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The expenditures of the whole year are ascertained and es. timaied to be
$25,591,390 91 for these, the expenditures during the first three quarters are ascertained to have been
$16,545,342 92 Viz: Civil list, foreign intercourse,
and miscellaneous, 83,475,527 08 Military service, including forlifications, &c
8,349,400 06 Naval service, including, &c. 2,913,183 12 Duties refunded,
108,546 19 Public debt,
1,698,686 47 The expenditure for the fourth quarter, in
cluding $4,462,330 99 on account of the
public debi, it is supposed, will be about 9,046,047 99 Thus leaving, on 1st of Jan’y. 1835, an estimated balance of $6,736,232 34
This balance includes what has before been reported by this department as not available, the sum of about $1,400,000 but which is now ascertained to be reduced to about the sum of $1,150.000, making the computed available balance on the 1st of January, 1835, to be $5,586, 232 34. It is estimated that of former appropriations there will remain unexpended, at the close of this year the sum of $8,002,925 13. Of this amount, it is supposed that only $5,141,964 27 will be required to accoin. plish the objects intended by the current appropriations, leaving the sum of $999,742 93 applicable, afterwards, under permanent appropriations; and that of $1,523,308 79 to be applied in aid of the appropriations for the ensuing year, without reappropriation, as will be seen in the estimates when submitted, and the balance of $337,909 14, which has not been required at all, or seasonably, for the objects contemplated in its appropriation, and will, therefore, be carried to the surplus fund. In the ex. amination of this result as tu outstanding appropriations, it should be noticed that one snall amount of unclained interest on the public debt, and another of unfunded debt, though chargeable on the Treasury, are not included. Embracing those, and the amount applicable, afterwards, to permanent appropriations, there would not be money enough in the Treasury, to pay at once every claim outstanding; but, excluding them, it will be seen that the effective unexpended funds, on the 1st of January, 1835, will be $5,586,232 34, to meet what will be required for the remaining and unexpended a ppropriations, being $5,141,964 27; or, in other words, that our available means then on hand to discharge all the fold and existing claims on the Treasury, with the exceptions before named, will be about $444,268 07 more than their actual amount. The next subject deserviug consideration is the condition of
II. THE PUBLIC DEBT. All the four and a half per cents, outstanding at the commencement of the present year, have been redeemed, except the sum of $443 25. Money sufficient to meet the whole balance was placed in the United States Bank and its branches, as commissioners of loans, in May last, and that portion not yet paid to the holders of the debt still remains in those depositories.
A part of the five per cent. stock, created in March 1821, amounting to $4,712,060 29, was all of the one hundred and twenty three millions of debt existing in the year 1816, and of the subsequent additions to it which was left to be redeemed. It did uot become payable till the 1st of January, 1835 ; but as there was sufficient money in the Treasury for the purpose, and it having been considered beneficial to the public to save, as far as practicable, all the accruing interest, early in July last, agents were employed by this department to purchase, at par if possible, the whole of the remaining debt. Between that time and the 30th ultimo,
the departmeot had succeeded in redeeming about 8491,253 35 of it, and additional purchases are constantly making. In October last the
under signed gave notice that the whole of this debt, unredeemed after the 1st of January next, would cease to bear interest, and would be promptly paid after that date, on application to the commissioners of loans in the several States. Under authority from the commissioners of the sinking fund, this department has since placed, and made arrangements to place, seasonably, jo those offices, ample funds for the above purpose. Thus before the close of the year, the whole will either be paid, or money provided to pay it; and the United States will present that happy, and probably, in modern times, unprecedented spectacle, of a people substantially free from the smallest portion of a public debt.
Considering these facts, it was deemed proper to charge the whole amount of the remaining debt to the expenditures of the present year. laterest on all not paid before the 30tb ultimo, has been computed till the 1st of January next, the time being so short; and the account for the payment of the public debt, during the year, will then stand as follows: All the disbursements on account of the public debt during the year 1834 will be, as before shown,
$6,161,017 46 of which there will have been applied to principal,
$5,964,774 93 And to interest,
196,242 53 Making, together, the sum above mentioned.
The sto ks which will have been redeemed by the application of this sum, during the year, areo the residue of the exchanged 45 per cent. stock, issued under the act| of the 26th of May, 1824,
$1,252,625 901 The residue of the 5 per cent. stock issued under the act of 30 March, 1821,
4,712,060 29 Certain portions of unfunded debt,
38 74 And Treasury notes,
50 00 Making, in all, the principal before oamed. There is an unfunded debt of about
$37,733 05 Consisting of claims registered prior to 1798, for services
and supplies during the revolutionary war of about,
$27,437 96 Treasury notes issued during the last war, 5,975 00 And Mississippi stock,
4,320 09 Nothing has been paid on any of these during the present year, except $88 74. But should the certificates ever be presented, which is not very probable as to many of then, the means undoubtedly will always exist for their payment at this department.
III. THE ESTIMATES OF THE PUBLIC REVENUE AND
EXPENDITURES FOR THE YEAR 1835,
$20,000,000 00 Viz: From Customs,
- $18,000,000 Public lands,
3,500,000 Bank dividends, and miscellaneous receipts, 500,000 To which add the balance of available funds in the Treasury on the 1st of January, 1835, estimated at
5,586,232 34 and they make, together, the sum of
$25,586,232 34 The necessary appropriations for the year 1835, including those under new and permanent acts, are estimated at $15,660,232 73 ; but the whole expenditures for the service of that year are estimated to require the additional sum of $1,523,308 79, which has before been a ppropriated and mentioned as a pplicable to the wants of 1835 without a reappropriation, making, together
$17,183,541 52 Viz : Civil, foreign intercourse, and miscellaneous$2,788,225 85 Military service, &c., pensions, and the ap
propriations under act of June 7, 1832, 9,672,654 50 Unclaimed interest on public debt,
50.000 00 Naval service and gradual improvement, 4,672,661 17 To this add, as a contingent expenditure, about half of the
amount of the average excess of appropriations beyond the estimates during the last three years,
2,500,000 00 And they make the sum of
$19,683,541 52 Leaving an available balance in the Treasury at the close of the year 1835, or on the 1st of January, 1836, estimated at $5,902,690 82.
But should the whole amount of former appropriations, current and permanent, that will be outstanding on the 1st of January, 1835, and be needed to complete the services of former years, amounting, in all, as before shown, to the sum of $6,141,707 20, be actually called for during the year 1835, there would be an apparent deficiency in the Treasury on the 1st of January, 1836. It usually happens, however, that, of the new and the old appropriations, a sum of five or six millions remains uncalled for at the commencement of each year : and hence no real deficit is then anticipated, aor much, if any, excess after defraying all the expenditures then chargeable to the Treasury.
This estimate of receipts is formed on the supposition that the value of imports during the ensuing year, and especially of those paying duties, will not differ essentially from the average value during the last three years. Though our population has within that period probably increased Lover one million, yet our manufactures and internal trade have probably increased nearly in an equal proportion ; and this circumstauce, coupled with the greater caution and frugality practised during the past year, and still continuing, will, it is believed, tend to prevent any considerable augmentation in the consumption or importation of foreign articles
The imports during the year ending September 30, 1834, are estimated
in value at $123,093,351, being, compared with the preceding year, an increase of $14,101,541. Those during the three past years have, on an average, been about $111,038.142.
The exports during the same year are estimated at $97,318,724, of which $74,444,429 were in domestic, and $22,874,295 in foreign products, being, compared with the preceding year, an increase of $6,655,321, of which $3,802,399 were in articles of domestic, and $2,852,922 in those of foreig" protucts. The average experts during the last three years have been about $91,719,690, of which $69,407,976 are the average in articles of domestic products, and $22,311,714 in those of foreign.
It will thus be seen, that the imports of the last year varied in amount $12,055,209 from the average of the three past years, and those paying duties are believed to have varied much less. It is therefore, in connexion with the reasons before named, consiuered safe to infer that the imports of the ensuing year may not differ materially from that average. Should they not so differ, the revenue from customs will probably correspond in substance with that of the past year, except so far as it may be changed by the whole amount of all the importations when compared with the above average ; because the classes and value of articles paying duty, for aught which is koown, will probably be similar, and the rate of duties on them will not, by existing laws, be essentially altered till the 31st December, 1835.
The revenue from the sale of public lands has been estiinated at half a million more than the amount it was estimated for the current year, and one million more than the amount for 1833. This estimate would bave been made still larger, bad not the sales of the Chickasa w lands, which will probably exceed half a million of dollars, been pledged by treaty to other purposes, and not to the general revenue of the Govern
This large computation is founded on the facts of the progressive increase for some time eviuced; the sum actually received during the past year; the great quantity of new and saleable lauds coming into market ; the enlarged demand for them to satisfy the necessary wants of our growing population, and of the emigrants from Europe ; and the high prices which their produce fortunately obtains both at home and abroad.
The revenue from bank dividends has beeu estimated at somewhat less than heretofore, in consequence of the sales of our bank stock, under the act of July 10, 1832, for the investment of the accruing income of the Davy pension and hospital funds having already amounted to $656,600, and on which the Treasury can now receive no dividends applicable to general purposes. It might, perhaps, be advisable to deduct a still further sum to meet any contingency like that of the present year, in which the United States Bank, without the consent of this departmevt, or the sanction of Congress, and without any forewarning of its intention, seized on about $170,041 of the estimated revenue from this source, and has since withheld it from the public Treasury.
Copies of the opinious of the Atiorney General, and the whole correspondence on this subject between the department and the bank, which took place previously to the request for these opinions, are annexed for
the consideration and action of Congress. It may be proper to add, that, within a few days past, a new communication in relation to this transaction has been received from the bank, and, when a reply is finished,
both will be subinjtted, if desired. No foundation appears to have exo isted, in law or equity, for the great claim of damages made by the bank oo account of the protest of what has been called, in common parlance, the bill of exchange drawn on the French Goverament by this department. It is believed that the bill, when protestert, nught by our ageots abroad, had they acted with due regard towards their principal, to have been taken up for the credit of that priocipal, which was the United States, rather than for the credit of the bauk ; or, at the furthest, if similar and conflicting relations existed between them and the bank, they should have pursued the equitable course of taking it up for the credit of both the United States and the bank, or the more liberal one of giving the preference to the Government, which was the drawer; and, in either of these events, no room for difficulty by this extraordinary claim would probably have been left. But as these agents preserred a different course thereby justly impairing the further confidence of the Government in their discretion, it would seen that the bank, in the next place, having long been the general fiscal agent of the Government, and the primary one in importance, should have returned the bill, and made no charge against its principal, the United States, except for the actual advances, and the actual costs and expenses it had incurred in the transaction. The actual advances by the bank when the bill was originally received, had ouly been a matter of form, and were nothing.
The money, in fact, never belonged to this department, except in trust for the merchants, or their widows and orphans, who had suffered by French spoliations: and a sum exceeding the whole amount of it having been left in the bank and its branches, and no part of the money having ever been brought into the Treasury by warrant, it was, immediately on notice of the protest, restored in form, and a willingness was expressed to make remuneration to the bank for all reasonable costs and expenses.
But the temptation of an opportunity to obtain more from its principal, by a novel species of litigation, through a virtual judicial prosecution for damages against the Government of the Union, seems to have been too strong for resistance ; and the bank concluded to depart from the above equitable rule, and, by some technical regulation of strict law between individuals, to attempt to procure a large suin, as mere constructive damages ; and by the extraordinary mode of seizing on the dividends, which had been declared by the bank itself to belong to the United States, and of withholding them, to abide the ordinary contingencies of a law-suit. It seems to have preferred this unprecedented course rather than to pursue the usual molle of a petition addressed to the justice of Congress, though Congress is well known to be the customary and only tribunal for adjusting controverted claims against the Government, when no suit is pending by the United States, and the only tribunal, which, under the constitution, is empowered to appropriate money to discharge any claim whate
After applying to this department, and being, so long as a year ago last June, informed of its inability to admit, os authority to discharge the damages demanded, it is remarkable that the bank sbould have continued to pay over the accruing dividends, and got till after the last session closed, and when any deficiency in the current revenue could not be proviiled for, should, without any prior application to Congress, have re. sorted to this unusual proceeding, and sought to have its claim against