Newspapers / The Weekly Raleigh Register … / Dec. 22, 1826, edition 1 / Page 2
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. flecctiibcr Vh?SZ6;'p ; Sir : 1 liavf !e Wior toVsubtnit a Re-; portrrrejafcl in ibeclience to- the direc tions uf the - 1 Act.supplcrrtcntary to tbe act, entitled An act io establish theTrea 8urDfptmctlt,,, passfd on the tenth of of Mav, 1800.; ... . lbave the honor to be, with the highest reject vourobr. servant. . RICHARD RUSH. The Hnnorable The Speaker . O) the HCUSE OV RK.rKESZXTATIVZS. Th rnenditures 61 the- th?ee tut : quarters of theycar l VO-aree" .mat to have amounted, isiaic-x- mentis) .to : -v v r-?' , lf2' 6 CiriJ, lijpioma'ic and -v . vc '..,..- - . - n nnnT ' . IV submitting to Congress the AnnurjJ. Heport required by law; cm the finances the Secretary -.i.- t r.,r u Innnv tn hriuff able to flr-prr- se it ihetn for the present rear, as in a fatisftctn- . ry condition, tt hdst other countries, anu some vith -which the Lhfttd State maintain rtcn aire iUaIirgy have beheld great branches of licr industry, if not idtogcther prostrated, interrupted to w extent fct-oduct'.ve of a hi;rh degree ot sui feriirg, the l-nited States hare e xperienccd wih in themselves no such calamitous occurrences a 1 ha v bern treed from all other than a slight recmlof the pecuniary evils which hve heen sren to press so heavily in other regions. When adverting to the complicated connexions that hind together tie peccmary interests of commercial States having large exchanges with each other, the reaction fom ah-oad has; been less frit than might have been expected, ami Ims brought vith It no results afHictiCe to the cot- V.ufiitv, or inauspicious to the regular, opera t!on if the Govrn-mtnt. Tbe present obliga t'on have alt been punctually fulfilled, without any Increase of the puilic.biirdens, and 'he Na - t",nl IJfif'nuf. wbicti derives no aid from the .T;.tno A'irnrt ? or internal duties of any kind, but rets upon the Customs almost exclusively, lisuTbeen 'unusual'v abundant, in ttc sun s rcaried for the year drawing to a closr, nvA p-v-miscs to be fuljv sdeqiiite;o n.evt eve ry stated brad pf the public rxpenditure. includ ing tie sum annually devoted o t!;e extinguish ment of the debt, firthc year that is to come. Thi aiibsfaiiti.il prosperity, the result of the e vncral industry foslertd by pooi laws, and a just ccon my in th public administration laws whict'-, by ejaryinj tin? borne demand f r t.ie pro-luctior.! of the sdIV have sided in supplying iltfcirncif s1! the forcijrn demand, awl which, by'f.upc adding to exports the results of mann-fictur-ns to those of agricultural labor, Invc termed to opcrr new avenues to external trafiick ttsstUcof the country, in its financial re sources and conreriiS for the year, will be seen, in the recapitu'ations thnt follow. They will ceni.r, first, of the amount of moneys .paid into the Treasnry in 1S26, and in the ycir preceding; and the expenditure for those two years. Next, of tbe stale of the Public Debt, and the.portJons of it that have heen aid off;" which will be seen to exceed tae'snm rejdarly appropri-itcd by law for that purpose, within the year. And bst 1 , of t!te Js-ima'f s, of the Public. Kevenue and Kxpendiiurr for the year 1827. ' 1. Cf tht Public Jiecnwc ami Expendi ture of the years 1325 and 1$G.. The nett .revenue whicli" accrued from duties on imports arid tdnnajje, during thyenr 1S25, a mounted see Statement A to 4.r?5lS,20-2 57 MisceHaneous,- ;'"2l J ....... - J- - .1 r. -V- ' - Miiirary service, mciu.- dinjr"" frtifjca.tions, : ordnancclndianDe pariment, Ucvoluti-, , . ' . omry and . Military rV u ' , , pensionsarmin the . ; Militia, & arrcarafs- V " , - - ' -prior to the first of ; ; . , January 1817,. 5,256,980,9 Naval service, icchnl ' in the 'frnuluat in- crease of the Navv, 3r,21,532 79 Public debt; t 8.C96.58139 . And the expend'tures of the fourth quarter are estimated at Wb, oU viz : ." Civil, Diplomatic and w Mcellancons, Military senice,inclu dinjr fortifications, Kevoluti- onary and Military pensions ' includ ing the MiTltia, and aTearaffes pri)r to. . the first of Janu ary, .1817,' Naval ser'ice, incluM- jng1 the gradual in crease of the-Na v, Public dtbtj , viz. ; lie- imbursemcnt of principal,' Payment of Interest, "-jEt'". neat bepropvr. o state; tne operaiou tb have beeiC h"a4tin.r-lav,I,, ' debt since the fast amiual import from thU tXep rrY5ent;- Jn that report' it wasstated, thit-thelinrrddio ns of 840,000 00 1,293,000 900,000 00 2,003,305 71 912,510 59 The actual receipts into the Trcasu- n, fr.Vrn all sources, during the year 1825, Amounted to , ' 25,840,853 02 .viz . - - . v - ' Customs, (Statement A) . 20,0?S7I3 45 rtibJicJtr.ils, (State- . jvjneiit 12 j,-io,i;yj . . llividcnds on Stock in . thf IJ mk.of ther. . States crrears of in- tfifTa'dntics'anddi- - - ,i Tt ct taxes and citlentnl receipts' (Statement IS) llcn;ivments of advan ' ces made iti the Wr ' ) pirtmeit for ser v v ices or , su pplies, r -iptier to the first of July. 1815,' J ' JLoan of iive 'ri'inons,' iinderthc act ofCbn- rcss of the 6ih of 'pLIar, 1824; ; MaklnT, vitli ibq,al- anec in the Tr-asn 2.9U.H17 30 Making the total estimated expen diture of the year 1826,. 24,662,043 96 And leaving in the Treasury, on the first if January, 1V27, an es timated balance of 113, bearing an interest of 3s 'ter cent. amount ed to the nm-of $16,270,77: 24, tb whol or which was redeemable! in .1825. rlt was thought, to be incumbent upon the department toretom mend totj-.e comklf-ration of Congress uch pri vision for.puvuiir off ,s!m sum during the year -Pi26, as in-the judgmentof the I)ppa;tment, gave promise ot being most itvant!gT'OU v ; exlnbirion ji detail f '-.-the entire public lebt, s. Conta'nd b'ive, sen-es to show, that'eonsidera blesivinsfs'hi interest ha I iK-rtofor? accrned to tNe nition hv exchaheres effected under the-au tlioriiy of Congress, of. .stock bearing an. interest (ifsit -apT cpnt. for tn,J' hearing a lower inter est ; or byj Iokus, under the same authority, for the purpose of paying ofT portions of the debt rnniwrtpil it civ n an vlin the time?' tor redemption .h.-id afri ved, bv th? creation of new d.t btto the samp nmiiii.' sib?ect to an interesi ot; les- than six per ce?rt. Under the sanction o past h g slative approbition of this economic process in relation To the debt, it wastC :mmen- i!ed that a loan should be aut!ioris?d for:182, to the amount of nine millions of dollars, redfema ble in 18 :9 and 18.30. at a rat of interest not ex ceeding fivevper cent, to extinguish this debt of sixteen millions and upwards bearing an inter. est of mx percent, which the Government was thus at liberty to extinguish in 1826, provided it ha. I t te memt. Nine mi!:ions, it was believed, would have form d a sum dquate tn this ope ration, in conj'unciion with the ofher means which it w.ts supposed tlie Treasury would probably have had at command f' r the service of the debt in 1826. There is reason' to think," from the pri ces which thepublic stocks bore io the cpurse of the last winter, ancfViilsequfnily to tfie winter, that, had Congress sanctioned, a l?an to that a motint, the - efforts to oban it would "no haw prov.vd unmccessful, and the w hole of the sock in question have consequentlv b?en paidoff. J;ut.s no loan was authorised, it beenme the d i ty of the Department, to nroceed othenvis 'v if for -his pn ng equal, proposed :,-TJ'-' I -T -vi.- sVVmlhnK3theT thing's' rewainri las we ; ?re prougui nearer ro tne tunc telts Tedemptkrtv, But thenrospect of oStJiihiit is.stitl belierc tp be sttfScient'io lustttli.e fulk reConjntt Wteypri wiect fawM&il that am lioriiV be vri re o h v iawj "any i an eany jeiiomjT iie sessiouTo OfiiV row thej sti n;f sixteen nipns 1 of do! lars a t a rate of int- 'est hot to exceed five per ceit. to be rctleemabl &t the pleasure bf.the.United States, in equal pijHionsn lo, and 1830 These years are fixed $ the .perioils of redemption, for the "reason ihatoper&ted last year f namely, that un der the present arf.ngement of the entire debt, nm ty a-VerV-sraalJ po tfqn of it (less thWone mil lion of dollars) becones fcdeeinble in ekheroT those years. Should such a loan s-ic.ceed, it would pav off at once more than one half of all the stock .at six percent, thereby -pftMhtcing a cleir savin? to the nation of nt least on per cent-on a cibi tal of sixteen mill.ons of doUai for,", two years ; and for a longer period o:i ;i part of" that capital." The residue of , the six per c-jt tock, -am' Minting 015,338,533 75, -would await'the applicafion ot tpp d sposable means of the Treasury durm the years 1827;imd 1828. Whether thoe hv would prove uRicieht for its complete reduct wiuiift inose years, depends, upon events cannot ne accurately 'foreknown.. All that be retnarted is, that, to the full extent of the !j Ttty of the Treasiin, tbo means would be ap- ,pue i,i auuat i ne periods t time best adapted to the exigencies of the pubic service, under the directions of the sinking fund act, and tt:e' lights of past experience at the Treasury. If, never theless, a prt of this residue of the six percent, stock should be found unextin itished o i the ar-. rival of the year 1829, as proLablv wo dd be the' case, , the obligation of paying it ofTl.'ie i, would constitute nei'lier objection nor inconvenience to the measure of a loan up n tb terns jf6p'.d. ii is, consequently, (relieved, that undera!! views ot tlie surjj.-ct, the measure would g vc promise oi 'public ailvantssre. Such a law as is fecom- fde i bt-Mg p.r.-ed, and it executi;m coufidctl tr,rem 7. 1 " l in apnlvin.- ut br-. . the muItipWi op-m non? -7 ivr M '-f ' ' sSed a d stinct li:rh'r u w,, llut f u,,, f should be scuIouslcoCctr ? be, s the groi.nVl.work 'n , if t systeu; of teislaiion in rela io, Omore PenS h,y t,( closely interwovcn whhft! fS character the social rtc, .iVh'If'M al pr.spcnfynlpoiVcP -?nv, the Umted States to 5ts InW gresf ve extension, sup,radd, tmctive one in the constant ,1? L merit, as jna-iirested in tlu-ir pc-m,. ,f, ; v.' emph.ticdly in their recent lM oft freed from all restrictions upon ' V it well as upon the most enlarged VrV ' "' T tie most entirvk-ciroci.y i,f all a It .th- principles of wiiidi the Un t'7;cc,. have larHv set the rvam.i. ,'l",t v. more utttversa v hv -.1 ' -"v5c ans un f .ru.Jy proposed by this government . x, ion, acceptance, the fact mijrht be m.. 1'.. ?0 tbrir hat its Influence u.'joivircneral tr 1 in Can of each nat on ii tvir:;...io. .. , W ' . v-u iiiiiciuaKiiti I M. I'i . lorem duti imported into the IT. iC . a hi I - '432,134 69 v43,919 3.2 5,000,000 00 r. r on the lt.'of'Ja" nuary, TS2J, of 1,U6.5G713 ' An ftgjrregate of. ' . 28,77,455 15 -'l lM--artn.il fTnpndhnrcs of fhe iJ. f 'v v l 1 ' Stales on all accounts, during the veer '825, --amounted (State ment tt to - . ' V " - 1 23,505,804 72 "Cit'd; dinlorrrticcind rniscellane.Mis, : . i 2,748,544 89 - Military Service.inclu. , ding fort'fication. x ". ordnncc.!d;anne- .v. partmcnt.' Revo'ti: ' -onary r.nd.Mi.ntary -, peis'onSarpiiiigthe t 0 . . prior the 1st tf ,Ja- . ' . . f .- nuarj-, 1S17, ; - 5.C92.S31 19 . , . Itvarsr-rvice. inchid . ".S .; Ill's .'"" ,i ' cn ke of he Nav3', -3:04?,0S3. 85 . ' P,,blic debt, - ; -y 1-2,095,344 73,, V . . Lx-aviig a balance in the Trcsyrj', the first of Januajy lp-Jo, ot, j.2Ul, 65U w r -.- i on 1- S5- v. f The crITrrence, araounting to 58i4ll 35, be- '.'tweeu tliis oa ance aiu vx siaicu in mc last au r.uil tlv-port from r the. Xreasiny which was 5,--00 ATvl r.l.'i n-inf to the balance : lavt vpr. lr.ving, been given as an estimate cnlV;" Actual sittMmcnt has fixed it at the sum now stated. ; Te ar.tul receTpta into he Trcaur' during tY i .ree first quarter of the year TS26 are c ' tuv-sMcd to Jiae amounted to - 519,585,932 CO 4 -- 1 1 viz :' " :' ' - Ca.foms ' - 18,031,426 pt; I Ic l,!nds (sta'e- v ; .: il.t r..y 1.053.961 131x1 'ends on StoeVin : . . ;' lk Tank of the U. i-es, ; , 02,500 Arlar pf internal :u. - " Satidwirecttaves X pieUieiiUl re' irta,-'" "(statctuent" v i.r. ; ' 80,492 ivricntsoradv.n- v t r.atdo inlbeVr v ? 5 art nt ot ,for ser- - ?cts ,or - supplies. V v r.or tu the 'first 'if ' Lfr1815,-; v : ' 17,551 'And. lite :ac tnal -eceipts into . the T.easurj' wiring the fourth quar " "t r of the yrar arc estimated at'600,COO 00 jMftvin.j the total estima't receipts . ; vjntotbeTrtasury doruig theyer r 5,V - . ; 16,: .: , , 4 ; .VV 25,835,32 50 At.O wih the ba.r.re in the Tica- - .x-." ry on the 31st Dec. 1S25, of . . 5,201,650 43 63. . A r.- ?tregi!e cf : -31,087,5aj .93 iuten?r.ts C nml C.eVjrinectfd 4;th" tnisdo ctticu, recta tor a kcparatvcoinpiuiueadon. 6,425,538 VZ Should the estimate of receipts for the fourth quarter prove to be correct, the total amount of receipts for the year 1826 wilj have exceeded the total estimates 'presented to Congress last yc:ir, by a sum approaching four hundred thou sand dollars. ' 1 Of the balance of 6,425,533 97, stated, by es timate, as that which will be in the Treasury on the first of Januarv, 1827, it is proper to remark, that it will be subject to the following charges : 1." The balances of unapplied appropriations which will remain to be satisfied after the first of Januarv, 1827, amounting bv estimate to. 3,425,- 000. 2. About one million . of dollars., in funds not at present effective, as particularly explain etl (p ge 8,) in the last Annual Hcpoit. 3. Hie reservation of $2,000,000. under the fourth sec tion of the- act of Congress, of the 3d of March, 1817, entitled AtV.ct to provide for the re demption of the Public Debt." The directions issued last year to the Receiv ers and Collectors of the Public Revenue in all parts of the U. St ates, not to receive in any pay ments made to them, bank note. of any of the State Uanks of a less denomination than five dol lars, continue in full fcrcfr, and are lending their aid in d:sconntenancin the circulation of small notes, and suhJtitutJne in their stead a great er proportion of the ni-talljc me Hum. II. CftJif Public Debt. Tint the precise ntnfe and amount of the funded debt of the ynitcd States, as it exis.s at the present time, mar be seen, the several dest criptions of debt, of winch it is composed, witn tbe periods at wh'tcl they were contracted, and are redeemable, v.ili be stated. , The aggregate amount of debt on the first of October last (Statement No. 3) was 75,923,151 47 cts. . This sumincludes the remnant of ihe debt of the Jlevolition, amounting to S13.1?96,-. 247 70, at an inttf-est of S per cent ; and the sum of $7,000,00(1 subscribtd to the Bank of the V. States ? the I. States own ng. an .equal a mount in the shares of the Bank. These sums raaikng together $20,296,247 70, are both re deemable at tb pleasure of ihe Governor! j"nt. The remainder of the debt has be-n contract ed since the lstbf Jauiar;, 1812, and consists of tlie sums thai follow, redeemable at the, dates that follow : 'j ' l. tThe sumof $11,254,197 46, at 6 pel4, cent, being the residue unpaid of the loan under t?e act of t!e 8rhlof 1'ebruary, 1318, and redeemable hi 1826 2. The sum of $13,096,542 90, at 6 per cent being the n sldue unpaid of loans miidein 1814, and redeemable in 1827. ' . 3. The sum of $9,49 ,099 10, at 6 per cant, being tV residue unhid of loans made in 1815, and redeemable in 138. V " X 4. The sum of $769,668 03 at an interest of 4 J 'per cent, bcinj one half - of the 6 per cent, dock of 1813, exr.lianged under tlie act of Con- gressof the ou'ot Match, 1 8 Jj,-and redeemable in 1829. .V - . ' ' 5. The sum' of $769,663 08, at an interest of 4 "percent., being the other half of the 6 per ceiit..lock exchanged as above, and redeemable in 1830. Thtse two last enumerated swims were set down last year by estimate, at $792,569 44, respectively. Tlfe accounts of the Commission-! ers of -Ioans having since been a-'jnsted, the true amounts are ascertained to be as now exhibited-"' " ' " ' b. The sum of .$18,901; 39, at 5 ner cent, be in" the one-third part of the sum of $55,V04 7T. issued in exchange for 4 he 6 per cent, slock of 1813, lSI4i and 1815, under the act of the 20lh April,, 1822. ami redeemable m 1831. 7. The mm 4 ?I,9U1 5, at 5 per cent, be ing one other third part of the sum subscribed as above Jtaled, anl redeemable in 1332? 8. Ilresum of 10,000 ,000, ;vt 43 per cent, being" stock? borrowed under the acts vf May the 24td and 26, 1824, of the B:.nk of the U. sr ohe- bajf fo pay. the Florida C aims, the oi her half : to pay ff-the 6 percent, stock of 1812,-and re- .1 1.1.. io'i ' - - - . 9. The sum rf $599,999 13, at 5 percent, be ing tlie si ock create by the act of Congress, of. Muy the 15th, 18U, nd releemable m IUS2. , . if. sum QF$18,9bl;iW,' at $ per cent, be ing the remaining third. '.subscribed under the act pf April the 20tii, lS22,ahd redeemable in 1833., y:- . ;,,, . , ! V The sum of $2,227,36:3 97, at 4 J percent, be'nuj one,hair of the aiMiynt subscribed in ex change fo- j6 per cent. fctbek cf. 1813, under the'act of May the 26th, 1824, and redeemable in.i833. " .' ' . . : '. , .12. -The sum of $2,227,363 9S, at 4 pk cent? being tile other haL subscribed, under the net last above stated, and redeem le iq 1834.- . ' ';15' The sum of $4,735 296 :-o0,at 5 per cent, bcinjr.the amount 4)f stock issued under the act of March the 3d, 1821, and redeemable in 1835. Jjy- the .foregoing 'enumeration- it appears, tfaat lutjimonnioi uebt. reaeemable at the pejiotis specified is yX; y ;; 'V ; . $55,626,903 77 Itiat the amount redeem tble at ; ,- ' V ; the plcasuir of the Govern-1 - V: -mentis . ; - ; 20,296,247 70 " , ' - - ' -' ' - - Making the total amount of the : 'fc'i ''a y funded debitin the 1st of Octo' " V 5' V ber,1826, ; : ;: . .75,923,15147 1: me: to t w oi of it1 tn its measures for extinguishing as large t porton! of this six percent, stock, redeemable within the year, as the means of tlie Treasury,-without ihe it I of the loan, rendered praeticablo. Thi was accordingly done in' the manner following; ine stocK c-'iisisted ot tne-res:diifv unpa d. mounting to $5,064,732 65, of the loan of s.?ven million fie hundred thousand dollars. ""under ihe act of the 2d pf August. 1313 : and of the residue unpaid, amounting to 11.254 197 46, of-the. lou of sixteen millions Under the act of February 8tb 131 J. I he former of these brdaces was-whoilv p:iid liff with t!ie moneys which the Treasury h id at its disposal on the first 'f last July. K'Ah re gards the LAter, the Comsiissioners of the Si ik ir.g Fun. I, at a meeting held on the 27th of S-p-tember, resolved, 'that, two: millions -of dollars should be applied JowanJs its reduction at tb end of the present y ar. ,t The hold is f this stock to an amount representing two millions of UI.'a'rs have, accirdinsrlv. hail notice, that, on tie first of Januarv, 1827, they will receive pay '"njeiit of the whole of the, principal sitm iSpecifi ed ip their certificates.. Bv the terms under which this loan of the 8th of FeHruary 1813, was contracted, it became redeem:de : at the pi 3ure of the l-nited States, after rthe 31st of De cember, 1825, by' the. reimbursement of the whole sum whicli stood credited t zfy proprie tor of tlie stock, at the time when the reimburse ment took place. It followed, that. Jn paying off any portion of this loan, iid partial payment could be made to the holder of a certificate, bu.t that he-was entitled 10 receive is full and . -tb so lute amount' wiihout deduction ; and also, the full amount of all other certificates of this parti- lar stock of wliicJi he was at the same time own er. It therefore ' became necessary, as no-pre ft-rence could be shown to one public creditor over another, to 'determine by lot the numbers of the certifie-ates to be redeemed, until their aggregate amount should represent the sum in tended to be paid -off-; and such was theplm pursued Thci precise mode in which it -was' carrie I into effect, will be seen by an explanato ry paper (L) among the documents transmitted. This resort to chance terminated in giving a small excess over the sum wanted ; so that the sum to he paid off on the first of January, amounts, in exact figures, to ?2,002,306 71. " . It may be proper to mention, that the unpaid six per cents. of 1813, were AstaJ.el last year at 16,270,797 24, when the trite Amount was 16,316 599 96. The diffcrencev was included in the four and a half per cent, stock, under the act v of March" the 3d, 182, since ascertained to have belonged to the stock of 1S13 It should be further mentioned, that the three per 'edits.' were , stated last year at $13,296,231 45; to vvhich have beeu added ths"year sixteen dollars twenty-five cents, since issued for interjest on the old registered debt underth'e act of tlie 12tli of June, 1793. . -. ;:." '.- T -. Alter the proposed payment of 52,002,306 7 shall have been made on .the first of January, the funded debt will have been reduced from 80,935 537 72 its amount lift year, to 73,920,844 76, the amount at wmch it will s'and on, the first o January, 1827. . It hence appears, that the means whicti the Treasury was f md to possess ior ine- reuuciion 01 ine principal ot the debt within the year 1826, using those means as large? of the. Sinking Fu'id thought pr;;er to sanction amounted to 7,Ub,Ujy 06 : and that this sum has served to extinguish bv so much the unpaid an (jcruiiu. iu.umvi uid, aiiiuiiiiiiii as oy staie ment, in the annual report of December fast, to $16,270,797 24. The payment of -interest upon ( l ..! 1 " : s amount vilIb.rdtuvtT' hv iw.--... ... , . ' , 'M)IU.II( W be. made on the 1st of January; J 827, o as to eland on that day at ;'r -.'.'.. f 73,920,844 76 The amount ctTrelannrKnt.'oeta1... I31 O? is estimated (NoT' 4) vu j anu tne amount of Mississippi Stock . . . . - I tlie wh ile debt wittiui tne year, iwiii nave amoun ted, by;the close of the la&t quarter, to 3,944;359 33, making in the whole, principal and interest. applied 10 me ueut 111 aoo, ii,uii,j uoiiai's, sixt valine cents. " -. V ' ':.-' Of tlveforogping sum of $73,920,844 76, of wnicntue ncoi wii c uisisi on me urst ot January 1 827. 3 !, 83832 75 will be at art iMterest of six per cent. ; l2i792,.000 20 at '.an interest of five percept , 15,994,0.64 11 at an interest of four and a half percent ; and U3,295,247 70, the remnant of the, Revolutionary :debt, jt an interest 0i tlireA; ''per cent. --. y. y- yy '- ;. - -: '- ' y ' -: It remains i to offc-r sucli Wg'gestionV connect ed with the debt, for the eiisuingyear, as a pro vident regard to lite public resrurces is thought to point out.i It is seen, from, the recitals tnat hae preceded,! tliatrtiueh the largest part ofthtf' ueox esisTs ai. present -.111 mock or six per cent. This is the highest rate of interest - which -'is paid by the Government; It is conceived to be high rr than it is proper shouMbe paid, uidcs where demanded ' by the pubhc fith. The time and concomitant circumstances which characterized the creatum of this part of the debt, necessarily burdened' it with so heavy a rate of ii'.terest , but, that with the ample resouices, the unquestioned security, and the exalted credit Of the Govern ment; it should continue - to pay it wheVe the' option concurs with the presumed ability' to shake it off, seems no-longer warrantable. Ofthe whoie sum, appro chn thirty-two 'taiiliona of dollars. wiacn sia ;.tis at ims uue rest, -nine nmhoiia have beenredeerhable within the present year. 4 TJiir.. ieen millions will become redeemable on the 1st of Januarys 1827, and nine millions onrthe' 1st x;f Janiury, .1828 Fractions, are drtipprd in the recapitulatipn. Thead vantage to.thei natioh'of .converting; by loans or by exchanges, as large ,a portion as possible of this pah" .6f the debt into debt that shull be chanretl with a lower inter est appeaw to be so obvious, that the exoedieucvoM -recbmnndintb'Conss the. proper aieasures f -wweci u, again suggests itsell as an mcttmbent obligation upon the. department. ,1 It is not over looked; . that throbabihty ;bf 'obtaining a Icah . ' :'-;" - ' i'.'-'',;;--"--K''fckr '.v:';'V4? .Z?r-: ft'-J indiscretion cl the K xecu':ive, that d'SCj etiop id be exerted'to ensure the accunidishmeMt sobjec, reerardinar both the time of bbVa;h ing the loan ant its conditions, in a mmner the most satisfactory. " ' . IIJ. Estimate of the Public Revenue and Expenditure for 1827. The importation of foreign articles into the IT. States, iii 1825, was larger than common, having amount d, us by the -'statements "transmitted to Congr ss on t!il3th of l.tst rlirch, to inore th ut 95,000,000 in value. Th:s exceeded. . by wbout $16,000.0: '0 the aveingv value of ;:-nporutiO:s for the three ye:rs prpcediV. The excess was htrgVr than could e Justified by 'the., mere gfa duaily incr asingd: mand of the count y, through if.-i increasing populousness, fr.fofeigu" supplies, Mid cquld (Kvy 'iive proceeded fro.'Oh'e i'dlu- ence of tuo-e ucci lental an.J (cmn;)rry, causes which, nrcommerciil afnjntries,'"are always f- fecting.th? pprrjit-bna of trade. A -Minih', so redundant,-.for one ye sr, might havi -been ex pected, by the natural, reflux of tliese opei"&t:ons, ?o oe-fo. lowed by supplies more hin ted for the year succeeding. Onj.lus account, as we 11. as iiiro oilier causes tnat-'W-ere adv?rtj;J to m tu Annual Report of labt''leceinber,'the probability" pr uere bei.igs ta lmg on .ju.the val irvorthe rm portatiohs of' 1826, -as, compared witii those o 1 o"t . t . 1 1 t . 100, w.iS mivmait a a .a n:is petn ui- tcr. 1 lie whole importations for 1826 iuye amj iutejL froni the returns and. estimates at plesent efore the Treasury, to about $85,000,000, in value. : Tli whole of the exports torthe same ti -lie, tonbout 78,0 ;0, 000. Of the impoits, abut 80,000 000 have been c&med in American -vessels and, of Uie exports, about 70,000,000. "Of ihe latter, a- bout 53,u00,0UU consisted of the production! of the U. States , and the remSinder-of foreign pro iiuiiu.ia. ue uiiimiiaiu-u :nue or luippriaiions tor loo, has obyiously arisen, m sbme degree. trom tlie tail of prices tu tuose coun'ries oi Eu rope, from which the largest quant vl of maou- Jactured articles. are '-sent to tiieU.. States, and gives countenance" to - the opinion that t'ie de crease in quantity has not been , in ptwort;oit to the decree -i in Value, c If, indeed,- the co upira; tive amount and value of exports be assunied as the measure of a correct j ulgmept upoa thU point, it would evei lead to ihe inference tliat, a regards some of the principal articles t;f Im portation" intut the United States for 13 '6, there li is been no der.ri.-ase in quantity, as compared with' the 'mportaticnsvif 1825.- Thf valu of ex pons from the U. States, fo? 132Jr exhibits' a gr. ater excess over those of 1826, ihan is s -eri in lhe imoorts ; ye', in some of the ch ef art'.cies of export, the records of the Treasury attest, that th- quantity, as far as yet known, was great er in 1826. In 132 theexpor; ot c ttoowas 176.000,000 of pounds?' iu 1825, i; waf 192.00S.-- 000. The value of thrldtrr, or larger quoiUty, J was $2,0J0,0U0. Tile v ilue of ihtr farmer, or smal er quantity, was 36,000,000, 1 :i like uu.i nef, the quantuy' of flour expprte;! in 1825 w is greater than in, 1825. whilst h; value Kas less. though not in ibe sums proportion as with cot ipn. The fcinie is true of rice. i;; Tbe export of flour in loibj was, 111 quantity,' 88,36 . barrels as.far.as at present ascertained, was J''. .dollars. The value of the sa ne deJj'SM godstj unportert in 1825, was 12,509 $n l The v;due of wk1 -n goods, suMect' Q t rem dnty, importtd in 1826, wiu 7A1qu lurs. The value of the same des-r'ntion. J imported in 1325 was Umt2U as already intim-ded, this difference in v . :' not be relied upon as a safe test of t'ie diff.- cuhai ly in:s1ead ng, and the tirwent U pc! to beoneoftliem. Thetiuties one.idid tion or tnese nvtnufactures. wit- . . i ' I I A I vie pr.ccs unicu eacn respectively bore af .1 Places f erxportatouduringtJie respective vel. aoa ure great i.m in prices in 13ib, w edly serve to 'account. in value $4, 139,063. In lii25, -.it p as 813, 06 barrels ; . and, inya.ue, $ 2l2r;27. Th'eexpoit of rice in 1826, was 110635 tjerc?s, iir qnantifvi and $1,909,227 in value. In 1825, it wai97,0l5 tierces in .quutityud 1,925,243' '"in. value. It miy be proper to subjoin, thatl of the ex;ort of cotton in 1825,r. uetween' 9 and 10,000,000 of pounds were of the Sea Island ' cotion : 'and of the export of 1826, between 6 and 7, 000,000. Of tobacco, the quatitity exportedas welt aits yalue rosejiigher in 1825 than in 1826. Buy in 1826, the export of tobacco, though consider ably less than tliatof 1824,in quantity, ws - great er in valuer - The comparative amounts, in quan tity land value,. for Ihe 3 years, -stand thus; For 1M25, 75,934: hogsheads, and $6,115,623 ; for 1826, 59.780 i hogsheads, and $5,322,964 ; for 1824, 77,883 hogsheads, and $4, 566, Tak ing tlie 3 years, therefore! it appears, tiiat" tpe quantity exported was greatest in 1824, and the value' least. ' :,',.- .'-; It i would be desirable, with a viewv to judgfe accurately of the effects of the ti.r.fF upon thc. importations of foreign merchandise, to ascertru the fluctuations from year to year iu the quantity of such importations. This c inndt be'done at present, so far as any otlciai'or satisfactory stan- d rd at the Treasury is conccrhed.-::'crhe.rc.furhs: of the Collectorsr of the Customs in refaiion iio goods -whicli pay duty ad valorem, have hitherto. fixed nothing but their value ; and it) is' known, that -goods .subject to duty' under this form com-. re'u-nd much the largest class'ot foreign' import tatmns. Measures nave been nut in train lor as- certaming, tiencetonh, as far asrracticable, the entire quaunty ot goods subject to t is descrip tion of iluty, as well as tie value. But even when time siiould have matured 'these i measures and exhibited their results, hey will furn i no start- uaraoi comparison as to tne quantity ef importa tions prior ta their i adoption.' The information Avill. however,' become useful after the lapse of a icw years, in s oearpigAipon the course ana ue-; velopments . of our home industry and foreign, trade ; showing howe.ich, under wise principles1 adapted to each, may advance1 co-equaUy'r Imy uie cuanneis anu tte objects 01 the latter ntty shift under theadvance 6f the former witho, any loss, but with gain ia'efTective national re- 5ultsresults oneratrne- drion th"e most extensive iaterests, and enriclung;lo tliegreatest nlass ot' numbers ; or ftowunder the srrowth of the one, the other is at all desiaetto become disadvanta geously and lastingly' abridged The beueficial parts of these conseqiuinecikare ' looked to Wtth confidence "and hopeliW the taiilf, as well from our iwit experience wusfaj," as from that of o ther nations of thelworid disiinWishird bv hitrh degrees of opulence -ahU'clyliiiaiionan Hart til u ... ferenre in r!i a?firpI..rtrf rilna ..r.i.. . . taUons. : Further elucid.vdon will be a'lor I 1 'r the point, when it is added, t'ut aid, v, m vdne of cottou manufacHjrimported i- iav stds bv'low -thbse imported m 1325, in the portion 3ated, it exceeds the. VHlue of the aT kuid of manufactures imported d-iria eith' w the two years predeiling, viz 182 13 or T-.e same is not true of die uvo 'dlen manuLcti ' The value of the Utter, paying duty rtvtfZ'' imported in 4826, is 'found.: from ,"L " !? yet before the lYeairyvtb-'be. helov the ..r.J of the same kind of importations for i82i"s.823 though the difference, is far les co.isUm than between their ValuIin IS26 ail 125 nl is it known at this TJe'nartmnt: L been the c mparst.ye value of, -woollen goods at the places 0 .exportation lurrng the foup consc catVe years in li rated." he vacation of mcr! chatidise constituting dhe total aggregate of our foreign trade, Is always made at thejjorfor place of .shrjment, and the rule applies constnucn v both ways ; jhat 13," to all articles of export as .well as import .thereby feeing it from objection to wliich it might otherwMe be open. Themodt of valuing:,is, m effect,; as 'fojls ; tlie party mking the -shipment- anne :es he" alua tj the.' .tnaiiifest'or list of articjes supadding tils outk, that it1, is their true value aco'rdintrta thdr ruxJT cost, or according to the valuo .'w'hiUi Ithey irulr bear, at the port and ;time of shipment. This, oath is taicen under tho supervision of tua t'j1. lectors as' regards expoi tsand under jiut f our Consuls or oth.r Commercia;' or substituted A gen cy abroad, aw reffirds" Imports.": Some oth.- formaUtiesjiye --.observed unde?, bulaws, jwrticii- lariy in relation to ' irAporta ' but theV are all in aid pf the' chief provision Rer.Vst'ated. The artkl. s of AmericaPfanuficturi? exborJ f' OTi the United States in l82;ivwi it ts'Seitcr' ed':.be fi Kind to exceiesl six 'i n of .lo'.ur-va. ..lue. The rpartlculat: kinds o' , Marviuctariv which have made up this bfolitablc a ad tfW'nr braoyh of thtryport trade, w 11 be presented in detail, antHheirtota'l Vahieiierta' ne: I with more precior ir the general S.atlstic d T-ibles. nov in course of pK:p:uati;:i, nod r thac'. ot rhe 10th ofVbrnarv; 1320." which, will be." transmitied t ixftrrsaLt -is earry'd - as' their volu:niiuirs na urA will allows Of tlie. amount of American Mirtviraatures prodticed for .conaiiijiptibn witlutt United. State during tlie : Jeatt i- 'irnp-issi-rde (o s .eak with -exactness out frm hdica- deceive, .Mt is evident that it cations jthat cannot s t -.rge ; so argL W OU1U 501K to a IVY U t he surest' gu r.cad is, .th'it instil jave been enabled th d the amount, exported ei' below all airnp.'.r'ison with. i-ff r to 'our belief, under ibis m': binnches which at l?ngtli tliroug'i a ?tfarideht legisla- il t ; .tahcktro.iagainst that orei whcl peiti'bn'f're'establisBvti excel leniw ai iro:n aoroaa, wnicn must otnerwise nave neri. lown forever their first; attempts, ttie article c:m iow be ha.l cheaifer in price, as well a better in qitaliiyy -than the same article from abroad, as it was 'seen m our marKeM priorto tne erhcenipro- c: on ; ffbrde .i to our o wo. fleece, th apprehen ons ofinbnopoiy pas away; flence.tho certainty, 1 ' that comixetion at ho ne mil bruu din luces. eventu diy, ifVot immediately? whdst it crea.es, a:id ddfuses" new 'wealth at : home'f labor benff the foundation of,walt:r, and proilucing and dis-, seimnatina: it m')rcuhiversally,;aVid in hijrher de- : gret s, in proportion as it cxists under diversified 'forms, and i a 'fuiL activity."1 It 'ii, thenthit thft farmer, the artisair and the ; jncrchan' gtve sup' ' , port to eacii nthe?, eacli -enlarging the occopa-r ' tions and tlie gnins of eacii; the Sute, mean .;iile . v re ping tUe fiuits in fiscal prosperity and political ' .power. ''As regards the Coilort ilaaufi.'ctoriis of the cbunttythef e are grounds for sup posirig tnft v ; they now' ra ike acall for falilone-fourtliof all thft , raw iouon ;grawn m itie uniicu auics. , .. thentic information ai to th& exact riuantrtv. is not ' , indeedrjpnes3ed at theTre isury 'i but as - ;' prox inatW, .ttis bclitved "that ,lJ)e above pro- , poition may1e taken without the hazard oi es-' ' sential error. It is gratifyThg to add, that tnose parts of the United States, whmancct5riiig , establishniVnls,' tf all kimls, flourisii most, exb- bit in animal pd industry, an orderly aspect, aii .increasing population.0 '.Townsman;! Tillagef ! are seeii rapidly v to rise up in tpth ditricts, -a resorting to vhiclrthei rural ; population of 'I'f vicinity find ready;nffpV6litabIeyaieaJbr the y'". rious productions of fanni.i. enterprise 'a bbr.VJt is belie ved that, as these tttaWisJ-nats v, shall rear themselves upi unde.jul2qaate encoil- . ragcitts.utj.il aujnented pu-wbera aiid un.ortr,ce, a CorresAndig 'activity , hi, T6reis tra.le, become" their conconiitantii th'jfkaame porufc of country, Wince,- besides the trade in exjon, iw , 'which; 'after supplying- their' fall shAre ot.tJi home dim uidr tuey open the V.y, a d VticU kwdl not fail to bring its proper return! bi-oadh'cale of exeiunls. th very cn .1 (ill IBe tence w J acttires,'as they assume- great variety a perfection; sipcrindaccs tj : , necesi.j vy llv r-.rrmnif l.ilo IJie couury, -, lanuf reach" .:ira r;'rrrt...i ,nte totHsidiJi'v to tbent c .ir'ui en f,i1l ..r fTUwmforiC. uriOT . ad OUic kinds regi d r it V"St i 1 inn thp'r d-nartmentsi so dufsicara th alternation ot consumption surface o: thm such coinmun vutliw. u in gs do bow sreaa wiciu" itle ltvca:uior escape aiic- that the portion j f oU.-;eiuittr W11" ' part, zntttwtflo Hies remarks, or .-lfi g them;.are nut U Wired, oTfavoed ;ft iux a .j Tegive, whh the capacity of produc.ogj 1 .ii, vh.iiau treasures of the Sv. . - Xyr ,' ' .:"i - : " M . . I - ' X ."' .' 'y.iyi-. '' I-
The Weekly Raleigh Register (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 22, 1826, edition 1
2
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