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Naval service and building, &c.

Public debt,

Expenditures during the last quarter, were estimated at

5,947,817.

Viz.-Civil, diplomatic, and miscellaneous services,

Military service, &c.

Naval service, &c.

3,321,333

8,096,581

840,000 1,293,000 900,000

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And leaving an estimated balance in the treasury, on the 1st of January, 1827, of

6,425,538

Of this balance, however, about one million consisted of unavailable funds, deposited in insolvent banks; $3,425,000 were balances of unapplied appropriations; and $2,000,000 of money, reserved under the act of March 3d, 1817, to be carried to the account of the sinking fund.

The receipts for the year 1827, were estimated at
Viz.-Customs,

Public lands,

$23,150,000

20,400,000

2,000,000

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$2,447,046

exceeded

The exports of the year, ending September 30th, 1826,

The imports,

85,000,000

Of the imports, about $80,000,000 were carried in American vessels, and about $70,000,000 of the exports. Of these ex. ports, about $53,000,000 were of domestic production, and the

$78,000,000

remainder of foreign origin. Of domestic manufactures, more than $6,000,000 were exported.

The amount of duties, secured by bond, during the first three quarters of the year, was estimated at $21,250,000; and the debentures issued during the same time, amounted to $3,840,869.

The total amount of funded debt, on the 1st of October,

1826, was

Consisting of, revolutionary debt, 3 per cents, redeemable

75,923,151

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The amount applied to the payment of the principal of the

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So that on the 1st of January, 1827, the amount of the pub. lic debt of the United States will be reduced to

The secretary, after furnishing statements concerning the public finances, went into an examination

$73,920,844

of the commercial operations of the country during the last year; and recommended an alteration of

the present revenue laws, with the view of protecting the staple domestic manufactures.

The bill for the payment of revolu. tionary and other pensions, amount. ing to $1,573,240, was introduced at the commencement of the ses sion, and passed without much opposition.

A bill, making a further provision for the officers of the revolu tion, which remained on the table of the house at the close of the last session, met with a different fate. On the 5th of January, Mr. Burgess moved that the orders of the day be postponed, for the purpose of taking up this bill. The motion prevailing, the house went into committee of the whole; and Mr. Burgess commenced a statement of this claim, it having been sent back last year to the committee which reported it for explanation. The persons for whom provision was contemplated by this bill, comprehended two classes of officers the first, the survivors of those who continued in service at the close of the war, about 400 in number; and the widows of those, deceased, supposed to be 347 the second, the survivors and surviving widows of those of ficers who had served nine months in the regular army. The number of this class was estimated at 5,515 officers, and 4,729 widows. For the first class, an appropriation

of $1,000,000 was required; and, for the second class, the sum of $2,000,000.

The circumstances under which this claim was made, were briefly stated as follows:

Shortly before the close of the revolutionary contest, on the 21st of October, 1780, the continental congress passed a resolution, promising each officer who should serve through the war, in addition to the pay then due, half pay for life. After the war, that body, being totally unable to perform its promise to these officers, offered, in 1783, to give them as an equivalent, five years full pay. According to a calculation founded upon the doctrine of annuities, the value of their half pay for life at that time, would have been equivalent to seven years full pay, and a fraction over. The general government, however, being insolvent, offered this equivalent, and the officers, unable to enforce their claim, accepted it. Even this equivalent was not paid. Certificates of what was due were issued ; but as they were not redeemed at the treasury, they fell in price, and did not bring to the holders more than 25 per cent. of their nominal amount. Finally, these certifi cates were funded, upon the adoption of the federal constitution; but in consequence of the manner in which they were funded, the holders were compelled to relinquish

a part of the principal and in- well as in the last war, he highly praised.

terest.

The saving to the public treasury, by these several commutations, amounted to more than $3,580,000, besides the interest on that sum, ever since the existence of the government, a sum far exceeding the appropriation proposed by the bill for their relief.

No attempt is made to do justice to the eloquent speech of Mr. Burgess, in behalf of these gallant relics of the war of independence. It is difficult to make out a stronger claim, than that presented in the simple history of their services, and the manner in which they were rewarded. Still there were representatives from states, which owed their existence to the courage and enduring fortitude of that very army, whose venerable leaders were now asking justice at their hands, who opposed themselves to the claim, upon the most trivial grounds.

Mr. Mitchell, of Tennessee, was unwilling to recognise the distinction between the soldiers and the officers, and contended that in making a promise to the latter only, the continental congress did wrong, and therefore he would not vote for a bill which, according to his construction, repudiated and degraded the common soldiers. He also wished some provision made for the militia, whose services during the revolutionary contest, as

The next day, Mr. Tucker moved a resolution, directing the secretary of war to report to the house, the names and places of residence of those entitled to relief under the proposed bill.

This motion was opposed, as tending to defeat the bill, by postponing it to another congress; and after a short debate, it was nega tived by a vote of 106 to 80.

Mr. Wickliffe then proposed to amend the bill, so as to include the heirs and legal representatives of deceased officers.

This amendment was opposed by the friends of the bill, as it would either render the relief proposed nugatory, by increasing the number among whom it was to be divided; or it would cause the defeat of the bill, if the sum appropriated should be augmented, so as to remedy that objection.

It was, however, adopted by the house, by a vote of 101 to 80.

The next day, an ineffectual attempt was made to reconsider that vote. Mr. Burgess moved, that it be recommitted for the purpose of increasing the appropriation. This motion was carried by a vote of 97 to 92. The powerful opposition now manifested to these claimants, convinced many who had hitherto supported them, that no law for their relief could be passed at this congress; and that persisting in

urging the further consideration of the subject, would be consuming, to no purpose, the remainder of the session. The object was, however, relinquished with great reluctance, and two more efforts were made for their consideration; one on the 22d of January, when a new proposition was made by Mr. Condict, which was ordered to be printed. On the 26th of January, a second attempt was made to bring on this bill; but the house refused to consider it, by a vote of 88 to 87. This refusal sealed the fate of the bill, and its advocates were compelled to relinquish all further efforts in its favour at this session.

The misplaced economy evinced by many of those who defeated this bill, was strikingly contrasted with their conduct, on the consideration of a bill introduced January 9th, by the committee of ways and means, in conformity with the recommendation of the secretary of the treasury, authorizing an exchange of sixteen millions of the 6 per cents. for a stock bearing 5 per cent. interest, and redeemable half after 1828, and the residue after 1829.

By this exchange it was estima. ted that a saving would be made of upwards of $413,000. Mr. Verplanck preferred the issuing of treasury notes to an exchange of stocks; and proposed an amend. ment, authorizing the president, if he thought proper, to issue such

notes, payable in one year, eighteen months, or two years, with interest from the issuing thereof, and to borrow money on the credit of such notes. This amendment being suddenly introduced, had the effect of postponing the question on the bill, until the woollens bill, which was brought up the next day, had passed the house. This occurred on Saturday, the 10th of February; and on the 12th, this bill, with the amendment, was again taken into consideration.

Mr. Cook objected to the amendment, on the ground that the issue of treasury notes was only appropriate to an emergency, and was impolitic in time of peace. He also objected to throwing so large a sum as $16,000,000 into the circulating medium of the country, to be withdrawn after a short period. They could not be used as bank deposits; and although they might be absorbed through the custom house, and land offices, this would only operate to defeat all calculations as to the probable receipts of the and embarrass the operayear, tions of the treasury.

Mr. Verplanck replied to Mr. Cook, and illustrated his amend. ment, by comparing government to a rich planter owing money, and whose notes were preferred to his bond, because they were more negotiable.

He also asserted, that these notes, during the last war, were at

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