On June 18 war was declared. On the 28th Mr. Gallatin submitted his estimate of receipts and expenditures for the year. EXPENDITURES IN ROUND NUMBERS. Civil and miscellaneous $1,560,000 Military establishment, and Indian dept 12,800,000 Naval establishment 3,940,000 Public debt 8,000,000 ---------- $26,300,000 ========== FUNDS PROVIDED. Balance in Treasury, January 1 $2,000,000 Receipts from duties and sales of lands as by estimate of November 22, 1811 8,200,000 Loan authorized by law 11,000,000 Treasury notes as authorized by House of Representatives 5,000,000 ---------- $26,200,000 The issue of _treasury notes_ was a novel experiment in the United States; but they were favorably received, and Mr. Gallatin calculated that the full amount authorized by law, $5,000,000, could be put in circulation during the year. The result of a loan seemed more doubtful. The old six per cents. and deferred stock had already fallen two or three per cent. below par. Mr. Gallatin again recommended the conversion of these securities into a new six per cent. stock, which would facilitate the new loan, and to prevent the necessity of applying, the same years, the large sums required in reimbursement of and purchase of the public debt. On December 1 Mr. Gallatin made his last annual statement. _Treasury Report for Fiscal Year ending September_ 30, 1812. RECEIPTS. Customs, sales of lands, etc. $10,934,946.20 On account of loan of eleven millions, act 14 March, 1812 5,847,212.50 -------------- $16,782,158.70 Balance in Treasury October 1, 1811 3,947,818.36 -------------- $20,729,977.06 ============== DISBURSEMENTS. Civil Department, foreign intercourse $1,823,069.35 Army, militia, forts, etc. $7,770,300.00 Navy Department 3,107,501.54 Indian Department 230,975.00 ------------- 11,108,776.54 Interest on debt $2,498,013.19 On account of principal 2,938,465.99 ------------- 5,436,479.18 -------------- $18,368,325.07 Leaving in Treasury 30 Sept., 1812 2,361,652.69 -------------- $20,729,977.76