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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,