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THE REFLECTOR.
roL. i.
MILLEDGEVILLE, G. TUESDAY, DECEMBER 29, 1817.
NO. a.
CONGHESS.
Treasury HcparUnent, December 5, 1817.
g; r> X have tlie honor to enclose a report,
spared in obedience to the act, entitled “an
t to establish the treasury department.”
have the honor to bo, very respoctfully,
your most obedieut servant,
WM. H. CRAWFORD,
le lion, the President of the Senate.
REPORT.
Tn obedience to the directions of tho “ act,
iplementiiry to an art to establish the trea
ty department,” the secretary of tlie trea-
ry respectfully submits the following report
(1 estimates :
Revenue.—Tho net revenue arising from
ties upon imports and tonnage, internal du-
s. direct tax, public lands, postage, and in-
ental receipts, duriug tho year 1815, a-
lunted to §49,552,852 02
viz :
customs 36,303,251 77
Internal duties 5.903,225 88
Direct tax 5,723,152 25
Public lands, exclu-
e ofthosein the state
Mississippi and Al
ima territory 1,287,959 23
Potagc and inciden-
receipts 275,282 84
tnd that which accru-
from the same sour-
■ duriug the year,
6, amounted to
<56,7-43,57-1 07
Customs (see state-
nt A) 37,569,769 71
nternal duties (see
tement B) 4,396,153 25
Direct tax (scestate-
ent C) 2,785,343 20
Public lands, exclu-
ve of those in the state
Mississippi and Al-
latna territory, (see
tement I)) 1,754,487 38
Postage & inciden-
receipts 237,840 59
It is ascertained, that the gross amount of
ties on merchandize and tonnage, which
vo accrued during the three fiat quarters
the present years, exceed 17,000,000 ; and
at the revenue arising from internal duties
d from tlie public lands, during the. same
riod, exceed that of the corresponding quar-
of the year 1816.
The balance in the treasury on
1st day of January 1817, exclu-
l e of 10,655,987 dollars 39 cents
[treasury notes of every descrip-
n, amount to 11,295,592 86
The payments in the treasury, ,
ring the three first quarters of the
are estimated to amount
27,095,984 14
viz :
stoms 21,732,068 22
ternal
Ivenue
d di-
t tax 3,480,175 43'
blic lands
[elusive of
se in the
,te of Mis-
ippi&the
'abama 1,326,077 44
stage and
ideutal re-
lipts 26,913 96
^payments
[to tlie trea-
ry 530,751 13
celled in due
course ofsettle-
meut 20,761,462
98
During the 4th quarter, it
is estimated that the pay
ments will amont t* 5,660,000
Civil, diplo
matic,and miscel t
lareous expenses 600,000
Military service 1,110,000
Naval service 1,300,009
Public debt to
the 1st January,
1818, inclusive 2,650,000
Making the aggregate amount of 38,370,002 88
And leaving ou that day, exclu
sive of 8,682,697 dollars and 70 ct*.
in treasury nates, which are in a
train of settlement, in order to be
cancelled, a ballauee in the treasu-
6,001,575 88
ry of
Of' Public Debt.—Tli,v.f' W l.-<t debt con
tracted before the year 1812, which was un
redeemed on the 1st day of October, 1816, as
appears by the statement (1) ^mounted
to 37,494,267 01
By the same state
ment, it appears that
the funded debt, con
tracted subsequent to
the first day of January
1812, amounted to 71,201,551 28
Making together the
sum of 108,659,818 2$
To which must be
added the temporary
loan from the Cum
berland bank of ^ 50,000
Making tire aggre
gate amount of
On the 1st'day of
January, 1817, there
wasadded to the above
amount, including 7,-
000,000 dollars of 5
per cent stock, sub-
sciibed to the bank,
and including, also, a
temporary loan from
the bank of §500,000
the sum of
From which deduct
the amount of the old
6 pr. cent &, deferred
stock reimbursed be
tween the first day of
October and the first
day of January,
1817, inclusive, a-
mouuting to
Leaving the sum of
108,745,818 29
T,677,471
815,484 42
7,061.987 19
Making the public debt, which
was unredeemed on the first day
January, 1817, as appears by state
ment (2) amount to • 115,307,305 48
From the first day of January, to
the 30th day of September, 1817,
inclusive,there was,by funding trea
sury notes, added to the public debt
as appears by statement (6) the a-
mount of 1,097,315 43
I And the payments
|to the treasury dur-
- the fourth quarter,
■m the same sources,
! estimated at 5,980,000
Making the total amount estima*
1 to be received into the treasury
Iring the year 1817 amount to 33,075,984 14
.Which added to the sum iu the
iasury, on the first day of January
It, makes the aggregate amount to 44,371,577 00
|The application of this sum, for
*! year 1817, is estimated as ful-
ivs, viz:
To the 30th Sept,
i payments have a-
bunted to 32,710,002 98
I Viz:—-Civil,
plomatie,and
pcellaneous
benses, exclu
de of 375,000
[liars paid to
p state ofGeor- -
I,from the pro-
Vis of theMis-
jippi lands 2,798,248 75
lilitary scr-
including
fcarage 7,105,816 90
lyal service 2,044,474 25
Tublic debt,
lusive of 3,-
927 dolls,
s.oftreasu-
|otes, which
been ead.-
Making, on that day, as appears
by statement (4) the aggregate a-
mount of 116,905,120 91
During the same period there was
lurchased and redeemed of the pub
ic debt, including §550,000 of tem
porary loans, the sum of 16,993,275 50
Which deducted from the amount
of the public debt last stated, leaves
unredeemed on the first day of Oc
tober, 1817, as per statement (3)
the amount of
Since theSOthSept.
there has been pur
chased or redeemed
of the principal of the
public debt, as ap
pears by st#tement(5)
the amouut of
And there will be
reimbursed of the
principal of the old 6
per cent and defer-
ed stock, to the first
day of January, 1818
inclusive,the ain’t, of
99,911,845 41
683,235 16
709,513 70
that 3,000,000 each. It is therefore presum
ed that, consistently with the letter of the
convention, tke whole debt cannot be dischar
ged in one payment. Rut for this obstacle in
tha present state of the treasury, and under
tho existing provisions of the sinking fund,
the whole amount of the stock might bo re
deemed on the 21st day of October next. It
is believed that neither the letter nor spirit of
the convention forbids the redemption of that
stock in two annual instalments, by which
the whole debt will he redeemed on the 21st
day of October, 1819.
After a redemption of the Louisiana stock,
there, ia no part of the principal of the pub
lic debt redeemable at the will of the govern
ment until the 1st day of January, 1325, ex
cept the 5 per cent stock subscribed to the
bank of tly: United States. As the commis
sioners of the sinking fund are nut authorised
to redeem the 5 per cent stock, the perma
nent annual appropriation of 10,009,000 of
dollars, from the year 1819 to 1825, under
the existing laws, can only bo applied to the
payment of tho insterost of the public debt,
and to the gradual reimbursement oftlicprin-
pal of the 6 per cent deferred stock ; and
will leave, during that period, an annual sur
plus of nearly §5,000,000.
During the year 1825, tho exchanged 6 per
cent st ick, the 6 per cent stock of 1812, and
the stock created by funding treasury notes,
amounting together to §18,895,456 23, will
be redeemable. To the redemption of the
whole of this stock within that year, the sink
ing fundy by the aid of its surpluses, will not
only be entirely adequate, but will be amply
sufficient to redeem the remainder of the pub
lic debt, at the several periods at which the
different stocks of which it is composed be
come redeemable, The whole debt, including
the 5 per cent stock, will be extinguished dur
ing the year 1830, except the 3 per cent stock
which is not redeemable at the will of the go
vernment.
It is not pres irned that taxes will he impo
sed and collected, for the express purpose of
purchasing the funded debt above its nominal
value. It is however believed to be unsafe to
reduce the revenue below tlie permanent an
nual expenditure as now authorised by law,
including the appropriation constituting the
sinking fund. A redaction below that amount
would postpone the redemption of tlie public
debt beyond the periods when the several
loans of which it is composed become redeem
able, or impose upon the legislature, the du
ty of resorting to them anew for that object.
If, then the revonuo shall, until the year
1825, be equal to the present annual expen
diture, it is respectfully suggested, whether
the public interest, will not be promoted by
authorising the commissioners of the sinking
fund to purchase the funded debt at such rates
above par, as in their judgement will be for
the interest of the nation, rather than to suf
fer the annual surplus of the sinking fund to
remain in the treasury unapplied, for 5 suc
cessive years, Should such an authority he
given to the commissioners of the sinking fund,
itis probable lliatthedifferent species of stock
would advance in price above their present
current value ; but as the authority would he
permissive, not imposing the obligation to
purchase, it is probablo that the surplus of the
sinking fund might be more beneficially em
ployed in purchasing the public debt, by re
maining idle in the treasury, until the year
1825. If that surplus could be annually invest
ed early in each year, at tlie present prices of
the different species of stock, it would pro
duce a saving to the nation of not less than
§4,000,000, between the first days of Janua
ry, 1820, and 1825. The interest which will
accrue on tho 5 per cent stock, between the
first days of January, 1820, and 1825, when
it is estimated the whole redeemable debt
will be discharged, will amount to §3,500,000
if, therefore, it is intended to redeem that
stock, tlie surplus in the sinking fund may he
legitima tely applied to that object, during the
year 1820 and 1821.
By the statement [8] it appears
that the treasury notes which have
issued under the several acts of con
gress on that subject have amt’d. to 36,1333,794
Of which there has
been cancelled at the
Making together
1,142,743 86
Which being deducted from the
aggregate amount of the public debt
on the 1st October, there will re
main, unredeemed, on the 1st Jan
uary, 1818, the sum of 93,869,096 55
By the same statement (5) it ap
pears that the principal of the pub
lic debt, purchased and redeemed,
during the yearl817,including550-
000 dollars of temporary loans, a-
mount t» 18,036,023 70
In this sum is included all the funded debt
held by the bank of tlie United States. The
old six per cent stock v. ill be redeemed ijj the
•oursc of the year 1818. The first instal
ment of theLouisianadebt falls due on the21st
day of October of that year. According to
the terms of the convention, this debt is to be
discharged by annual instalments of not less
Statement (E)pre»ents tlie state of the land
officc^in the state of Mississippi, and in tho
Alabama territory, from which it appears that
the receipts into the treasury have amounted
to 1,124,100 81, of which 431,120 were in
Mississippi stock.
From the proceeds of the sales of these Jands
there lias been paid to tlie state of Georgia
the sum of 688,441 33, and there has been
transferred to the state, by the Commissioners
of the U. States, under tho act compromising
the Yazoo claims, that part, of the original
purchase money remaining in the state, trea
sury, amounting to 184,515 94 making toge
ther the sum of 872,957 27, and leaving still
dne to the state the sum of 377,042 73 which
is rtow ready to be paid under the provisions
of the act of the 3d of March last.
By statement [7] it appears that
the Mississippi stock awarded by
the commissioners, amounts to 4,278,434
From which deduct the amount
received into the treasury 431,120
Leaves outstanding the sum of 3,347,314
Which it is estimated will be received into
the treasury during the twq succeeding years
in payment of public lands in the state of
Mississippi, and in the Alabama territory, or
will he discharged by payments from the trea
sury out of the proceeds of the sales of those
lands.
Of the estimates of the public revenue and expen
ditures for tlie ijear 1818.
The importation of foreign merchandize
during the years 1315 and 1316,so greatly ex-
ccQiled what was presumed to be equal to tlie
annual average consumption, that a general
impression was produced that the importa
tion^ during the present year would fall
greatly below that demand. Under this im
pression the revenue accruing from thht
source, for the year 1817, was, in the annual
report of the treasury of the 16th Dec. 1816*
estimated at 12,000,000. But it is ascertain
ed that the gross revenue arising from that
source, during the three first quarters of tha
year, have exceeded 17,000,000, and it is
estimated that that of the whole year will ex»
ceed 22,000,000.
It is presumed that the importations from
(he East Indies during the present year,
greatly exceed those which will take place
during several consecutive years ; and that
the reaction produced by the excessive im
portations of 1815 and 1816, has in :• M'.ie de
gree been diminished by that rircumstancci.
There is, however, just ground to believe,
that the revenue derived from this source,
will not, for any given series of years, fall
below that of the present year. Considering
that this revenue, during the year 1807, (the
last year that our commerce was not greatly
embarrssed by belligerent aggression) ex
ceeded 16,000,000, that the duties then im
posed are considerably augmented by the pre
sent tariff, and that our population lias in-
reused more than thirty per cent, carrying
with it, in the same degree, an increase of
means of procuring foreign articles, with an
undiminished relish for their consumption J
itis presumed that the revenue from that
source, during the present year, will he found
to lie less than that of any number of succes
sive years. According to these views the
permanent annual revenue may be estimated
to amount to—viz : 24,525,000
Customs 20,000,000
Internal duties 2,500,000
Public lands, cxclu-
treasury
There is now in the
treasury, which will
be cancelled when set
tled,exclnsi ve of 422-
519 77 the estimated
interest upon them, —
the amount of
26,574,431
8,623,400
35,497,831
Making together the sum of
Leaving outstanding, an estimat
ed balance of 635,963
As the outstanding treasury notes are con-
vertable into funded debt, which is consider
ably above par, it is presumed that such por.
tion of them as are not lost or destroyed, will
be funded, instead of being paid into the trea
sury in discharge of duties aud taxes. Itis
therefore, probable that an addition to the
public debt will be made during the year 1818
nearly equal to the treasury notes estimated
to be outstanding,
sive of the Mississippi
and Alabama lands 1,500,000
Bank diiidetids at 7
per cent 490,000
Postage and inciden
tal receipts 55,000
And the payments in the treasu
ry during the year 1818, may be es
timated at the same amount. To
which add the balance estimated to
be in the treasury on the 1st day
of January, 1818 6,000,000
Making together the sum of 30,525,000
The probable authoi ised demands
upon the treasury during the year
1818, are estimated to amount to 21,946,351 74.
Viz : Civil miscel- -
laueous, diplomatic &
foreign intercourse 2,089,643 29
Military service,
including an arrear
age of §500,000 6,264,132 25
Naval service, in
cluding § 1,000000
for the gradual in
crease of the navy 3,611,376 20
Public debt 10,000,000 00
Which being deducted from the amount estir*
mated to be received into the treasury, including
the balance on the 1st of January, 1818, leaves,
on the 1st Jan. 1819, a balance in the treasury, of
§8,578,648 26, which, however, will he applied to
the redemption of the Louisiana stock under the
provisions of the act for the redemption of the pub
lic debt, passed the 3d of March, 1817, as far as
those provisions will admit. All which is respect
fully submitted.
WILLIAM H. CRAWFORD.
Treasury Department,)
December, 5, 1817- V,