Aggregate amount for three OF THE PUBLIC DEBT. The amount of the Funded Debt contracted before the war, was 39,155,484 dollars, 96 cents. Old 6 per cent. stock, nomi. nal amount 17,350,871 89' Reimbursed Balance, Sept. 30, 1815. Deferred 5 per 13,467,587 cent stock 9,358,320 85 Reimbursed 4,152,549 98 38,547,915 62 Balance due, Sept 30 S per cent. stock 3,783,284 49 5,235,776 42 16,158,177 43 2,984,746 72 80,000 Exchanged 6 per cent. stock 1812. . 6 per cent. stock, 1796 Louisiana 6 per cent. stock 10,923,500 years of war . . . 100,017,557 19 Such was the progress of the Expenditure of the American Government; its increase could not but occasion heavy losses to those who were missing the market for their commodities, and who saw their stores perishing on their hands. The Receipts for 1815 that could be depended on, were chiefly arrears of former Ways and Means. By the laws now in force, the revenue authorized and the demands would, of arising from customs during the year 1816, course, be arrears of demands for services. will be affected in the following manner: This gave occasion to the following Esti-il the 18th of February, 1816, when the -the present rates of duties continue un mate. : Probable annual expenditure of the peace establishment... 17,288,669,000 OF THE RE ENUE FOR 1916, ESTIMATED ACCORDING TO LAWS NOW IN FORCE. duty on salt imported will cease, and the to the Treasury submits to Congress a se Under these circumstances the Secretary ries of Propositions, intended to ease the public Finances; but especially to provide against the possibility of such an incident recurring as the absolute deficiency of a CIRCULATING MEDIUM passable through ALL the States. Together with the machinery of an Institution that may enable Govern rates of duties on merchandize of every de-, about 3,856,000 dollars as applicable to the scription, imported in American vessels, reduction of the principal of the debt; a will fall to one half of the existing amount, sum sufficient, if strictly and regularly ap with the exception of certain manufactured plied without interruption, upon a comarticles, being of the same kinds as the ma-pound principle, to pay off the whole of nufactured articles on which interual du- the funded debt in a period less than eighties have been imposed; the duties on the teen years. imported articles continuing at the existing rates, so long as the existing interual duties shall be continued upon the corresponding articles of domestic manufacture. On the 18th of February the extra duty on merchandize imported in foreign vessels, which is now 15 1-2 per cent. on the amount of the duty in American vessels, will fall to 10 per cent. on that amount, and the tonnage duty on foreign vessels, which is now two dollars per ton, will fall to 50 cents. per ton. The extra duty is also liable to be affected by the operation ment to coin unlimited sums of circulating of the act for abolishing all discriminating medium, at the shortest notice. The argu duties) upon a basis of national reciprocity.ments in support of these propositions de By the laws now in force, the revenue arising from internal duties will be affected in the following manner:-The duties on bank-notes, on notes discounted by banks, and bills of exchange, (commonly caled the stamp duties,) and the duty on refined sugar, will cease on the 1th day of February, 1816. All the other internal duties, together with the direct tax, and the increased rates of postage, will continue. PROPOSITIONS RELATING TO Revenue. Sinking Fund. serve attention. By the Constitution of the United States, Congress is expressly vested with the power to coin money, to regulate the value of the domestic and foreign coins in circulation, and (as a necessary implication from po sitive provisions to emit bills of credit; while it is declared by the same instrument, that "no state shall coin money, or emit bills of credit." Under this constitutional authority, the money of the United States has been established by law, consisting of coins made with gold, silver, and copper. All foreigu gold and silver coins, at specified rates, were placed, in the first in coins of the United States; but they ceased with the exception of Spanish milled dollars, and parts of such dollars) to be a legal tender for the payment of debts and demands, in the year 1809. In 1803, when the sinking fund was estimated on its present footing, the principal of the public debt was about 86,000,000 of dollars, and the interest annually pay-stance, upou the same footing with the able upon it, about 4,500,000 dollars. At that time there was as igned to the sinking fund out of the public revenue, $,000,000 dollars; of which about, 3,500,000 dollars were annually applicable to the reduction of the principal of 86,000,000 dollars. At The constitutional authority to amit bills the commencement of the year 1817, it is of credit, has also been exercised in a quaestimated that the principal of the funded|lified and limited manner. During the ex debt will amount to 110,000,000 of dollars, requiring the sum of 6,150,000 dollars for the payment of its annual interest. If a sum applicable to the reduction of the principal of the debt were now to be assigned, bearing the same proportion to that principal, which the sum assigned in 1804 then - bore to the principal, it would amount to about 8,350,000 dollars. When it is added, therefore, to the sum of 6,150,000 dollars which is necessary for the payment of the interest, there would be required for the amount now to be set apart to constitute the sinking fund, the sum of 10,500,000 dollars. per annum. It is proposed, how ever, to carry the amount only to the sum of 10,000,000 of dollars, which will allow | istence of the Bank of the United States, the bills or notes of the corporation were declared, by law, to be receivable in all payments to the United States; and the treasury notes which have been since issued for the services of the late war, have been endowed with the same quality. . During the last year, the principal banks established south and west of New England, resolved that they would no longer issue coin in payment of their notes, or of the drafts of their customers, for money received upon deposit. In this act, the Government of the United States had no par ticipation; and yet the immediate effect of the act was to supersede the only legal currency of the nation. By this act, al though no state can constitutionally emit bills of credit, Corporations erected by the several States have been enabled to circulate a paper medium, subject to many of the practical inconveniences of the prohibited bills of credit. The resumption of specie payments is still prevented, either by the reduced state of the national stock of the precious metals, or by the apprehension of a further reduction to meet the balances of a foreign trade, or by the redundant issues of bank paper. it In the selection of the means for the restoration of the national currency, may be asked,-1st. Whether it be practicable to renew the circulation of the gold = and silver coins? 2dly. Whether the State Banks can be successfully employed to furnish an uniform currency? Sdly, Whether a National Bank can be employed more advantageously than the State Banks, for the same purpose? And 4tbly. Whe ther the Government can itself supply and maintain a paper medium of exchange, of permanent and uniform value, throughout the United States? 1st. As the United States do not possess mines of gold or Silver, the supplies of those metals must, in a time of scarcity, be derived from foreign commerce. If the balance of foreign commerce be unfavourable, the supply will not be obtained inci dentally, as in the case of returns for a surplus of American exports, but must be the object of a direct purchase. The purchase of bullion is, however, a common operation of commerce; and depends, like other operations, upon the inducements to import the article. Mr. Dallas declares his fixed opinion that the Banks of the several States are incompetent to meet the intention of the Second Question; only a part of them paid any respect to Treasury Notes, or agreed to receive them: it was found impossible to combine them into one association, actuated by one mind; they are established, in different States, on such different principles, with such distinct modifications, and reservations in their various charters; and they are swayed by so many contradictory principles, that to re duce their motives to uniformity, is IMPOSSIBLE. Sd. The establishment of a National Bank is regarded as the best, and perhaps, the only adequate resource to relieve the country and the Government from the present embarrassments. Authorised to issue notes which will be received in all pay. ments to the United States, the circulation of its issues will be co-extensive with the Union; and there will exist a constant de mand, bearing a just proportion to the annual amount of the duties and taxes to be collected, independent of the general circulation for commercial and social purposes. A National Bank will therefore possess the means and the opportunity of supplying a circulating medium of equal use and value in every State, and in every district of every State. Upon the whole, the state of the national currency, and other important considerations connected with the operations of the Treasury, render it a duty respectfully to propose "That a National Bank be established at the city of Philadelphia, having power to erect branches elsewhere; and that the capital of the Bank (being of a competent amount), consist of 3-4ths of the public stock, and 1-4th of gold and silver." All of which is respectfully submitted. A. J. DALLAS, Sec. of the Treasury Treasury Department, 6th December, 1815. Such is the conclusion of the Official Financier: to the Institution of a National Bank, it is proposed to add-Military Establishments for training up officers to arms, as a profession; also, Dock-yards in various parts of the United States. When the whole of these plans is in activity, it will remain to be seen whether the expences they entail will be more favourable to national frugality and freedom from taxes, than the spirit they will foster will be to public peace, public manners, and public liberty. If America, a new State, is able to obtain all the advantages derived by old states from their institutions, without their evils, then will her partizans have real cause for triumph; but, if like causes pro duce like effects, in the New World as in the Old, then, time will shew, whether the rudiments of fixed debts, fixed mutiny bills, fixed infringements on personal liberty, and national morals, be not dated from the machinations of Napoleon Buonaparte, and the subserviency of President Madison, in the years 1808 to 1814. INTERESTING INTELLIGENCE FROM THE banks covered with trees full of cuckoos, black-birds, and many other of the feathered tribes, which we had never seen be fore. We passed a neat village and a mill, BRITISH SETTLEMENTS IN INDIA. and at the bottom of the fall found the re CALCUTTA. Episcopal Confirmation: the first. Letters from Calcutta, mention that the Right Reverend the Lord Bishop of Calcutta, held his first Confirmation at the Cathedral of St. John, on the morning of the 18th July. His Lordship delivered a most eloquent and impressive discourse upon the subject of Confirmation, at the conclusion of the ceremony. We understand, upwards of 420 were confirmed on this occasion. The Cathedral was crowded to excess. GOORKHA COUNTRY. The following letters are from divisions of the army acting in the late war against the Nepaulese: they bring us acquainted with a Country of which which we had previously scarcely any account, and that little from casual travellers ill provided for correct information. When the History of the war is published, as, no doubt, it will be, the Science of Geography will profit no less than the Art Military, by the pen of the Historian. Extract of a Letter from an Officer, dated May 3, 1815. Camp at Butta. Our warm clothing is still pleasant during the nights, but not in the day time. The climate is delightful, there is not a breath of hot wind here, and the beauties of the country it would be difficult well to describe. The raspberries and strawberries are now ripe, and in the most profuse abundance. The former with milk and sugar are delicious-The strawberries are small, dry, and insipid. Around the neat villages grow peach trees now loaded with fruit, pomegranates and plantains in abundance. The fields rich and beautiful, and the mills for grinding corn worked by small clear streams, remind us of the fertile countries of Europe, and both the people and the scenery differ most essentially from what we see in the plains. Some of our party visited a waterfall in this neighbour hood, and found the sight fully compensated the labour of the journey. It was hear three miles distant, the road goes by the side of a high mountain, under which the Gumrora flows over broken rocks, the sidence of two fakeers, whom no noise The Goorkha corps is now near 1000 close black felt bounet, not unlike that of our Highlanders. The gallantry of the Goorkha chiefs justly commands the affection of their men. When they conveyed away the body of Bhugtee Thappa, who was slain in the gallant assault of Colonel Thompson's post, on beholding him they wept bitterly, and exclaimed. Woe to us! the blade of our sword is broken, and the handle only remains! His two wives ascended the funeral-pile; and the youngest, who is the daughter of Umr Singh, addressed the soldiers, and strenuously enjoined them to continue firm in the defence of Maloun.' We now present to our readers an interesting letter on the subject from an intelligent correspondent, who is accompanying Mr. Fraser, Governor General's agent, on a mission through the Joobul district. This is a mountainous tract situated to the North of the Jytuk range of hills. "Camp Shake, May 11, 1815. A little further on to the North West, we came in view of the large village of Dangurkunar, where we halted for half an hour. This place is of considerable size, and situated in the gorge of the pass over the Sine, where a piece of level ground is formed like a basin on the limestone rock of which the whole range is composed. The town is built on a ridge of rocks in this basin, and overlooking it and both sides of the hills, enjoys one of the grandest views possible. Jytuk, with its range and the Black Hill, are seen to the South, more beautiful from the distance; and to the South East along the course of the Julal, a vast extension of variously formOld Choor ed hills fade on the sight. breaks on the view like a giant, and hills around the village form a most curious vista. From this place we proceeded over some cultivation, and began a descent, perhaps not easily paralleled for wildness, "I wrote you from Raj Gurh to say we rugged steepness, and danger. The range, as I have already said, is limestone in vaare so far on our journey, We are now leven and a half miles further in the hills, rious shapes, and this cleft in the hill is encamped in a small but sweet glen, only the rock washed bare, almost perpenhrough which runs a stream, called Bu- dicular, but cut by time and wearing of gaitha. On the 6th of May we left Black feet into something like a winding zig zag -Hill, about eleven o'clock, with only a few flight of steps, of unequal heights and size, men, to take care of the coolies who carry yet polished withal in such a degree as to our baggage, and our personal guard; the make slipping on them with any shoes, but Goorka companies, Muwaties, Parans, and particularly iron shod ones, very dangerous, =other troops, amounting to nearly 700, ha- A slip or tumble would have sent us rollying gone on some days before. The roading down centuries of rocks, led over two tolerably steep ascents and descents, but through a pleasant country to the bed of the Julal. We took our quarters up at a small village, named Sukool, having marched about nineteen miles. We were much refreshed by bath-served a curious practice which I must deing in a large pool of the Julal: I tried for fish with poor success, catching with a fly but four small ones. Our encampment was in a fiue valley, which extends from the Sine range below Chinal Gurh, and is well cultivated, though in ridges, as is usual in these parts.-7th. We started this morning at a quarter before seven, and proceeded along this delightful valley; the crop of corn was luxuriant. From the rivulet a number of little streams led off ou either side for irrigation. We had a considerable part of the first ascent in the shade, which with the verdure, made it charming; we at last came to Chinal Ghur, situated on the top of a wild and picturesque rock, overlooking the valley, from which the stream descends, foaming in several falls, through groves of waluut, peepul, and various other trees of lovely foliage and astonishing altitude. Hence we got up a steep ascent for about a mile, and were nearly on the top of the range. But over such places did our coolies, each generally loaded with thirty seers, pass in perfect safety, till the valley again appeared, and some spots of cultivation in the ledges of the rocks relieved the eye. Here we ob scibe. Small streams of water conveyed cool from their native springs to the huts of the inhabitants, entered wooden spouts under which the women having lulled their children to sleep, and wrapped their bodies and limbs in blankets, placed their little heads, on the tops of which the water from the spout descended. This custom, they tell me, is universal, and serves to make them strong, and keep them cool, I saw, two children under this operation, and they slept calm and composedly. The plan of first causing them to sleep by violent rocking on the knees, seemed rather calculated to shake the child to pieces. than induce slumber; yet the desired effect. was instantaneous, for the child, though wondering and surprised by the sight of strangers, soon lost its senses, slept, and this practice be observed elsewhere. The was conveyed to the spout. I know not if glen, which had opened to admit two other similar chasms, soon closed over our |