$20,729,977.76

The sums obtained or secured on loans during the year amounted to
$13,100,209, and the secretary had the satisfaction to state "that
notwithstanding the addition thus made to the public debt, and although
a considerable portion has been remitted from England and brought to
market in America, the public stocks (which had at first experienced a
slight depression) have been for the last three months, and continue to
be, at par." His last report to the commissioners of the sinking fund of
February 5, 1813, stated the usual application of $8,719,773 to the
principal and interest of the debt.

In his report of December 1, 1812, Mr. Gallatin announced that a loan of
twenty-one millions was needed for the service of 1813. Congress
authorized a loan of $16,000,000, having six years to run, and an
additional issue of $5,000,000 of treasury notes. Congress adjourned on
March 4. Their procrastination and the pressing demands of the War
Department nearly beggared the Treasury before the loans could be
negotiated and covered into it.

On April 17 Mr. Gallatin wrote to the secretaries of the army and of the
navy, and sent a copy of his letters to Mr. Madison with information
that the loan had been filled, and the probable receipts of the Treasury
from ordinary sources for the year ascertained. These he estimated at
$9,300,000. Deducting the annual appropriation for interest on the debt,
the sum expended to March 31, and the amount needed for the civil
service, there remained for the War and Navy Departments together the
sum of $18,720,000.

The loan of $16,000,000 was obtained in the following places:--

States east of New York $486,700
State of New York 5,720,000
Philadelphia, Pa. 6,858,400
Baltimore and District of Columbia 2,393,300
State of Virginia 187,000
Charleston, S. C. 354,000
-----------
$16,000,000

The history of this subscription is not without interest. The extremely
small subscriptions in New England and in the Southern States can hardly
be explained on any other theory than that of a belief in the collapse
of the finances of the United States and a dissolution of the Union, for
which the New England States had certainly been prepared by their
governing minds.[14]

Books were opened on March 12 and 13