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January 1st, 1826, funded stock, to the following amount may be

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January 1st, 1827, the stock created by act of
March 24th, 1814, is redeemable, being
And on the 1st of January, 1828, the stock per
act of March 3d, 1815, is payable, being
Making the whole amount redeemable, for four
years, according to the original contracts,
viz. from January 1st, 1825, to January 1st,
1828, (being on an average, $18,671,418 97
per year.)

15,954,619 85

12,288,149 64

$74,685,675 87

By the act establishing the present Bank of the United States, twenty-one millions of funded stock might be subscribed and paid in, by individuals, as part of the capital, the six per cent. at par, seven per cent. at $106 51, for one hundred dollars, and the three per cent. at sixty-five dollars, for every one hundred; and by the same act, it was made lawful for the United States, to pay and redeem the funded debt so subscribed, “in such sums and at such times," as might be deemed expedient.

The Bank, however, has a right to sell and transfer for gold and silver coin, or bullion, the funded stock so subscribed; provided they do not sell more than two millions in any one year, nor sell any part, at any one time, within the limits of the United States, without previous notice to the Secretary of the Treasury, and offering the same to the United States, for the period of fifteen days, at least, at the current price, not exceeding the rates abovementioned.

As no part of the principal of the debt is payable in the year 1817, except the annual reimbursement of the old six and deferred stocks,

(which is only about one million and a half of dollars,) the greatest part of the sinking fund can only be applied, during that year, to the purchase of debt, or to the redemption of that part belonging to the Bank and as the price of stocks, during the summer of 1817, has been, and will probably continue to be, the remainder of the year, above the par value thereof, the Commissioners can only apply it, to the latter object.

Those who have a curiosity to see the increase of the national debt of Great-Britain, from 1689, to February 1st, 1813, together with the amount of money applied to the redemption of that debt, from the commencement of the sinking fund in 1786, to February 1st, 1813, may consult Tables, No. I. and II. taken from Hamilton's enquiry concerning the national debt of Great-Britain.

From these it will be seen, that, in 1689, the British national debt was only £1,054,925 sterling, and that on the 1st of February, 1813, the British funded debt, amounted to £812,013,135 sterling; that of this sum, £210,461,356 had been redeemed by the Commissioners of the sinking fund, £1,361,582 converted for life annuities, and that £24,378,804 had been transferred, for the purchase of the land tax, making £236,801,742 redeemed on the 1st of February, 1813, leaving the unredeemed amount at that time, £575,211,393 consisting principally of three per cents. On the 1st of February, 1813, the produce of the sinking fund was £13,013,914 sterling.

In the years 1813, 1814, and 1815, great additions were made to the British national debt, in consequence of the vast military operations on the Continent during those years. It was calculated, that the unredeemed debt for Great-Britain, for Ireland, for Germany, for Portugal, and for East-India, at the close of the year 1815, would be £819,145,385.*

* See Chalmer's state of the United Kingdoms of Great-Britain and Ireland at the peace of Paris, November, 1815.

TABLE No. I.

The amount of the National Debt of Great-Britain, at the Revolution, and at the commencement and termination of each war, to February 1st, 1813, has been as follows:

National debt at the revolution,

at the peace of Ryswick,

at the commencement of the war
at the peace of Utrecht,

1689)

£ 1,054,925

1697 21,515,742

1701 16,394,701

1714 53,681,076

at the commencement of the war,

1740 46,449,568

1748 78,293,313

175 72,289,673

1763 133,959,270

Funded debt at the peace of Aix la Chapelle, at the commencement of the war,

at the peace of Paris,

including what was contracted in sub-
sequent years, to discharge arreas.

at the commencement of the American

war,

1775 122,963,254

at the peace of Versailles,
including what was funded in subse-

quent years, and this being reduced
by purchases made by the Commis-
sioners for the redemption of the
national debt, there remained unre-
deemed at the commencement of the
war,

at the peace of Amiens,

including the loan of
that year,

of which redeemed,

1783 238,231,248|

1793 227,989,148 1802

£567,008,978
67,225,915

There was no reduction of the national debt dur

ing the short peace which followed the treaty

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TABLE No. II.

The amount of money applied for the redemption of the national funded debt of Great-Britain, and of capital and interest redeemed since the commencement of the sinking fund in 1786, to 1st February, 1813, and the produce of the sinking fund at that time, are as follows

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expended.

Capital Interest redeemed. redeemed.

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Converted for life annuities,

1,961,582

Transferred for purchase of land tax,

24,378,804

236,801,742

Permanent annual grant to sinking fund,

1,000,000

Additional permanent annual grant,

200,000

Amount of one per cent. sinking fund,

4,738,683

Sinking fund of 1807, on Lord Henry Petty's plan,

626,255

Annuities, the term of which is expired,

79,880

Life annuities, of which the nominees have died, prior to July

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Life annuities unclaimed for three years, prior to January 5th, 1813,

30,135

13,149,587

Deduct life annuities granted for capital, £40,333
Of which expired,

4,660

35,673

Amount of sinking fund 1st February, 1813,

The three per cents. were redeemed nearly at 62 7-8 at an average.

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Unredeemed debt of Britain, 1st February, 1813,

£575,211,393

Which debt was invested in the following funds :-

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CHAPTER X.

REVENUES, derived, princpally, from duties on imports and tonnageAmount received from the customs, from the commencement of the Government, to June 30th, 1816-Gross and net amount of the customs, accruing annually, in each state and territory, from the commencement of the Government, to 1815, with the amount of drawbacks, &c.—An account of internal duties laid prior to 1802-Amount received, prior to, and since their repeal in that year-Various internal taxes laid since 1812-Direct taxes, laid at different periods—Amount of the valuation of lands and houses, in 1799-Comparative view of the value of lands and houses, in 1799, and 1814, and 1815-Proceeds of sales of public lands-Estimate of the quantity of public lands yet unsold-Post-Office establishment-Amount of postage received-Receipts and expenditures, at different periods.

PREVIOUS to the late war, between the United States and GreatBritain, the revenues of the United States were derived from the following sources, viz.—

1. Imported articles.

2. The tonnage of ships and vessels.

3. Spirits distilled within the United States, and on stills.

4. Postage of letters.

5. Taxes on patents.

6. Dividends on bank stock.

7. Snuff manufactured, in the United States.

8. Sugar refined, in the United States.

9. Sales at auction.

10. Licences to retail wines and distilled spirits,

11. Carriages for the conveyance of persons.

12. Stamped paper.

13. Direct taxes.

14. Sales of public lands.

The revenues of the United States have been principally derived

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