€00, 623, 678

expenditures in 1844- '5 on accoant oC .668, 6R0

FortiikatioBS, a redaction of appropriations for, reeommeoded in 1838.. .••««.....^.... 187

estimates for 1838 for 148

estimates for 1839 for — 181, 232

estimates for 1840 for . .235,296, 326

estimates for 1841 for .358,390,416,440, 462

estimates for 1842 for 486

estimates for 1843 for ^ 487, 601

estimates for 1844-'5 for 488, 603

estimates for 1845-'6 for 670

appropriations made in 1837 for.. ....«..........-,..•• 148, 164

appropriations made in 1839 for ...........326, 339

appropriations made in 1840 for. .«....»....• — 417, 43B

appropriations made in 1841 for • .^ .438, 439

expeoditares in 1837 for'. 175

expenditures in 1838 for 177,202, 256

expenditures in 1639 for. .232,258, 371

expenditures in 1840 for „ „ .352, 374, 437

expenditures in 1841 for „ 438,462, 472

expenditures in 1842 for 486,492, 621

expenditures in 1843-M for ». .624, 679

expenditures in 1844-'5 for 668, 680

Forward, Walter, Secretary of the Treasury— see Fmmuet.

France, the sixth instalment due from, to the United States, paid 199

the interest on the first four instalments of the iiMiemnity due by 2S3

Fands— see TViuf FSinds.

public, unaraiUble.. ^1, 177, 178, 372, 627

G.

General Land Office, concerning the.. 253

theoperauons of the, in 1840, concerning....... .«...• 364

the operations of the — see Pvblie Laandi,

(Georgetown, the debt of, assumed by the Federal Government 179, 273, 385

pajrraents on said debt — see Diihiei </ ColumbU.
Grain and flour, views in 1837 touching the price of, their value, and the quantity
imported and exported, and their bearing upon the national finances and the stability of

trade - 95

Great Britain, the warehouse system of— eee Wankouie system.

H.
Harbors and rivers, the improvement of-^

estimates for 1838 148

estimates for 1839 181,232, 371

estimates for 1840 ^^<.S3S^ 298

Digitized byi^OOQlC

INDEX. 695

Harbon and rivers, the improvement of-^CotUinMed.

appropriations for 1837 148, 164

appropriations for 1839 339

appropriations for 1840 432

appropriations for 1841 439

expenditures in 1837 175

expenditures in 1838 187, 202, 256

expenditures in 1839 232, 258

expenditures in 1840 352, 374

expenditures in 1842 621

expenditures in 1843-'4 624, 679

Hemp, the value of, imported into the United States from 1790 to 1800, inclusive 277

clean Russia, the price of, in 1842 507

imported into the United States annually, from 1821 to 1842, the value of manufac-
tures of. 636

and cordage imported into the United States annually from 1821 to 1842, statements

of the value of 637, 642

and flax, statement of the value of manufactures of, imported into the United States

annually from 1821 to 1842 640

Holland, remarks in 1837 in regard to the outstanding appropriation under the act of May

20, 1836, to pay the debt due by the District of Columbia 91

the debt due — see District of Columbia.

Home market, the creation of a, recommended in 1841 468

Home vahiation under the tariff* of 1833 465

I.

Importations of foreign goods, the excessive, a cause of financial embarrassments in 1837. . 29
how affected by the expansions and contractions of the cur-
rency 236

Imports, the value of, in 1837, and views in regard to the diminution of. 94

views, in 1837, in regard to the fluctuations in, caused by restrictive legislation,^. 100
statement of the value of, during the years ending 30th September, 1836 and

1837 171

the value of, during the commercial year ending 30th September, 1838 182, 214

the value of the, during the commercial year ending 3uth September, 1839, and

views in relation to the amount, &c., of^ 233

the effects of the excess of, over the exports, treated of 233

statement exhibiting the value of, and exports during the years 1834, 1835, 1836,

1837, 1838, and 1839 274

statement of the quantity, kind, and value of imports into the United States, from

the 1st October, 1789, to the 30th September, 1838, and the value of those

retained in the country 275

statement showing from what countries the imports into the United States, from

1790 to 1839, inehisive, were derived, and into what States they were entered,

and the value in each case 278, 281

views in 1839 in regard to the past, and exports 294

in 1840, the amount and peculiarities of, &c 354, 367

statement of the annual value of, and exports, from 1791 to 1840, inclusive, and

the excess of imports and of exports annually, for the same period 387

value of exports and, during each presidency, from Mr. Monroe's second term

to Mr. Van Buren's, inclusive 388

average value of, for six years 456

from 1834 to 1840, and value thereof. 457

estimate of duties on the average value of, from 1834 to 1840, inclusive 458

of bullion and specie fVom 1821 to 1842. 636, 645

of bullion and specie during the year ending 30th September, 1838 224

of bullion and specie from 1790 to 1838 277

of bullion and specie from 1834 to 1840 458

' the decline in the, in 1842, not attributable to our system of duties • 490

the value of, during the years ending 30th September, 1840, 1841, and 1842 505

statements of the value of foreign merchandise imported, Ac,, annually , from 1821

to 1843, and the amount of duties accruing thereon 631, 633

statistical view of the commerce of the United States, exhibiting the value of exports

and, annually, from 1821 to 1842 634

statements of tne value of the principal articles of merchandise imported into the

United States annuallv, from 1821 to 1842 636, 637

statements exhibiting the value of manufactures of cotton and wool, flax and

hemp, iron and steel, hemp and cordage, imported from 1821 to 1842, inehisive, 638,

^ 639, 640, 641, 642

statement of the value of articles imported into the United States, designating the

eountries from which received, annually, from 1821 to 1842, inclusive 643, 644

Digitized byL^OOQlC

696 INDEX.

laporUy ■tatament of articlet imnorted duiia^ niae mnih» fdmrTimf. 18439 tW^at^ ob
vhich exct^ed ihiny-^\t per ceat. oa the aTcngc wkolfii anrkil vslne of

•urh aiticies... «.....«. ..» M. .•••.••••• 0B1

■tatemeiit of iii« ralue of, and cxporu duxiB^ the jtmr cadiiig SOlh Jmmt, LB44. • • €83
Indcnoitiea — m« /Vmce — Ke •Sajp^^t.

Indepeodcnt TrcMorj* Tiewi in l*^ and 189^ in fiirorof an ^ 10,108, 196

rievt in 1*0*5 ia r»fard to the openuioiis of the. ••»••.. .<m. 192

Tievi in IMO in repaid to the operatinDa of the..... .»..•.. 363

Tiewa in ]?4] a^aiiut the, and afainat indiTidiial cmtofiuM of the

paMic moneja, and in &Tor of the rqMal of the. • • 444

iMlian aiairi, remarka in 1^540 in re^Tutl to 366

Inacriptiona, S{>aiiiafa. cooccmine the payment of. ..•.....••.••••• .••.••... lOd

Inaolvent bajika, Gorernnaeot fubda uDaTaJaMle in the aee *^**t

IiiaAlresK detnora, cxtcnaion of the acta of Con^reaa for the rdicf of, propoaed. . ...» 359

latental improreiaenu by the Federal GoTernmeot, redactioaa in appropriataoBi for,

recommended ...••• .••.••.••.•• ....•.•.••.. 187

Incarcoorae — aee fkrreigm hUtrtmgne,

Iron and ateel, the value of, imported into the United S(atea firoai 1730 to 1838 indaaiTa.. . 97€
imjMrted into the United Statea annaaUy firom 1821 to 1842, the Tmloe of

mannfiictares of. ••.... €36

maoafactured and onmanafihctarcd, atatcmest of the vahie of, iaqxiited into

the United Staiea annoally from 1831 to 1842. .... » 641

Roaak, bar, the price of, in 1*^2 507

Jodicial condemnation of goods, the expense of. .««... ..••• «^.. 607

L.
Land lawa, aa to any modif cation of the .^ ••.....••• 688

Landa, public, rceeipu fn^ro the sale of, Ac.— aee FwkUc Immif aof Geiwraf Lmd Ogkt,

Leod, imported inm the United States annually from ll^l to 1842, the raloe of. 637

the ralae of, imported into the United Statea from 1790 to 1838 inchiaiTe. •••••..... 277

Linens, the value of, imported into the United Slates firom 1790 to 1838 indusive. • • 277

and the Bana£»ctiires of flax« imported into the United States annuaSy from 1821

to 1842, the value of. •. 636

Li^t money— see Twnmw^t smL

Light-house establishment, recommendatioD in 1838 of a redoctioB of appropnstioos fiM*. .186, 187

concerning the. ••.. • 2S3

Licht-honses, on a part of the Atlantic coast, coocemtng proper sites for.. ••••.. 108

coocersio^ » .........••..•.• 199

Loans, to supply the Treasury — see Trtmtmrf SoUt.

per acts of 2lst July, 1841, of 15th April, 1842, and of 3d of Match, 1843, receipts

from, estimsted and actual, in 1841 • 461, 470

in 1842 485,486,491,599, 620

in 1S43 .487,600, 623

inl843-'4- 667, 678

statement of receipts from, frt>m January 1, 1837, to September 30, 1843 626

expenditures on account of the, of 1841, 1842, and 1843—

in 1841 462,482, 627

in 1842 - 486,502,599,622, 627

in 1843 . .• 487,600,625, 627

inl84a-'4 488,602,627, 680

in 1844-'5...-: 603,627,668, 680

inl845-'6 ^ « 670

statement in 1842 of the amount due on the, of 1841~'2, the former redeemable let

January, 1844, and the fauter the Ist of January, 1863 504

statement of the payments from January 1, 1837, to Sq>tember 30, 1843, and of

interest on account of the. .«• • .,....«. 626, 627

statement of persons to whom was awarded the loan of 1843, the terms of aec^t-

ance, dbc., and of the offers not accepted, dbc 629

statement, December 1, 1843, of amount of outstanding • ^.. 630

Btatementa in 1844 of the indebtedneea of the United Sutea on account of.. 652, 676, 677

recommended in 1841 443, 444

views as to the anticipated receipu fr-om, in 1842 463

to make the late loan available, an extension of time recommended 464

concerning the «. •...•••. 489

a new loan recommended in 1843 to meet a deficit „.••• 606

considerations in 1843 in regard to the loan authorized by the act of March, 1843. . 613
viewa in 1844 in regard to the interest on the, and the payment of the. .. • • . • .660, 661

Losses of the public money, views in 1839 in regard to 246, 247

Ltvnber, exported annually from the United States from 1790 to 1838 inclusive, the value

of. 2%

exported annually from the United States from 1821 to 1842 inclusivei the value of. 645

Digitized byi^OOQlC

INDEX. 697

M.

Manufacture, domestic, statement of the value of the annual exports of, from 1891 to 1842. . 632
Manufactures, the value of certain, imported into the United States annually from 1821 tp

1842 !• T. 636

statements exhibiting the value of, of cotton and woo), flax and hemp, iron

and steel, hemp and cordage, imported from 1821 to 1842 inclusive 638,

239, 640, 641, 642
statement of the value of, imported into the United States as above, annually,

from 1821 to 1842, and the countries from whence received.. * 643, 644

statements exhibiting the value of certain articles of domestic produce and,
exported annually from the United States from 1821 to 1842, and the

countries to which exported 645, 646, 647

the value of, exported annually from the United States from 1821 to 1842. . 645
statement of the value of, exported annually from the United States frx)m

1789 to 1838 inclusive. 285

Marine hospitals* concerning places most suitable for 108

Marine Coi^ts, appropriatbns and expenditures for the-^see JV<hmU Sarviee— see EaUmata

— see EaeprndUvma,
Merchandise, for the annual imports and exports of-^-«ee Import^^ExfwrU^

statement of the kind and value of imports of, from the 1st October, 1789, to
the 30ch of September, 1828, and the countries from whence derived. ..275, 279

statement of the exports of, foe the same period. .• • .••••• 287

foreign, the value of, exported annually from 1821 to 1841.. ••.... 506

a redundant supply of foreign, in the United States before the enactment of

the tariff of 184v, and the prices of certain • • • - • 507

forejgn, imported and rei&xported, the amount of duties on, from 1837 to 1843. . 626
foreign, statements of the value of, imported, reexported, and consumed or

on hand, annually, from 1821 to 1842 •. 631, 632

statement of the value of, imported from 1821 to 1842, and the gross duties

from 1821 to 1842 - 633

foreign, statement of the value of the annual exports of, from 1821 to 1842. . 634

foreign, drawbacks paid on, annually, from 1821 to 18^ 635

statements exhibiting the value of the principal articles of, imported annually
into the United States from 1821 to 1842 inclusive, and abowin«r the coun-
tries from whence received ....,, 636, 638, 639, 640, 641. 642, 643, 644

statements exhibiting the value of certain articles of domestic produce and
manufacture, and bullion and specie, exported annually from the United
States from 1821 to 1842 inclusive, and the countries to which exported.. . 645,

646, 647
sti^tement of articles imported in nine months of 1843, at a rate of duty aver-
aging 35 per cent 681

the value and kind of, imported and exported • • ••

Military sorvice, including fortifications, armories, arsenals, ordnance, Indian afiairs, revo-
lutionary and military pensions, and internal improvements-
estimates for 1838 •. 123, 146, 156, ,164 178

estimates for 1839 ^ ^ 181, 232

estimates for 1840 235,298,323, 333

estimates for 1841 358,390,397,414,423,440, 462

estimates for 1842 .• 486

estimates for 1843 487, 661

estimates for 1844-*5 488, 603

estimates for 1845- '6 ^ 670

appropriations made in 1837 ««...«•«. 146, 164

appropriations made in 1839 •• 323, 339

appropriations made in 1840 414, 429

appropriations made in 1841 .••....« 438, 439

expenditures in 1837 • • • ^ • • • Jll, 175

expenditures in 1838 177, 178, 202

expenditures in 1839 i232, 258, 371

expenditures in 1840 352, 374, 437

expenditures m 1841 ^ ^ 439,462, 479

expenditures in 1842. .• 486, 493, 621

expendiUire8inl843-'4...« » ^ 600, 601,624, 679

expenditures in 1844-'5 ^ • ••.. 668, 680

Militia service, d^.-^-see Expendihart9^-me% Ettimaiet,

Mint, the amount of deposits in the, and considerations in regard to. • 2, 177

concerning the - *. 199, 253

deposits in the, under Che act of June 23» 1836, and January 18, 1837 91, 451, 454

views in 1837 on the propriety of imposing the duty of a general depository on the . . 107
recommendation of legisl penalties m case of emoezslement of any of the public
funds in the ......*••....••••••. 195, 196

Digitized byL^OOQlC

699 INDEX.

Mint, amount of special deposits in the, and subject to draft 1st December, 1838 938

Mint certificates, recommendation in 1837 that the, be receivable in payment of public dues . . 96

Miscellaneous service-
estimates for 1838 123, 144, 156, 159, 178

esUmatesfor 1839 181, 238

estimates for 1840 .235, 298, 318, 331

estimates for 1841 .358,390,410,422,440, 462

estimates for 1842 m 486

estimates for 1843-'4 - 487, 601

esUmates for 1844- *5 488, 602, 60S

estimates for 1845- *6 669

expenditures in 1837 .^ 109, 175

expenditures in 1838 177, 178, 201, 256

expenditures in 1839. : .- 232, 267,- 371

expenditures in 1840 352, 373, 437

expenditures in 1841 438, 462, 471

expenditures in 1842 486, 492, SSO

expenditures in 1843- '4 600,624, 678

expenditures in 1844-'5 668, 680

appropriations nuide in 1837 • 144, 159

appropriations made in 1839 299, 318, 335

appropriations made in 1840 410, 425

appropriations made in 1841 438

Miscellaneous sources, receipts from — see ReeeipU.

Molasses, the value of, imported into the United States annually firom 1790 to 1838 inclusive . . 276
the value of, imported into the United States annually from 1821 to 1842. 637

Moneys of the (Government, the safe-keeping of— see PmkHc Moneji.

N.

Naples, the fifth instalment of indemnity due by, paid • 199

the sixth instalment due by, paid 253

another indemnity paid • 364

Naval service, including the Marine Corps —

estimates for ia38 123, 153, 157, 168, 178

sstimates for 1839 181, 232

estimates for 1840 235, 298, 329, 333

esUmates for 1841 358, 390, 418, 423, 440, 462

estimates for 1842 486

estimates for 1843 487,602

estimates for 1844-'5 488, 603

estimates for 1845-*6 670

expenditures in 1837 ^ 120, 176

expenditures in 1838 177, 178, 202, 256

expenditures in 1839 232, 270, 371

expenditures in 1840 .' .352, 383, 437

expenditures in 1841 438, 462, 480

expenditures in 1842 486, 501, 621

expenditures in 1843-'4 600, 625, 680

expenditures in 1844- '5. 668

appropriations for 1837 152, 169

appropriations for 1839 328, 344

appropriaUons for 1840 418, 435

appropriations made in 1841 •- 438

Navigating interests in 1840 prosperous .355

P.

Passports, duties on, annually, fVom 1821 to 1842 63^

Patent Office, concerning the money to the credit of. 3

Pension grants, the expense of, views in 1838 on the propriety of avoiding an increase of,

during the gradual reduction of the tariff. • 188

Pork, hogs, &c., exported annually from the United States from 1790 to 1838 inclusive,

the value of 286

statement of the value of, exported annually from the United States from

1821 to 1842, and of the countries to which exported 645, 646, 647

Port of entry, at Independence, the establishment of a, recommenoed 617

Post-Office Department, concerning the money to the credit of S

Preiimption and graduation laws, the passage of, recommended in 1839 252

Premiums offered and accepted for the stock of the United States loan in 1843 629

President of the United States, memorials in 1837 of merchants. Chamber of Commerce,^.,

for a recision of the specie circular, and for a stay on the payment of duty bonds.. .38, 40, 41
Produce— €ee DomuHe Produce.

Digitized byLjOOQlC

INDEX- 699

Pablic debt of the United States, expenditures, estimated for and actual, for payments on
account of the funded and unfunded, in — •

1837 2,90,92,111,176,178

1838 177,178,202,256,272

1839 181,232,272,371

1840 352,384,385,437

1841 357,358,438,441,462,482

1842 486,502,599,622

1843 487,625

1843-'4 488, aOO, 602, 680

1844-'5 603,652,668,680

1845- *6. 670

Public debt, principal and interest on the old, undischarged —

inl&6 : 92

in 1837 179

in 1238 ^ 272

in 1839 385

in 1840 483

in 1842 504

in 1843 630

in 1844 676,677

concerning the extinguishment of the 187

views in 1837 in regard to the foreign, of the United States 95

views in 1840 in regard to the 353

on account of the cities of Washington, Alexandria, and Greorgetown,and pay-
ments of interest thereon,. ..179, 273, 352, 357, 358, 371, 385, 483, 504, 630, 651

statement of the old and new, December 1, 1843 630

statement of the old and new, July 1 and December 1, 1844 651, 676, 677

expenditures for debt and interest, exclusive of payments arising from loans and

Treasury notes, from lit January, 1816, to 31st December, 1836 459, 460

views in 1841 on the means of providing for the, and in favor of funding the. . 440»

441, 443

amount paid from 1816 to 1837 441

when paid, and how much paid 606

statement and views in 1844- '5 in regard to the 652, 653

statements of payments on account of the old, funded and unfunded since^

1st December, 1836 92

Jst December, 1837 , 178

1st December, 1838 272

Ist December, 1839 385

1st December, 1840 483

payments of principal and interest of the old, between January 1, 1837, and
December 31, 1840, and between January 1, 1841, and September 30,

1843 :. 626,627

statement of payments on account of the old. Treasury notes and interest, from

January 1, 1837, to September 30, 1843. 627

in 1790, foreipi and domestic 654

on account or the Revolution 654

in 1800 654

in 1810 154

in 1816 654

in 1820 654

in 1830 654

in 1835 655

interest paid on the, from 1789 to 1835 655

new, incurred in 1841-'2, and '3, and for payments of principal and interest

thereon— see Loam — see Tretuwy MU$,
see RevoltUionani Debt,
considerations m 1844 as to the existing security for payment of interest and

ultimate redemption of the principal of the 657

Public dues, views in 1837 on the kind of money receivable for, Ac .21, 43, 47

bank notes made receivable in 1789, for 53

Treasury circular in 1790, in regard to the bearing of the collection law on

the receivability of bank notes in payment of. 54

Treasury draAs to be received in payment of. > 68

views in 1838 on the kind of currency received for||ps 188

Treasury circulars of June 1 and July 6, 1836(fr'%6 the collectors and re-

ceivers in relation to the kind of currency to he received in payment of. . . J215, 217
views in 1839 on the condition of the banking institutions generally and

the kind of money receivable for ^ 949

Pablic credits-see Credit.

Digitized byLjOOQlC

700 INDEX.

Public lands, receipts from the sales of, estimated fbr and ascertained—

in 1836 89

in 1837 2.90, 175

in 1838 ^ 98,176,178, 256

in 1839 180,231, 371

in 1840 ^ ^4,351, 437

in 1841 867,438,489,440,461, 468

in 1842 485, 601

in 1843. 487,488,600,628,667,678, 680

in 1844-'5 602,668, 678

inl845-'6 669

receipts from the sales of, from Ist January, 1816, to Slst December, 1836. . 459
receipts from the sales of, (torn let January, 1837, to 8l8t December, 1840.. 46D
receipts from the sales of, from 1st January, 1887, to September 30, 1843.. 627
views in 1837 in regard to the fluctuations m the receipts from, and on the

estimates for the future ••*..« »• «i4 •«..«««•• « 99

recommendations to receive payments in advance for. » » • 107

views in 1639 in regard to the fluotuatione in the sales of^ Ac., and how the

Government finances are afleeted thereby • « « * • ^ 2^

views in regard to the estimate of sales of, in 1839 • 182, 183

views as to the receipts from, in 1842. 4 «««•..•«*•« • 463

views in 1843, in regard to the sales of the • 604

considerations in 1844 in regard to and the revenues to be derived from the, 656

concerning the. ... * « * 253

Public moneys, unavailable in 1837, 1838, 1839, 1840, 1841 91, 177, 178, 357, 372, 627

views in 1837 on the safekeeping of the 10, 102, 107

circular. May 12, 1637, directing the collectors of customs and receivers

of, to collect and safely keep Uie, in case of a suspension by the banks. . 59
extract fVom the Treasury report in 1790 as to a new class of officers to

keep and transfer the « . . «* 60

statements showing the condition of the, in the former and present banks

of deposit and Nfint in August, 1837 64, 65

under the opinion of the Attorney General, and by order of the President,
the, to be deposited with specie<>aying banks, and with other banks, on

condition of iq^proved security for a prompt return in kind, dbc 68

views in 1837 in regard to the banks and safekeeping of the 102

pmctieabilitv of keeping the, indepetident of the banks as fiscal agents . .106, 107

the use of the, for discounts by the banka unprofitable, Ac 192

views in 1838 on the manner of keeping the, and changes proposed 192

collateral security fbr the safekeeping of the, recdramendea 194, 195

recommendation that the embezzlement of the, be made a penal offence. . • 196

seeBonJb.

amount subject to draft in certain general deposit banks the Ist December,

1838 , 224

list of collectors of customs and receivers of, having moneys in their hands

sub)eet to dmA, conformable to returns to December 3, 1838 227

list o^ late deposit banks in which special deposits have been made, and

the amount of special deposits subject to draft Ist December, 1888 228

statement of balances of^ due the United States en the 10th November,
1834, from banks formerly depositaries of the public money, with the

credits to which they are entitled for payments sinee that date 229

list of certain banks which suspended specie payments^ and balances due
by them on 3d December, 1^, on bonds given under the act of 16th

October, 1837..-. .....^-. .*.*.... 230

Treasury circular of July 14, 1838, in regard to the safekeeping of the, and

exhorting the depositaries not to employ it for private advantage, &c 230

views in 1839 on the manner of keepmg the, and the proper guards

against losses 244

statement of the, available for general purposes 1st January, 1839 255

statement in 1839 of, in the two general deposit banks 346

available in 18il in the deposit banks. • « 357

0|iinions in 1840 that the mode established by Congress for the safekeeping

- of the, has answered well, Ac • 362

views in 1841 in regard to keeping and disbursing the, adverse to the inde-

Eend en t Treasury • 444
ject to draft, in 1841, in the hands of the Treasury agents, enu-
merated ^ .....449, 45a

R.
Receipu into the Treasury, from all sources, as estimated for, and ascertained—

in 1836 ......••••• 89

Digitized byL^OOQlC

INDEX. 701

RecelpU into the TreMury, tram all sources, as estimated for, and ascertained— >Coiatfiii«<{.

in 1837 2, 90, 175

in 1838 92,176,178, 256

in 1839 180, 231, 371

in 1840 .234, 351, 437

in 1841 357,438,439,440,456, 461, 470, 599

in 1842 463,485,491, 599, 620, 603

in 1843 487, 599, 623

in 1843-^4 488, 600, 601, 667, 678

in 1844- '5 602, 667, 680

inl845-'6 669

views in 1837 in regard to the estimated, for 1838 93, 99

views in 1839 in r^ard to the estimates of, for 1840, and on
some permanent safeguard under fluctuation in expenditure h

and 236. 242

explanatory views in regard to the estimates of, for 1839. .182, 183
views on tne necessity of guards to preserve the public faith

against the fluctuations in the • 184, 185

explanatory views in regard to the esUmates of, fyr 1840 236

as to the probable deficit in the, for 1837 5

as to the effect of legislation of the special session in 1837 upon

the, of the current vear • • 96

the entries on the books of the Register do not always show

the true dates of the 441

explanation of the, of 1842 603

the average rate of, for several years, deficiency in, dx 605

exclusive of the trust funds, Treasury notes, and loans, from

1st January, 1816, to 31st December, 1836 459

average annual receipts from 1816 to 1836, and from 1837 to

1840 459, 460

excess of average annual, over expenditures for current ex-
penses from 1816 to 1836 ^ 459

exclusive of trust funds, loans, and Treasury notes, &c, from

1st January, 1837, to 3l8t December, 1840 460

statement of the, from customs, lands, and miscellaneous sources,
from debts and other funds existing prior to 1837, and from
loans and Treasury notes annually, from January 1, 1837, to

September 30, 1843 626

from the bonds due by the United States Bank — see BciU: qf

the Umied States.
from public lands — see PubHe Lands.
from customs — see Customs.

from loans — see Treasury Mtes-^ee Loans— ^ee Estinvates.
Receivers of the Public Moneys, made depositaries of the public Moneys in case of a suspen-
sion of specie payments by the banks 59

to receive Treasury drafls in payment for public lands 68

views in 1837 on the propriety of making, general deposi- *

taries 107

continue to make deposits of public moneys in certain banks 192

losses of public moneys by, concerninjg 194

recommendation of collateral security from, as keepers of the
public moneys, and making any embezzlement Dy them a

penal offence 195, 196

Treasury circulars in 1838 to the, in relation to the kind of

currency receivable for lands, &a 215, 217

list of, having public moneys in their hands, on whom drafls
have been placed, &c., and the balance in their heads sub-
ject to draft conformable to returns to Dec. 3, 1838 227

Treasury circular of July 14, 1838, in regard to the safe-

, keeping of the public money, and exhorting them, in the

absence of legislation, to vigUance, and acamst the use of

the public nM>neys to private advantage, oc 230

Heceivert Q&nenI and Treasurers, views in 1840 in regard to 362

Reiixportations, value of foreign merchandise reexported annually from 1821 to 1842 631 ,

632, 635

Reserved funds in the Treasury in 1837 1

Retrtnchment in tj^ expenditures, views in 1838 on the necessity of, and the proper

objecuof.., - 186

Retienckment recommended— see £zpciuet— see Expendilures.
RevenuSt the surplus— ^ee Surptu^-^et Deposits toUh the States.

consideratioiu in 1837 in rigird to the the causes of flactuations in the.*. ••••.•• 95

Digitized byL^OOQlC

702 INDEX.

Rerenue, and expenditures in 1837, Airther explanations as to the, and the effect upon diem

by laws passed at the special session in 1637 96

views in 1837 on the propriety of vesting authority to issue Treasury notes to

supply any deficienev in the. « • • • . 107

views in 1638 on the fluctuations in the, and the reductions in the, under a re-
duced tariff 163,184, 185

causes which would operate to diminish the, in 1840, from customs • 336

fluctuations in commercial prosperity^ the crops, the banking poUcy, and credit

systems of foreign nations, affect the 24S

considerations in 1840 in regard to the, for 1841 ■ 359

the best mode of avoiding inequality between the anticipated receipts and expend-
itures in 1841 and 1842 360

general views in 1840 in regard to the, and the causes of fluctuation in the, dbc. • 365

the amount which the, exc<^ed the expenditures from 1816 to 1837 441

estimate of the amount of, which will be received fVom customs in part of 1841,

1843, and 1843, under a modification of the revenue laws 456

received from the 1st of January, 1816, to 31st December, 1836, inclusive, exclu-
sive of loans, Treasury notes, and trust Amds 459

receiv^ from 1st of January, 1837, to 31st December, 1840, exclusive of trust

funds, loans, and Treasury notes, from other than ordinary sources of income. . 460
from customs and other sources, from January 1, 1837, to September 30, 1843. . 696
gross and net, from imports of foreign merchandise, from tonnage and light

money, passports, ana clearances, from 1821 to 1843 inclusive • 635

outstanding and falling due to the Treasury, arising from other sources than that
of the oiSinary re?enue, which were paid between the 1st January, 1837, and

4th March 1841 455

on the importance of adequate provisions of. • 490

considerations in 1844 in regard to the resources x>f the United States as to 656

an augmentation of the, deemed in 1841 to be necessary 469

the probable augmentation of the, in 1844 and 1845 under the tariff of 1842. 603

the average rate of revenue for certain years and the actual, independent of ex-
trinsic additions, and how the deficiencies have been supplied 605

views in 1843 as to provisX)ns to meet deficiencies m the, and the best means of

improving the, &c • 608, 610, 616

concerning the system of collecting the 618

the yield under the act of 1843. 664, 671

Revenue laws— see 'Dmff.

Revenues, amount of, estimated and ascertained-^

for 1836 89

for 1837 3, 90, 109, 175

for 1838 92, 176, 178, 356

for 1839 180,331,355, 371

for 1840 234,351,352,372, 437

for 1841 357,438,439,456,461,462, 470

for 1842 440, 456, 463, 485, 491, 598. 599, 620

for 1843 and 184^*4 487, 488,599,600,601,623, 678

for 1844- '5 602,667,668,678, 680

forl845-*6 669

Revolutionary debt, the amount of the 654

Rice, exported annually from the United States from 1790 to 1838 inclusive, the value of. . 286
statement of the value of, exported annually from the United States from 1821 to
1842, inclusive, and of the countries to which exported 645

S.
Salt) the value of, imported into the United States annually from 1790 to 1835 inclusive.. . 276

the value of, imported into the United States annually from 1821 to 1842 637

Saltpetre, refined, the price of, in 1842 507

Satinets, American, the prices of, in 1842. • 508

Setunen, sick and disabled, considerations in 1843 in regard to relief to 617

Security, collateral, for the safekeeping of the public funds recommended in 1838 194, 195

Sheetings, Russia, the price of, in 1842 507

SilkS) the value of, imported into the United States from 1790 to 1838, inclusive 376

imported into the United States annually from 1831 to 1843, the value of. 636

Sinking nmd, the excess of revenue above expenditures is the only real 653

the, by which the revolutionary and other public debts were paid, the opera-
tions of. 656

recommended in 1844 to anticipate the payments of the stock under the acts

of 1842 and 1843, the mode of providing, Ac * . .659, 664

Skins and furs, exported annually from the United States from 1790 to 1838 inclusive, the

value of .• 287

the value of, exported annually flrom 1831 to 1843 m 645

Digitized byL^OOQlC

INDEX. 703

Smithfloni^ legacy , inyestedjdbc 199

Smu^i^ing, marine preventive service against 618

Solioitor of the Treasury, circular of the, in May, 1837, to the United States attorneys in

resard to the collection of duty bonds 36

Special deposits of public moneys have been made, list of the late deposit banks in which . . 223

list of banks in which are made 628

Specie and bullion, imported and exported in 1837 and 1838 224

value of, imported into the United States from 1790 to 1838 inclusive. . . 277

value of, imported from 1834 to 1840 458

imported into the United States, annually, from 1821 to 1842, value of. . 636
exported annually from 1821 to 1842, and the countries to which ex-
ported, value of. ; 645, 646, 647

exported annually from 1790 to 1838 280, 287

Specie basis for circulation, an enlargement of the, recommended in 1839 253

Specie in the United States in 1814 and 1837, the periods of suspension by the banks, the

amount of. 188

Specie, vieMrs in 1837 in reg;ard to iiftports and exports of, ^e bearing upon trade, &c. 20, 104, 105
statement exhibiting the value of bullion and, imported and exported during the

year ending 30ih September, 1838 224

statement of the, and bullion exported annually from the United States from 1790 to

1838 inclusive 286

annual imports and exports of— see /iii}>ort9— see Ea^poris.

Specie circulation, the advantages of. 363

Specie payments by the former deposit banks, views in 1837 in r^^urd to the resumption of. .18, 20

banks which had suspended, discontinued as depositories 55

Treasury circular of July 3, 1837, to the banks in r^ard to, and urging

the resumption of. 86

views in 1837 on the ability, &c., of the deposit banks at different points

to sustain 103, 105

views in 1838 in relation to the resumption of, by the banks 188, 191

see Banks for further views in regard to.
Specie circular, memorials of the New York and other merchants in 1837, and the Cham-
bers of Commerce for the recision of the 38, 40, 41

from the Secretary of the Treasury, assertinsr the constitutional duties of that
department in regard to the collection of duties in specie, and against the

recision of the 43

Spices, imported into the United States anntially from 1821 to 1842, the value of. 637

the value of, imported into the United States from 1790 to 1838 inclusive 277

Spirits, the value of, imported into the United States from 1790 to 1838 inclusive 275

domestic distilled, drawback paid on, annually, from 1821 to 1842 635

allowance for natural waste, under the British warehouse system 521

imported into the United States annually from 1821 to 1842, the value of. 637

Spencer, John C, Secretary of the Treasury — see Finances.
t Steamboilers, and the best methods of preventing explosions, concerning experiments to

test the strength of. 108

a promised collection of facta in regard to explosions of. 199

Steamboats, promised statistics, &c., of. 199

States, the deposits with the— see Deposits,

Stocks, lists of persons to whom the loan of the United States was awarded in 1843, and

the amounts awarded 629

the marketable value of. 653

sinking fund recommended to anticipate the payments of the, under the acts of

1843 and 1844 659

statement of the gain on the purchase of the stock of 1841, in anticipation of its

redemption on the 1st of January, 1845 6S3

Steel — see Iron,

Submissions, recapitulation of, for 1838. 157

Sugar, the value of, imported into the United States from 1790 to 1838 inclusive 277

domestic refined, drawback paid annually, from 1821 to 1842, on 635

imported into the United States annually from 1821 to 1842, the value of. 637

Surplus in the Treasury, not anticipated during the year 1839, for deposit with the States. . 181

the existing, temporary and fallacious in its character, dx 184

views in 1838 on the good policy of avoiding large 185

Surplus frmd, amounts of appropriations which may be carried to the, at the end of—

1837 91,123,159, 170

1838 180

1839 235,298, 335

1840 358,390, 425

Surveying districts, concerning a consolidation of. 607

Survey— see Coast Survey,

Swartwout, Samud, collector at New York, Treasury circulars to, in 1837 33, 49

Digitized byLrrOOQlC

704 INDEX-

T.

Tariff, prediction in 1838 of a diminished revenue consequent upon a reducedi <&c.. •#••«• 186

a reduction of the, recommended in 1B39. 253

a modification of the act of 1833 recommended in 1840, to prevent or supply any

deficit, instead of a resort to loans or issue of Treasury notes 361, 363

the hi^h, of 1824 did not prevent low prices and bankruptcies 368

a modification to 90 per cent, ad valorem recommended in 1841 443

estimate of the amount which will be received from customs for certain periods,

under a modification of the 456

views in 1841 on a readjustment of the, and an increase of the, recommended. .464, 469

views in 1843 in regard to the operations of the.... 489

views of the collector of the customs at New York on the 507

views in 1843 in regard to the operations of the new « 606

a review and reformation of the act of 1843 recommended in 1844 665

views in reg:ard to the operations of the act of 1843. « .671) 673, 673

Taxes, the value of, &c • .% 661

Tea and coflfee, dut)r on, recommended in 1843 - • • • • .609, 61S

Teas, the value of, imported into the United States from 1790 to 1838 inclusive 375

imoorted into the United States annually from 1831 to 1843, the value of. 637

Telegrapns, concernine a system of. 108

Tobacco, statement or the value of, exported annually from the United States from 1790 to

1838 inclusive 385

statements of the value of, exported annually from the United States from 1831

to 1842 inclusive, and the countries to which exported. • 645, 646, 647

Tonnage, and light moneys, concerning the duties on. 610

statement of the amount of the, employed in the foreign trade annually from

1831 to 1843 634

recommendation in 1844 of a change in the mode ef ascertaining 673

Trade, views in ]837 in regard to the fluctuaUon and revulsions in 95

Treasurer's statement in regard to the condition of the public moneys on dqK>sit with the

banks and Mint, in August, 1837 64, 65

Treasurers — see Receivers General,

Treasury, the condition of the — see Finances — see D^/idency— see Balances.

in regard to the mode of exhibiting the state of the. . . . . ^ ^ 598

Treasury circulars, in 1837 .33, 36, 43, 47, 51, 55, 59, 68, 86

in 1789 and 1790 .53,64

in 1838 215,317, 230

in 1842 530

Treasury Department, concerning the laws relating to the. 674

proposition for a reorganization of the 108, 199, 252, 349

Treasury drafts, views of Hamilton in 1790 in r^ard to 54

circular of the Secretary of the Treasury, May 17, 1837, to collectors of
customs and receivers of public money to receive, in payment of public »

dues.. • 68

Treasury notes, the issue and receipts into the Treasury , estimated and ascertained, o^

in 1837 90,175, 179 —

in 1838 92,176.178,179, 256 -

in 1839 ., 273,371 -

in 1840 351, 386, 437 -

in 1841 357, 438, 439, 440, 461, 470 '

in 1842. 439,463,485,491,599, 620

in 1843-'4 487, 600, 623, 678

inl844-»5 ..« .• 667

the reimbursement and redemption of, estimated and actual —

in 1837 Ill, 179 -^

in 1838 93,177,178,179,302,283,256

in 1839 180,181,231,232,272,273, 371

in 1840 234,352,384,386, 437

in 1841 357,358,438,4^, 482

in 1842 « 439,463,486,487,502,599, 639

inl84a-'4 ^ 487,488,600,601,^25,668, 680

inl844-'5 680

payments on account of, issued during the late war, amounts payable, dbc. 93,

179, 272, 273, 385, 483, 630, 651

outstanding in 1841 ... 1 484

outstanding in 1842 504

outstanduig in 1843 630

* outstandings in 1844 652,676, 677

amount paid for interest on, from 1837 to 1843 636, 627

statement in relation to the issue and redemption of, in 1837 and 1838. . . 179

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INDEX. 705

Treamiry notes, statement of the issue and redemption of, from the 1st of January to the ^

aOth of November, 1839; 9W*

statement in relation to the issue aad redemption of, from 1st of January

to the 30th.NoTember, 1840 3864

statement in 1841 of the, issued and redeemable, and balances of out-
standing 484*

views in 1837 on the issue of, to meet the wants of Govemment 7,9

views in 1837 on the necessity of the further issue of, and on the means ^

to redeem those payable, Ac 97, 98, 101 -

views in 1838 on the outstanding, and the advantages in the power to ^~

issue, to preserve the public faiw, dbc 182, 185 -

views in 1839 concernii^; the emission and redemption of. 232'

views in 1840 in regard to the outstanding , 353-

views in 1841 against the issue of, to supply the Treasury 443

views on the propriety of vesting the power to issue, in case of deficits in

the receipU 107

an issue of, recommended in 1841, to supply the Treasury 462

a reissue of, recommended 464, 489

the payment of interest on, proposed in 1842, to keep them out 489

considerations in 1843 in regard to the unredeemed, and reissue of . . .606, 613
Trade, recommendations in 1838 of permanent legislation to preserve the finances of Gov-
emment against the fluctuations in 184

freedom of, recommended in 1839 252

with the British Provinces and West Indies, concerning. 253

the natural laws of, cannot be violated without financialevils 367

Trust fUnds, included in the balances in the Treasury in 1836 and 1837 91

1838 256

expenditures on account of, in 1838 256

receipts and expenditures on account of, in 1839 371

receipts and expenditures in 1840 372

balance of, in 1842 599

U.
IJnsvaUable frmds— see BaUmee$ m the TWontry.

V.

Value of imports and exports— see hnporU see Exports— see Merchandise.

Yessds engaged in the wnale fisheries, dbc, concerning the papers and registry of 350

W.

Warehousing ports in Great Britain , list of, and of ffoods that may be warehoused in each . .524 , 527

Warehouse system, extension of the, recommended in 1837 5, 107

views in 1841 concerning a 490

act 3 and 4 William IV, of 28th August, 1233, regulating the, of Ghreat

Britain 508

list of the principal articles of foreign merchandise remaining in ware-
house, under the locks of the Crown, in the London, Liverpool,

Bristol, and Hull, in January, 1832 and 1833 524

circular from the Treasury Department, and responses thereto by the
custom-house officers and Chunbers of Commerce, in regard to the . . . 530,

531 to 595

considerations in 1843 in regard to the 613

Warrants, statement of the number and amount of, drawn on the United States Bank and
branches, and the other banks which were depositories of the public money

in the year 1834. • 61

drawn on the banks and Mint in August, 1837, and not paid 65

Wares, earthen, stone, and China, imported into the United States annually from 1821 to

1842, the value of. 636

Washington city, the debt of, assumed by the Govemment 179,

273, 352, 357, 358, 371, 385, 483, 504, 630, 651

Weights and measures, concerning the standard of. .« 108, 253

concerning the progress in the manu&cture of. •••••.• • 199

Wine, loss for natural waste under the British warehouse system. 521

Wines, the value of, imported into the United States from 1790 to 1838 inclusive 275

imported into the United States annually from 1821 to 1842, the value of. 636

recommendation in 1844 that the duty on, be changed t» an ad valorem* 66

Vol. IV.— 46.

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706 INDEX

^Woodbury, Secretary tee Pimmeti,

^V^oolens, the value of, imported into the United States from 1790 to 1838 includve 375

imported into the United States anniial] j from 18S1 to 18451, the value of. 636

• Worsted linings, the prices of, in 1843 508

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