James Madison Papers
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From James Madison to the Senate, 28 July 1813

To the Senate

Washington, July 28, 1813.

I transmit to the Senate a Report of the acting Secretary of the Treasury,1 containing the information requested by their Resolution of the 27th. inst.2

James Madison.

RC and enclosure (DNA: RG 46, President’s Messages, 13A-E4). For enclosure, see n. 1.

1JM enclosed a report from William Jones, 28 July 1813 (3 pp.; printed in ASP description begins American State Papers: Documents, Legislative and Executive, of the Congress of the United States … (38 vols.; Washington, 1832–61). description ends , Finance, 2:646–47), with enclosures marked “A” through “F” (originals not found, but printed ibid., 2:625–26, 647). Jones’s report noted that the $16 million loan to the government had been funded largely by individual proposals after two public subscriptions had fallen short, and that the more generous terms granted on the proposals had also been allowed to the subscribers. Enclosure “A” is a copy of Albert Gallatin’s 20 Feb. 1813 notice announcing the first subscription and specifying its terms (for the terms, see Gallatin to JM, ca. 17 Feb. 1813). Enclosure “B” is Gallatin’s second notice, dated 18 Mar. 1813, ordering the subscription books reopened from 25 to 31 Mar. and announcing that he would receive proposals for the remainder of the loan until 5 Apr. Enclosure “C” is a 5 Apr. 1813 letter from David Parish and Stephen Girard to Gallatin offering to lend the government up to $8 million at six percent interest, “at the rate of eighty-eight dollars for a certificate of one hundred dollars.” Enclosure “D” is a 5 Apr. 1813 letter from John Jacob Astor to Gallatin proposing to take $2,056,000 of the loan on the same terms. Enclosure “E” is a 7 Apr. 1813 letter from Gallatin to Parish and Girard accepting their terms for a loan of $7,055,800 and offering them the option of receiving “six per cent. stock at par, and a thirteen years’ annuity of one and a half per cent. of the money loaned.” An appended note reads: “The same answer, changing only the sum … was made to John J. Astor.” Enclosure “F” is a third notice by Gallatin, 15 Apr. 1813, allowing subscribers to change the terms of their loans to the more favorable ones given to Parish, Girard, and Astor.

2On 27 July 1813 the Senate adopted Rufus King’s motion that the president lay before the Senate “the terms upon which the loan made in pursuance of ‘An act authorizing a loan for a sum not exceeding sixteen millions of dollars’” had been contracted (Annals of Congress description begins Debates and Proceedings in the Congress of the United States … (42 vols.; Washington, 1834–56). description ends , 13th Cong., 1st sess., 69, 72).

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