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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.)