Star. — London, England, 1816-01-06 00:00:00

4MEkIC4ii p 4, jI& FROM THE NATIO*AL friTaramitnlit. Wilda 9. We have given co-day as much of theAnntial Re port of the Secretary of 'the Treasury, at we had tithe to . put in type. The portion we have pilithed, em. binds, as will be seen, the principal part of one branch of the Report, which is chiefly of an historical thiracter. remainder of the Report, thefug e h not More valuable than thp first branch, it more immediately interesting to . our leader: generally, as containing Secretary's propositions for the improvement and romagement of the Revenue, and for the support of, public tredii; besides the meal statement of the R':- Seisu for the past, and estitnate of the expenses for • . the aiming. year. As to the Revenue, Mr. DALLAS proposes that the dut?ec'on imports be continued until the Stith • thy of June; 18 le; that the present thities on sugart refined within the United . Stiites, on stamps, on sales aad en postage. be coatinised : that the I.):reet Tali be reduced Iron six to three millions of doilats ; that the duties on the quantity of distilled Writs be discontinued after the SOth day of June, 1816. and, in lieu thereof, that . the duty on licenses ttelistillers be doubled after that day ; that the duties oil licenses to retailers, be reduced to the rates of the year' ISIS; that the duties on the articles mantffac. tared in the United States, and the duties on house ! hold•tnrnitttre and witches, be repealea: The third branch '6l the Report relates to the Na. tonal Circulating Medium,_ and concluding with the following propoiition : — 44 That a National Dank be istabli►fied ::t . the City of Philadelphia, having power • , to erect branches elsewhere; and that the Capital of *the Bank (being of a competent amount) consist of three•foiirthp of the public stock, add one•fourth of gold add silver." This Report via, anxiously expected, as well be- Cease of the importance of the subject, as that the subjects of finance and the circulating medium are of primary importance, and will probably claim the at tention Of Congress in preference to any other. The puliiic expectation, however highly iaised, will not be di appointed as to the importance and ability of it. CONGRESS. , ANNUAL TREASUTA In obetPence to the Acts entitled respectively—" An Act to establish the Tredorry itepartmert," an.l " an Aet supplemen tary to the Act, entitle:. an Act to establish the 'lrea4ury De.' partnwer, w ithe Seeretury of the Treasury has the honbur to lay before Cnortrets the toli:laing Report, comprehending I. A e. ursory resiaw tit tue financial tpearattonti bf the Coiern. talent, in reference to the recent 'fate of war. II: A Vioe Of.the Finincti for 1815, with Estimates Of the Pei-de Re ensue and Expenditures for 1818. 111. Proptoit inns fur the Improverntht and Mans ement of the Reveille"; tord' tor the support of public credtt. 1 A Cairsory Review of the frintrielal Operations Of the Co ke• romet:r, in referince to the relent state Of War. In rl - Ihr td liitroduce to the eduskietatiOu of Congreis with ad• vantage, the nit-attires 'Much will be respectfully suggested for • vs.'. vg the Firmness of the UultectBtces upon the batiste( a. ; c :•ii•ratatishment, a review of the financial operations of the Goso.enn*o•-, i.i tete:meet° the recent state of War, appears to 114 3 tircecary port Sinainary. hr rastrittve systiot Which Conner:teed In the year 1 FO7, pr. aly 'l'arthithed the rbduct of the publl:. revenue ; but It w;is 3 A until lad.cri,t, ineta?ved an actual dee:a:atm-lot war, that the : o riel:ration jn the etiienses the Governmer.t became obvious atol important. With the occathinal aid tit temporary loans, the er.lite.re receipts of the Treasury had exceeded the ordutaty ex- pc..tiitures, even during the peririd.of a rape:tiled commerce; anal a te.;;tot, from this dee attment, preserving the ettimates for c year IC • s, ice= to hove given the first holm:Wen, that the retro' et eksalorthriary expenses to be incurred for the military anti oriel service; do account of the then. evicting state of the tonality, would raise the den:au:is upon the Treasury to a conti derable amount beydnd the escatnated product or current re venue. The ordinary dishursemen:s ter the year ending ou the 31th of Baremtser, lNt i s wrrc Nttolil as anicauntiog to the sum of 130.54,837 thlllarS, 73 etc t sad the .•rde.:try raccipti for the tame year were stated as aiatounting to the sum of 13,511,4461 eqlars. 47 mt. independent nt a temporary anon (raised iu 1810, fend I:pard nt taii)„ as wet! as of the balaccee in the Trwttury at the cosome,tes2ttent and the close of the 'year. But the estnnates for trig year la ttl, required, on account otthe current expeabes s i the seer et 9,400.,rei t:nl are. For the Cir.' and Diplomatic Department! 1,360,000 'For Cie Military Department (inch:ding the Milit hi, the Ittilian deparemeat, the charge ' of Al rieuali. allay, and ordinance; Sic. 3,415.hri0 Err the Naval Department And for the lutereit on the Public Debt 2;•425,C00 • •••••!.....u••••• 9,460,000 'And the subsisting Revenue in meet these eir. epees was estimated at the bum of 3,200000 Jollats, proceeding Prtim ti-e Cu.tcens - Prom the Sails of Public Lands And from hissceUantous Payments . • 2500,000 608,1)00 100,000 5;200,000 Leaving a ilefiJt for which it tva, proposed to provide by a 00%41 amountin to the •;unt of I,tlCOOOO ouch wo.: the limited objects of expence, and such the limited means of wpply, at the commencement of the leaf in which war was declared. An increase bt the t ipence, and a diminution dl the supply, must hive' been anticipated, ns the inevitable consequence of 'hat tient ; but the Government reposed with cora l:Apia., tor all the necessary support, upon the un t! tt :1 resources of the nation, in credit, in capital, and in indutitty. The confidence teas justly reposed; yee it may, perhaps, bC considered as a subject for regret, and it certaidy furnishes a lesson of practical kaolict, that there aired no system, by whith the interital resources of the country could be brought at •ince into action, when the resources of its external er*nii-ic.e Imams incompetent to answer the exigen cies at the time. '!he existence of such a system would, prObably, hare invigorated the early move. ot tote earl tbight hate preserved the public cr ,:tsit o k: inliatred ; and would have rendered the pe ciehiary cOntributions of the reople more equal, as wrfil A s more effective. But owing to the want of such a :y stem, a sudden and almost an exclusive re sort to the public predit was necessarily adopted as 'hi t :i0" instrument of finance. The stature of the instrvitent employed war soon developed: and it was f.,tiud that public credit could only be durably su.tint.iined upon the broad foundations of public revenue. On the opening of the. Session of Cangtess Hoe 'reinter 1811, the legislative attention was devoted to the Organization of the military and naval de partrbehts upon the enlarged scale of a sear establish ment ; so that the appropriations for this purpose, far eaceeded, in a short time, the estimates and the re souries of the Treasury, as they have been already described, Ways and Means wore * therefore, pro vidird to Own the extraordinary demands thus created; but thpy we're derived exclusively from the operations of foreign commerce and df public credit. t. The Mediterranean %tad was at fiat . toatinued until the 4th Of triarth, i sm. and afterwards until telextb, I in 5 (when it b‘tante bttintt), affording en additionaldaty of two and a tudt eht• kidteteremOn irsikotted 6 1 34.4 1 1 4 5 0 $ 45•14 WO • Fa, and a diserinehistice (Of ofl6 01 teal tipea tLae addl. 1 Ousel duty, in respect to all goodeemported in vessels not of the United Stand. S. There Orafe Baptised in widltioitil dot/ Of 100 pet Bent. Upon else permanent duties on goods imported into the United States frbm any foreign pleat; a discrimiaadng duty of 10 per tent. upon that additional duty, to respect to a/goods imputed iA vault not of the United States • and an additional July of one dollar 50 tents per ton (the prev ious duty being it the rate of SO cents per ton) upon all veuelsbelonging wholly, or in part; to the subjects of foreign powers. But the coathailoee ot the Act being limited to the expiration of one year after the coochnion of the peace, these additional ducks will cease od the 17th of February, 1818 % S. An authority Wei given to raise by loai, C sent not octet& log 41,000,000 of dollars. and to create stock for the amount, bearing interest not exceeding the rate of six per cent. per ann. and reimbursable at any /mealier the expiration of twelve years from the Ist of Jannate, 1811. The payment of the interest, and the rule:tip/on of the prelim of /Os Stock, are charged 4001* Sinking Futi4. • 4. And an eh/unity was etc, to Issue Thiasuty Notes for a sum not exceeding 5,000,000 of dollars, bearing interest at the rate of 5 0-5 pet edit. per annusa, and rtintbur3able at such pieces respectively, as should be. expressed on the fate of the nbtes ! one year after are day en *hich the same shall have been issubd. The notes were deflated to be receivable in payment of all duties and taxes laid by the United States, and all public lands sold by their authority; and the payment of the interest, and the redemption of /*purchase of tinge Notes, woe Charged like the funded debt, upon the Sinking Fund. The effect of the additional ways and means pro vided by Congress, from tithe to time, during the late war, may readily be traced. From the Treasury report, dated the lst of December, 1812, it appears that the actual receipts Into the Treasury, during the year ending (In the 30th ot September, 1812, includ iug a portion of the loan, and of the issue of Tree sury Notes, amounted to We sum of 18,782,159 dol. tars 40 cents, (alrtiost double the amount of the pre vious estimate) and that the disbursements for the same year amounted to the sum of 18,383,826 7.100 dollars, was also almost double the amount of the previous estimate) independent of the balance tlie. Treasury at the commencement and close of the year.. scut the estimates for the year 18/3 re quired, on account of the accumulating expenditures, a suit) of 31,925,000 dollars. For the Civil and Diptomitic Departments is 1,500,000 For the Military Department - 17,000,000 For the Navat Derartment . - 4,935,000 And for the interest and reimbiThement of the prin cipal of the Public Debt • 8,500;0043, 31,92500 And the Setristiflg revenue to meet these Perm. ditures was eannated at' the sum of 12,000,030 of dollars. proreediez From the C11110:11S ii,SOO,CI:S From the Sale of Public Lands, &c. 500,0410 12,CC0,000 Leaving a deficit, fur which it W 33 proposed to prtss vide, in, by the outstanding balances di the autho rised loaf: and lour of '1 reasury Notes; and 2d, • by a niw authority di borrow, and to issue Tree bury Nines to the atuolint of 98C,000 Doting the Sessions of Co n g ress ,- which com• mencel in November, 1812, and closed on the 3d of March, 1813. the appropriations for the armyi the, navy, and the ether 'branches of the public set vice, were considerably auottented, but, without advert ing to the imposition of a small duty upon imported iron ware, no new' source of revenue was tLen opened ; hut additional aid was extended to the Trea sury, by &de/lei:sing a repetition of -the .appeal to public credit. 1. An authority was given to raisz by loon a stint set exceeding 18,000,n00 or dollars, sad to create stuck ter the amount, bear ing interest not exceeding the rate of 6 per cent. per alinum, and reintburiable any time :her the elpiration of twelve years from the lit of January, 1314. The payment of the Interest, and the irelcruptratt of purchase of this stock, are charged upon the Sit.k ins Fund. 5. stud an authority was given to isstie Treasury Notes fors sum not exceeding five millions of dodats absoietely ; with a pro. visional authorit y to issue an !additional 'mint of five milliners of dollars, to be &tined and beld•to Si a part of the loan of sisseen minions of dollers, authorised as above stated to to raised. The notes were to lyor inte,est at the rate of S dellare per tem. per annum, to bet reimburses:de at such places respettidcly as should be expressed on the fuse of thins, one year aster the day un widen they should be issued; robe reeeltable in paymeril of all duties and taxes la!1 by the United States, and all the public lands sold by their &rabidity; and the payment of the intere , l, and the redern,.:: , ,r. or pitraa:e of them Notes were tharged,like the funded deot upon ttie tsi:Aing Fund. The neceisittes of the Treasury becoming, however, more urgent, and the reliftnce on the public credit becoming more hazardous, Congress determined, at a spttial session, which commenced in May, 1813, to lay the foundation of a system of internal revenue, selecting in particular those subjects of taxation which were recommended by the experience of a former period; and 'computing their general product at the sum of 5,000,000 of dollars. The continuance of these taxes being limited. at firsti to one year after the termination of the war, they acquired the denornination of , 4 the war taxes ;" but, by subsequent laws, almost all the existing re venues are pledged, with the faith of the United States, to provide for the payment of the expenses of Go vernment, for 'the punctual payment of the public debt ) principal and interest, according to the con: tracts ; and for creating an adequate Sinking Fund, gradually to reduce, and eventually to extinguish the public debt ; until• thoie purposes shall be accom , plished, or until Congress shall provide and substitute by,law, for the same purposes, other duties which shall be equally productive.—ln the session of May, 1313, I. A direct Tax of 3,000,000 of dollars was laid upon the United States, and appertiOned to the States respectively for the year 1814, and It Was afterwards subjected to the general pledge above stated. 2. A duty Of 4 cents per pound was laid upon all sugar re lined within the Visited States. The cantinuatiee of-the duty was limited to one year after the Star j and as the general pledge has not been applied to it, the duty will cease on the 17th of Fe bruary, 1816. S. A duty was laid tin all carriages for the conveyance of per► sons, kept by any person tot his own sue, or to be let out for hire, or for the conveyance cif passeogers which *as graduated according to the dignomination of the carriage, from the yearly sum of twehty dollars to the yearly sem of two dollirs. The cou tinware of rids dutywas originally limited to the war • but the general pledge has been applied td with some modution In the hsode of laying and collecting the duty. 4. A duty was imposed on licence& to distillers of spirits** 11. quois, which Was graduated accordihg to the capacity of the still, the tithe of employing it, and the tnaterials consumed. The son dnuarice of this duty Was originaUx limited to the war; but the general pledge has been applied to It with considerible modals dons In the principle and provislotiof the law. S. A duty was laid on sales at auction of marebandlke, and of Ships and vessels, at the rate of one per cent. of the purchase money of geode, and 25 cents fir every hondred dollars of the 'purchase Money of ships and *vessels. The continuance of this duty was originally limited to the war, but the general pledge has been tweed to it, with a tensiderable addition to the among and a modification dew prosisions of the law. 6. A ditty was laid on Unwell to retailers or dine, spirituous liquids, and &reign snerflanillze, graduated according to the place of retailing and the; nature of th, article retailed. The Ceil• tilllllllCe of this duty Was, originally limited to the war; but the general pledge has btenlippbed to it. 7. A duty Was w on the notes, Of banks and bankers tillj bonds, obligations, and Promissorg eon, discounted by banks or bankers, cad on ftitelgis or Inland bill of exchange game 50 . 4114.:' lan, est! hiving Sue of,naore gladeattd welting to I di• WOOS sawi'Atg* tastkiisallio is er.ibis WM Basked ti Ml* tern' *lief Aim wif, tad as the gener:d 1 t h ar t t beerhappUed to it, the duty will cease on the , 17411 ' of F ) 1816: But trades the direct tar and the intend duties, tystifiltere aided to the resources at the Treasury during thirian of bfay,lBl3: 8. A duty of W eeits per bushel tiOnn all salt itnitrted from in foreign plate into the United States, whichbetng limited to the wa', and not being included in the general pledge, will tease on the illy February,lBl6. • O. Aid im authority ter raise a loan not weeeding 7,500,000 dollen, and to create stock for the amount reimbursable at any date after the esplratiOn of twelve years from the Ist of 1 anuary, 1814. The rate of interest was not limited by the law; but it was prnelded that no certificate of stock should be sol I at a rate less than 88 per cent. et 88 dollies in money for 100 dollars in stock. The payment of the interest and the redemption, or the purchase of this stock, are charged upon the sinking fund. The sources of revenue thus opened in 1013 could, not, howeier, be expected to aid the Treasury until 1814; and ay:- eordingly, in the annual report front this deft:in:nem. dated tit. Bth of January, 1814, neither the direct tat, nor die internal d.s ties, win be found as =item of the actual receipts into the 'Trea sury, during the year ending the snth September, 1813. Till., amount of those receipts Was stated, in the proceeds of the cus toms, of the safes of public lauds, t:e. at 1:4568,042 dollars 4:1 cents. and in the proceeds of loans and treasury notes at tweet y three millions nine hundred and seventy-six thousand nine hun dred and twelve dollars 50 cents. making together 39,907,5.07 dollars 62 cents; and the actual dliburstments of the sa:xe pe riod were stated at 3:430,10.5 dollars 19 cents, independent of the balances in the treasury, at the commencement and the do c of the year. But the estimates fur the year 1614 require la sun: of 45,360,000 dollars. For eitil, diplomatic, and miscellaneous expences - - 1,700,900 For the payment of interest on the old and new debtould the instalment of the prin cipal cf the old debt 4.. 12,880,043 For the military establishment 24.1730,0 A o .For the naval establishmen: 6,9‘19,0,J, 45 3 :Z0.400 And the subdsting revenue td meet these • esrpendiutes was estimated at the sum of 14,370,000 etc proceeding from the Cu.- rums llnd sales of publi: lands 6,enn,eoo From the iuternal duties and direct tag 9,Go:.•urtt From a balance of loans and trea3ury notes 4i•.:10,000,14,370,C00 Leaving a deficit, for vrhielt it was pro posed in provide, first, by a part of the halante In the l'reasury, and, second, by loans and treasury notesomuuottog to 30,9110,000 Fur the deficit thus approaching the Eno or X3110(1,000, the only provision made during the ses,ioit whicit'comnuniced in December 1813, rested again upon th' credit. 1. An authority was given to issy! Treasury n•ttes for a sum not exceeding 5,0c0,0119 of dollars abablutely 1 with a provNonal authority to issue an addi , ion..l sum of .5,0U0,604 of do:lars, to be deemed and held ib be a part of any loan whi..l might be att. ihorised during the Session. The note; were to bar interest at the rate Of 5 2.6 dollar+ per tent. per aumon; to be 'reimbursed at suck places resprc:ively, as should be expressed on the lice of them; one year :diet the day on which they •111,151.1 be h-sued; to be receivatie its payment 01 el duties And taxes laid by the Visited States, and ad public lands sold by their authority; and the payMent of the I'M rest, atol the redemption or purchase of these watts, %Vert charged; hire the funded Debt, upon the tiiuling Fund. 2. And at, authority was even to raise by loan a smu not ex ceeding 25,000,04 ut dollars; create stork for the anabout, te:mbursable after the expiration of twelve years from the last day of December 1814. Neither the rate of the interest nor the ' pests of the stock was limited; and the payment of the intere , A, end the re.teniptioni or purchase of the uutk, are chargeable on the Sinking Fond. The embarrassments of the Treason', after the adjournmr•t of Congress in the year 1814, b.canie extreme. It appears that Ithe di,bursenten? during the first half of that year had amounted Ito the sum of 19(.93,78.1 dollars teats. For civil, diplomat'c, a d nostellant cue expentes 1,414,281 GO. For the urilttary department 12.0t10,238 0 For the naval department 4,012,109 On Fur the publiz debt 2,016480 77 Total 19,693,7ti1 27 And the balance of the aperopr!ations for the sante objects of expenditure required daring thesother 11..1f of the same year was Mated at the sum of 97,';e,291 19 hut the actual receipts Owl the Treasury during the first half of the year 1814, had amounted :o 1 et,219,046 dollars, 33 Cf. proceeding From tie cus:ornt • - 4,182,C88 25 From the sale of public lands, includ ing those in the Mississippi terri tory, the proceeds of which arc payable to the va:e of Georgia Front the internal duties and direct tat CO 89.272 40 Front postage and incidental receipts 1.744 ?rum loan. - 9,479,676 front treasury notes 0,4(0,000 - Total 11),119,'..16 S 3 And it was estimated that there would be received front the iialt sources of retinue (including 11411311 340,065 fa sad treaqtry notes to the amount of 3,34(1.000 doliat4) during the other halt tlf the same year, the sum of 13,160,000 32,379,946 33 To tbls amount add the balance of the Cash ti the Treasury on the Ist of July, 1814 - - 4,722,693 24 ' And the es:onated aggregate of the funds to meet the demands on the 1 reasttry to the close of the year 1814, was the sum of . - - 37,102,585 55 Leaving a deck for the service of ISt 4, after absorbing all the cash of the Treusury. amounting to the sum of - - • 10,167,596 91 _ __ to supply this deficit of 10,167,586 dollars 91 cents; to pro vide an additional sum for the contingencies of the year; and to. actelerate the fiicai measures which Were essential to the prose ' cotton of the war, in 1815, the interposition of the legislature was deemed indispensable. The plan of finance, which was pre dicated upon the theory of defraying the extraordinary expenses of tbeiear by successive loans, had already become inoperative. The product of the revenues bad ceased to furnish an amount equal to the expenditure of the former peace establishment, with an addition of the interest upon the debt contracted on account of war. And the sudden suspension of specie payments at the principal banks established in the different States (however it. may be excused or justified by the apparent necessity of the case) had exposed the Governsttent as well as private citizens, to all the inconveniences of a variable currency, devoid alike of national authority and of national circulation. The treasury could no longer transfer its funds from pleat to place; and it be eerie, of course, impracticable to maintain the accustomed punc tuality in the payment of the public engagements. Under these circumstances, the Congress was convened by the weal call of the President,in September, 1814; when the citi zens of every occupation and pursuit seemed eager to second the -legislative efforts to replenish an exhausted country, and to rem. rate the public credit. Commerce continued to contribute, per- haps, to extent of its capacity.—Agriculture, though suffering the want of a vent for some of its important staples, was every wherrprepaied for the requisite exertion. Domestic manufac-- tures,*hich had scarcely surmounted the first struggle for exist ence, 'lidded to the patriotic impulse. And the capital of indi viduals, in all its iaziety of form, offered a ready tribute to re Sere the necessisies of the country. Thus during the Session which commenced in September, 1814 , an d closed on the 8d of March, 1815, 1. The following internal dada were increased in their.. amount ; the dudes were rendered permanent ; and the general ' pledge yras applied to them. . to The direct tax was raised to an annual - sum of six mil lions of dollars; and it was extended to the district of Columbia. L The duty on carriages was raised, and a duty ea the har ness& Tin w d as uty ad on de tcencea to distillers of sphkettes liquors was continued, and, a duty on the spirits- diailled was , added. 4. The dptim eli sales se &salon, and en licences to retail inc,*s spirituous llgeors, and foreign merchmadise, were raised. & The rises of postage were raised 49. per cone. I. The following new dudes were ipl4; Math. general IliodieVos VOW to tbitit• Hitt at ass n brie declared, that so lenge, the duties imposed on the snicks of do 1111,06 11111111i&IKUO ebeebl "pee te be 144 the desks the payable on tie like eimeriptlos of goods imptirtedinto States, should not be discontinued or diminished. 1. I)tiries on various articles manufacturetler within the United States, or dear territories in the annexed table marked B. 9. Deties on articles in use, to wit—on - the voice in any one family (with creosol, seeding 200 dollars in money, eccording to rated, from one dollar 'ors a value of 44 d us, dollars ott a value of 90J1 dollars. On erery gold snatch kept for use—two dollars. On every silver watch kept for we—are Bu: bes:.des establishing these sources of reveal were contemplated at the period when the Tre announced), Congre,s sought to cosier upon Cm means of anticipating the collection of Jules; et ♦ punctuality of its oayments ; and of hivitr g th t tire re.onied institu t ions or:d monied teen of the la Ilona fur restoring an uniform national eutre.:cy, views various treasons were stectioned. 1. An aothority was &vete to raise by f o x; a v,. ing 3,000,000 of dollars! (particularly destined to t expetrehtstrers of the last quarter art the year lei I), stock for the amomrt, reimbursable at any.tleie after Dtceenher, 1814. Nt. limitation was presented at ! of interest, or the price of the block, but it was dectuf palm; rat it subscriptions to this luau, or to log:- ' an/ ether act ell:tinge:am', it should be lawful to n Notes becoming e!ue on or before the lst t law tbtit par value, togttbet Wi:b the interest accrued. The payment of the interest, and the redemptico eras: of the stuck to be thus creatcl, were charged Fun-J, but the Act coutained these further let. TA...-t in addition to the annual sane of 8,0ti0, , heretesfose appruptiated to the. Sinking Feud, pert:Lane to Wads should brpravided mid appro the Session of Congress, for the raymt ni of the the reimbursement of the pro.ripal of the 1 . 11:1 an adequate and peri..antnt Stoking hear.,' reduce, and eventually to extitiguich cue puhli: during the war, strata also be establi4:l di eesshen r,f Corigre.s. 2. An authority was given to anticip ate tha co' cells: of the duties on licenses [A, distilLos of top:, and on distilled spirits, by obtaining a loan upon the duties t to an amount not exceeding optio,OUU at a rate of interest rot exceeding di ref c.oit. pet similar authority sea, given to raise a bite sum, et by the pledge of a direct tax. 3. Mt autlinaity was given to issue Maser, much of the siims outlaw:sed to be horrowed the e.411s of March, and the 15th of November, tot,,, not been borrowed, or otherwise employed in the Jude art Tres. curl Notes; provided that the whole amourst shueld sot essieg the suns of 7,100,090 dollars. Ar.d by the same act, au w:tc . rity was its° given to issue a further sum of 3 iteo.ooo supply a deficiency in the aporupriations fur the expellees of the War Department. 'flee Treasury Notes issued under theo n . thoritt.ev were in all respects similar to the prior lows of I. suer Notes, except that the payment of the interest, and derma, imbursernent of the principal were not, as heretofore, chi upon the Oink:ng Fund,'but upoo say nieoey ut the l'reung, not otherwise appropriated. • 4. An authority was glee to issue anal re-issue Treasury Nolo for a sons not exceeding 25,000,000 of dollars, upun rum" essentially different from the prior issues. I. These Treasury Notes might he of any denomination. b they were of a denomination less than 100 dollars, they wee to he payable to the bearer, to bg transfer able by !diem, and to bear no interest. 'flak denomination hot acauvet ' the designation of " I'ressury Notts." It they wo of the denomination of 100 dollars, or upwards, they mile vitamin to the foregnieg description, or they were to le payable to order, to be transferable by endorsement, :ado bear interest at the rate of 5 2-sths per cent. per anon This denomination (of *hick only notes for 100 dela, • bearing interest, have been issued) has acquired the design. tton of ".Treasury nous% of the new emission." 2. The principal and interest of cheer Treasury otn sßesl • payable at any particular time, but the note, are every what reroise.lile, in all payments to the United litotes. 3. The liolid.os of " small Treasury Notes' may exchanged's" at pleasure. In sums not less than 100 dollars. for certificate of funded stock, bearing interest at 7 per'eseit. peruse% trait the Ant day of the Calendar areads fleet vasulegng In which the Notes shall be presented to the Treasury Ode United Stowe, et to a pot w isitoner of Loans, for Ike gm pose of exchange. e 'lle holders of " Trainry Notes of the new endue*" ate exchange them at pleasure, in sums not less than 100 dike tor certificate' of tended stock, bearing Meerut at 6 rue. per annum th . oni the first dlly of the calendar mauls Dell* siting that in which they shall be presented to ibe 'Tresses' a the United States, or a Commissioner of LOWS. 5. The stack thus created by the exchange of Treasury Note, of either denomination, is reimbursable at any tints aitertis 3i st of December, 1324, and it is charged upon such twin as bad been, or should be established by law, for the par. went and reimbursement of the fuuded public debt, ors tracted since the declaration of war. • 5. An authority was giveu to raise by loaa a sum not mural 18,451,tie0 dollars, and to create stock for the amount, retro bureable at any time after the expiration of twelve years free& last day of December, 1815. Neither the rate of interest, trot the price of the stock, was limited; but it was declared, tit there might be received in payment of subscriptions to the lots, such Treasury Notes as were actually issued, before theme* of the act, and which were made by law a charge on the Seth; Fund. And the payment of the interest, and the reimburses:me or the purchase of the principal stock, are charged upon de Sinking Fund. 6. It was declared, that any holder of any Treastuy Nets Issued, or authorised to be issued, under any laws Wiwi, passed, might convert them into certificates of feedmitisht, bearing an interest of six per cent, per annum. 7. And it was declined, that it should he lawful for doe Sew tory of the Treasury to cause to be pat te e interest Molly Treastiry Notes, which have become di* •remzia uitpsii s •• well with respect to the time elapsed before they beam *awe with respect [oche time that shall elapse after they h.cerised9l and Mull funds shall be' assigned for the payment si tie toe Tteasury Notes, and notice thereof shall bd given. The progres s expenditure, and of avenue, teethe 0199 period of the war, is thee developed; and independent at gb., balance of the appropriations for the year 1814, which biros/ forted to the accounts far the year 1815, the subject WI duped to the following general abstract : The actual receipts of the Tremor!. In 1812 they amountetto the sum of - AMP" " From Revenue • • 9001,132 76 From Loans . 50,002,100 From Treasury Notes • 2,836,500 In 1813 they amounted to the sym of 40 5A 84 0 144 " From Revenue 14,340,709 95 . Frogo.Loans 90.039,639, From Treasury Notes 6,094,600 In 1814 they amounted to the SuM of 341117 3 1 4 n From Revenue . 11400,6011 25 From Loans • 15,010,548 From Treasury notes 8,297,11110 The aggregate amount of the receipts into the 'Creasety for the dares years, of was, behtg dissent of 91,01009 W The actual Disbunanents of the Trmsury. In 1812 they amounted to the sum of 211,2791 111 11 For the civil, diplomatic, and mis cellaneous expenses of Govern!. • meat • 1,799,1160 31 For the military service, Including the Indian department - 19,078,773 24 For the naval service • 3,959,565 IS For the public debt 4,449,622 45 ' . " In 181$ they amounted to tie sun* 39,100 For the civil, diplomatic, and mil allotments expenses of Govern ment • 1,833,508 80, For the military service, (including the Indian department, Asc.) 19,802.488 09. 'For the naval service 6,446,600 10 For the public debt 11.108,193 44 In 1814 they amounted to the SUM Of 88,547 gym Fee the civil, diplomatic, and • mts- • celbneasis expenses ot 0011011. mast • 2,337,197 13 For the military service, (Including the Indian department, &a) 20,510,238 For the naval service • 1,312,899 90 Fes the public 4ek singing 59 1041701° is imported into tits:it/4 0 linsinished. sufarturett or made for Sax territories ; as speak 4 it--on hottsrhold ?stra ti& ' with ecru a.at eakcepti, t ,)Z . t according to a scale et, id aloe of 4UII d.llatos wits p in. • * e—tvm dollars. 110 13c-01:e sts-.lhir. rces of revelu., r.,nl etk tv • ta l ni the Tretty of Ghtut 0(1 O'er upon Cm Treais ame t t dulee; recwerli o t • itkoiu:l s!se nen of site l2r.sted 5414 1 1 ,;„„. , as total cutre.:cy. With C " by hot; a s..:to rot trek! . destined to prosld;:twt• e year ;hi I), MIS ertt, any.tluse after at :lust • w as preserilvil as to them, I e but it veal declared, thy i., jot s, or to loars audio:hp:lN jai 'Awful to receiver:ems; se Ist of latsuary, c• , • erect accrued, ro the redemption of d 1 uly w i 4 1 Were charged upon 4, t these further aturaLes s t i acs of 8,000000 of dole s Ming Food, isle:piste ste . 11 mid appropriated,,44,l; ut the tote puitlic Keck . —:,^ IP . g et: ip ate the roletfan nits, 4 1 of spisitnou, a in , ttl upon the plelg: A , ng 6,,0t50,00001 dubs:o4 rer coat. pa annum. MIS I fak e SUM, at the team*, nse Treasney 1 1 ,...5t5, fa le fiorrowed usititr the arid f November, 1814, as W • " •