Mr.
Gallatin reported this result, and proposed the issue of treasury notes for such amount as was desired within the limit of the loan to bear interest at five and two fifths per cent.

a year, equal to a cent and a half per day on a hundred dollars' note; 2d, to be payable one year after date of issue; 3d, to be in the meanwhile receivable in payment of all duties, taxes, or debts due to the United States.

The first of these ingenious qualifications was adopted by Mr.Chase in his issue of the seven-thirties.
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.