Thomas Jefferson Papers
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Notes on the Bank of the United States and Internal Revenues, [10 November 1801]

Notes on the Bank of the United States and Internal Revenues

[10 Nov. 1801]

Treasury. Bank statements. private. General result. [i.e. the bank US.] bank notes in circuln 5,200,000
Specie 5,000,000 deposits. govmt 3,560,000
due by banks, treasy. bills. Individuals 5,240,000  8,820,000
& other bills immedly. 1,450,000 14,020,000
convertible into specie          demands against bank
6,450,000 profits not yet divided 40,000
Discounts 12,150,000 capital 10,000,000
6 pr. cents & advances
to govmt

 5,460,000 24,060,000
Revenues in 1800.
Excise 501,410.725
Auctions 51,646.63 
Carriages 77,585.06 
retail licenses 65,148.60 
refined sugar 65,240.88 
Stamps. 221,789.02
exp. of collectn. 128,172.91
nett 854,648  
An abstract of the last returns of the following banks. a mere apperçu, not accurate
Specie due by banks
treasury &c.
convertible in specie
Discounts 6 pr cents &
advances to
Notes in
deposits of
deposits of
Bank of the US. 5,000,000 1,450,000 12,150,000. 5,460,000. 5,200,000. 3,560,000. 5,240,000 40,000 10,000,000
New York 581,819 809,894 2,718,736 562,563. 1,027,000. 704,280. 1,390,046. 1,800,000.
Boston 649,009 149,736 1,791,143 767,360 955,365 459,571. 700,000
Baltimore 554,933 232,583 1,575,766 938,025 487,446 435,249 600,000.
Norfolk 780,169 114,883 491,790 405,375 445,797 276,219 250,000
Charleston 941,500 543,414 1,968,003 1,315,920 412,336 1,124,947 600,000.
8,507,430 3,300,510 20,695,438 6,022,563 9,653,680 6,565,224 8,926,032 40,000 13,950,000

MS (DLC: TJ Papers, 118:20350); entirely in TJ’s hand, including brackets; undated, but follows, on same sheet, Notes on Actions for the War Department, 10 Nov., and apparently completed before TJ’s letter to Gallatin of 11 Nov., at the head of which TJ copied the composite table with information from the branches of the Bank of the United States.

Bank Statements: the Bank of the United States and its branches, or offices of discount and deposit, furnished weekly balance sheets and regular consolidated balance statements. In making the notes printed above, TJ apparently drew on a statement of 5 Nov. 1801. He recorded the figures in the form of a balance sheet similar to the bank’s regular statements, showing assets of $24,060,000 on the left matched by the same amount in obligations on the right. He expected to ask Gallatin to prepare a similar aggregate statement that would include all the banks, meaning the five offices of discount and deposit as well as the main bank in Philadelphia. After recording unrelated information about revenues, TJ used reports from the branches to draw up the comparative table that is the final component of the notes above. Although he called the table an aperçu—a quick overview—he apparently did not realize that the data he used for the balance sheet at the top of these notes, which he transposed to make the first line of his table and labeled “Bank of the US.,” actually already included figures from the branches as well as the bank in Philadelphia. This means that the assets and obligations of the primary bank alone, without the branches, were less than the figures appearing on each side of TJ’s balance sheet. Also, the total for each column of TJ’s table, with the obvious exception of the column for “undivided profits,” is too high, in most cases by a significant amount. TJ finished the table no later than 11 Nov., since he copied it at the head of the letter he wrote to Gallatin on that day (James O. Wettereau, Statistical Records of the First Bank of the United States [New York, 1985], 3–5, 79–80, 114–15, 283–4, 288–9).

Revenues in 1800: in addition to the excise on distilled spirits, the country’s internal revenues included a tax on auctions at the rate of a quarter dollar for every hundred dollars for land, farm equipment, farm stock, and ships, or a half dollar for every hundred dollars on anything else sold at auction; the tax on carriages; annual duties of five dollars each for licenses to sell wines or imported spirits at retail; a levy of two cents on every pound of sugar refined in the United States; and duties on the stamps the law required on several kinds of certificates and other documents (U.S. Statutes at Large description begins Richard Peters, ed., The Public Statutes at Large of the United States … 1789 to March 3, 1845, Boston, 1855–56, 8 vols. description ends , 1:373–5, 376–8, 384–90, 397–400, 527–32; ASP description begins American State Papers: Documents, Legislative and Executive, of the Congress of the United States, Washington, D.C., 1832–61, 38 vols. description ends , Finance, 1:718–27).

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