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the obligations of strict neutrality only, the conduct and character of the government of the United States furnish security against any question arising on that subject.
I have thé honour to be, &c. (Signed)
JONA. RUSSELL. Lord Castlereagh to Mr. Russell.
Foreign Office, Fune 29, 1812. Lord Castlereagh has the honour to acknowledge the receipt of Mr. Russell's communication of the 26th instant..
That no mistake may prevail upon the explanation given in conversation by lord Castlereagh to Mr. Russell, on the two points referred to in Mr. Russell's letter, lord Castlereagh begs leave to re-state to Mr. Russell, with respect to the blockade of May, 1806, that, in point of fact, this particular blockade has been discontinued for a length of time; the general retaliatory blockade of the enemy's ports, established under the orders in council of November, 1807, having rendered the enforcement of it by his majesty's ships of war no longer necessary, and that his majesty's government have no intention of recurring to this, or to any other blockade of the enemy's ports, founded upon the ordinary and accustomed principles of maritime law, which were in force previous to the order in council, without a new notice to neutral powers in the usual forms.
With respect to the provision of the order of the 23d instant, which refers to the admission of British ships of war into the harbours and waters of the United States, lord Castlereagh informs Mr. Russell, that this claim is made in consequence of his majesty's ships being now excluded, whilst those of the enemy are admitted. It is the partial admission of one. of the belligerents of which Great Britain feels herself entitled to complain, as a preference in favour of the enemy incompatible with the obligations of strict neutrality. Were the exclusion general, the British government would consider such a measure, on the part of America, aš matter of discussion between the two states, but not as an act of partiality of which they had in the first instance a right to complain.
Lord Castlereagh avails himself of this opportunity to renew to Mr. Russell the assurances of his high consideration.
Mr. Russell to Lord Castlereagh.
18, Bentinck-Street, 1st July, 1812. Mr. Russell has the honour to acknowledge the receipt of the note of lord Castlereagh, dated the 29th ultimo, containing explanations relative to the two points referred to in Mr. Rusa sell's note of the 26th of that month, and will take the earliest opportunity of communicating it to his government.
Mr. Russell begs leave to avail himself of this occasion to repeat to lord Castlereagh the assurances of his high consideration.
Letter from the Secretary of the Treasury, transmitting his an
nual Report on the state of the Finances; prepared in obedi
ence to the act to establish the Treasury Department. Sir,
Treasury Department, June 2d, 1813. I have the honour to transmit a report prepared in obedi. ence to the “ Act supplementary to the act, entitled “ An act to establish the treasury department.”
I have the honour to be, very respectfully, sir, your obedient servant,
Acting Secretary of the Treasury. The Honourable the Speaker
of the House of Representatives:
In obedience to the “act Supplementary to the act, entitled
“ An act to establish the treasury department," the acting secretary of the treasury respectfully submits the following
The receipts into the treasury from the first
of October, 1812, to the 31st of March, 1813, have amounted to
$ 15,412,416 25 The balance in the treasury on the 30th of September, 1812, was
Making together $ 17,775,068 94 The expenditures from the first of October,
. 1812, to the 31st of March, 1813, have 'amounted to
$ 15,919,334 41 Leaving a balance in the treasury on the 1st of April, 1813, of.
$ 17,775,068 94 The enclosed statement (A) shows in detail the several sources from which the receipts were derived, and the
branches of expenditure to which the disbursements from the treasury were applied.
Pursuant to the act of the 8th of February last, subscriptions for a loan of sixteen millions of dollars were opened on the 12th, and again on the 25th of March last. But although a thirteen years' annuity of one per cent. was offered in addition to a six per cent. stock at par, for the money which might be subscribed, it being apparent from the result of the first subscription, that the whole amount could not be obtained on those terms, proposals in writing were invited. Offers, exceeding by about a million of dollars the amount wanted, were received, some demanding a thirteen years' annuity of one and a half per cent. in addition to six per cent. stock at par, but most of them requiring a six per cent. stock at the rate of 88 per cent. On these terms, leaving to the subscribers the option, the loan was effected. In conformity with the public notification, the same terms were extended to those
persons who had subscribed on the first opening of the subscription, and they have the same option ;-which, if the stock at the rate of 88 per cent. be taken, is equivalent precisely to a premium of 13 dollars 63 cents and is of a cent for each hundred dollars loaned to government. The enclosed papers under the letter (B) are copies of the several public notices given on the subject, and a statement of the monies respectively obtained by open subscriptions and by written proposals, and showing also the sums obtained and payable in each place where subscriptions were opened. Of that sum of sixteen millions of dollars thus obtained on loan, there was paid into the treasury, prior to the 1st of April, 1813, the sum of $ 1,086,737 50, which makes a part of the monies received previous to that day, as stated in the statement (A).
The resources for the residue of the year 1813, consist of the following items, viz.: 1. The remainder of the loan above mentioned
$ 14,913,262 50 2. The sums payable on account of cus
toms and of the sales of public lands,
9,320,000 00 3. The five millions of dollars in treasury
notes, authorised by the act of February
Say $ 29,230,000 00 The expenses for the last nine months of the present year are calculated as followeth, viz. :
$ 29,230,000 00 Of the sum of $ 1,855,734 53, remaining in the treasury on the first of April last, a small part may be considered as applicable to such extraordinary expenses already authorised, as may arise during the remainder of the year; and for the same object, the sum of one million of dollars, authorised by an act of the state of Pennsylvania to be loaned to the United States, but which was not offered in time to be accepted as a part of the loan of sixteen millions, may be considered as a resource.
In this estimate the whole sum of five millions of dollars authorised by law to be issued in treasury notes, is taken as a part of the resources of the present year. But as it is not deemed eligible to increase the amount of the treasury notes in circulation, and as three millions only of those authorised by the act of 1812 were issued in that year, and are reimburseable in the course of the present year, it is respectfully suggested, that in lieu of two millions of the five millions authorised by the act of February, 1813, congress should authorise an additional loan for the same amount, it being made a condition of such loan that its terms should not be higher than those of the loan of sixteen millions already effected. The provision already considered is for the service of the present year only. That which will be necessary for the year 1814 requires an early attention.
It is difficult to estimate with accuracy the sum which will be received into the treasury from the revenue as now established. During a state of war, the customs, at the present rate of duties, have been heretofore estimated to produce five millions of dollars. The additional tonnage duty imposed upon foreign vessels by the act of the first of July, *1812, producing about 200,000 dollars a year, is not included in that sum. It is believed that, during the year 1814, a greater sum than five millions two hundred thousand dollars ought to be relied upon as receivable into the treasury from custom-house duties. The sum arising from sales of public lands may be estimated at six hundred thousand dollars, making together 5,800,000 dollars. The interest alone, on the public funded debt, on temporary loans, and on the treasury notes which will become payable in that year, will amount to four millions four hundred thousand dollars. The other engagements, on account of the principal of the funded debt, of temporary loans, and of treasury notes which will become reimburseable in that year, amount to 7,150,000 dollars, exceeding together, by, more than five millions seyen hundred thousand dollars, the estimated amount of the receipts into the treasury derived from the revenue as now established.
This view of the subject is sufficient to evince the necessity of a speedy and effectual provision for the service of that and the ensuing years. The mode and the extent to which this provision should be carried have been heretofore suggested from this department to congress, and have received the consideration of that body. The expenses of the peace establishment of the United States, and the interest of the public debt, including that on the loans made for the prosecution of the war, are believed to be the least sum that ought, under any circumstances, to be raised within each year. These, if the expenses of the peace establishment are taken at the sum necessary for the ordinary expenditure of the United States previously to the additional armaments made in the year 1812, with a view to an approaching state of war, and including the interest on the loans of the years 1812 and 1813, and also of that which will probably be necessary in the year 1814, will amount during that year to eleven millions four hundred thousand dollars, viz. : The expense of the peace establishment ex
clusive of the additional force authorised
$7,000,000 The interest on the public debt
during the year 1814, will be
as follows : On the old funded debt
$ 2,100,000 On 6 per cent. stock of 1812, in
cluding temporary loans received on the part of the loan of eleven millions, which will remain unpaid in 1814
500,000 On 6 per cent. stock of 1813 1,090,000 On treasury notes which will be
on reimburseable in 1814, say 5,000,000 of dollars at 5 per cent.