STATE OF THE TREASURY. In the house of representatives of the United States on 10th May, the following message was received from the President of the United States, by Mr. Abraham Van Buren, his private secretary. To the Senate and House of Representatives : the treasury. From this circumstance, coupled with the protracted failure of most of the banks to resume specie payments, little has of late been received for revenue except treasury notes. Over five and a balf millions of them have already been paid in though none fall due till about the first of November next. I submit to the consideration of congress a state-it ment, prepared by the secretary of the treasury, by which it appears that the United States, with over twenty-eight millions in deposite with the states, and over fifteen millions due from individuals and banks, are, from the situation in which these funds are placed, in immediate danger of being unable to discharge with good faith and promptitude, the various pecuniary obligations of the government. As these cannot be paid out again, or others in their has followed that a great portion of the receipts of the place, till the restriction before mentioned is modified, year have thus far been entirely useless for aiding to defray the large expenditures charged upon it, and resort has of necessity been had to the emission of more treasury notes under the original act, until the whole amount authorised, except $216,802, has been exThe only other means available to meet the public engagements, with the exception as to trusts and the mint, detailed in a special report on the condition of the treasury, to the house of representatives, the 26th of March last, are reduced to about $347,432. hausted. The occurrence of this result has for some time been apprehended, and efforts made to avert it. As the principal difficulty arises from a prohibition in the present law to reissue such treasury notes as might be paid in before they fall due, and may be effectually obviated by giving the treasury, during the whole year, the be-sixty-four thousand two hundred and thirty-four dollars nefit of the whole amount originally authorised, the remedy would seem to be obvious and easy. The serious embarrassments likely to arise from a longer continuance of the present state of things, induce me respectfully to invite the earliest action of congress to the subject which may be consistent with a due regard to other public interests. May 10, 1838. M. VAN BUREN. Treasury Department, May 10, 1838. The undersigned would respectfully submit to the president the following statement concerning some fiscal embarrassments which are likely soon to happen unless averted by early legislation. These constitute an aggregate of five hundred and thus available, instead of a balance from two to six millions, which it has generally been considered wise to retain on hand, in order, with the aid of the current revenue, to insure punctuality, and guard against the embarrassments incident to fluctuations and other contingencies. During the present year, however, the revenue has been paid in treasury notes to such an extent that only about one-fourth of a million, monthly, has been received from it in money, so as to assist in discharging the current expenditures. These last, on an average, have been over two millions monthly, and in April nearly three millions. and when it is considered that large sums due from the postponed custom-house bonds, the banks, and the states, are not yet payable, and that no power now exists, except in congress, to recall the deposites from the latter-that there is no reserved furd to resort to, or any other authorised means by which the wants of the treasury can be supplied, it is manifest that the department is exposed weekly and almost daily to be deprived of the whole of its available means, and the credit of the government to be injuriously affected both at home and abroad. As more than four millions of the treasury notes are still outstanding, and the banks generally have not yet resumed specie payments, it is probable that a great It has been usual for the secretary of the treasury, part of the revenue will, for some time to come, be except in the annual report on the finances, and in re-paid in a similar inanner. Under such circumstances, plies to special calls or directions by either house of congress, to give information respecting all matters which appertain to his office, through letters addressed to the appropriate committees. For some months past, and on several occasions, that mode has been pursued in respect to these threatened embarrassments, by giv. ing to the committee of ways and means such information concerning them as the public exigencies and a seasonable foresight seemed to require. Some sugges. tions and facts connected with them have likewise been introduced into reports made to congress. But the relief desired having not yet been granted, and a longer omission to provide for the emergency having a tendency to impair public credit, to the great prejudice of contractors and workinen, as well as of pensioners, the army, navy, and many other classes, the undersigned deems it his duty to apprise the executive also of the impending difficulties, in order that he may take such further steps as appear proper to promote a faithful discharge of the pecuniary obligations of the govern ment. Congress could readily avert these results, if approving the course suggested in the last annual report on the finances. It could remove the prohibition to reissue the notes which may be or have been prematurely paid in and redeemed, and, where they have been cancelled, permit others to be issued in their stead; or it could affect the same object by allowing other notes to be emitted, instead of such as have been and shall hereafter be paid in, before the year for their redemp tion expires. By the seasonable adoption of either of The peculiarity in the present condition of the these measures, all anticipated embarrassments during finances can be very briefly explained. It has arisen, not 1838, can probably be obviated. For, in that event, no from any actual deficiency which has yet occurred in provision of additional means to meet the expenditures the amount of receipts anticipated for the year; not of the year will be necessary hereafter, unless before from any excess of appropriation which has yet been the close of the session it shall appear that new appromade for either ordinary or extraordinary objects; but priations have been made, or are likely to be made, exfrom a prohibition to use, for the payment of the pub-ceeding the estimates submitted by the department in lic dues what is required by law to be received for them. In the act of October last, authorising the issue of treasury notes, they were made receivable at any time for those dues, but were expressly forbidden, after such receipt, from being reissued in discharge of claims on December last, by several millions, or that the revenues received will be materially less. On the contrary, if neither of the measures above proposed should meet the approbation of congress, it is obvious that among the various substitutes which may be thought of, or which this department has taken occasion to suggest in communication with the committee of ways and means, some one must be selected, that can be made efficient in its operation at a very early day, or it will be impracticable to preserve the national faith unbroken, and to avert the injuries with which the public service is threatened. With great respect, LEVI WOODBURY, Secretary of the Treasury. Correspondence of the N. Y. Journal of Commerce. LONDON, April 14, 1838.-The bank has to-day determined on shipping by the Philadelphia £170,000; thus leaving £70,000 to go by this line, and £50,000 will come by the Sampson. More gold will doubtlessly be shipped, should the succeeding accounts be of low rates of exchange. Ainerican securities have become heavy; even U. S. Bank has declined to £25 2 6. There is some anxiety about your resumption of specie payments. We hope when political affairs get will exist again. The United States Bank received on May 12th, from a little more settled in both countries, a better feeling the west, about one million of dollars in specie. The directors of the Union Bank of Mississippi have elected Governor Runnels president of the institution, and Colonel Samuel Gwinn cashier-each with a salary of ten thousand dollars. Twenty dollar counterfeit notes on the Bank of Penn Township have been detected at Harrisburg. We are pleased to learn that the bank delegation at their last meeting, agreed unanimously, that the old Spanish coins of 1-8th and 1-16th of a dollar, should be received and paid out at the banks of this city and county at their nominal value of twelve and a half, and six and a quarter cents. We may hope, therefore, to see those convenient coins again in circulation among us. They will come at a peculiarly appropriate time, by simultaneous action, striving to infuse specie into all the smaller channels of circulation. While on this subject we may express a hope that the citizens generally, will lend a cheerful assistance to the banks in this praiseworthy movement, and by their endeavours to dispense with all paper money under one dollar, render the small coins necessary to all, so as to preclude their being collected and sold to brokers and others. Such persons as have been hoarding their change, we trust will now put it again in circulation, so as to render it useful.-U. S. Gazette, May 12. From the New York Commercial Advertiser May 13. GRATIFYING INTELLIGENCE.—The committee of the Board of Trade of this city, which visited Philadelphia last week, has returned. The object of the visit was to invite Mr. Biddle, and his associates in the Pennsyl vania bank of the United States, to establish a bank in this city, of large capital, under the late general banking law. Such a bank, we need not say, is greatly needed, and it will be no disadvantage to have it placed here by those who have become so intimately acquainted with the internal commerce and exchanges of the country, as are Mr. Biddle and his immediate associates. We learn that the committee were received with the greatest courtesy and kindness by Mr. Biddle, who entered at once into their feelings upon the subject. He appeared quite favourable to the project, and promised to bring the question before the directors at the earliest day-probably this morning, or to-morrow. The design is to establish a bank, one of from ten to fifteen millions capital. We believe the new bank law does not go into operation until the 19th of the present month; and from the complexion of our advices, we should not be surprised if the new bank went into operation on the 20th. Arrivals at New York have brought British dates to the 17th of April. The England brings £152,000 in gold; equal to $750,000. The East India Company has realised since the last returns £15,000,000, and expended £13,000,000. There is considerable property still left. The arrivals of cotton have been numerous at Liverpool. Twenty-nine cargoes came in in less than a fortnight. There is no change of prices. The sales were pretty large. Money was abundant in London at from three to three and a half per cent. The defalcation in the last quarter's revenue is half a million sterling. AMERICAN STOCKS, LONDON, April 16.-New York fives, 1845, 91 a 92; do. do. 1860, 944 a 95; Pennsylvania fives, 1862-65, 93 a 94; Ohio sixes, 1850, 99 a 100; do. do. 1856, 102 a 103; Lousiana do. 1848, 98; Mississippi sixes, 1861-71, 93 a 95, Maryland sixes, 1870, 98 a 100; Massachusetts fives, 1857, 92 a 93; Alabama fives, 1863, 86 a 87; do. sterling bonds, 1859, 96 a 96; Indiana fives, 1864, 87 a 88; United States Bank shares, 25μl. a 25§1. Girard Bank, 99 100 1014 100 120 100 10 102 100 Farmers and Mechanics' Bk. 60 Mechanics' Bank, 50 50 35 501 50 503 50 .13 66 100 46 10 66 38 Western Bank, Thus much for the hostility of Mr. Biddle toward New York, of which the government papers and partisans have said so much. Thus much, too, for the insolvency of the bank, so frequently proclaimed by the executive organ at Washington, and so clearly proved a short time since, by the correspondent of the New York American-a writer who certainly has not proved himself worthy to lead in the Augustine age of $100 Lehigh Sixes, 1845, finance. 200 64 1 76 Carolus do. 21 a 31 do. 250 Kentucky Bank, 91 911 75 Mohawk Railroad, 641 65 365 Patterson Railroad, 48 605 Boston and Providence R.R. 102 103 Stonington Railroad, 391 39 Sovereigns, N. J. Railroad & T. Co. 98 Long Island Railroad, Mexican dollars, Five-franc pieces, Doubloons, do. patriot, WEDNESDAY, MAY 23, 1838. RESUMPTION OF SPECIE PAYMENTS.-The banks of New York resumed specie payments in full on the 10th inst., since which time, it is understood, that they have not considered it safe to augment their loans. The banks of Philadelphia are rapidly approaching the point of resumption, as will be seen by the gradual reduction in the rate of exchange on New York, which is now but 14 per cent. premium. On the 9th inst. the banks of Philadelphia agreed to pay fractions of less than one dollar in specie, and as a means of clearing out of the gutters of circulation the filthy trash with which they had been filled for a year, simultaneously took upon themselves the redemption of all the notes of a less denomination than one dollar, issued by the city corporation and the authorities of Southwark, the Northern Liberties, and other neighbouring districts. Unfortunately, however, the work is not yet completed. Tickets for small sums were unlawfully issued by perhaps a dozen associations called loan companies, some with charters and some without, whose notes yet continue to circulate. Money is very abundant in Philadelphia, and can be had on good commercial paper at 7 to 9 per cent. per annum. Post notes of the best banks could be nego. tiated at 6 or 7 per cent. OF THE UNITED STATES. DEVOTED CHIEFLY TO FINANCE AND CURRENCY, AND TO BANKING AND COMMERCIAL STATISTICS. WEDNESDAY, JUNE 6, 1838. Vol. I. ANNUAL REPORT OF THE SECRETARY OF THE TREASURY ON THE FINANCES. Treasury Department, December 5, 1837. In obedience to the "Act supplementary to the act to establish the Treasury Department," the undersigned respectfully submits the following report: 1.-OF THE REVENUE AND EXPENDITURES. The balance in the treasury on the 1st of January, 1836, including some trust funds hereafter explained, $26,749,804 96 was The receipts during the year 1836, from all sources except the post office and trust funds, were Viz. from Customs, Lands, Miscellaneous, 48,873,963 36 $23,409,940 53 24,877,179 86 586,843 97 75,623,768 32 29,655,244 46 These, and the balances before men- Civil list, foreign intercourse, and mis- Hence there was left in the treasury on the 1st of January, 1837, a balance of 45,968,523 86 The receipts during the first three quarters of the present year, with similar exceptions to those before mentioned, First bond due from the United States Bank, excluding what belonged in trust to the navy pension fund, 1,364,965 These combined make the total receipts for the year as ascertained and estimated No. 25. 23,499,981 00 with the balance on the 1st of January last, they constitute an aggregate of 69,468,504 86 The expenditures for the first three quarters of the present year, with the like exceptions, are ascertained to have been Viz. Civil list, foreign intercourse, and miscellaneous 4,024,823 10 Military service, including Florida war, other Indian affairs, fortifications, roads, harbours, pensions, &c. 16,310,208 35 Naval service, including exploring expedition, gradual improvement, &c. 5,061,865 87 Public debt 22,019 25 See particulars in the document annexed. The expenditures for the fourth quarter, including those under the recent as well as former operations, are, on facts presented by the various departments, estimated at 9,862,445 00 Making an aggregate for the year of This computation would leave in the treasury, on the 1st day of January, 1838, a balance of 25,418,916 57 35,282,361 57 34,187,143 29 Before adverting to other topics, it will be proper to explain what portion of this balance will not immedi. ately be either available or applicable to public purposes. The first three instalments of deposites with the several states, which have recently been placed to the credit of the treasurer for safe keeping, in conformity are ascertained and estimated to be 15,144,916 00 to the provisions of the act of 23d June, 1836, are in As the subsequent law of October 14, 1837, prohibits the recall of those deposites till otherwise directed by congress, their large amount will till then be unavail. able for any purposes of the general government. It is $28,101,644 97. All the funds in the treasury, which in any former years, from the foundation of the government, have become unavailable, being chiefly such as are still due from solvent banks, are likewise embraced in the ba8,355,065 00 lance above mentioned. Their amount is not far from $,100,000. Another portion consists of what is yet unpaid by the banking institutions, which, during the last spring and summer, suspended specie payments, and thereby under the imperative provisions of the deposite act, were discontinued as public depositories. The amounts in their possession that have been or probably will, under the act of 16th October last, be postponed, and will remain unavailable, one third till July next, one third till January, 1839, and the residue till July, 1839, are estimated at 3,500,000 dollars. Another sum, not immediately applicable to general purposes, is that part of the amounts transferred to the mint, which being now in active employment for the objects specified in the acts of June 23, 1836, and January 18, 1837, cannot, without serious inconve nience and some delay, be otherwise used. This sum is about $400,000. If the aggregate of these, amounting to $33,101,644 97, be deducted from the balance of $34,187,143 29 above mentioned, the residue of the public money that on the 1st of January next will probably be then both available and applicable to general purposes will be $1,035,498 32. Perhaps, in strictness, the sum of about $370,797, which was in the treasury on account of several small trust funds, and was included in the balance on the 1st of January, 1836, ought also to be deducted from what is considered applicable to public purposes. Most of it has been, or probably will be, required for the special objects to which it belongs. Previous to the consideration of other matters connected with the finances, the undersigned would add, that the appropriations which will remain unsatisfied at the end of the year, are estimated at $14,503,483. These, with the exception hereafter mentioned, will be chargeable on that balance, and on the revenue subsequently received. To prevent misapprehension on this point, it may be proper to observe that this is the amount of these appropriations considered as unsatisfied, after deducting all the money which has been actually paid to the public claimants, and the advances which, having been made to the various disbursing officers, are still in their hands for the purpose of being paid over to such claimants. It is supposed that $10,351,091 of the outstanding appropriations will be required to accomplish the objects conteinplated by them. Of the residue, about $361,839 will go to the surplus fund, or in other words, will not be used at all; and it is proposed to apply $3,782,551 in aid of the service of the ensuing year without reappropriation as explained in the estimates. It is proper also to explain, that by the act of May 20, 1836, an amount sufficient to pay the principal of the debt due in Holland, on account of the cities of the District of Columbia, equal to $1,500,000, was appropriated, and is still outstanding. But this sum has not been included in the foregoing statement of outstand ing appropriations, as the reimbursement of the loan cannot commence, under the stipulations upon which it was contracted, until 1841; and the amount required may be partly reimbursed by the sale of the canal stocks pledged for that purpose. II. OF THE PUBLIC DEBT. The payments on account of the funded and unfunded debt since the 1st December, 1836, have been as follows: 1st. On account of the principal of the funded debt. This leaves unclaimed and undischarged, Viz. principal, 76,169 74 Interest, with dividends, 251,568 17 The latter consisting of the amount due 1st December, 1836, 250,416 00 Add excess of repayment since, 1,152 17 2d. On the unfunded debt there has been paid, including $199 51 for interest on treasury notes of 1815, the sum of This leaves the amount of certificates and notes payable on presentation Viz. Certificates issued for claims during the revolutionary war, and registered prior to 1798, 27,293 31 Treasury notes issued during the late 5,320 00 war, Certificates of Mississippi stock, 4,320 09 706 66 36,933 40 III-ESTIMATES OF THE REVENUE AND EXPENDITURES FOR THE YEAR 1838. The receipts into the treasury from the ordinary sources during 1838, may under the explanations and conditions hereafter mentioned, be estimated at $31,959,787 00 Viz. Customs, including about four mil lions, which is expected to be collected on postponed duties 17,500,000 Lands, including one and a half millions for estimated sales under another preemption law, if one passes, and of new tracts brought into market 5,000,000 Second bond of United States Bank with interest due in September, 1838, 2,293,121 First instalment of the principal due from the foriner deposite banks in July, 1838, estimated at 1,666,666 Interest on the same, with incidental and miscellaneous receipts 300,000 New issues of treasury notes in 1838, 5,700,000 These and the estimated balance of $1,085,498, which will be in the treasury on the first of January, 1838, available and applicable to public purposes, constitute an aggregate of The expenditures for the year 1838, including the redemption of the treasury notes, which may be paid in for public dues, or become reimbursable within that year, arc estimated at Thus the new appropriations called for 20,523,249 Viz. Civil, foreign intercourse, and miscellaneous are Military service, &c. Naval service, &c. 3,172,885 11,664,612 5,685,752 33,045,285 00 31,926,892 00 $14,197 26 23,785,249 |