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|
|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|
|Revenues in 1800.|
|exp. of collectn.||128,172.91|
|Specie||due by banks
convertible in specie
|Discounts||6 pr cents &
|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|
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).