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T1--"""""" ' "'"' 1 - '-"v ' ,' V. ' "--if 'j--- i ' w I- i " ' Ouri sre the pteniof fairnciishtfulpeace, Unwarp'tl fryparty rage, :o n-. t nice wrtherr. Thursday. November 19, 1807. Vo 4S6V V IX. ft. V, M Gazette - Iv- ! REPORT of the, ; ' 5 cr tary of the Treasury of the United States. Communi ..ted to Congre s November 6 1807. IN obedience to the directions of the act suppV mentary to the 2ct enututcd an " An act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following rtcport n-id Estimates, Vn-r.r. , REVENUE and RECEIPTS. The nett revenue arising from duties on merchandize and tonroa which ,i ,i,i.-incr the vear I 805, amounted to 8 14,135,138 And that which accrued duringjthe year IS06, amounted, as wm aiyearby the statement jA,) to - - The same revenue, after deducting that portion which arose from me duty on salt, and from the addi-ional dunes cons- tiiu ing the Mediterranean fundmounting during the year 1805, to L , " - SI A. L -And, during the year itsvo, io iV o i t t;ieref )te prjjably leave in the Treasury, on the first of Jauuary, ISC 9, a balance of near eleven millions of dollars, 10,830jOOO -' 223,430,000 PUBLIC DEBT. It appears by the statement (D,) that the pvmenta on account of the principal of the putrfic debt, have, during the Vear ending the 30th day of September, ' 1807, e&ceeded 4,600000 ui;ar i makincr the to- tal of public dcbt reimbursed from the 1st of April, .1801, to the 1st of October, 1807 bftat 25,330,000 dollars, exclusitreiV of more than if harr ins tt the treaty and convencV. Louisiana convention 15,576,454 12. 530,532 14, 809,758 six millions, vvhi fofmity with the Britain, and of t Of the twelve m'llions of dollars, which4 srcordkg lo the J estimates, may oeaia on account ot the p ibU a- 'jt,f e.; September, 1807,nd the 1st Januarv, 1809, Vvtt'lu xi be on account of rtie principal. It must, hovevt, dS&er the unascertained fesult ot the proposition m ide to thvvtibHp r-i hors ior tne mouincaxup or ine aent, may artcct t.ie wrricuv .. ''.abte- 1; .vi: t.be curtailed Pi3r1ndDaIlv berftnss II . - i . . a great portiftjof rhe surplus of agri cultural produce necessarily requires a foreign iparkeu The reduced pfica of the principal articles ex potted ijfera wic-ysiiivcu oiaies win operate mora fieavUy than any en rempjated tax Aivd without enqnirit, t? UethrV eh frnjar-cause may ;5t tirft.orf 'deef? u,v, i .rit so u? 'j '-iatss to Amerk.S, cite Jtisscs und privations -caused-by. ti- jshatiki not be apravatt4ijy fe jt : rtd' whot.U su-ictly rrces-4ry-'1 ad-iition to 'the debt dob'T. :. an evi1 ; bn experience it is ascertained, that the nett revenue which has accrued darmg the the r lg08 On'-:count of both nr'inrinal and int. -v X ' . -C iQor ptipH that rtt rhe. mrfHcmnnn . , V- - . 1 . ' i thr j hist ouarcers 01 mc y-ai v.wv.v.- - i i havt:. nor shewn wt-h wpd rtnrt'.rss ih revenue of the tiniofl i 1 cr ses in linu- of peace, with vVh t j. frcih'tv the dc'af formerly cfnUradtcd 'eats, interest, will not, e! i dollars : And th( rr r.ri if r.hanu-e'takes olace in the relations ot the U. States with foreign nations, at fourteen millions ot. dollars. The statement (B) exhibits in detail, the several sped s of mer chandize and other sources, from which the revenue was collected Anr'mcr the vear 1806. w. fC. that the sales of the nublic lands J . n it appears uy uic awitlUv.m ---- - 1 ; , i annua uy, ciurmg sc years, ana average have during the year ending on me jutn ocpwnwcr, ieus cMtcucuj; scven followinjf at thc end ol which .riod thfc 284,000 aaes Some returns are not yet received : and the proceeds . , be extinai5hed, 1 of sales in the Mississippi ferritory being, alter deaucting the sur vevins and other incidental expences, appropriated in the first place ment ot a sum ot i,2ou,uuvJ aouars io mc biuic ui vcurgia, On tp 1t Hav if hr.inrv 1 tL n.;n.J f 1- .tl l .'-! . J' i.w, i.i a frlv'vt . . r .1 I f" w.v , .uwj, i.i miULliial uU I C lirL -'Vif". 11 f r " " . ing quarters ot the year iuo; aau mat ",fc the proposed modication be not assented to by the pobUv: ci C .t '.u--2.v contidently be enterta ned, exclusively ot the duty on sau, ana ui vuc MCuuc .uuu, . , mount to near liftdsevui millions and five hundred tr-.u- r3 H tce evl5S ot the war wi I ot winch expire on tne isi uay u. jauua. u, -v yow..w ; j he subsequent aihuai payments thereon, on account 'bf ri VnrS l'M'y u ny tepa:rco anil ifittt ur- it;uin i peace wr;j, with out amy cffoit, afib-d ample resources for icjjntuut'si-g wnateVei mr.y have; beer, borrowed during., ihe-var. ; Ti.o credit of the ?U. Si.a?e5 is also uit..pairtd est ht-rat honrt cr ab' ar-d it is beliecd lhatr loans to a re.?. sbnab'e amount nay be oh'.ain. ci o; eligible terms. Measures h;:vc b'eeri taken to.ascertain to what esieut 'his j.may be affected abr au ; ahd in will I r. . ,,rc: u ...... t.. l to thf. uav have not' been included, but are distinctly stated. 1 he actual pay meat's by purchasers have; during the same period, exceeded 680,000 dollars ; and the receipts into the treasury from that source may, after deducting charges and the five per cent, reserved for roads, oe esti mated tor the ensuing year, at 500,000 dollars. . The receipts arising from the permanent revenue of the U. States rr.av, therefore, without including the duties on postage and other incidental branches, be computed for the year 1808, at 14,500,000 And the payments into the Treasury during the same year, on account of the salt and Mediterranean duties previously zc- c.'ued, are estimated at one million three hundred thousand 4av flaking in the whole an aggregate of fifteen million eight hun dred thousand dollars, : . - . - g 1 5,800,00(3' LAST QUARTER OF THE YtAR 1807. The balance in the Treasury which, on the 30th day of September 1805, amounted to 5,496.969 dollars 77 cents, did on the 30th day of Septem ber lb07, anr-miit to - - - - 8,530,000 The receipts into the Treasury from the 1st of Qtober to the 3 1st day of December 1807, are estimated at i - - 4,000,000 t- . 12,5 30,000 Tl e expences during the same period for all objects whatever the public : debt except. u, and inctuding686,076 dollars! for thc extraordinary ex- j penditures of the Navy department, of which the estimate has been t a, smm-d, arc estimated at - - - S 1,700,000 The ordinary payments on account of the public debt, in cluuuig tlie provision for the interest on the t.ouibiana and Dutch debt, to the 1-tofJuiy, 1608, are estirhajed at - 1,700,000 A tunner sum of about 1,500,000 dollaiVshould also be paid during this quarter, in order to complete the annual ap proprutuun of eight millions of dollars.' If the whole of this sum, vVhich is applicable to the purchase of the eight per cent stock, cannot be expended this year, the unexpended balance will form an additional expenditure for tne year 1 SO j, charging however the whole to this quarter, . .- - 1, 500000 Malting an aggregate of 4,900,000 dollars,-and will leave in the Treasury at the close of j the year a balance of about stTcn million six hundred thousand dollars r 1 - 7,030,000 I ! 12,, 30,000 EXPENDITURES OF THE TEAR .1808. The .permanent expernces calculated on a peace establishment are astimajed at 1 t,600,0C0 dollars,; and consist of the following items, viz. .1. For the civil department,' and all domestic expences of a c:vil nature, including invalid pensions, the light house and mint establishments, the expences. of surveying public lands ani uc sea coaai, ihe fif h Instalment of the loan due to Mary land 2c a sum of 100,000 dollars to meet such miscellaneous appropriations, not included in the estimates, as may be made by Congress - - . . 1,160,000 2. For expences incident to the intercourse; with fnrp'nm nn. hons, mclu-Jing the permanent appropriation for Algiers, o. For the military and Indian department, including traa jiUr, houses, and the permanent appropriation for certain 4, For the naval establishment, - - . ' - 5. The innual appropriation of eight millions of dollars lor the payment of the principal and interest of the public eebt ; at which sum not more than 3,400,000 dollars will for the year IbOS be applicable to the payment of interest, 4 i: '..d-. fei cf rn - 200,00U 1,280,000 1,020,000 8,000,000 g 1 1,600,000 tne permanent exriences mint Ki aa 03, a sum of about 800,000 dollars, necessary in addition to the annual appropriation of eio-ht millim, nf Hollar, t , - wiuiicie on tne To 1st Januarv. lftOL r h rpimiinrmanf . r uie eignt per cent stock, - - . t 'hJtud !?r payin4 Ci,c balance of American claims, assaumed uy the rrench contention, - ... 800,000 200,000 Making altogether 13,600,000 dollars for the lhat year, expences of The And Ut ol j receipts of that year having been estimated at 15,300,000 1 tne projable ualance in the Treasury on the Jiexc, at ,G30,000 altogether 23,430,000 l ! i r - , iCiusiveiy oi occasional purchast s, e . -1 4 whole of the debt, the nineteen ir.ifc.-"m-.i i per cent, stock onlt excepted, will be reimbursed in sizs. .-en cr; A general subscrption would reduce the eap'rta! to about bXv "e mil lions ot dollars. Tie payments woulti amount to eightTjiiiion:.i ot r'Silm s it years, and averace less th:'ui uiree inilv fh-rKn r . . - - J-. An annual unapppriateil surplus of at least three miiiions of dol'u hencelorth be relied on with great confidence. The receiptioi b e 1803 have been estimated at .15,800,000 and the expenses at iC, (- 00. dollars. Tbe permanent revenue has been computed at .14,500,000 tl irs and the permanent tpeuces, predicated 'un anmial payment cf iv e!v3 '..mil lions of dollars on account of the debt, have been stated at 1 l,60O.o;V iQl lars ; and s this wo,Jd, if no modinca ion of the'debt s iotdd take uti be renucea to itssthan 1,500,000, the an,ual surplus wotnd ihsnanw.:, millions of dollars. Nor are the seven million una an ha! fof dollar? will remain in the Jreasury at the end of the year, included in culation. What portipn of lat surplus my be-wanted for neresarv to security uud defence what portion ; lould bt: applied to mtcVnat i meniu, which, while fcreasiii diffu 'nr the sior.al weaiih, .-A er i.n...3 oi amort, me feu.jects unicn do. not lull within he province lA the Treasury Department, but it is not impossible, that after making ample provision for both those objects considerable surnlusses, and which can no j longer be applied to the redemption ol the debt, may still accumulate'in the 1 ieauiy. The previous accumulation of treasure in time of peace might, in a great degree, defray the extraordinary expences of war, and diminish the ncces sny of either loans or additional tnxc. It wouid provide, during periods of prosperity, for those adverse events to which every nation is exposed, in stead of increasing the burdens of the people at a time when tbuy are least able to bear them, or of impairing by anticipations, the resources of ensu ing generations ; and the public money of. the U. Slates not be.ng locked up and withdrawn from the general circulation, but on the contr..rr deposited in banks, and continuing to form a part of the circulating medium, the most lormiciabie objection to that system, which has nevertheless been at times j adopted with considerable success in other countries, is thereby altogether removed, it is also believed that the renewal ot the charter ot the Bank ot the U. Slates may, amongst other advantages, afford 'to government an op portunity of obtaining interest on the public deposits, whenever they shall exceed a certain amount". Should the U. Stales, contrary totheir expectation and desire, b'j in vol v.. ed in war,' it is believed that the receipt of the year 1808 will not be mate rially affecttd oy the event, inasmuch as they will principally arise from th revenue accrued during the present year. The amount of outstanding-bonds due by importers after deducting the debentures issued on accouni of re exportations, exceeds at this lime, sixieen millions of dollars. The de ductions to be made from these on account of subsequent re-exportations would, in case of war, be less than usual : for exportation will then be checked, as well as importations., and in proportion ab these will decrease, a greater home demand will be created for the stock on hand and the ne cessity of re-exporting be diminished. It has already been stated, that :he specie in the Tre'asny at the end ot this year, together with the surplus of the year 1808, will amount to near eleven millions of dollars ; a sum probably adequate to meet the extraordi nary expences ot the war lor that year. It w ill also be recollected, that in the estimated expences of the year 1S0S, the reimbursement oi near five munons una a nalt ot the principal oi the debt is included, -l.be only pro vjsion theref'-re which may render any contingency nc c. ssary for the extra ordinary service ot that year in order to cover any deficiency of revenue or increase of expence beyond what has been estimated, will be an authority to borrow a sum equal to that reimbursement. That the revenue of the U- Slates will, in subsequent years, be conside- rably impaired by a war, neither can or ought to be concealed. It is on the 'contrary, necessary, in order to be prepared for the crisis, to take an early I view of the subiect. and to examine he resources whir.h shnnlrt he slf-nrl J ' -w.- --"w.-w for supply ing the deficiency, and defraying the extraordinary expences. . There is no data from which thc extent of the defalcation can, ut this moment, be calculated, or even estimated. It will be sufficient to stale, 1st. That it appears necessary to provide a revenue at least equal to. the an nual expences on a peace establishment, the interest of the existing, d-.bt, and the interest on the loans which may be raised. 2d. That tlioe expanses together with the interest of the debt, will, ater the year 1808, amount to a sura less than seven million of dollars, and therefore, that if the present revenue of 14.560,000 dollars shall not be diminished more than one hail j by the war, it will be still adequate to the'object, leaving only thc 'interest of war loans to ne provided lor. Whether taxes should be raised to a greater amount, or loans be alto gether relied on for defraying the expences of the war, is the nuxt s.ibjtct oi consiueration. , Taxes are paid by the great mass of the citizens, and immediately affect almost every individual of the community. Loans are supplied by capitals previously accumulated by a few mdividuds. In a country! whercihe re sources of individuals are not generally and materially atlectl by the war, it is practicable and wise to raise by :ascs the.greater pari at least of the annual supplies. The credit of the nation may also, from various circum stances, be at times so far impaired as to leave no resource but taxation. In both respects, the situation of the United States is totally -dissimilar. A maritime war will, in the J. States, generally and deeply affect, whilst Lj it continues, th resources of individuals, as not only commercial prallts sviil d. be sufficient here to suggest, thai the ! -sverai oaiiKs -ui ine '.aes nr.a.-j j find it convenient after tbftsni.u'usg j year, and as the di mini.-bed om- .ucrce.of the country .may require '.ess t ap.iai, 10 ioan i govemmtma Considerable poilion o ihtir capital, t w computed ut ubout forty mi lions if doll'irs. It 'might be premature to erter in oa particular detail of the seve.2 brrnches of revenue whi'eU fv selected, m oi rier to provide '.e. the) interest of rar loans, and to cover de ficiencies in case the existing r- venue? should fMl below seven millions ol dol tars. A general enumeration seema at present sufficient. l.Notonly he duty on salt and th Mediterranean duties may be imme diately revived, but the duties on im portation generally may, in case o? war, be considerably increased, per hapsdeubied, with less inconvenience than would arise from ny other mode) of taxation. Without resorting to tha example ofothei nations, experience has proved that ibis source of reve nue is, in theU. States, the most pro ductive; the easiest to collect, &. the least burthens me to the great mass of thepeoplcv In time of war thedan ger of smuggling is diminished, the scarcity cf loreign articles prevents the duty ever falling on the importer; the consumers are precisely thoses members of the community who are best able ii pay the duty : and thta (.increase of Domestic Manufacturest whkhlnay be indirectly effected, 19 j in itself a desirable objecr. 4 J 2. Indirect taxs, however eligrblej i will doubtless be cheerfully Dnid as I far Tattrs, if necessary. SeveraJ", modification - of the system formerly adopted, might however be introdu ced, both in order to diminish some of the inconveniences whi.. h were ex perienced, and particulaily to ensuro the coll Jci ion of the duties. 3, Dirtct taxes are liable to a par ticular objection arising from the un avoidable inequality produced by thes general rule of the constitution. . Whatever difference may. exist be, tvveen thevri.l ;tive werlth. and con sequent ability of paying o; the seve -ral 'states; still the ux must neces-' sarily be raised in propoition to their relative .population. Shou'd it, how ever, become necessary to esort to that resouise, it is believed thaj lhe tax raised upon this species of pro. perty in. each stale, whir.h,- by tlie state law's, h liable to taxation, as had been contemplated by Congress, would be preferable lo a general as sessment laid uniformly on the samev species property in all the states, as was ultimately adopted. All which is leypecfftlN s bmitted, ALBERT GALLATIN See. cf Treasur,.- Treasury Department, Kqv, 5, 1807 Jt j PRINTING ; OF AJ-L KlJJDSv Execute dtsitb neatness accuracy ldi'pxifj been reduced, ai j 4- i? I, r Si m : f i 'l wit Uil ir i I r II n 11 1 1 M .'I 1 tl 1 M
The Weekly Raleigh Register (Raleigh, N.C.)
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Nov. 19, 1807, edition 1
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