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VhE CO^TiTITIO^AI.I^r
Hl* OtiEV * BWJjyCE.
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REPORT 031 THE FHAKts*
In obedience to the directions of he ‘‘Acr sup
nlrmentarv to the Ad to establish the 1 rcasury
Department* the Secretary of tho Treasury re- ,
tpectfullv submits the following
REPORT:
/, Off*' Public Rrrrnut and Prj^nditurOt.
The Receipts into the Treasury, iromall sources, during
the year 1830, were 834.844.116 51
The Expenditures for theaatnt year, in
cluding payments on account ot the
JSIJYb.!*... 31585.M1 55
The b dance in thv Treasury on the Ist ——
ofJantterv, 1831, was 6,014,539
The Receipt* from all sources, duriua
the y»-ar 1831, weru a8.09C.ea3 pS
T,z: Customs, §24.224.441 T7
Lands, 4*
Dividends on bank stock. 490 o**o 00
Incidental Receipts, 152,314 04
Firt-t a. second instalment
wider the C’onveauon
with Denmark, 419.249 53
Making with the Glance en aggregate *1
The expenditures f‘>r the sutue year were 3U,U3»,4H> 14
Viz: Civil List, Foreign
Intercourse and Mis
cellaneons, §3,064,646 I§
Military Service, incln.
ding fortifications, ord
nance, Indian affairs,
pensions, arming ths
mihtia, 4c internal im
proveaients, 6,943,238 »t
Maval Service, including
the gradual improve
ment of the Navy, 3.856,183 Oi
Public Debt, 16,174.378 23
Leaving a balance in the Treasury on the
Ist January, 1832, of §4,502,914 4o
The Receipts into tho
Trr istiry, during the
first three quarters of
the present year, are
estim .ted at §23,918,C09 ol
Via. Cus
toms. s2l 730.717 99
Lands, 1,610.130 18
Bank Div
idends, 490,000 0O
Incidental
Receipts, 87,811 34
The receipts forthelourth
quarter, includ ng the
3d instalment ot the
Danish indemnity, arc
estimated at $7,834,000 00
Making the total eenmated receipts ol the
y.ar $31.752,659 51
And, with the balance on the IstofJm.
1832, forming an aggreg Ue of $36,253,573 96
The expenditures tor the
first three quarters of
the present year are es
tim red at $23,868,691 81
Viz. Civil
list, Fo
reign in
tercourse
and Mis.
cetlanr
ous, 3,063 955 42
Military ser
vice. includ
ing f,»rtidea
tions, Ord-
Ban e, Indi
an Atfairs,
pensions, ar.
wring the mili
tia, A inter
nal improve.
msnts, 5,655,280 53
Naval Ser.
vice, inclu
dingthegrad.
ual improve
ment ot the
Navy. 3,213,597 98
public debt 11,335,857 89
The Expenditures lortlir
fourth quarter, inclu
ding s6,i 44,199 57 on
account of the public
debt, are estimated,
on data furnished by
ths respect.vo Depart.
ments, at $10,742 774 23
Making the total estimated expenditure
of the year 34,611.466 03
And leaving in the Treasury on the lat of
January, an esiim tttul balance, inclu
ding tUs Da-ish 1 idem ■ ty, ol $1,644,107 93
This balance, how v,t, includes the hinds es.
I;mated at i 1,109,009, heretofore reported by
thin Department, as not edeciiv .
Tho appropriations rum tilling unsa isited, at
the close of the year, are estimated at $6,308,-
431 33; but, of this amount, it is estimated by
the proper Dep.tr ments—
|. That the sum of $5,475,202 26 only will
be required for the objects for which they were
Appropriated.
2. That the sum of $652,193 27 will no be
required, and may, therefore, be considered aa
an excess of uppropria ion, and is ptopos d to be
Applied. wi:h»»ut b ■injj appmpria ed, in aid of the
service of he year 1833, as will more tully ap
pear whctT he estimates of the appropria ions
for ihat year are presented.
3. Tniit the su n «f $191,020 72 will be ear
‘ried to the surplus fund, either because the ob
joe s for which it was appropriated are comple
ted, or because th s; moneys will not be requir
ed for, or can no I mger be applied to them.
11. Os the Public Debt.
The disbursements »n account of the
public debt during the year 1832, wit!
•mount, as has been dready shown, to $18,080,057 46
Os which there will h ive
been applied to the pay.
nseot o' principal, $17,302,410 82
A.sd u iatere-4, 777,646 64
Os this aum, all over the annual appropriation
often millions of dollars will have been applied,
wi. h tho Presidents sin :tion, under die discre
tionary author! y granted by the Ado! the 24ih
of April, 1630.
The st icks which -wdl have been redeemed,
jby ,:.he application of d»is sum, during the year,
Arc -aa follows
Therseidue of the four aivi a half per et.
••took, le-'me lurtdvrthe act of the 2Lh
M»v. 1621. be.ing t.ie last ol the stock,
issued for the purch is« of Fi »ri la, $1,733,524 01
Ta« wh de of the three pr.et. stock, issu
ed 'i ider the sot of the 4*h of August,
4790, being tho last o! the funked debt
« the revolution, $13,296,705 76
4?ae half of the exchanged four and • h Jf
p«r ct. <tock, 'ssued under the set of
l$ *6th of M iy. 1824, $2,227,363 97
»h »1« oi the exchanged five per
Mat. etock, issued under the ouXofthe
fOth of April. 1822. 56.704 77
Which two last m 'ntione l stacks are parts cl
IjgotlM debt out of the law war.
rmgn Ki
te rcouras
and Mia.
cetlanr.
u»wcenoin portions of the old registered
debt, *hicli h ive been presented for
payment, being p>rt ol the unfunded
debt of the revolution, 23 • S 4
r l he whole of the public debt, which, by the
ertm of the several loans, the United States
ave a rtirht to redeem up to the Ist ofJ.-muary
iext, wifi have been then paid off; making the
ntiro sum of about fifty-eight millions of dollars,
pplied to the debt sin<;ethe 4 h of March, 1929.
In the Ist of January next, the public
fi« bt will be reduced to $7,001,694 83
Viz:
. Th« funded debt «•
mounts to $6,362,660 23
Consisting
of tl'.o 5
per el*,
issued un,
der
ac f a* the
t e rd o?
March,
1321, &
retie nn
&bio af
ter th*
Ist Jan.
1335, $4,735,996 30
And the re
sidue of
the ex
changed
f>ur and
a halt pr.
cts usu
al under
the act »f
;h«- 96ih
of Mar,
169-1,
redeem,
sbie af
ter the
31st of
Uec’ber.
1033, $2,297,363 93
2d. The unfunded debt a
mounting to $30,038 5S
Consisting
ofthe re
gistered
debt, be
ingclaim*
register
ed prior
to the
rearl79B,
for ser
vices A.
supplies
duringths
KcSolu
tionary
War. $37,603 45
Treasury
nots«>,
issued
during
1 us war, 7,116
And Mis. '
siasippi
Stock, 4,320 09
Thcsj thrae lust stuns, composing the unfund
ed deb , are psyubls on .he presentation of the
certificate s.
As cr tiie la of January nest, no part of t lie
pulic debt, except the remaining fragments ol
the unfunded debt, of which only small port o.u
are o casinnally pro* tiled, will lie redeemable
the foil iwingyear ; and, though here W 11 be; in
the Treasury”during the year am; 1 • meanstu
discharge the wiiole debt, hey can be applied
only to he purchase of a ook at the market price.
It is now manifest hat it the flank shares had
been s 1 I, and the proceeds .applied o the object,
the cadre debt might, in hi* manner, hate been
extinguished within the pros m year. But, it is
nevertheless pleasing io reflect, that after hs
pres nt year, it may be considered as o.ily 0
nomiuardebt; as the Bank shares, which bars
been ac u illy paid fr witnia the hist four years
by ho redemption ol’tlie stock required for them
are urea er in value than the w-ade amount o
that debt : and the debt itself cease# to b*a bur
then, in ismuch as the dividen Is derived fioti
tlie Bank shares, yield more to the 1 reasury
than will be required to pay ; he iuteres . Ihr
del) mav, 'lie re fore, be considered ;is subs am
iuJJv extinguished alter the firs ot January
ii *vt ; which is earner ban was looked fop undei
the most prosperous and economical administra
,ion of our alHiirs hat could have bscn anticipa
ted. It will, nevertheless, be gra iug to tin
national p ido that every thing having sva n th.
appearance of debt should cease ; and measure:
will therefore be adop ed to invite the early pre.
sen a ion of all the on standings or ks, that they
mav be paid off us fast as the means are recetv
el, and the evidences or the public i.sbt finally
cancelled. It will be a proud day for the Ante
rie in people, when, to all hese honorable char
act» r sties, which have rendered their career sc
m amir able among na ions, they s tall add tin
rare happiness of being a nation Without debt.
///. Os ihe Eali malts of the Public fi'renue and Ex
ptiidilures f r the year J 683.
The statement already presented shows thu
the receipts from cus oms during the pnsen
Year, will exceed tlie e* itna’o submitted at tlu
las s s.s on of Congress.—l< is true that dutin
to a considerable amoun received in tins year
will liereaf er be returned tinder the 19 li sec
tiou of the Act of he 14 h ot July las , for al
tering the duties on impor s. But, as t ose du
ties are not to be returned un il alter the 3d o
March next, and as in the meantime they wil
be available means in the Treasury, they wit
be so rented, and the probable amount of hen
will be deducted from the estimated amount o
the duties receivable in 1533,
Notwi list .nding the unusually large importa
tions in 1831, hose of 1832 have also beet
large—being estimated for the year ending oi
the 30th of September last, a» $100,652,077 it
value. The Fxpor s have somewhat exceedet
those during the same period in 1931 —beinj
estitna ed at 897.037,943 in value ; of whicl
$63,074,915 were of domes ic, and $23,963,
128 of foreign articUs. These results are no
only satisfac.ory in reference to their connex
ioa wi h the finances, but as indicating a pros
[)ero;is condi ion of commerce.
The duties which accrued during the firs
three quarters ol the present year, are es imut
ed at $24,505,000, and those fi»r the fourtl
quarter at 84,891,000. '1 hough the proceed
of these dudes will form a considerable pordot
of the receipts into the Treasury from cus om
during the year 1933, yet it is to be observed
that as the terms of credit will be much s :orten
ed on importations subsequent to the 3d Murcl
nex , a greater por ion of the duties accruing
within the vear will be received in that yea
than heretofore. At the same time, the bond
given on previous importations, at the presen
terms of credit, will continue to fall due as be
fore : and the combined operation of these tw
causes wi l l increase the proportion which th
ac ual receipts within the year will bear to th
accruing du i-.-s, relatively both to past and t
fu uro years.
From d.va in possession of the Department
it is es imated that the duties which will be re
turned out of tlie revenue of 1833, as er the 3
of March n x , upon merchandize deposited un
(Ft the 18th section of the act of the 14th c
July last, may be estima ed at $2,500,00. The
the*? data are necessarily in a great degree con
jccturul, they wrs eu&civat for the present put
pose in the present tttimate. It is proper to be
remarked, howev. r, ’hat if a broader operation
be given by Congress to the provisions of tiiat
»ec:ioa than it lias received a. the Depailmtnt,
the amount wilt be proportionably increased.
A considerable reduc ion, estimated at no'
h ss than two hundred and fifty thousand dollars,
from the amount receivable from customs in thi
present year, hits resulted from the refunding
duties heretofore collected, and perhaj s an equal
amount from tht; Cancelling of bonds, tailing
due on r&il-roaf-d iron, agreeably to the act of
the last srssiofc. But as this has consisted in
p .rt of the drawback of duties mken in previ
ous Veal's, the amount forms no criterion for
rilfc (sUirc
!t has been shewn that the actual receipts
from public lands during the present year, will
f li much short of the es imtite presented at the
las' s ssion. The sales were necessarily afl.c’-
ed by the extensive measures adopted in the
Wes’ern and North-West, rn country to expel
the recent In iian incursions. Owing also to
the want of the re urns of surveys and plats,
which the Surveyors General found themselves
unable to supply, lands expected to have he ; n
sold were not brought in'o market. It is be
lieved, however, that the receipts from this
source will be somewhat larger next year.
According t) the host jo lenient the Department is a
ble to form on the subject, the receipts into the I reasu.
rv from all sources, during the rear 1833. tnnv be esti
mated at $24,01)0,000 9J
riz :
Customs, s2l 000 000
Public Lands, 3,500,000 .
Bank D videnda i. inci
dent -.1 and miscell.ine
on? rec*ip.« of nil
kinds, 500 000
The expenditures for the
y«.ar 1e33, for ail ob.
j. cts, other than tiie
reimbursement of the
Debt, are estimated at • • 1«,638,5.< 3.1
▼iz :
Civil, foreign intercourse
end mist ellaneous, •,0-45,361 70
Military service, includ
ing fortifications, ord
nance, Indian affairs,
pensions, arming the
militia, &. internal im
provements, 6,878,790-00
Revolutionary pensions,
under the act ot the 7th
of June, 1*32, includ
ing arrearages from
the 4th March. 1851,
in cases in which pay
ment has not been
made, 4.000.000 00
Naval service, 3,3.7,429 38
Interest on 'he Public
Debt, 336,996 18
During the veer 1833,
however, the moneys
which hate be-tn re
ceived in the Trea
sury from Denm uk,
witliin the two last 4c.
present yours, tor the
payment ot incstnni
ties due to American
citizens under th< Con
vention, will be p:.ya.
hi#, estimated at 694,033
* Inch, added to the ex
p. ndilures, will make
the aggreg te charge
upon the Treasury,
for tht fear, exclusive
of reimbursement ot
tht Public Debt, . - - 18,332,577 35
hi he vear 1833, the first instalment paya
ble under the Convention with France, for in
demnities to American citizens, will also be re
ceifed in o the Treasury, though it will form no
part #f the disposable means.
Taking an average of the importations for
he las six years as a probable criterion ol the
ordinary inipo.ta ions fur some years o come,
the revenue from cus oinu, at the r..tes ol duty
pav .ble as tr the 3 1 March nex , may he es i
mated at • ighteen millions annually. The pub
lic lends, bank dividends, and o her hidden til
receip s, may he es ini.tied at three millions
making an aggregate revenue of abou twen y
ono mill mis u vear. In he last annual repor
of the state of the finances, the probable ex.
p e n S: . a fur all obj. es, other than the public
debt, were estimated at sis een millions. This
is still believed to be a fair es imtite ; an I if so,
ilisre will be an annual surplus of six millions
of dollars.
Still firmly convinced of the truth of the rea
sons then pres ■nted fora reduc ion of the reve
nue to ihe wan s of the government, I am a
gain urged hv a sense ot duty to suggest that a
further reduc ion of six millions of doll.os be
made, to take eluc as < r the year 1833. Who
tlier that shall consist altogether of a dimimrion
of the du ies on imposts, or partly of a relin
qiiishment of the public lands as a source of re
venue, as then suggested, it will be for he wis
dom of Congress to determine.
Without advv r ing in unnecessary details, to
the considerations in favor of lessening the ex
isting du h s. wh.ch I had the honor o present
as well in the las annual report, as in that call
ed for by sp dal resolutions of the Hons ■of
Represent.lives, I deem it proper o observe,
tha in mv own mind, ’hese considerations have
lost none of heir force, but have derived new
vve'gh from subsequen" retire ion.
Thu purity and simplicity of .he insti u ions
under whieli it has pleased Providence to make
us a great and prosperous nation ; the few ob
jects— and thos •of a general na'ure —to which
die powers of the Federal Government can be
nppropria elv applied ; and the great diversity
of in crests, which from their local and geogra
phical posi ion, prevail in the several .S'a escom
posing .he Union, imperiously require that the
amoun' of the public expend! ure should be re
gula'ed hv a prudent economy, 6c ha' no great
er amount of levemie should be collected from
the people ban maybe nec.sstry for such a
scale of expenditure.
The main purpos ■ of taxation by the Gene
ral Government, according to the spin' of the
Consli u ion, undoubtedly is o pay he debts an
to provide for the common defence and general
welfare of the Union, by the means confided tu
Congress. It is freely admitted that this lower
may and ought to lie directly exerted to counter
ac foreign legislation injurious to our own in
dustry, more especially those branches “ lu ces
sary to preserve wi bin ours Ives the me: ns ol
national defence and independence.” And, al
j though the exercise of the power in either east
j mils’ necessarily depend upon the cause which
i mavcall it forth, the powers of taxation impos-
I ing large and permanent bar'hens for ’he en.
; couragement of par icular classes cannot be ex
| ercised, —and by slend- r m jori ies,—consis
I entlv wi h a proper regard to the equal rights o
' ail : and it is not to be concealed that a perma
nent svstem of high protecting dn'ies direct!}
ten.ls to build up favored class, s, ultimately pre
judicial to the s-.fety of the State.
Deeply impressed with these reflections whicl
are now rendered more urgent, by the reducer
and limited demands of the pub'ic s rvicp, I hat
' the honor, at the last session of Con r rcss, *o re
commend a reduction of the dut es to the revenm
standard. The force of these and similar con
•ideratioas, and of tha: recotnmeodaiioß, raa;
be supposed to have received, at that time, the
sanction of Congress, and to have h rmed a mo
tive of the act of the 14l!» of July last ; not
withstanding it was not .hen deemed practicable
fully to adopt the recommendation of the Depart
merit. By that act, however, besides the posi
live reduction both in the rate and in' the amoun
of duty, the expediency of adapting tlu revenue
;o the expenditure, and of equalizing the public
burthens, was, to a great extent, acknowledged,
and the oppressive system of the minimums was,
for'he most part, abolished. By tha ac , also,
those articles principally necessary lor t.ie
maintenance and clothing of the laborers ol the
South and South-west, were, to a certain degree
relieved; and both hv is direct enactments, and
as inciden to its main scope, it encouraged an
increased consumption of such articles as depend
ed tor their fabrication upon the raw materials
and productions of the South. To extend and
inq rove the demand for 'hose productions, by
snhsti uting, as far as prac icable in general
use, cotton fabrics, for those made of materials
from o her conntrb s, w: s not an unimpor ay
object of the bill presented from this Depart
meat.
In the reduction then recommended, the ne
cessity of ad: pting the proposed changes to the
safet v of ex s ing esfahlishmen s, raised up un
der th.e auspices ot past legisl a ion, and dt;< p-}
involving the inters s o( large portions ol the
Union, was distinctly recognized ; and i is st 11
deeme I to he no 1 ss imperious, in die far l>er
changes which may be considered expedient.
Such neecsst y, however, aris.s rather from a
ust and prudent re.ardto the rights and iuteres.s
of the whole community, than from any absolu e
pled, eof be na ional f.ith uneontrolkd by c.r
enmstances. — Ibe principh soi our republican
institutions di« omit nance any system ol leg
islation no; in the nature of a compact, indepen
di n of the popular will, lending to defeat the
action oftheconstituent upon the r< pr. scuta ive,
and exclude tl;e operation of chang. s in the
condition of | uhlic affairs. or in public opinion,
upon die national councils, in his, ns in all
o her ins ances, the causes which call for the
legisl live action must determine its duration;
and that leg station, especially, which cons rs
f i vors upon particular classes, has no o;her claim
.) permanence than its tend ney :o auvaicethe
in . rests and pros; erity of the whole.
To aid American enterprize, in every branch
oflabor. and, by seasonable • neon rag.-men , o
foster and preserve within ourselves the means
of na ional defence and independence, led to the
prut c ive sys cm in the infancy of the G»»veru
men . To counteract the policy and rivalry of
so e gn na ions, and to prevent their prejudicial
influence upon Ameiican industry ; to iuduum
fv the l.Tter against die superior skill and caj i
tal and cheapness of labor in older and more ex
perienced countries ; and to succour American
capital which die even sol the last war had de
vo'ed to manufacturing employments, rec mi
ni nd dan occasional extension of diat policy,
which h;.<s hc.-n liberally enjoyed by the manu
faeturlng class s, s lice the ac. ul the 4th o! July,
1789. In the course of that tim ■, however, die
capital and resources of the country have aug
mented in a ratio beyond the expectations and
hopes of the most s inguine. Amur c.n enter
prize and ingenuity are. every where, proverhi
ally the objec s of admiration, and in many
brandies maintain, wi bout ex'rasnhnary aid, a
successful competition with 'hose of other na
tions. By the abundance of provisions in the
United States, and the surprising increase of
population, the wide spread facilities of water
power, the improvemen s as well in personal
skill as in machinery of all kinds, 6c the general
advancem. n and diffusion ofall the lights ot ar s
and science ; and the reduction ol duty bo hon
the raw material an I other ar ides of consump
tion, the cos of labor and j reduction have not
onlv been lessoned, but in a great measure, q i:d.
ized : and. in this view of the subject, it is m t
perceived hat then; can now exis the same tie
cessitv for high protecting duties as tha' which
was consulted in our past legisla ion. To per
petuate a svs em of cncoiiragem n’, growing out
ofn.liffercn stae of things, would be to coaler
advantag* s upon tiie manufactu ing which are
not enjoved by any other branch of labor in the
United Sfi.t s, and to convert the favor and
lionntv efihe Governmerr in o permanent ob
ligations of right —acquiring strength in propor
tion to heir con inu .nee.
U will he conceded that when the fur rate of
profi attendan' upon 'he sagacious euij lo\ru n
o 'capital in the Uni ed Stati s,'S sutisih ctunly
ascer’ained, tt may he wise so fa r to protect any
important branch against theinjunons (dice's of
foreign rivalry as may be necessary to pieserve
f»r it the same rate ol profit as is enjoyed by
others. If, however, by pi. elective leg station,
or otherwise, the proprie'or of an act lai capital
shall he en titled to cm; h»y it in manufac’ures as
advant- g- ouslv and profi ahly as in :ny o‘l e
branch oflabor, all thin s considered, he could
not reasonably deman 1 more. The rate of
protection which should enable mnnntac uring
labor, eonduc e l upon borrowed capital, to in
d annify th • lender, and in addi ion, to realize
tin; regular rate of profit for its If, would not
rner Iv confer undue favor upon the manufac
tur r, at the expens -of every other employment,
hut bring 'he influ. nee of the capitalist in direct
conflict with the gener 1 muss of he people. It
might even be ppreh; n led th it by such means
there would be an accumulation of power in 'he
hands of par icular classes, strong enough to
con rol th • governm. n i seif it hs ■ ohserva
tions are en ith-d ’o res; ec’, ittle doubt is enr
er ain -.1 that in a Tariff framed on prope
principles, the reduction of six millions now re.
common led, may, lor the most part, be made
upon those commonly denominated protected
ar ides, without prejudice to the reasonable
claims of existing . s ablishrnen s.
Bv the act of the 14th of July last, the a norm-
Iv in the tariff of the United States, by which
heavy and burtheiisouic duties were imposed up
on the raw materials, and especially upon the
article of wool, was eon inued ; and the neces
si’v was thereby created of retaining upon th<-
manufactured article a higher degree of pi ejec
tion h m would o'hervvise liave been nec-ss iry.
An adherence to this anomaly, instead of equal
izing the bur hens of he people, augmen s t! a
| of the consumer by increasing -he number o'
favor* del ks s Pro; era tention !<* the sac li
tv and cheapn ss of poduc ng, and the arnou t
actually produced, of he raw ma eri; 1 in 'he
Uni'ed States, an 1 an ex urn n ion <f the infor
motion collected bv this Depar inent and Tans
milled "o the Rous •of R jires nt-t v- s it the r
1 .st session, will show, that, in the ex ension of
manufictur- s and in he augmentation ol a sure
market the pro lucer of the r*w ma’eri I bus
long s : nee been in a con lition to dispense with
a great {Kirtion of the protection here’ofore af
forde' 1 . Bv t' esan e inform f ion it will app.
that by relievin r the manufac urer from th»-
bur’hen of the high duty upon he raw materi.
al, the exist ng tlu ies may be very m finally
reduced and gradually removed, consistendy
with a jus’ regard to the in eres s which have
so long enjoyed the advantages of the protec
tive system.
By these considerations, and the proud and
fact that (here no longer exists any
public debt requiring the present amount of re
venue after the ensuing year, the question is
submitted to the Legislature, whether they will
continue to rais 1 from the people of the Unfed
States, six millions of dollars annually, beyond
anv demand for the public service, that favors
which have been so long enjoyed, and which
may soon be dispensed wi 11, without detriment
to the national safety or ind» pcndence, may he
indefinitely con inned.
The undersigned is duly sensible that the de
cision of this question belongs properly to Con
gross. The duy, however, enjoined on him by
the laws, to digest and prepare plans for the im
provement anti management ol the revenue, and
for the support of public credit, no 1 ss ’ban the
deep solici ude he feels for the; safe V ol our
common country, have urged him to present i r ,
wi h his own reflections, fur the consideration
of the Legislature.
In the decision of this ques ion, the present
crises in tluU. S. pregnan will the deepest in
terest, must have its weight—and an interest n
rising not so much from an apprehension of
weakness in tlie laws, or of inability to execute
them, as from a universal conviction, through
out a hi rife portion of the I nion, oi tue necessi
ty of a change, an 1 of the propriety ol paying a
reasonable deference to that opinion. The bar
monv an 1 hrothe Iv aff'Ction ol he ci izms ol
diffwren* par sos ibis if ret it lit public, il no the
preservation of the I nion itself, appeal to the pa
i iot and s a'esm m for the exorcise ol their
highest qualities in regulating tic burthens of
the people coiisisicii Iv with tlie equal riglvs o!
all, and in rendering the laws not less free i n I
equal than the inst tutions uutler winch they arc
enacted. The occasion invokes the spirii ol
liberal concession an 1 comprom se, wliic i laid
the foundations of our inestimable Union; anil,
on such nu occasion, patriotism requires that no
one interest should exact more than may be con
sistent with the welfare of the whole.
Such an appeal com s wi h force to all, but.
in an essen ini manner, may be made to those
who have so long reaped the advantages ol those
burthens from which their brethren through
out the Union, after having submitted to tli m,
while the public obligations and the national
defence and independence require i‘, now ask
to he r< lieved.
Ifthis appeal do not find a response in a wise
and patriotic moderation, here will be no efficacy
in the moral force on which the republican in
s itutions of the Union repose.
The sleepless solicitude of ho Father of his
country, has multiplied I ssona ol patriotic du y,
but none of greater emphasis an I pertinence in
the present crises, than in his admonition ’hat
“ it is indispensable, on all occasions, o unite
with a steady and firm adherence to constitu
tional acts of government, the tulles evidences
of a disposition, as far ns may ho practica
ble, to consult the wishes o every pari of he
community, and io lay die loan lations of the
public adminis ration in the affections ol the
peoj le.”
’1 he operation of the 18 h s ction oi tin* Ac
ofthe 14th of July last, accord‘ng o the c-ai
s ruction given o it, at the P reasury, being iu
some respt c s iliffereii* from taut which ihe mer
chants concerned consider important to their
in crests, it is deemed proper o bring he suh
joct before the at-en ion of Congress, that il
owing to anv defect in ihe law or any error in
the cons : ruction, the intentions ol the legisia
iure have not been carried into effect, the ne
cessary remedy may be applied.
Bv that section the several aitides enumera
ted in the Act, wheffiei imported before or after
the passing thereof, were authorized to he put
into the (Jusom House s ores, and such as re
mains under the con’rol ol the proper olli-, er of
the cus oms on the 3d of March nex , were sub
jected ono higher dutiis than if imported af
ter that day ; and the du ies or any part thereof
which may hav • been paid on such articles were
to he refunded to the person importing and de
positing ihe sume : And the Secretary ol tie
Treasury was au horized to prescribe such rubs
and regula ions as might be necessary to car
ry the s ‘Ction in « effect.
In executing the section, the fullest disposi
tion w s fit to consult the interes and couveii
eince of the merchants; bu; h was perceived
that tin nniirni c l construction of i s terms was
calculated not men iy to conflict 1 with the s ver
nl members of ihe same sect.on, and wi h otuer
sections of the Acts, but to disturb the financial
arrangemen s of the government, and post (tone
the pnvmen of the public debt.
In the last annual report from this Depart
mi nt, as wi II as in that prepared by direction of j
the House of Repn sen'atives, and accompany. .
iug the hill which formed the chief basis ofthe (
Act of he 14'h of July, it was s ated iha" tlie !
exi- iug obligations ofthe Government, not less i
than tlie interes s of the communi y, fuibado a
reduction of the present duties earlier than the
2d of .March, 1833, and by the 2d sec ion ofthe
Act, this recommendation was distinc.lv recog
nized and adopted.
Without some limitation, therefore, as 'o ’he
retrospective operation ofthe 18 h sec.ion, the
object of the 2d section would not only have be n
defeated, but .he Act its-If would in fact have
been rende red operative in ad past ime,so far |
; s concerned any goods in the original pack- I
ages, no matter when impor ed ; and the owners j
whe her importers or retailers, in all par s of
the country would have had a right ;o deposits
them iu the Cus otn House stores, and claim a
refunding ofthe duties.
Bv one of the provisions of the 18th sec- ion,
tlie au hoii v to refund du ies which laid bei n
paid on articl s de| osited, is expressly confined
to the persons “ im|o.tiug and disposi iug lie
same”—tlm.s treating the importer and deposi or
as idem ical. And as i is not reasonable to sup
(mse that the righ’ to deposir was greaerth.au
Mia* to claim a refuudin iof ;l»e duties, he words
“ importer or owner” in other par s of t ie sec
tion were treated as synonymous. 'I hese erms,
moreover, ihroiuhou the revenue lav s, refer o
rnpmta ion, and ar intended to signify the per
son importing, ivhetlv r the acliKil proprietor,
he age-n’ or the consignee. Lis obvious, also
that by this construe ion the terms anpor er or
owner not only receive their usual revenue
meaning, hut are reconciled with those of im
por er and deposi or which could no be, if the
conjnnc ion were to receive u disjunctive; inter
im -e'atinn. If was, therefore, hold that goods
could be deposited only by the impor-er.
As the Act coti ain ;d no appro, riation so.-
drawing money out of the Treasury for repaying
the duties authoriz d to be refunded, the Depart
ment was fully warranted in interpre ing tin-
section as applying to those duties only
which may have been paid to the Coll -cfor after
the pass’ntr of the Act, and cons.-qin ntlv, n
limiting he righ’ ofdeposi to the goods on which
those duties accrued. But, from a desire to give
the sec ion us liberal a construction as was con
sis’ent with all the other objects ofthe Act, it was
allowed to apply to the whole of any imj ortatiou
on which any part of the duties remained unpaid
at th« date of the law. And, to make this coa
st ruction operate ns equally and f avo
among ihe importers generally, as might \ r
was allowed to include those goods also ’ ll
which the duties had been paid in cash, provvf o** 0 **
that by the terms of credit allowed by law f ’
duties on any part of them would not havH^
payable until after the date of the law 0
not believed, however, that any construct 13
the section which will not admit of tlie de ° n °^
of goods when in original packages, whet/ 0 * 1 *
the hands of the importer or of any other
son, and no matter when imported, will |, e .^ r ‘
taetory to the owners of such goods a 8 n
imported at a lower rate of duty afer tl
March. But if it he the intention of
so to ex “ti 1 he operation of the section
respec’fully suggested, that as it will !n i ! *
cas •, n cessarily embrace goods upon wh . !*’*
duties must have been accounted ... i
. .i t ■ ■ dll(| paid
over to the I reasury, an appropriation be, .
for r. paying the amount of such dude*
the Treasury. °‘
With a v*ew to obtain reasonable certainly '
the financii.l operations of the governicii* '. ,n
a* the suggestion of ’he C»»l!cc*ors ;s
time necessary for the dutiis >o he p.-rfo- tn
by'h in in executing the l s th section
illation was adopted fixin. the ime f 0
goods might ho deposited, at he Ist of '
• . . . . •»«nuarv
next. It is. however, the intention ofti, c j.'
par mens to extend the time, if it be tuimd ;| la{ '
the du ies of ihe Codec ors will admit of it
The alteration in many ofthe rates of ( j. !v
and the repeal of others, which have 1*,,,’
effec ed by the la'e ac s of congn ss, Seemt
require some corresponding modification,, 0 f
th provisions h. retofire made for nscerlainum
and s curing the duties. But, as those
mig ; t he better brought to the attention of con.
gr ss in a separa e communication, if suc i,
its pleasure, that course will he adopted.
In the exposition of the public debt, pn-seired
in ’his Report, it has been assumed that the
Three per cam's, advertised (or reimbursement
on the Ist of Oc ober las:, have been actually
paid, because the 'rreasury h.-s provided iminfc
funds at the different loan offic, s for that pur.
pose, which upon die presentation of ihe certifi.
ca es should have been applied <o their jui vment
It bus recently be< !i understood, however that
on the 18 h of July las , the* Bank of the United
States on the ground, as stated in the left, r t»f
inst met ions, “ i hat the spread oft lie cholera might
occasion gr; at emharrnssn eat and <lis ressm .he
commimitv, deemed il expedient for the bank to
keep itself in an ati ude to afford relief should
i » interposition be necessary, & also to mitigate
! he pressure which ihe rcimhursetnent of ihe
time p rc nt. s oek held hv foreigners, might
produce in Oc.ober,” ami dtspa'chcd an agent
to London to make an arrang. ment with he
house of B iri:i r, Brothers Ac Go. fur die iiost.
poncmeut oi three millions, for which they were
the agents of that house, am! also for 2 mi ions
in addidon.
It had not, at that lime, en decide? by ih#
governnn m ::t wha? period he whole of the
three per cen s. should be paid, and th** agent nf
tlie Bank was aut iods d ‘o make n arrange,
ment of six, n lie, or ;\\el\c months afer that
period—die Bank agreeing to pay interest in
the meant me.
Un !er this general author! y, die agent con.
eluded, on die 22d Auj us , 1832, a contract
wi h Mi ssrs. Baring, Brothers Ac Co. to buy up>
the three cent, slocks on the best terms at which
they can lie ob aimed bu h in l ondon and Hal
land ; die cost thereof to lie placed to flic debit
of the Bank, and the certificates ofthe stock so
purchased to rema n with .Mess;s. Baring, Bro
tilers «fe Co. It was also stipulated, tha ,if the
an.oim: of stock so purchased and of that retain,
eil hv the hoMers should, together, be less thin
five millions of dollars, M< ssrs. Baring, Brother*
and Co. should make up the deficiency in cast
(he Bank should find it desirable to draw ii or any
part of it—l he whole advance to be reimburse!
I»v the Bank in October, 1833. Pursuant to
this con rac , purchases of three per cent, socks
were actu: II v made on account of the Bank lo
the 1 amount of $1,474,827 33.
It is also understood that the Bank, by a let
ter from i s President to Messrs. Baring, Bro
th rs an 1 Co. dated the 15th October, 1832,
disavowed so much of the arrangements made
as related to the purchase of the stock, on ihe
ground ofthat provisi n in the charti r which de
clares that the Bank shall no' be at liberty to
purchase anv public debt wha ever.” In lieu ol
tlie s ipnla ion in the contract in regard ;o the
amount purchased, it was in the same letter pro
posed that the ccr ifica es should be; transmitted
wi hoi t delay, that the Bank might receive pay
ment for owners, wi bout which i would not be
in actual | osscss on of the funds ; and
stock being thus .eimuurs -d to the stuckhoM'tq
the amoun’ should In- passed to their credit on
the books of the Bunk, and titoy continue to re
ceive an merest of three per cent, payable quar
terly, un : 1 he Is of Cc ober 1833.
it s supposed to he optional wi h Messrs. Bar
ing, Brothers and Co. and with the stockhol
ders who have s ipulated fiu* a postponement(«'
payment, to cons nt to die change propos'd ?*,'
the le ter of the President of the Bank ol W
15th Oc ober, or to iusis upon he performai' cc
ofthe original arrang**ru nt, & should heV'iff
sue he latter course, tlie certificates cannot Irt- fi
nal 1 v surrendered In fore Oc’. 1833 l!mve v
ihis may he, an Ino wit! standing the Bank
disavowed the au liority of tin* a.geul tooor
chase, it is certain tine a del. y for a eonsdd' 1 '
hie per.od of ime b.as. i.een an 1 must ye be o '-
casioned in the su render of the certified 1 - 5
stock ■ o a large amoun’, ami it is no? piTCf lu ‘
: hat there is any sufficient jus ification in 1 ,J
grounds of ihe transaction as assumed ? ) . v ( f , e
Bunk fur an arrangement in any form, by
so large an amount of the public funds, shown
retained by thoiU-nk at the risk of
nu n , us er if had directed their jipplic® 1011
hi* payment of he public creditor.
I is apjiareii',.however, tli.ut theaj prece-nsioa
arising on of the arrangements, as it is uo
s ood to have been concluded by ihe a - r(P ‘‘ , t
the Bank and of he cons, queues to
might lead, more especially should tihe
Kurope insist upon i s fidfilmeni, not l eSs
the great amoimt of the Batik’s 'rafs.-c .
. t U’lIH
especially in* its weste*n bcaaches, °- ein
other mailers connected with 1 s dealiu 'S * '
hiive occupied the a”cn ion of one hrancli a
le ishiture since tht; hist annual lb p° r ‘ , ;£
this -ep. r ini-nt, have tended to ibs’urh at P
confidence in the management of iheinsu w
and these t;iken in connuex on witli tut
cessary an:mgeme;its-iii »n‘Leip*ition f, t n 'v,
dos'ng i s business, have suggested an i'iq■
into th ■ security of the bank us tlte deposit,
he public funds. , f|
The oldigation of the Governmenh ■’9 W |,
incurred by the notice for the payment "
public deb’ in Oct. and Jan. at tin; sew l '-
offices—rendered any change in his rcs [*^j n; .
expedient—at leas w ithoii such ; n , ;S
tion in o the actual condition oi tlie
justice to the ins i ution, not less than o
muni y at large, required. Such au ' c^a r.
tion as this Department is authorized by 1 |
lor to make, has been directed ; and !t s