Newspapers / The Raleigh Minerva. / Dec. 13, 1811, edition 1 / Page 1
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1U RSi iDOLLARS T&B ,rp4B, ',- RALEIGH, N.C. i-PUBLlSHED (wkkt) BY tuCAS AND," A. H; B0YL AN. JK-XWi' - ...v . ..-.sic..; .- ' ! ' "ft.; '' t: si,J . - 1 '' fu.' -.3'V MM REPORT, vV.. Xeavihg loir the amount of annual -, i interest on the old debt unre deemed tin 1st January, 1812, on the Lout statement (C,) 'to ?67,6od acrcsahd thi'piyft .lf fiat aaddlb.j ' ibc iW ,f fi ii?. 'i '; f&ty?W3fctj&-.h Sftex!:The:annuar.intefc8t. o , (coMetvoiD.) t , ' J Bnaatbckis:;:..!; t fitaUcd anrttiiii tstihiateslbr ihft yearf 't.- lS 12 w'tU show 'that they arc predicated on ,theMakinty the annual interest on the ' AtolovmentWaliiloiiAhfivWboie of the naval ffc,p whole.dcbt diie oh the 1st Ja- ' .... ... . t- i l. .r .u-i ml tf the whole immary esusDusnmem ui uit Uoiled Staiear w authorised by law, coverini;, be sides, s-fveral o- her; items, all the ?xpence of more than 17;600 efftfCtiYe men tri the land and sea er- vice. - v.jir- VVith lrespect to the payments on account -ot the principal of the debt, ".'it is evident that an author ityto borrow a sura equal to that which wfiil be reimbursed during the year , 1812, will be neces tnust be maae aunng nj year on uiai iw"uit n .-- . 1. Annual reimDursemeni ox six per cent, and deferred siocH 2. Reimbursement of the re sidue of the converted stock 1,547,481 ' 675,O0Q nuary, 181, Which substracted from the an nual iniertfsv on the debt due on 1st April, 1801, Leaves for the difference between tht amount of 'interest respec tively payable at tIoie two ' dates," , :2,222i48l 4,l80j463 1,967 942 1,570,000 '565.318 41 Amounting together to The disposable national revenue, on tha por tibn which alone is applicable to defray the annu al entices, consists only of the surplus oi the ;ros8 amount of revenue collecteri, beyonfche a mount necessary for - paying the interest on the .1 a ?;,ini,tinri nftiiat interest is., wish i iriiiiii . iirni. i nun umv" - m-ip ahilitv cif delravinir the O'htr. annual . 1,250,000 doKirs to the btale of Georgia, are dis tinctly stattsd. . L. 'v'f;ft 'cetptft aftcf tbeyear 18 1, calculated , on the extlngtstate of aflirs,m,ay , '1 therefore t:eni mated at 6,6b0,0b(S VVhichi .dcd.tc?cd from the annual ex... , - ' penditut. .Inilated iii the same 1 ;s . '.'hieil44R'buni'j1,iv ibe. pres. tediiigestiinafe of the year 1812, ' l 'to 9,-COO.OCO Leaves a deficiency to b6 provided for , of-. . ."' . " S2,600,(MJO An addition of fifty per ceht. to the present a mojjBt ot"dutieXtgetller with a continuance of the temporary duties heretofore designated bj' the name' of "iMetlitrrranean' Fund") will he s fficient ma be tne anotwi sum ot . t f.eTO.poo, talrun Ioatosip; con, idcf able amount r.W the first instaHceppr6pvialed to the, payment of j incurred. beyond, the amount of revenue' ilul - ? 4- iThdi tlic; peace! fcvehiie of the fT.?t fttn-; il be sufficientithw any ex-raonlinary e VvV v; tionsto dicWe m a few , yeara'; he debt w hich'" ; majr uc iictcsjny incurred. - X Allhlcb .ectfully subrr.jttl. ' - .til . ' ' P !.- . t.: . . -. . . i be mesjsge of tnet' presidchtiHa . tonferessV a.' i"iTlrt Al - v.,. v o nncLitivf nr.reimp'1 ot revenue i;AMlilC w-oi . - " .i. . u ciiv.i This sum. and that navable for interest, amount- same amount. Willi an equal amount oi ,iw io supply thar, delicicncy, and is resnee.trully sub- ing together 6 4,360,000 dollars, leave in ordr to revenue, the revenue .ipplicable to delray tae ria-, muted- lhis mode appears m fcrabl for Oie M-mnUtm i.W;nmil nnronrlation of eieht mil. tio.ml evntint.es is now, by the effect of the rctluc- present to anr internal tax. With r.snect to thf lioris, a balance of 3,640.000 dollars which can be tion ofthv debt, two millions six hundred U"-1 sales of publfc lands, besides ttffordiiT a suppli' applied hi, no other manner than in purchase of sanft dollats greater than op- Hie first tlaybt Apnl. , mentary luntT.for theuliim.te redemption of the! stock aV'the prices limited by law. - The amount 1301 Or, if another view of. the sut?jcct be j public, dtbt, they may, without any' dimtnutionj which may be thus applied is therefore uncertain, thought more conect, the laws for the reduction of revenue, be usefully applied as a bounty "to. - - - r - ------ r ,u.. ,iUt in ten veirs and nine months, i soldiers enlisLfle In the ivivnl.r rvirf' nnA ;n ; .--pUBfcitriic.B 1 .- ' ; TinWeH S ates to nav in fuHlbe pur- (acilitatintr the terms nf lo.n: U,.f"; iln. ii chase money of Louisiana, and encreased their appear that the actual Tece-pts into the actual re revenue near two millions of dollars. J ceipts into the "J'reasuiy, arising from the sales, ' If the amount of annual 'payments on account ofCan be' materially encreased, witi.f.ut a reduction liotb the principal and interest of the public debt,! jn the price; unless . it be by an attempt U offer during the last eiht jearB. ,'he contrasted with the j certain portions for sale in the large cities of the - It appears by ,lhe statement D) that the pay ments oh aficounof the principal' ol the public debt will fr6m the 1st of October 1810 to the 3 1 st of December 1 8 1 f'jiave exceeded six . millions four hundred, thousand dollars. VVitluthe txeep tion of the annual reimbui-semeht of tle 6 percent, and deferred stocks there will remain at the end cf the year lSll 'no other portion of the public debt reimbursable at the will of the LU States, than the residue of converted stock, amounting, as above stated, to 565,000 dollars, and which will be paid in the year 1812. There b'tincf-rrothtng after- n:vments hereafter necessary -for the same pur- .. . i-rr .. .11 l. mm vtrikinir. rvitp. f i niiereiicc win s in " - rpnt a'nH .w fvreA stock, is 3.792 3S2- dollars, m;k wards left, on which the laws, passed subsequent . " iiftvrpnf. nf miife Jiaii four millions to the year 1810, for the redemption of the debt, J .,,,, A,ArL which will hbe can operate, a general view of the result and ef- , f h ar)Dronriation. - And this annual feet of those laws will now be presented. 'p-.yment of about three millions eight 'Hundred Exclusively of near three millions of unfunded housan(! dollars, would have been suflit icm, with debt, since reimbursed, as detailed in the Report sni variutions, to discha-ge in ten years of J8th Apnl, 1808, the public debt of the United .thn,.vrt. nr ,hf- PHdne of the tWimr debt, with Union. 1 he same amount of revenue would he rnrfs. Eight millions of dollars have been annually paid isarr, and, wit'h'ilie aid of loam., would it is believ.- on that account during those ,ettt yea.s. iMc.eti, r,e suthcitnt in case of war. The same en. whole amount payable, afttr the yeai 18 '.2, in- caeasrof daties would therefore' be equally neres- cludinp-the annual reimHurs: mcnt on the six per sary m that evfnt. Whether it would be sum cient to product the same amount of revenue as imder existing circumstances, cannot at present be determined. Should any deficiency arise, it may .he supplied Wiinout difric.ulty iy rr further in. crease of duties, by a restoiation of ihaf on salt, and by a proper selection of moderate internal taxes.' To, raise, a fixed revenue ol onlv nine thought worthy of some attention, asohtan1ng. 'ff the view which commodore Rodg'ei s giyefaf ? vindication; of the course bi'-feddpitd ih tlrt-'lhii. ' . states amounted on tne 1st ot April 1801 to 279,926.999 The amount of the principal extm-guished-during the period of ten y ears , and nine months, commencing on the 1st of April, 180,1, and ending on the' 31st of December, 181 1, exceeds forty-six millions of dollais, viz. Foreign debt paid in full- 1 . 10,075,004 Eight per cent, five v . and half per cent, four and half per cent, and navyt6 per cent, stocks; & temporary loans due on the 1st of April 1801, to the Bank of the Uni ted States, and paid in till . Six pet cent.- and de- erred stocks, including theexchanged stock re imbursed Three per cent stock including ; converted atock reimbursed x: Registered debt, arid debt due, to foreign offi cers . . . 12,657,700 20,820,744 -.. ,079,269, 90,89 46 622,310 17,067,096 Lea mg the amount of old debt, unredeemed ; 1st January, 1812. 2c consisting of the tol lowing species7 Viz. Si,t per cent, and defer- "rtd stocks unredeem. ed, amount v Three percent. stock 16,157,890 ' . Converted do- 565,318 ; . 16,723,208. 1796 six per cent.-stock 80,000 Kegisjered debt fie debt "due to foreign officers -.1: " " " '", '.--' - "' tht exception of the three per cent, stock, the an uul i:it?!c$t on which amoi.rts --.nSy to 425,000 dollars. The aspect of thtr'fortign relation of the United States forbid, "however,. Khe hope of see. ing the work completed vvii hi'n that short period. The. redemption' Of principal has been affected without the aid, of any internal taxes, either-i.'ect or indirect, wi;iout any addition dining the last seven years to the rate of duties on importations, which on the contrary have 'been impaired by the repeal of that on salt, and. notwithstanding the Igteat diminution oi commerce, curing the last 4 years It therefore proves decisively the ability of the United States with their oidiGduy revenue, to discharge, in ten years of ptf ace, a debt of lorty two- millions of 'dollars, a fact which considerably lessens the weight of the most formidable" objt.s--tion to which that revenue, depending almost sole ly on commerce, appears to be liable. In time of pe ce it is almost, Kiilheieiit to dehay the expanses ol support the expenses ot a peace establishment, shape whatever be affected bv the iwant of confi- Sinking at once under adverse circumstances fromidence in either. ' They must, however, depehd fifleen to six ot eight millions of dollars, it isonly": not on the state of public credit, and on the. ability by a persevering application of the surplus, .which , to lend, but also cn the existing demand for capi it affords uTyears of prosperity, to the discnarge ; tal required for other objects. Whatever this may of the debt, that a total change inthe system of.be, the money wanted by the public must Ije pur- J taxation, or -a perpetual -accumulation of debt can chased at its market pi ice W henever the amoimt be avoided.' Hut iTa similar application of such' wanted for the service of the year, or the tvhole surplus-be hereafter strictly adhered to, forty mil. j amount of stock in the mai kef,' shall exceed cer ltons of debt contiacied during five or six years of ; tain limits, it may be expected that legal interest war, may always, without , any extraordinary ex I will not be sufficient to obtain the sums required. ertions, be reimbursed in ten years of peace. This! j n that case the most simnle and direct is also 33,904,189 33.885 S3, 904,1 89- knd to which adding the , Louisiana' six' per cent. stoc.k?bcing a pew debt contract td t subsequent to the 1st of April, 10 the whole . a of public-debt on the 1st of January -1812 ' . ! mount 11,250,000 45,154,189 Hie annual interest on the public .eht cue on the 1st ot April, S01, amounted to -- , We annual interest on the public .tiebt, extinguished between the I-1st April, 1801, and the lstJa. TaryTBHlJmounirio " S 4,180,463 the conimenerpent of ',the ssioh, jy accomv ( panied, ampnsltlAicI full de. . tail of the PJiH&c owit .of j'-'iiry. ' -.Ii' on the conduct ofnmoclore Rogers "rtlnive ,: lo the affair or the President andLhila R An abstract of the evidenceh' will 'bacWe'pfr ' f ed, was given in theMuiervame iii inrj M:. Thf"decision of the court, whicb is compleiely favorable to thecprninodore oh alllhe? points of investigation, is of considerable, lengthy aiuj excepting(the general result, quite deo.Id of jn7 1 ho fallowing paper, however, teres'. is.- fortunate transaction Ih addition to the-evidence of the aff-ir of the i Little Ue) is aiuiexed the foHowjng address of Commodore Rodgers ; . ' ' Atr. President,? and " , lientkmen of the Court : I pvail myself of the present moment to express , my thanks for the patUnt, invjtsfigation of the me-' rits of tb'e -.'transaction which caused its cunven : lloi : and I feel perfectly convinced thaH lie ti- cience acuiucetl is amply sufticrent to ensure that U millions of dollar., is so much within ihe compass Imy conduct ih ihi9 affair 'will meet the anDfob of the national resobrces, so much' less in propor-; tion cT every unprejudiced mind, as well lor 'its iron than ispuid by any cthr nation, that under genaral tenor aa fofthelenil? sbewn to anssutn ano circnm'-taiices, it will only require the will of I e(l enemy, whom 1 had it in my power to deswoy tne leiiis aturc to ihect the o'nect The possiiiility of rafsi'ng money by loans to the amount which may be wanted, remains to be tx amintd. l or the tact that the United States may easily, in ten years of jnace, extinguish a debt of forty. two millions of dollars, does not necessarily imply that they could borrow that sum during a pevlod of war. In the present state of the world, foreign loans may be considered as nearly unattainable In that respect, as in all others, the United -States must solely tely on their own resources.' These have thtir natural "bounds, but are believed to be fully adequate to the support of all the national force that can be usefully t.nd tfficfently employed. The ability and wil of the United States faith lully to perform their engagements, are ufiiver a war; in time of war it is hardiy competent to sally known ; and the terms of loans will in no ,M-rvf I ! u AVitfinroa xf ry t-ou net KTi . V rr tint dUf.. tu , .. .n-w K fC. . . , ,1 L. .... u 4. i C ' view of the subject has ot the present crisis ap peared necessary lor the purpose vof 'cjistinctly pointing out one of the principal resources" within the reach of the United States. : But to bl placed on a "'foundation', it requires the aid of. -a revenue " sufficient at least to. 'clef ray the ordinary expert'-' ses of government, and to pay the interest on , pub., lie debt, including that on new loans which may be authorized,' " t ; PROVISION i'OR THE ENSUING YEARS. ( The revenue js derived from twa sources, the duties on importations, and the sales of public lands. " The nett Revenue arising from duties on mer. chandize and and tonnage, which accrued during the yaaf 1809, am.ountedTlo , g6. 527, 168 The nett revenue arising from the same sour ces, which accrued during the J-ear 18 to, amount ed, as will appear bysttre statement (A.) and fU,) to - 12,513,490 - The samerevenue for the year 181 1, is esti mated, ai has already been stated, at, S7,5OO,000 A portion of "the revenue of this year having lieenrtollected on British merchandize imported before the prblkibuion took effect, the permanent revenue,' arising from duties on tonnag and met' chandize, will not probably, at their present rate, and under existing circumstances, exceed ' -r- ... :-.:r.y-'..;J:-, 6,000,000 an estimate which is corroborated by the view of the subject exhibited jn the statement (B. 2 .) k; i The salesof public lands north of, tbe river O-j io, havt, tiurintr the year ending on the September 18 11, the cheapest and safest mode It appears much more eligible to pay at once the difference, either by a premium in lands, or by allowing a-higher rate of interest, than' to encrease the amount of stock created, or to attempt any operation which might injuriously affect the circulating medium, of the country. This difficulty, and it is the only serious one which has bee"n anticipated, will not, indeed, if 6palysed,appeat: very formidable, rtorf. tr tnke fen txtreme case, ahd sunDosinrr even fortv , . 1 1 r j millions pi dollars to be borrowed at 8 instead of .6. percent, a year, the only difference would con sist in the additional payment of eight-hundred by 'a single broadside more, and that too without any risk of injuring the ship under my command. .Many of the interrogatories" put by myself to the, witnesses may have appeared to the court suv peifluous, I fear: but when it considers the odi ous'ftatures'of the statement1 which has been e:: hibitedfin the newspapers,1 said to be capt. Ding ham's ofiicial statement to admiral Sawyer, (dat ed His majesty 's sloop Lii tie Brit, ay 21. 1811, lat. 35, 53, long 71, 40 W. Cape Charles Iw ar i:ig W disUint .41 milts,)-1 am sure ii' car not' complain of the time, I have taken up in proving" (while I had it in my,; povet) that unblusliihg -re!" plcscnlation to be pajpahly and wilfully fahe. ', - I shouK not now longer trespass on the time and patience of the court, was it not probably that the present proceedings may be published to the . world, and a consequent desire that even my mo- tive for chash the Little Bclt.should be known--, and this I am the more desirous of, ps great pains -hive been raen by a few individuals who call themselvesAmencansjo, impose a belief that I chased with a hostile intention, not howevpr cause I entertain a 'hope ef producing any change in sentiments of men like themselves (and far-the . honor fof my country 1 hope Jlhere are but a fev such) who a,re disposed tb represent all the acts of "their government, .'as well' as of its agents, in an , , odious light V-but to undeceive not only my own ' : cOOritrymen, but even eyery liberal Englishman, ' whn may have been deceived by their sophifctry;- V" That-1 iid chase the. Little Belt, I acknowl j'dg ; but that I did so with" the intern ioiv-of offering menace or insult VV tile. British, flag, I declare, in the presence of hiy Godi is vvhboutan founda-'.- -' tion whatever ; neither would thejorders uhcb i; , which I was acting anthbrise ijuch a course, any ' more than they would have justified ny submitting to an insult from a Bri'visb," cranjr' othel&Ji'p ef. ; wor.--. . . '' ... -'' -, - v.' .' : '.' . Without further observations or comrhnts'.tKa!j',v...r is necessarily connected with the subject the ; fol- lowing are therefore my reasons Htv harving chtiscd v-v. 1 amounted,' as i, appears by the thousand dollars a year, until the principal '""was4 that ship v Ort the lofh of May, being then a' an-" reimbursed : a pay-merit inconvenient indeed, nd jchor off Annapolis, I.' got under weigh to proceecl to be avoided "if practicable-, but inconsiderable it -to my station at New York, -in consequence of sm compared eithej with the effeclsof other means of .order from the honoratia the secretary of the navy' raisinc money, or with some other branches ofltp chat efiect, in which he acquainted "jrne of his the public expenditure. ' . . having issued this order oing,to is ling tufbrtfj; It annears from the nrecedinc estimates, that ed the trade of New York had'hecome inierrut.-t- nothing more may be strictly wanted for defraying, during the year 1812, the expences as yeFauthor ised by law, than an authority to .borrow a sum equal to that which may be reimbersed on account of the "public debt. ;With a view to' the ensuing" yarsr, and considering the aspedof public affairs presented by the executive, and the measures of txpt nte which he has recommendsd, it bus been attempted to show ' ' ;-;,-';.',- ' '.--, 1. That-afixeuVevenue of about nine millions tier rul ed by British and French crui2?ts. At this time;1 I discovered by . the .newsp-jp-rs. that' a njH;h' frigate supjwsed to be the-(i:eTTie'-J bad, in ttie vicinity of Sandy Hook, ami in ri '':- rn"y-ti'sn-5 from thevstfitioniinprt'ss.-d, out .cf the Arnei' . brig Spitfire,' bound coahtwise, a young m f ; the name of Dig!lo, an-Arriaican. an n')i eii-i e.1 talhenasttt fliheiijiit little past meridian, .being at'-'lhe time hi 17 fix tboms water, about -14 or. I s leugtieMo'Hie t'Ortit- of dol'ars is netessarv and sufficient, both under ward of Cape Henry, and-,Mit 6, eagt-e. tntn i of thi-Iv!iiffft St-. iuiliilm-lnil to thg.Houihwahd-of-C'hijij;ouak:-'--a. i-f'l in the lud event of their assuminc a different atti- was discovered to tbe,west ihl, staw!Ig lov t d U j , , , ' - hs under a'press ol canvas3, -wbich I soot? utle ' : 'f - ....
Dec. 13, 1811, edition 1
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