Register of Debates in Congress, Comprising the Leading Debates and Incidents of the Second Session of the Eighteenth Congress Page: 41
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58th Congress, >
2d Session. S
APPENDIX—To Gales &* Section's Register.
Negotiations with France.
[ H. of R.
of $37,446,961 98 of principal, and of 0.36J in the ave-
rage rate of interest.
It is, also, deemed proper to state, that the loan of
15,000,000 for the payment of the awards under the Flo
rida Treaty, and the loan of $5,000,000 for paying the
6 per cent, stocks of 1812, both of which were authorized
at the last session of Congress, at 4J per cent, have been
taken by the Bank of the United States, at par. The
means of discharging the awards under the Florida Trea
ty, were required so soon after the authority was given
to make the loan, as not to leave time sufficient for re-
ceiving proposals from a distance ; and the offer of the
bank for the whole loan, at par, was accepted. For the
subsequent loan, various proposals were received,
amounting, in the whole, independently of that of the
'bank, to 82,554,586 37, at rates varying between par
and 44per cent, premium, and forming an average pre-
mium of 0.97J per cent, on the whole amount offered.
The proposal of the Bank was for the whole sum, at par.
Although the individual offers are, apparently, more fa
vorable than that of the bank, yet, taking into consider-
ation that the Government is the proprietor of one-fifth
of the capital of the bank, and that a portion of the
means of the bank, equal to the amount of the loan,
would otherwise have been unemployed; the offer of
the bank at par, was decidedly the most advantageous to
the Government; being equal to an individual offer of
4f per cent, premium.
That, during the progress of the redemption of the
public debt, a considerable amount may be applied, by
a judicious management of the public revenue, to other
than the ordinary objects of expenditure, is apparent, as
well from a retrospect of what has been done, in the last
eight years, as by a comparison between tlie probable
receipts and expenditures in subsequent years.
For the eight years, commencing on the 1st of Janua-
ry, 1817, the total means of the Treasury, including a
balance on hand, on that clay, of $>22,023,519 19, and
tile sum of $16,336,747 34, since derived from loans,
may be estimated at §210,275,899 11
And the total expenditure, at 205,769,230 20
Of this amoun', nearly one half will have
been applied to the payment of the
principal and interest of the public
debt, viz. 101,365,900 67
To the payment of claims under the Flo-
To the pensioners of the Revolution
To the erection of Fortifications
To the increase of the Navy
And, to the payment of demands arising
out of the late war, not less than
Leaving, for all other objects of expendi-
ture, including the civil list, inter-
course with foreign nations, army and
navy, pensions arming the militia,
building of light-houses, extinction of
Indian titles, and surveying of public
lands, Sec. &c.
Which sum, divided among the eight
years, is about
it will be perceived, that, excluding the loans, the an-
nual average of receipts, in those years, may be estimat
ed at $21,700,000 00; and, upon the data already
shewn, the annual revenue, in subsequent years, may
also be estimated at 21,500,000 00. Should no impor-
tant change be made in the existing national establish-
ments, the ordinary annual expenditures, exclusive ot
what may lie required tor the erection of fortifications,
and the increase of the navy, may be estimated at about
818,500,000 00. Thus, after providing for the annual de-
mands for the payment of the principal and interest of
the public debt, and for all the ordinary expenses of the
t'Overnment, there will remain, for the next eleven
years, an annual surplus of about $3,000,000 : which, af-
ter the extinction of the debt in the vear 1835, will
receive an annual addition of the $10,000,000 now ap-
propriated to the public debt: which surplusses may be
applied to such objects, conducive to the common de-
fence and general welfare of the nation, as may be with-
in the constitutional powers of Congress, and as they, in
their wisdom, may deem proper.
All which is respectfully submitted
WS1. H CRAWFORD.
December 31, 1824.
NOGOTIATIONS WITH FRANCE.
To the House of Representatives of the United States:
I transmit, herewith, to the House, a report from the
Secretary of State, with copies of the correspondence
with the government of France, requested by the reso-
lution of the House, of the 26th of May last.
Washington, Dec. 23,1824.
Department op State,
Washing-ton, Dec. 23,1824.
The Secretary of State, to whom has been referred a
resolution of the House of Representatives, of the 26th
of May last, requesting that the President of the United
States would lay before that House, at the then next ses-
sion, as early as the public interest would permit, the
correspondence which might be held with the govern-
ment of France, prior to that time, on the subject of in-
juries sustained by citizens of the United States, since
the year 1806, has the honor of reporting to the Presi-
dent, copies of the documents requested by that resolu-
JOHN QU1NCY ADAMS.
Extract of a letter from JWr. Adams (JVo. 1,) to J\l \
Slieldon, dated Department of State, V/as]i'mgton, 13tk
" 1 have had the honor of receiving your despatches
No. 1 and 2; the latter dated the 10th of June. Mr. Gal-
latin arrived, with his family, at New York, on the 24th
of that month.
" I enclose, herewith, copies of the recent correspond-
ence between the Count de Menou, the Charge d'Af-
faires, of France, and this Department, on various sub-
jects, highly interesting to the relations between the two
"With regard to the Count's note of the 11th of July,
the President received, with great satisfaction, the testi-
monial of the Viscount de Chateaubriand, to the candor
and ability with which Mr. Gallatin has performed the
duties of his official station in France. The proposal to>
renew the negotiation, in behalf of the well-founded
claims of our citizens upon the French government,' ill
connection with a claim, on the part of France, to special
privileges in the ports of Louisiana, which, after a very
full discussion, had, in the views of this government,
been proved utterly groundless, could neither be ac-
cepted, nor considered as evidence of the same concilia-
tory spirit. The claims of our citizens are for mere jus-
tice. They are for reparation of unquestionable wrongs;
for indemnity or restitution of property taken from them,
or destroved, without shadow or color of right. The
claim under the 8th article of the Louisiana convention,
has nothing to rest upon, but a forced construction of
the f irms of the stipulation, which the American go-
vernment considered, and have invariably considered,
as totally without foundation. These are elements
not to lie coupled together in the same negotiation,
and, while we yet trust to the final sense of justice of
France, for the adjustment of the righteous claims of
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Gales, Joseph, 1761-1841. Register of Debates in Congress, Comprising the Leading Debates and Incidents of the Second Session of the Eighteenth Congress, book, 1825; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc30752/m1/417/: accessed April 27, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.