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GEORGIA STATESMAN.
by BURRITT & MEACHAM
THE GEORGIA STATESMAN
s published weekly at the Seat of Govern
m-nt. opposite the State-House Square, at
I’jjiee Dollars per ann. in advance.
Advertisements inserted at the usual rates.
N. S. Sales of laud and negroes, by Ad-
B:! ustrators, Executors, or Guardians, are
, quired by law', to be held on the first Tues
!iv in the month, between the hours of ten
r the forenoon, and three, in the afternoon,
the court house of the county in which the
iroperty is situate. Notice of these sales
nast be given in a public Gazette SIXTY
ays previous to the day of sale.
Notice of the sale of personal property
oust be given in like manner, FORTY days
revious to the day of sale.
Notice to the debtors and creditors of an
,tate must be published for FORTY' days.
Notice that application will be made to
Se Court of Ordinary for leave to sell land,
oust be published for NINE MONTHS.
't_J 2> All Letters must be POSTPAID
"report
From the Secretary of the Treasury,
on the state of the Finances,
In obedience to the directions of
the “Act supplementary to the act,
entiteid ‘An act to establish the
Treasury Department,’ ’’ passed on
the 10th day of May, 1800, the Se
c etarv of the Treasury has the hon
or to submit to Congress the follow
ing Report:
1. Os the Public Revenue and Expen
diture of the years 1824 and 1825.
There being no direct taxes of
of any kind, duties of excise, or
other internal duties, in operation
under the authority of the United
States, the publick revenue by their
existing laws arises almost entirely
from duties upon foreign merchan
dise imported, and upon tonnage,
and from the sale of the public lands.
There are other branches from which
small and occasional receipts are I
derived: as dividends on bank stock,
the post office ; arrearages of taxes
due under former law's, and other in
cidental payments, the aggregate of
which, whether from temporary or
permanent sources, is inconsiderable,
as will appear by statement annexed
to this report, where all are recapitu
lated. The receipts from the post
office indeed have of late years ex
ceeded a million of dollars annually ;
but this sum exhaused for the most
part in defraying the expenses of
that extensive and useful establish
ment, performs in this manner the
highest purposes of revenue by con
tributing to the intercourse,the trade
and prosperity of the country.
The nett revenue which accrued from duties
on imports a.id tonnage during the year
1821, amounted (see statement A) to
820,385,430 42
The actual receipts into the
Treasury from all sources
during the year 1824, amoun
ted (including the loan of five
millions at 4 1-2 per cent, in
terest to discharge Florida
claims) to 24,381,212 79
Viz :
Customs (statement A) 17,878,325 71
Public Lands (statement D) 984,418 15
Dividends on stock in the Bank
of the U. States, arrears of
internal duties and direct
taxes, and incidental receipts
(statement E) 472,957 04
Repayments of advances made
in the War Department for
services and supplies prior to
the Ist of July, 181 C, 45,481 89
Loan made under the act of the
24th of May, 1824, “topro
vide for the awards of the
Commissioners under the
treaty with Spain,” 5,000,000 00
Making, with the balance in
the Treasury, on the Ist of
Jan. 1824, of 9,463,922 81
An aggregate of 33,845,135 60
The regular and permanent ex
penditures of the United States di
vide themselves into two principal
branches: Ist. The sums authoriz
ed by law for defraying the whole
Expenses of the- government, domes
tic and foreign; civil, military and
naval. 2d. Those provided for the
payment of the interest and principal
of the public debt.
The actual expenditures of the nation on all
accounts during 1824, amounted (statement
E) to 831,398,538 47
Viz :
Civil, diplomatic and miscella
neous, 7,155,308 81
Military service, including for
tifications, ordnance, Indian
d'partment, revolutionary &
military pensions, arming
the militia, and arrearages
prior to the Ist of Jan. 1817, 5,270,254 34
Naval service, including the
gradual increase of the Navy 2,944,581 56
Public debt, 16,568,393 76
Leaving a balance in the Trea
sury on the Ist of January,
1825, of 1,24(5,537 13
The difference between this bal
ance, and that stated in the last an
nual report from the Treasury, is
reconciled by the facts, that the
balance, last year, was given as an
estimated balance, subject to cor
rection by actn. 1 settlement after
wards—and that it included the mo
iety of the loan of live millions un
der the act of May the 245th, 1824,
which was not paid into the Trea
sury until after the first of January,
The actual receipts into the Treasury during
the three first quarters of the year 1825, are
estimated to have amounted to
821,681,444 56
Viz :
Customs, 15.196,897 00
Public Lands, (statement G.) 976,902 67
Dividends on stock in the
Bank of the U. States, 367,500 00
Arrears of internal duties and
direct taxes, and incidental
receipts (statement H) 98,888 29
Repayments of advances made
in the War Department for
services or supplies prior to
the Ist of July, 1816, 41,758 60
Loan under the act of May 26,
1824, “ 5,000,000 00
21,681,444 56
And the actual receipts into the
Treesury during the fourth
quarter of the year, are esti
mated at 5,100,000 00
Making the total estimated re
ceipts into the Treasury dur
ing the year 1825, 26,781,444 56
And, with the balance in the
Treasury on the 31st Dec.
1824, of 1,946,597 13
An aggregate of 28,728,041 69
The expenditures during the
three first quarters of the
year 1825, are estimated to
have amounted (statement
1) to 70,190,929 91
Viz:
Civil, diplomatic and miscella
neous, 2,098,525 16
Military service, including for
tifications, ordnance, Indian
department, revolutionary
and military pensions, arm
ing the militia, and arreara
ges prior to the Ist of Jan.
1817, ' 4,899,310 59
Naval service, including the
gradual incrcaseofthe Navv, 2,127,156 37
Public Debt, ' 11,074,987 79
20,190,979 91
And the expenditures during
the fourth quarter, are esti
mated at 3,253,000 00
Viz :
Civil diplomatic and miscella
neous, 445,000 00
Military service, including for
tifications, ordnance, Indian
department, revolutionary
and military pensions, arm
ing the militia, and arreara
ges prior to the Ist of Jan.
1817, 960,000 00
Naval service, including the
gradual increase of the Navy, 820,000 00
Public Debt, 1,028,000 00
3,253,000 00
Making the total estimated ex
penditure of the year 1825, 23,453,979 91
And leaving in the Treasury on
the Ist of Jan. 1826, an esti
mated balance of 5,284,061 78
Should the expectations formed
respecting the receipts in the fourth
quarter be realized, the amount of
receipts for the whole year will have
exceeded the estimate presented by
the Treasury at the last session of
Congress, by about $50,000.
It is to be remarked, that of the
above estimated balance of 5,284,-
061 78, the sum of 3,500,000, is not
subject to appropriation, being the
estimated amount that will remain on
the 31st of December next unsatisfi
ed of appropriations heretofore
made.
These appropriations being neces
sary for the objects for which they
were severally mad- , are still an ex
isting charge upon the means of the
Treasury. Os the residuary balance
of $1,78-1,061 78, it is proper dis
tiuctiy to state, that about one mil
lion cannot be counted upon in any
estimate of effective funds for the
public service. It is made up of
debts due from various banks, w hoso
notes were received by the govern
ment during the suspension of specie
payments, or which were heretofore
used as banks of deposite ; debts, of
which the recovery must, in regard
to a large part, be doubtful, and, in
any case, slow.
It may be proper to add, that the
permanent deposits, generally,made
in State Banks, have recently been
withdrawn, or put in train to be so ;
the public exigencies which render
it necessary to make them in com
mon with those on which the losses,
above mentioned, are, likely to oc
cur, no longer existing Such por
tions of the deposits as may still re
main in any of these institutions,
will be further withdrawn as circum
stances may render just and expedi
ent,until these operations are closed ;
nor will they be renewed where it
may be avoidable.
It may be proper also to state, that
directions have lately been issued to
ail the Receivers and Collectors of
the public Revenue, not to receive,
in-Rtry payments made them, bank
notes of any of the State Banks of
less amount than five dollars—ln
discountenancing a species of paper
circulation deemed to be objectiona
ble, reference was had to the author
ity and example of Congress upon
this point, as seen in the prohibition
to the Bank of the United States, and
to the Banks existing in the District
of Columbia, against issuing notes
of a lower denomination. To guard
against all inconvenience to indvidu
als from the adoption of (his meas
ure by the Treasury,especially in the
districts where the public lands are
MILLEDGEVILLE, TUESDAY, JANUARY 17, 1826.
sold, an adequate previous notice
was directed to precede its enforce
ment.
11. Os the Public Debt.
The total amount of funded debt due on the
Ist of October, 1825, (statement No. 3) was
$80,685,537 72
Os the above amount, the
only portion remaining unpaid
of the revolutionary debt is the
three per cents amounting to
13,296,231 45. This sum and
the subscription of seven mil
lions in tile Bank of the United
States, at five percent, (the U.
States holding an equal amount
in the shares of that institution)
are redeemable at the pleasure
of the government, making to
gether 20,296,231 45
The residue of the public
debt contracted subsequently to
the Ist of Jan. 1812, and a
mounting to $60,689,306 27,
exists in the following portions,
and is redeemable at the follow
ing periods, viz.
In 1826, being the residue
unpaid of loans made in 1813, 16,270,797 24
In 1827, being the residue
unpaid ot loans made in 1814, 23,096,542 90
in IS2B. being the residue un
paid of loans made in 1815, 9,490,099 10
The stock of the foregoing
portions of the debt is all at six
per cent.
In 1329, stock at 4 1-2 per
cent, being the moiety of six
per ct. stock of 1913, exchang
ed under the act of Congress of
March the 3d, 1825, 792,569 44
In D»3O, stock at 4 1-2 per
cent, wing the other moiety
exchanged as last above stated, 792,569 44
In 1831, stock at 5 per cent.
This is one-third of the sum of
$56,704 77. Issued in ex
change for the 6 per cents, of
1813,1814, and 1815, subscrib
ed under the Act of the 20th of
April, 1822, 13,900 19
In 1832; stock at 5 per cent,
being one-third part of the sum
subscribed as last ahove stated, 19,901 59
In 1832, stock at 4 1-2 per
cent, borrowed of the Bank of
the U. States, one half to pay
the Florida claims, the other
half to pay off the 6 per cents,
of 1812, under the Act of Con
gress of May 26th, 1824, 10,000,000 00
In 1932, stock at 5 percent,
under the Act of Congress of
May 15th, 1320, 999,999 13
In 1g33, stock at 5 per cent,
being the remaining third sub
scribed under the Act of April
the 20th, 1822, 18,901 59
In 1833, stock at 4 1-2 per
cent, being one moiety of the
amount subscribed in exchange
for six percent, stock of 1813,
under the Act of May the 26th,
1524, 2,227,363 97
In 1814, a stock at 4 1-2 per
cent, being the other moiety
subscribed as last above stilted, 2,227,363 98
In 1835, stock at 5 percent,
being the amount issued under
the Act of Congress of March
the 3d, 1821, 4,735,296 30
Total redeemable at the pe
riods specified, 60.689,306 27
Total redeemable at the pica
sure of the government, 20,296,231 45
Total amount of the funded
debt, on the Ist of October,
1825, 80,985,537 72
The amount of Treasury notes out
standing on the first of October, 1826,
is estimated (No. 4.) $ 16,600.
And the amount of Mississippi
Stock unredeemed on that day, in
cluding awards not applied for, (No.
5.) at $7,850, 17.
The foregbing recapitulation ex
hibits the precise amount of the pub
lic debt now due, as well as the dif
ferent periods at which, by the terms
of the several loans under which it
was contracted, the United States
are at liberty to pay it off. Os the
sum of 11,074,987, 79, mentioned
under the head of expenditures for
1825, as having been paid off in that
year, $ 7,727,052, 19, were on ac
count of principal of the debt, and the
remainder on account of interest du
ring the three first quarters of the
year. Nearly the whole of the prin
cipal thus paid, was outstanding at
an interest of six per cent. Look
ing to the above recapitulation, it
appears, that in the years 1826, and
1827, a larger amount of debt be
comes redeemable than it will fall
within the ordinary surplus means of
the government to pay in the course
of those years, viz: a sum exceeding
sixteen millions in the former, and
thirteen millions in the latter year.
Both these portions of the debt are
also at an interest of six per cent.—
In 1828, the amount redeemable is
at a point which it may be hoped the
stated means of the Treasury for the
year will reach; the ability to pay
off increasing as the process of re
duction advances, both by the inreas
ing means of the nation and the an
nual liberation of interest on the a
mount of debt reduced. But, in the
year 1829, only a very small amount
becomes redeemable, viz: less than
one million; and in the year 1830, a
sum no larger. At the period of the
last annual report from the Treasu
ry, no portion of the debt became re
deemable in cither of those years;
with a view to a more equal diffu
sion of payments, as well as to effect
a saving in interest, it was recom
mended, that the excess of debt
which could not by the ordinary re
sources of the Treasury, he discharg-
ed in 1826, and 1827, the debt re
deemable in the former year then
standing at nineteen millions, should
be thrown in equal portions upon the
years 1829 and 1830 - To carry this
recommendation into effect, so far as
applied to the year 1826, a loan of
twelve millions was recommended, at
five per cent, one half to be redeem
able in 1829, the other half in 1830;
the entire twelve millions to be in
tended to constitute a fund with
which, in conjunction with the annu
al surplus means of the Treasury, to
pay oft’ the nineteen millions redeem
able in 1826. The principle of the
recommendation was adopted by
Congress, but not its precise terms.
An act was passed on the third of
March, 1825, authorising the ex
change of stock to the amount of
twelve millions of dollars, at four and
a half per cent, for a stock of like
amount at six per cent, the latter be
ing so much ot the stock of 1813, as
was intended by the act to be re
deemed. The act also authorised a
loan to the same amount and at the
same rate of interest, to accomplish
the same object; both inodes not to
be pursued, if either succeeded—
The new stock of four and a half per
cent, whether proceeding from the
exchange or the loan, was, by the
terms of the act, to be subject to re
demption in 1829, 1830, in equal
portions. The proper measures
were taken to execute this act, but
have prevailed only to a limited ex
tent. The operation of exchange,
which was first resorted to, took es,
feet to the amount of $ 1,585,138, 88-
and this sum, divided into equal parts,
forms the two sums that now stand
in the general table of the debt, as
redeemable in the years 1829 and
1830, whilst they have also served
to diminish by so much, the six per
cent, stock of 1813. Proposals for a
loan for the residue of the sum want
ed were next issued, but no offers
were received. The causes of the
failure it may be presumed were, the
low rate of interest, and short peri
ods of redemption, held out by the
act; in conjunction with an activity
in the commercial and manufacturing
operations of the country affording
higher inducements to the invest
ment of capital. This mode of deal
ing with the debt, whereby, through
the instrumentality of new loans,
stock at a high interest it converted
into stock at a reduced interest, and
whereby also the extinguishment of
the principal is made to fall in pay
ments as nearly equal as may be,
throughout a given numer of years,
is evidently advantageous to the pub
lic; since it not only lessens the na
tional expenditure on account of in
terest, but guards against the possi
ble accumulation of money in the
Treasury in years w hen it might re
main inactive towards the progress
ive reduction of the debt. As it is a
mode fully sanctioned by Congress
heretofore, it is respectfully recom
mended on this occasion, that an act
be passed, at an early day of the ses
sion, giving authority to borrow nine
millions of dollars at an interest not
exceeding five per cent, redeemable
in equal portions, in 1829, and 1830;
iii order that the Treasury may be
enabled to pay off, in 1326, the entire
remaining amount of the six per cent,
stock of 1813, redeemable in that
year. Nine millions, with the dis
posable means which the Treasury
will probably have at command in
1826, it is believed, will form a sum
commensurate with this object.—
Five per cent, is named as the max
imum of interest; and, considering
the short periods of redemption, it
is probable that the loan could not be
obtained at a lower rate. The contin
gencies of the money market might
indeed produce more favorable of
fers ; but these are not to be counted
upon with any approach to that cer
tainty which should form the basis of
such a financial operation.
Should the act in question he pass
ed, it is further respectfully recom
mended, that, in the event of the
loan being obtained under it, author
ity be given to issue to the holders
of the stock under the 3d of March
last, exchanged stock equal to the
amount of the subscription before sta
ted, viz: $ 1,585,138, 88, hearing
the same rate of interest as that
which may be issued under the act
proposed. The two acts will have
had precisely the same object. The
second, should it succeed, will only
have consummated an operation
which will date its inception from
the first. It is, therefore, consider
ed, that it will belong to a proper es
timate of good faith, to place the
stockholders under both acts upon a
footing of equality. Those who w ere
willing to accede to the terms of the
government at an early day in (his
transaction, should not he left in a
worse situation than those who may
have held hack in the hope of bet
ter offers. Let all he treated alike.
It is thus that the government will
exalt itself before the nation. It is
thus, that, substituting an expanded
justice for the mere letter of a bar
gain, it will be likely to invite still
larger confidence in future. It is
thus that it will ultimately be gain
er, by that connexion invariably sub
sisting between the permanent inter
est of every government, and its
standing of unimpeachable and spon
taneous equity in the eyes of the
public creditor.
Should an act for the loan of nine
millions be passed, a considerable
surplus of debt at six per cent, will
still remain to be provided for, for
the service cf 1827. More than
thirteen millions of the stock of 1814
becoming redeemable in 1827, the
whole cannot be redeemed in that
year but with the aid of a loan. A<
loan of six millions would be suffi
cient, in all probability, for the pur
pose, and is accordingly recom
mended. The interest not to ex
ceed five per cent, and the amount
to be also subject to redemption in
1829 and 1830, in equal portions.—
The effect of the two loans recom
mended, which it would be most de
sirable to authorise in distinct acts,
would, it is believed, be to enable the
government to redeem the whole of
the six percent, stock of 1813, and
1814 in the course of 1826 and 1827.
It would also throw upon each of
the years, 1829, and 1830, and am
ount of debt equal to about eight
millions and a half, instead of less
than one million, according to the
distribution as at present existing.—
The only remaining stock at six per
cent, would then be that of 1815, in
amount, under nine millions and a
half, redeemable in 1828. Should
no unforeseen expenditures arise,
and proper economy be kept up in the
public administration, it may reason
ably pe hoped, as before intimated,
that the surplus revenue at the dis
posalofthe Treasury in 1828, will be
equal to the reimbursement of that
sum. After 1830, the whole amount
of debt, on the results herein assum
ed, would stand at about forty mill
ions, full one half of which will be re
deemable at the pleasure of the gov
ernment. No portion of it will be at
an interst exceeding five per cent,
whilst the principal part, will be at a
rate still lower. With these views
of the public debt, so encouraging
in their bearing upon its speedy, cer
tain, and regular extinguishment, it
is not deemed necessary to recom
mend, at present, any other meas
ures in relation to it than the two
loans described.
-111. Os the estimate, of the Public Rev
enue and Expenditure for 1826.
The public revenue is derived in
an amount so preponderating from
foreign comerce, that the state of the
latter is always to he chiefly looked
to in every prospective view of the
national income. As the internal
character of the country has worn a
character of activity and increase du
ring the present year, so has also its
foreign trade, by that close connec
tion which subsists between them.—
The exports for the year ending on
the 30th of September last, have ex
ceeded niuety-lw o millions of dollars;
the imports hare exceedi and ninety
one millions Os the exports, up
wards of sixty-six millions were of
domestic, and the remainder cf for
eign productions.
Os the imports, upwards of eighty*
six millions were in American ves
sels ; ot the exports, upwards of eigh
ty-onc millions. Considering that
the vessels of those foreign nations
with which the United States have
the most extensive commercial in
tercourse, are now placed upon u
footing of equality as to duties and
charges, of whatever kind, in our
ports, with the vessels of the United
States, this heavy excess of Ameri
can tonnage is a signal proof of the
flourishing state of our navigation.
It may serve to show how the effi
cient protection extended to it, by
the early laws of Congress, succeed
ed in establishing it in a manner to
meet and overcome all competition.
Bofore the era of those laws, it is
known how this great interest lan
guished; how little able it proved,
before the auxiliary hand of govern
ment was stretched out, to support
itself against the established superi
ority and overwhelming competition
w hich it had to Taco in the world.
The foregoingamount of exports ex
ceeds, by about seventeen millions
of dollars, the average amount of
for the three years preceding. The
imports exceed, by about eleven
millions, the same average. Whilst
this large excesss of exports, during
past year, arises chiefly from the
produce of the soil, it is satisfactory
to know that domestic manufactures
have lent their contribution. Os
the latter, theic have been exported
to the value of between five and six
millions of dollars. Thisbr an excess
of eight hundred thousand dollars
[NO. V.—VOL. I.
over those exported in 1824 ; and of
more than two millions of dollars
over those exported in 1823. The
progressive increase in this branch
of industry isfnaturally ascribablc to
the new tariff.
The effects of the tariff upon the
course of our foreign trade, in other
respects, have, as yet, been but very
partially disclosed. More time must
elapse before such a body of succes
sive facts can be presented under it
as may lay a foundation for confident
conclusions. The law itself, by the
terms of its enactment, has not yet
come into full operation in ail its
parts, and the returns in possession
of the treasury are not yet complete
even for the short period during
which its principal provisions have
had any efficacy. One thing seems
apparent: that its effect, up to the
present period, has not been to di
minish the general aggregate of the
foreign trade of the country. In es
timating the value of the importations
for the last year, it is probable that
even an increase will be found to
have taken place in some ariicles
on which the duties were raised ; as
in fabrics of cotton, and in several ar
ticles composed of iron; whilst in
other articles oft his last material, os
well as in some articles composed of
wool, a decrease will be observable.
But a fact challenges notice, that can
scarcely have been without it opera
tion upon our importations during
the commercial year just closed. It
is, the extensive changes that were
announced in March last in the ta
riff ot Great Britain. The trade of
that country exerts such an influer.ee
upon the trade of other countries,
that any important alterations in tho
former must always be likely to af
fect to a greater or less extent the
markets of Europe and of the com
mercial world. The largest admis
sion into England which the above
charges authorised, of the aceommo
dities of other countries heretofore
positively or virtually excluded for
ages from her ports.must have affeef
cd the prices of a portion at least of
those commodities, by the prospect
ot anew vent thus suddenly opened
to them. This is known to have
been the case in regard to some com
modities. the duties upon which were
lowered by tire British tariff, which
commodities are also amongst those
imported from Europe in the United
States. It is presumed that it may
have been the case in regard to oth
ers less distinctly known. Hence,
the additional value of foreign mer
chandise imported into the" United
States during the past year, cannot,
m all cases, be taken as the true
measure of an additional quantity,
the laws of the United States re
quiring the valup of foreign articles
to be fixed at the port of exporta
tion, and at the time of exportation.
These changes in the British laws of
trade operating simultaneously with
the new tariff at its commencement,
increase the difficulty of ascertaining
at this juncture the exact effects of
the latter, even for a single year, up
on the course of the foreign trade of
the United States.
The importations for the year be
ing so large, and the provisions of
the new tariff mainly attaching to
them, a corresponding amount of re
venue will arise from this source,
during the year Accordingly, the
gross amount of duties accruing up
on imports and tonnage from the first
of January to the thirtieth of Sep
tember last, is estimated at twenty
five millions five hundred thousand
dollars. The gross amount that will
probably accrue for the whole year,
is estimated at thirty one millions.
Should this amount prove to be cor
rect, it will exceed, by six millions of
dollars, the amount which has accru
enjedduring any one year since the
excessive importations that immedi
ately followed the war, viz : those of
1315 and 1816.
In estimating the clear revenue
that may he expected to arise from
the duties of the year, the amount of
them to be drawn back on exporta
tions of a portion of the articles on
which they have accrued; the losses
that may happen, and the expenses
of collection, are all to be taken into
consideration. The duties secured
by bond during one year, are chiefly
payable in the year that follows. A
portion is payable in the same year ;
hut this is generally counterbalanced
by the portion that also becomes
payable in the next year, on the im
portations of that year. It will be
more than counterbalanced if the 4
importations prove greater, and will**
not be met if they prove less. De
benture Certificates for payment of
drawback, being demandable at any
time within a year after the importa
tion of the articles intended to be
exported, the number and amount of
them, chargeable upon the accruing
duties of the year, can never be ac
curately foreknown.
[Concludedin the next.)