TKEASUKY DEPARTMENT, UNITED STATES. 



683 



building on the same spot the present Treasury 

 building occupies. 



In 1803 Louisiana was purchased from 

 France for $15,000,000; yet so rapid was 

 our financial growth, owing to the wars 

 then pervading Europe, that this increase to 

 our debt was wholly paid off within three 

 years. 



The War of 1812 necessitated loans to the 

 amount of $70,478,209.73, and issues of Treas- 

 ury-notes to the amount of $36,680, 794. War 

 taxes were imposed on sugar refined in this 

 country, on distilled spirits, sales at auction, 

 retailing wines and spirits, on pleasure-car- 

 riages, bank-notes, bills of exchange, imported 

 salt, furniture, watches, and manufactures. 

 Postal rates were increased fifty per cent. In 

 1814, two loans were advertised one of them 

 for $25,000,000 but the rate of discount was 

 so great that the Government declined to ne- 

 gotiate. In August, 1814, the Treasury was 

 burnt to the ground by the British, but most 

 of the papers were saved. 



In April, 1815, a new national bank was 

 chartered for twenty years, with a capital of 

 $35,000,000.: 



To meet the expenses of the war with Great 

 Britain, a new tariff act was passed in 1816, 

 fixing duties at from 7i to 30 per cent ad 

 valorem. This act remained in force till 1824. 

 In 1828, a bill was enacted for the avowed 

 purpose of protection, increasing the duties on 

 cottons, woollens, etc. In July, 1832, the na- 

 tional debt being comparatively paid off, a low- 

 scaled tariff was adopted. But in March, 1833, 

 Mr. Clay's Compromise Bill was enacted, pro- 

 viding a graduated scale for reducing, till 1841, 

 all duties over 20 per cent. 



April 1, 1833, the Treasury building was 

 again destroyed by fire, with many of its 

 records and papers. 



In December, 1835, the President's message 

 announced that the national debt would be 

 paid off at the close of that year, and a surplus 

 of $19,000,000 would remain in the Treasury. 

 A bill was accordingly passed directing the 

 Secretary of the Treasury to deposit with the 

 States, for safe keeping, all surplus funds over 

 $5,000,000. 



In July, 1840, the Treasury was divorced 

 from the banks, and its funds were retained 

 in its own keeping. Receivers of the public 

 moneys were appointed in New York, Boston, 

 Charleston, and St. Louis. In August, 1842, 

 a strongly protective tariff was passed, raising 

 the ad valorem duties 30, 50, and more, per 

 cent. In 1846, three important acts were 

 passed ; the Independent Treasury, the ware- 

 housing, and a free-trade tariff, constructed 

 by Robert J. Walker, .^The war with Mexico 

 increased the national debt from $16,000,000 

 to $64,000,000. 



In July, 1862, the Internal Revenue Bureau 

 was created. In February, 1863, a national 

 currency bill was passed, making banks Na- 

 tional, and not State. 



Prior to 1863, our national receipts mainly 

 arose from customs. The sums received from 

 the sale of lands varied greatly, from $21,877,- 

 179 in 1836, to $125,048 in 1862. Since 1863, 

 large sums have been realized from internal 

 revenue; but the history of our national 

 finances may be best traced in the follow- 

 ing table, exhibiting our exports, imports, 

 expenditures, and debt, for each year since 

 the commencement of Washington's presi- 

 dency. 



; WASHINGTON'S ADMINISTRATION. 



JOHN ADAMS'S ADMINISTRATION. 



JEFFERSON'S ADMINISTRATION. 



MADISON'S ADMINISTRATION. 



MONROE'S ADMINISTRATION. 



JOHN QUINCY ADAMS'S ADMINISTRATION. 



JACKSON'S ADMINISTRATION. 



VAN BTJREN'S ADMINISTRATION. 



