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, 1813, at Portsmouth, Salem, Boston, Providence, New York, Albany, Philadelphia, Baltimore, Washington, Richmond, and Charleston.

In the two days the subscriptions only reached the sum of $3,956,400.