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For the Civil Department, and all Do-
mestic Expences of a civil nature,
For expences attending the intercourse
with Foreign Nations, including prize
causes, and Barbary powers,
For the Military and Indian departments,
For the Naval establishment, calculated
on a supposition that six frigates shall
be kept in constant employment,

Dolls.

680,cco

formity to the provisions of the said act, applied towards discharging an equal amount of that part of the debt which had become due to the bank before or during the year 250,000 1796; and the purchaser of the stock sold, 830,000 at the same time, to the treasury, an equal sum in bills on Holland at 41 cents per guilder; the securing of which large amount at that rate was the inducement on the part of government to dispose of the bank stock on those terms. As the dividend usually received on the bank stock sold, and the an

900,000

Dollars 2,660,000 Neither the payments due on account of the convention with Great Britain, and which will, for three years, amount annu-nual interest payable on the debt due to the ally to eight hundred and eighty-eight thousand dollars, nor the installments and interests due on account of the 200,000 dollars loan obtained from the state of Maryland, for the city of Washington, are included in that calculation, as they may be defrayed out of the following resources, which make no part of the permanent revenues, viz.

1st, The surplus of specie in the treasury, which, as the whole amount there will not at the close of the present year, fall much short of five millions of dollars, far exceed the sum which it is prudent to keep.

edly, The uncollected arrears of the direct tax, estimated at four hundred thousand dollars;

And 3dly, The outstanding uncollected internal duties, amounting to near seven bundred thousand dollars.

bank, thus extinguished, were nearly equal, the July half yearly dividend on the stock was in fact the premium paid for the purpose of effecting the remittance; and government has hereby been enabled to obtain, without raising the price of exchange, the whole amount wanted to meet the payments due in Holland till the month of September 1803.

Exclusively of, and in addition to, the debt of 1,287,600 dollars thus paid to the bank out of the proceeds of the sales of bank shares, a sum of eight millions three hundred and thirty-four thousand, seven hun. dred and fifty-seven dollars, and eighty-nine cents, has been paid out of the treasury dur ing the year ending on the Soth day of September last, on account of the principal and interest of the public debt, and the payments in part of the principal of the debt, made during the same period, have been as follows:

1st. The payments on account of the principal

and interest of the domestic debt, have.
been

dolls. 4,628,105 39

The only embarrassment experienced dur. ing the course of last year, arose from the difficulty of procuring remittances necessary to meet the large installments of the debt due in Holland. The impossibility of obtaining bills on that country, to the amount wanted by government, and the loss which, on account of the rate of exchange, must be incurred, by remitting circuitously through England, induced the secretary of 3d. Principal of domestic loans, (exclusively

the treasury to recommend, in a report to the commissioners of the sinking fand (marked C.) a recourse to bank stock as the most favorable mode of remitting.

Of the five thousand shares in the stock of the bank of the United States, originally subscribed by the United States, 2,780 shares had been sold in the year 1796 by virtue of the act, intituled "An act mak ing provision for the payment of certain debts of the United States ;" and for the purpose of discharging a part of the debt due to the bank. The remaining 2,220 shares were now, under the same authority, sold at 45 per cent, advance; the 1,287,600 dollars which they produced were, in con.

From which deducting one year's interest on
the same

Leaves a sum applied to the disbursement of
the principal of the six per cent. and defer-
red stocks, of

2d. Paid to foreign officers, and for the regis-
tered debt,

of the 1,287,600 dollars paid out of the
proceeds of bank shares)

4th. Evidences of public debt paid for lands,

5th. The payments on account of the princi-
pal and interest of the foreign debt have
been
3,310,874 32

From which sum deducting one
year's interest and charges,
equal to
462,731
And on account of the
different rates at
which bills have been
purchased, and of
sundry bills returned
for non payinent, &
now in suit, a farther

sum of

82,284 94

Leaves applicable to payinent of
the principal,

$45,015 94

Amounting altogether to four millions, one
hundred and fifty-two thousand, eight hun-
dred and sixty-nine dollars, and sixty-six

cents.

3,470,259 75

1,157,845 64

9,603 18

202,400 0 17,162 50

2,755,858 34 4,152,869 66

And

And if to that sum shall be added the 1,287,000 o present limits, there does not appear any

dollars paid on account of the principal of the debt due to the bank, out of the proceeds of the sale of the bank shares, the total amount of debt extinguished during that year, will be found to exceed five millions four hundred and forty thousand dollars

5,440,469 66

The balance of specie in the treasury, which on the 1st day of October 1801, amounted to 2,948,718 dollars and 73 cents, had encreased on the 1st October 1802 to the sum of 4,539,675 dollars and 57 cents, making a difference in favor of the treasury of 1,590,956 dollars and 84 cents, which Jast sum, added to the above-mentioned payment of 4,152,869 dollars and 66 cents, made out of the treasury on account of the principal of the public debt, makes an actual difference in favor of the United States, of more than five millions seven hundred and forty thousand dollars, during that year.

The payments on account of the principal of the public debt, from the 1st day of April 1802 to the 30th day of September 1802, exclusively of, and in addition to, the bank debt, discharged out of the proceeds of bank shares, amounts to 5,339,886 dollars 44 cents, viz,

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for those eighteen months, will be found equal to eight millions eighty-five thousand five hundred and seventeen dollars and sixteen cents.

Of the annual appropriation of 7,300,000 dollars for the principal and interest of the public debt, about three millions nine hundred thousand dollars will be wanted to pay the interest which falls due in the year 1803, and the residue amounting to three millions four hundred thousand dollars, may be considered as the sum applicable, during that year, to the extinguishment of the principal of the public debt.

From all which it results, that so long as -the United States shall not be afflicted by any unforeseen calamity, and whilst the public expenditures shall be kept within their

necessity for encreasing the public revenues. All which is most respectfully submitted By ALBERT GALLATIN, Secretary of the Treasury. Treasury Department, Dec. 16, 1802.

STATEMENTS A. B. AND C. ACCOMPANYING THE REPORT OF THE SECRETARY OF THE TREASURY.

(A.) STATEMENT of LANDS

Amount of pur-Amount of S. Amount paid on Amount due on Amount of for

sold in the Districts of Cincinnati, Steubenville, Chilicothe, and Marietta, showing the monies paid thereon, and the amount due, on the 1st November 1802.

Districts where sold.

Sales when made. From

Period.

Cincinnati, 、、

1 Nov. 1801.

To Nov. 1802. 12 months.

Acres. Hdths. Quantities of land. 47,506

chase moncy.

95,012 Dolls. Cents.

expences. Dolls. Cts.

purchase.

purchase.

Dolls.

Cts.

451

Pre-emption lands in do.

ditto.

ditto.

ditto.

96,689 $0

193,379

1,415

45

Steubenville,

ditto.

ditto.

ditto.

164,145 62

328,291 24

1,551

ditto.

ditto.

ditto.

29,766 40

59,532 80

300

ditto.

1 July, 1802.

8 months.

1,902 25

3.804 50

18

1340,009 77

680.019 54

3.735 45

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Chilicothe,

Marietta,

Periods of Payment for the Instalments due, per the above Statement.

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(B.) A STATEMENT exhibiting the Amount of Revenue accrued on account of Duties on Importations, for each quarter, from the 1st day of October, 1800, to the 30th day of September, 1802.

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(a) This column shews the true amount of gross revenue accruing during each quarter after deducting from the total amount of duties, the amount of debentures, bounties, and allowances granted for, or in lieu of drawback on the re-exportation of foreign articles,) and subject to no other (b) The accounts of several small ports,

for these three quarters, are on estimate.

deductions but the expences of

collection.

(C) STATEMENT giving un account of

the proceedings of the Commissioners of the Sinking Fund.

At a meeting of the commissioners of the sinking fund, on the 7th of June 1802, present, the Secretary of State, the Secretary of the Treasury, the Attorney General of the United States ;

The Secretary of the Treasury reported to the board, that provision has already been made to meet nearly all the demands which will become due in Holland, during the course of the present year, but, that it is necessary to make immediate provision for the payments on account of principal and interest which fall due there, during the first five months of the year 1803, and amounting to four millions, four hundred and thirty-nine thoufand eight hundred and thirty guilders, and payable at the following periods, viz.-1st January, 872,700 guilders; 1st February, 986,350 ditto; Ist March, 601,000 ditto; 1st June, 1,979,780

ditto.

That from the great diminution of trade between this country and Holland, he has ascertained during his late excursion to New York and Philadelphia, that it is impracticable to obtain bills on Holland to that amount: That the rate of exchange is already forty-one cents per guilder; and that any attempt on the part of the Government to procure the large amount now wanted, would indubitably raise considerably the rate of exchange: That if it shall be attempted to remit by the way of England, the loss will be also considerable, the present rate of exchange with that country being now above par, and rising, and would indubitably be enhanced, should Govern. ment come into the market for large purchases; and the rate of exchange between England and Holland, being by the last. advices ten guilders eight stivers per pound sterling, nor likely to become more favourable, which supposing the whole amount in bills on England to be procurable (which is not believed to be the fact) at 168, would, including the commission of one per cent. in England, amount to forty-three and a half cents per guilder: That the Bank of the United States having been applied to, has refused to undertake to contract for making the necessary remittance: and that the two only considerable offers made to the Secretary are now submitted to the

Beard,

Board, viz. The Manhatten Company offer to remit the whole, at the rate of fortythree cents. per guilder. Alexander Baring offers to remit guilders 3,140,488 16 1-2 payable in Amsterdam, at the fol. lowing dates, viz.-1st January 1803, 605,000 guilders.-1st February, 685,000 ditto. 1st March, 425,000 ditto.-1st June, 1,425,487 16 1-2 ditto - And at a rate of forty-one cents per guilder, pro. vided, however, that the United States shall sell to him the two thousand two hundred and twenty shares of the Bank of the United States, owned by the United States, at forty-five per cent. advance, or at the rate of five hundred and eighty dollars per share; which last proposition is recommended by the Secretary of the Treasury, as the most eligible; as exclusively of the advantageous rate of exchange, thereby secured, the transaction will not have any unfavourable effect on the rate of exchange generally, and by so considerably diminishing the demand, will enable the United States to obtain what is still wanted at a reasonable rate: and be cause in his opinion, the price obtained for the Bank shares is more than could be ob

tained, were they thrown in the market for sale, and more than their intrinsic value. Whereupon it was resolved, by the board, "That the Secretary of the Treasury be

authorised to sell the shares of the stock of the Bank of the United States, belonging to the United States; and that the proceeds thereof be applied to the payment of the capital or principal of any part of the debt of the United States, which had become due to the Bank of the United States, before or during the course of the year 1796, and which remains still unpaid, in conformity to the provisions of the act entituled "An act making provision for the payment of certain debts of the United States," passed on the 31st day of May 1796."

(Signed)

JAMES MADDISON, Secretary of State. ALB. GALLATIN, Sec. of the Treasury, LEVI LINCOLN, Attorney General. Attest, EDWARD JONES, Secretary to the Board of Commissioners of the SinkingFund.

REPORT LAID BEFORE THE HOUSE OF REPRESENTATIVES, BY THE COMMISSIONERS OF THE SINKING FUND, ON THE 7TH FEBRUARY 1803.

The measures which have been authorised by the Board subsequent to their report of the 19th of December 1801, as far as the same have been completed, are fully detailed in the report of the Secretary of the Treasury to this board, dated the sd day of the present month, and in the proceedings of the officers of the Treasury therein referred to, which are herewith transmitted, and prayed to be received as part of this report.

All which is respectfully submitted by A. BURR, Vice President of the United States, and President of the Senate-JAMES MADDISON, Secretary of State-ALBERT GALLATIN, Secretary of the TreasuryLEVI LINCOLN, Attorney General of the United States.

Washington, Feb. 5, 1803.

Report of the Secretary of the Treasury to the Commissioners of the Sinking Fund, for 1801 and 1802.

The Secretary of the Treasury respectfully reports to the Commissioners of the Sinking Fund,

That since the date of the last report to Congress of the 16th Dec. 1801, and to the 1st Jan. 1802, the following parts of the principal of the public debt have been discharged:

1. In the payment of instalments of six per cent. stock, viz.

cent stock, which, pursuant to the Seventh instalment of the 6 per Act making further provision for the support of public credit, and for the redemption of the public debt," passed the 3d March 1795, and the act in addition thereto, passed the 28th April 1796, became payable for the year 1801,

First instalment of the deferred 6 per cent. stock, which, pursuant to the acts above recited, also became payable in the year 1801,

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805,846 30

272,416 24 1,078,262 54

200,000 O

Amounting to dollars, 1,278,262 54

Which payments were made out of the following funds:

1. The interest fund on sums which accrued on the stock purchased, and transferred to the Commissioners of the Sinking Fund, in trust for the United States,

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2. The fund arising from the pay

The commissioners of the sinking fundment of debts which originated prior respectfully report to Congress as follows:

to the present constitution,

312,282 68

420 O

3. The

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5. The proceeds of the duties on goods, wares and merchandize imported; on the tonnage of ships or vessels, and on stills and spirits, distilled in the United States, appropriated by the 8th section of the act of 3d March, 1795, intituled "an act making further provision for the support of public credit, and for the redemption of the public debt,"

Making in the whole the amount of the reimbursements of 6 per cent. stock, and the 10th and last instalment of the subscription loan for bank stock as above stated,

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Making in the whole the annual 709,218 57 appropriation by law for the year 1802, under the act aforementioned, 7,300,000 2. From the proceeds of goods, wares, and merchandize imported, and on tonnage advanced by the Treasury, in order to enable the commissioners in Holland to make the payments in time, conformably to the 5th section of the "act making provision for the whole of the public debt," and being in part, and on account of the annual appropriation of 7,300,000 dollars for the year 1803, 3. From the proceeds of 2220 shares of the capital stock of the bank of the United States, which have been sold in pursuance of the "act making provision for the payment of certain debts of the United States," the proceeds of which have been That during the year 1802, the follow-placed in the Treasury, ing disbursements were made out of the Treasury, on account of the principal and interest of the public debt :

dolls. 1,278,262 54 That besides the above-mentioned reim. bursements, there remained at the close of the year 1801, an unapplied balance of guilders 2,314,846 9st. applicable to the payment of the principal and interest of the Dutch debt for the year 1802, and consisting of remittances purchased and paid for before the 1st day of January, 1802, beyond the sums wanted to meet the demands in Holland during the year 1801.

1. There was paid on account of the reimbursement and interest of the domestic debt, the sum of

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785,152 28

1,287,600 0

Dollars, 9,372,752 28

That the above-mentioned disbursements made during the year 1802, and amounting stiv. 4,654,699 61 to dollars 9,372,752, 28, together with the above-mentioned balance of guilders 2,314,846 gst. which remained unexpended on the 1st January, 1802, have been ap plied as follows; that is to say,

2. On account of principal of monies borrowed of the bank of the United States,

3. On account of interest on domestic loans,

4. On account of reimbursement of capital and interest of Dutch debt, exclusive of repayments into the Trea

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1,290,000 0

162,205

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dolls. 9,372,752 28

Which disbursements were made out of

the following funds:

1. From the funds appropriated by the 1st section of the "act for the redemption of the whole of the public debt," viz.

From the fund arising from the interest on the domestic debt, transferVOL. III.

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