Below is the OCR text representation for this newspapers page.

VhE CO^TiTITIO^AI.I^r Hl* OtiEV * BWJjyCE. TERMS— 'for the eemi-weekijr pcp«-r, published Taeeday and Fhdey momiw?. $3 T*cr annum end for the weekly $3. «U «» advance. rrr ADVERTISEMENTS are inserted weekly for 62 1-a cents per square ; soon-weekly 62 1-2 cents 5* Hie first, and 43 3-4 cents for each eubsequem insertion, ,nd monthly for 8 1. 00 per square for each ir.scr'ion. For yearly advertisement* private arrangeisems are ~he made. A deduction is made on (ho advertise mams of public officers. (CT Postage must be paid on letters 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