State of the Sinking Fund. jection that it would create a monopoly ought not to outweigh so many advantages. The trade with the Indians has never been opened without restrictions to our citizens. Licenses from the Government have at all times been required, and the Government has itself, through its factories, to a considerable extent, monopolized the trade; and, by an extension of its capital only, might engross the whole of it. All of these provisions, however necessary in the Indian trade, would be absurd in any other branch of our commerce. Besides, the profit of the trade with the Indians has, at all times, been confined to a few individuals; and it is highly probable that a greater portion of the community would participate in it by carrying it on in the manner proposed, than in any other mode. In fact, absurd as commercial monopoly would be, where law and authority exist to repress the mischievous effects, which might spring from unbounded rivalry, and to give to such rivalry salutary consequences; just in the same degree, would it be wise and advantageous to carry on the trade under consideration by an incorporated company. A nation discovers its wisdom no less in departing from general maxims, where it is no longer wise to adhere to them, than in an adherence to them in ordinary circumstances. In fact, it evinces a greater effort of reason. The first advance of a nation is marked by the establishment of maxims, which are deemed universal, but which further experience and reflection teach to be only general, admitting of occasional modifications and exceptions. Should the House, however, not adopt these views, but prefer to open the trade to the enterprise of single individuals, or such associations as might be formed for the purpose, I would suggest the provisions already proposed for the trade with the neighboring tribes of Indians, as the most advisable, with the exception of the provisions, which require the trader to be located, and that regular books of sales and purchases should be kept. In lieu of which provisions, I would propose that the goods intended for this branch of Indian trade, and the articles acquired by purchase from the Indians, should be entered under oath, the former with a copy of the invoice, and the latter, with a statement of prices, with the Indian agent at Mackinaw, St. Louis, Belle Point, on the Arkansas river, or Natchitoches, on Red river; or such other places as the President may designate. The entry can be made without much inconvenience to the trader, as the geography of the country is such as to make it necessary for the trade to pass by one or the other of the points proposed, at each of which there is now an agent. It is believed that these provisions would be as effectual as any that can be devised, short of a company incorporated for the purpose; but it is proper to observe, that they are open to the objections which have already been stated. In fact, they equally apply to any system, so long as the trade is exposed to the effects which must flow from the jealous rivalry of independent traders, where law and authority cannot step in to restrain its consequences within proper bounds. The Indians themselves are not proper judges of their own interests, and so far from restraining the effects of such rivalry, they would become the instruments of the most cunning and vicious of the traders, to wreak their vengeance on such as might stand in the way of their profits. All which is respectfully submitted. J. C. CALHOUN. The Hon. HENRY CLAY, Speaker of the House of Reps. SINKING FUND. [Communicated to the Senate, February 5, 1819.] The Commissioners of the Sinking Fund respectfully report to Congress: That the measures which have been authorized by the board, subsequent to the last report of the 7th of February, 1818, so far as the same have been completed, are fully detailed in the report of the Secretary of the Treasury to this board, dated the 4th day of the present month, and in the statements therein referred to, which are herewith transmitted, and prayed to be received as a part of this report. DANIEL D. TOMPKINS, Vice President of the United States. WILLIAM H. CRAWFORD, Secretary of the Treasury. WASHINGTON, February 5, 1819. The SECRETARY OF THE TREASURY respectfully reports to the Commissioners of the Sinking Fund: That the balance of moneys advanced on account of the public debt, remaining unexpended at the close of the year 1816, and applicable to the payments falling due after that year, which balance, as appears by statement B, annexed to the last annual report, amounted to And the sums disbursed from the Treasury during the year 1817, on account of the principal and interest of the public debt, which sums, as appears by statement C, annexed to the said report, amounted to 15th CoN. 2d SESS.-78 $520,496 80 - 25,883,600 92 State of the Sinking Fund. Together with the gain on remittances to Europe during the year 1817, as appears by statements D and D d, thereunto also annexed, amounted, as per statement D, to $1,379 80, and D d, to $2,132 79 $3,512 59 Together with a further sum, arising from damages and interest on a protested bill of exchange, being the difference between the amount of said bill at par, and the amount received into the Treasury in repayment thereof And with a further sum, arising from interest on Treasury notes, placed in the hands of the late Commissioner of Loans in Massachusetts, for the payment of dividends, which interest accrued thereon previously to their being demanded by the stockholders, as per Treasury report No. 34,957 Amounting together, to Have been accounted for in the following manner, viz: 1. There was repaid into the Treasury, during the year 1817, on account of 2. The sums actually applied during the year 1817 to the payment of the principal and interest of the public debt, as ascertained by accounts rendered to this Department, amounted, as appears by the annexed statement A, to the sum of In the reimbursement of the principal of the old 6 per cent. and deferred stocks In the redemption of the domestic debt In the reimbursement of temporary loans On account of the interest and charges of the same $460,564 80 5,845 33 - 26,639,716 75 As the funds in the banks, out of which a part of the interest arising on the funded debt was paid, were not covered by warrants until after the 31st December, 1817, the amount short provided, as appears by the annexed statement B, forms a deduction of 26,639,716 75 416 00 5,042 12 · $26,413,068 43 $466,410 13 693,058 45 25,946,658 30 $26,413,068 43 That, during the year 1818, the following disbursements were made out of the Treasury on account of the principal and interest of the public debt: On account of the interest on the funded domestic debt and reimbursement of the principal of the old 6 per cent, and deferred stocks Amounting together, as will appear by the annexed list of warrants marked C, to the sum of $21,596,783 68 Which disbursements were made out of the following funds, viz: 1. From the annual appropriation of ten millions of dollars for the year 1818, agreeably to the second section of the act to provide for the redemption of the public debt, passed the 3d March, 1817 Deduct amount paid in anticipation of 1817, as per last report -$10,000,000 00 2,830,108 52 And so much of the surplus money in the Treasury, appropriated agreeably to the fourth section of the said act, and includes so much actually applied of the sum of $1,030,606 97, estimated in the last annual report 7,169,891 48 4,978,177 16 $12,148,068 64 State of the Sinking Fund. 2. From repayments into the Treasury on account of moneys heretofore advanced for the purchase of bills of exchange, for the payment of interest and reimbursement of the funded debt, and of Treasury notes 3. From the appropriations in relation to Treasury notes, being the amount of payments on account of the principal and interest thereof, as per statement C, above recited Making the amount paid upon warrants, as before stated $300,477 64 9,148,237 40 $21,596,783 68 Have been accounted for, as far as respects the redemption of the funded debt, under the act 415,993 87 21,180,789 81 $21,596,783 68 Will be accounted for in the next annual report, in conformity to the accounts which shall have been rendered to this Department. In the meantime, the manner in which the said balance has been applied is estimated as follows: There is estimated to have been applied to the payment of the deficiencies of the provisions, at the end of the year 1817, as above stated, the sum of In the reimbursement of the old and deferred 6 per cent, stocks in 1818 In payment of certain parts of domestic debt - $1,191,805 42 4,750,598 12 8,426,769 00 $693,058 45 In the payment of interest on the funded debt and Treasury notes, as per estimate F In the next annual statement the repayment in 1818 will be exhibited as a de- 14,369,964 90 20,907,644 28 From which deduct so much included, as above stated, for the payment of principal and interest of the public debt, not covered by warrants on the Treasurer, viz: For so much, being Louisiana stock purchased by the agents in London, more than the amount remitted for that object And this sum, short provided, on account of unclaimed divi- Whereof there was purchased by the Commissioners of the Sinking Fund, prior to the 21st October, 1818 One moiety of the residue ($9,955,900) directed by the Board of Commissioners to be paid on the 21st October, 1818, amounted to State of the Sinking Fund. The statement G, accompanying this report, exhibits a sum provided abroad, to be applied to the payment of the interest on the Louisiana 6 per cent. stock at London and Amsterdam, to the amount of The amount of protested bills returned for non-payment, and which remain to be covered, as per list herewith included in statement G $136,903 07 103,937 74 $240,840 81 That funds remain unexpended for the redemption of outstanding Treasury notes. That, in compliance with the sixth section of the act of the 3d March, 1817, for the redemption of the public debt, certificates of the public debt, which, by payment or purchase, have become the property of the United States, are regularly cancelled. A statement marked H is annexed, which exhibits the amount of the debt of the United States on the 1st January, 1819. All which is respectfully submitted. WM. H. CRAWFORD, Secretary of the Treasury. PUBLIC ACTS OF CONGRESS; ; PASSED AT THE SECOND SESSION OF THE FIFTEENTH CONGRESS, BEGUN AND HELD AT THE CITY OF WASHINGTON, MONDAY, NOVEMBER 16, 1818. An Act to provide for the removal of the Library of Congress to the north wing of the Capitol. Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That the joint Library Committee of Congress be, and they are hereby, authorized to cause suitable apartments in the north wing of the Capitol to be fitted up and furnished for the temporary reception of the Library of Congress, and to cause the said Library to be removed to and placed in the same. SEC. 2. And be it further enacted, That the accounting officers of the Treasury be, and they are hereby, authorized and directed to settle the accounts of the expenditures which may be incurred under this act; and that the amount, so settled, be paid out of any moneys in the Treasury not otherwise appropriated. SEC. 3. And be it further enacted, That the sum of two thousand dollars be, and the same is hereby, appropriated to the further purchase of books for the said Library. Approved, December 3, 1818. An Act to increase the number of Clerks in the Department of War. Be it enacted, &c., That the Secretary of the Department of War be, and he is hereby, authorized and empowered to employ an additional number of clerks in his Department, not exceeding twelve; and that the sum of twelve thousand dollars be, and the same is hereby, appropriated for their compensation; to be paid out of any money in the Treasury not otherwise appropriated. This act to continue in force for one year, and no longer. Approved, December 5, 1818. An Act making a partial appropriation for the military service of the United States, for the year one thousand eight hundred and nineteen, and to make good a deficit in the appropriation for holding treaties with the Indians. Be it enacted, &c., That the following sums be, and they are hereby appropriated to the objects herein specified, to wit: For subsistence of the Army of the United States, two hundred thousand dollars. For holding treaties with the Indian tribes, being a deficit in the appropriations for that object in the year one thousand eight hundred and eighteen, fifty thousand dollars. SEC. 2. And be it further enacted, That the said sums be paid out of any money in the Treasury not otherwise appropriated. Approved, December 16, 1818. An Act concerning the Western District Court of Pennsylvania. Be it enacted, &c., That no suit, action, plea, process, or proceeding, at law or in equity, which, on the twentieth day of April last, was depending and undetermined in the district or circuit court of the United States for the district of Penn sylvania, and by law directed to be removed to the district court of the United States for the western district of Pennsylvania, shall be discontinued or abated on account of the said court not having been opened or holden on the first Monday in June last, agreeably to the act of Congress passed on the twentieth day of April last; but that all such suits, actions, pleas, process, and proceedings, both at law and in equity, shall be deemed, taken, and, to all intents and purposes, be held to be depending in the said district court for the western district of Pennsylvania, as fully and effectually as if the said court had been opened and holden on the said first Monday of June last. SEC. 2. And be it further enacted, That the said court be, and is hereby, authorized and empowered, from time to time, to make all such rules and orders touching such suits, actions, pleas, process, and proceedings, at law and in equity, as they might or could have done, if said court had been opened or holden on the said first Monday of June. SEC. 3. And be it further enacted, That all suits, actions, pleas, process, and proceedings, aforesaid, which may be hereafter certified and transferred from the district or circuit court of the United States for the district of Pennsylvania, to the district court of the United States for the western district of Pennsylvania, shall, to all intents and purposes, be deemed and taken to be depending in the said court on the said first Monday of June last, and the same proceedings may be had therein as if the same had been on that day entered in the said court agreeably to the act of Congress aforesaid. Approved, December 16, 1818. |