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The balance of $8,733,794 00 exclusive of interest thereon is still subject to reductions, for the amount, of treasury notes in the hands of collectors and receivers, not deposited in the banks on the first of August, 1816. There can, therefore, be no doubt, that during the five subsequent months of the present year, the whole of the floating public debt in treasury notes, as well as in temporary loans, will be extinguished, agreeably to the anticipations which were expressed upon that subject.

From the preceding estimates it appears, that, at this time, the aggregate amount of the public debt is the sum of $120,159,482 55, consisting of the following items:

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The funded public debt will, unavoidably, be augmented as long as the disordered state of the currency shall compel the treasury to make any of its payments in the small treasury fundable at seven per cent.; and the necessity of issuing treasury notes, bearing interest, from the same cause, will also, in some degree, augment the funded debt, while it retards the extinguishment of the floating debt, for which the revenue is otherwise ample To render the funds of the treasury as active as possible, however, they have been applied to pay off the temporary loans by anticipation: those obtained in Boston and Maine, making together 550,000 dollars, being the only loans, for which the local currency could not be provided. It would have been desirable, indeed, to have employed some of the public funds in the purchase of the public stock, where it had fallen below par; but, upon examination, it was found, that the appropriation for the sinking fund did not admit of that operation:

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--13,573,122 62

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Another item will be added to the public debt, by the creation of the five per cent. stock, in payment for the shares held by the government, in the capital of the

Bank of the United States. And it may be proper to bring into view the Mississippi stock, created upon the settlement of what are usually called, the Yazoo claims,' amounting, on the 30th of August, 1816, to the sum of $4,241,725 80. It will be observed, however, that the five per cent. stock is, in effect, an exchange for another capital, producing, probably, a higher rate of interest; and that the Mississippi stock bears no interest, and is only eventually reimbursable out of the proceeds of the sales of public lands.

For the payment of the interest both of the old and new debt, and for the reimbursement of the instalment of the principal of the old debt, due on the 1st of October next, provision has been made by the treasury. Remittances have, also, been made to the bankers of the United States in London and Amsterdam, for the payment of the interest on the Louisiana stock, payable at those places, respectively, on the 1st of July, 1816, and the 1st of January, 1817. And, so far as depends upon this department, funds have been supplied to meet all the demands upon the government of the United States, on the various general accounts, which are open there

For the interest on the Louisiana siana stock;

For foreign intercourse, including the diplomatic fund;

For the maintenance of prisoners of war; and

For the support of American seamen in foreign countries.

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entering into a minute enumeration of them, the following are proper to be selected for notice. 1. The Survey of the Coast. The necessary instruments having been procured, Mr. Hassler has been employed as the superintendant of the work, upon the principles and terms stated in his letter of instructions, dated the 3d of August, 1816.

2. The Road from Cumberland to the Ohio. The course of the road having been confirmed by the president from Cumberland to Uniontown, thence to Brownsville, thence through Washington and Alexandria to Wheeling, Col. Elie Williams has been employed to survey and locate the road from Brownsville to Wheeling, as well as to examine the deviations which have been made by Mr. Shriver, from the route originally proposed by the commissioners. Several plans have also been suggested for dividing the road into sections, and for expediting the work. But the difficulties which have arisen, require immediate care and attention; and may be traced in the correspondence between the department, and Col. Williams and Mr. Shriver.

3. The Custom-House Establishments. The 8th section of the act of the 30th of April, 1816, has appropriated 250,000 dollars for custom-house establishments, upon a suggestion from this department to the committee of ways and means, with a view to the accommodation of the five principal commercial cities; to wit, Boston, NewYork, Philadelphia, Baltimore, and Charleston. The only es tablishment previously owned by the government, was the custom-house at New-Orleans.

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the growing commerce of those cities.

4. The Legislative calls for infor

mation. Several resolutions were passed during the last session of congress, requiring information at the next session upon various subjects; and arrangements have been made to enable the department to report. The resolulutions and correspondence on file will furnish the particulars. 5. The Case of Hoyt vs. Gelston et al. In consequence of instructions issued from the treasury department, by authority of the president, the collector and surveyor of the port of New-York seized the ship called "the American Eagle," under the charge of being illegally armed and equipped within the United States, for the purpose of waging hostilities against a friendly foreign power. Upon a trial in the district court of New-York, the vessel was ordered to be restored, and the judge refused to grant a certificate that there was a probable cause of seizure. The owner brought an action of trespass against the seizing officers, in the state court, and recovered damages to the amount of $107,369 43. The cause has been transferred by order of the president, from the court of errors in New-York, to the supreme court of the United States, where it is now depending for a final judgment; and, probably, the judgment will be rendered at February term next. As the collector and surveyor acted in obedience to their orders, they appear to be entitled to an indemnity from the government. The subject was, therefore, submitted to the committee of ways and means, 3 G

Postscript. The secretary of the treasury has the honour to add, that certain occurrences, happen

at the last session; and a report was made by the committee in favour of the proposed indemnity. It is important that the re-ing since the foregoing report was port should be taken up and prepared, merit observation. decided, early in the next ses- 1st. The situation of the public sion. All the facts and proceed- credit and resources at Boston, ings in the case, may be traced has enabled the treasury to disin the report of this department charge the loan of 500,000 dolto the senate, during the session lars, long due to the State Bank, ending in 1815; and in the re- in the following manner: port made to the committee of By a draft for cash, ways and means, during the session ending in 1816.

1. The Direct Tax of Georgia. The legislature of Georgia assumed the quota of the direct tax, imposed upon that state for 1816; but the governor did not give notice of the assumption within the period prescribed by law, although the amount of tax was remitted to the treasury, in certain drafts, before the day fixed for paying it, in order to entitle the state to the abatement of fifteen per cent. Under these circumstances, the gross amount of the quota has been paid into the treasury, subject to the relief which congress may hereafter provide.

All which is respectfully submitted,

(Signed) A. J. DALLAS. Treasury Department, September 20th, 1816.

amounting to

$130,000 00

By a draft for treasury
notes of the new
emission, bearing in-
terest, at their par
value,

370,000 00

$500,000 00

2d. The situation of the treasury
has authorised an additional no-
tice for the payment of treasury
notes payable in New-York.
3d. The existing prospect justifies
an expectation, that the treasury
will be able to pay all its engage-
ments in the eastern states,
with the local currency, before
the expiration of the present
year.

(Signed) A. J. DALLAS. Treasury Department, September 30th, 1816.

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