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REDOUT Os the Secretary nf the Treasury of the Untied communicated to Congress , A ovemher 6, 1807. IN’ obedience to the directions of the aft to the aft entitled, “ An act to eddhlifh the Treasury Department,” the Se f"?tarv of the Treasury refpeftfully inbaiits the following report and estimates. REVENUE AND RECEIPTS. The nett revenue at.flag from duties on merchandii'e and tonnage, w hie h accrned and u ring the year 1 SO j, emounted to 14,125,138 ] And that which accrued during the year 1806, amounted, as will appear by the (latement (A.) to 16,576,454 The fame revenue, after deduc ting that portion which arose from the duty on Salt, and from the ad ditional duties coollituting the Mediterranean fund, amounted, du ring the year 1805, to 12,520,532 .A nd, during the year 1806, to 14,800,758 It in afeertaiaed that the nett re venue which has accrned during the three fir ft, q.uart era of the year 1807 exceeds that of the cotrefpomling Siurters of the yearftSCS ; and that ranch of the revenue may, exclu lively of the duty on fait, and of the Mediterranean fund, both of which expire on the firft day of January next, be fa/ely estimated for the present, and if no change takes place in the relations cf the United States with foreign nations, at 14,C00,C00 The (latement (B.) exhibits in the’’detail, ths feveralfpeciesof mer elvandife and ether lources from which the revenue was collected du ring the year 1806. It appears by the statement (C-) that the sale of the public lands have, during tire year ending on the 30th September, 1807, exceeded 284,000 acres. Some returns are not yet received ; and the proctcdc cf falesin the Mifhiippi Territory being, after dedufting the furvty. ing and other incidental expences, Appropriated in the (lift place to the payment of a sum of 1,250,000 dollars, to the date of Georgia, have not been included, but are dif tinftly dated. The actual pay. r.ients by purchasers have, during the fame period, exceeded 680,000 dollars ; and the receipts into the TKafury from that lource may, after dedufting charges and the five per cent, reserved for roads, be es timated for the ensuing year, at 500,000 The receipts arising from the permanent revenue of the United States, may, therefore, without in cluding the duties on postage, and other incidental branches, be com pu :d for the year 180S, at 14,500,000 And the payments into the Treasury during the fame year, on account of the f;Jt and Medi terranean duties prcvioufly accrued, are estimated at 1,300,000 Making in the whole, an aggre- S ateof dolls. 15,800,000 Last quarter of the year 1807. The balance in the Treasury which on the 30th day of Sept. 1706, a. mounted to 5,495,969 dolls. 77 cents, did on the 30th day of Sept. 1807, amounted to 8,520,00 The receipts into the Treafurv, from the Ift of October to the 31st day of December, 1307, are efti. m:lted at 4,000,000 , . Dolls. 12.530,000 The expences during the fame period for all objefts whatever, the public debt excepted, and includ ing 086,676 dollars for the extra ordinary expenditures of the Navy Department, of which the estimate has been transmitted, are eftimateft 1,700,000 1 he ordinary payments on ac count of the public debt, including the provision for the inttrdt on the Louisiana and Dutch debt, to the Ift of July 1308, are estimated at 1.700 000 A further sum nf about 1,500,000 3 dollars should also be paid during this cjuai ter, m order to complete the annual appropriation of eight millions of dollars. If the whole of this sum, which is applicable to the purchase of the eight per cent, fleck cannot be expended this year, the unexpended balance will so i m additional expendi* tore for the year 1808, charging however the whole to this quar. tCi M , • 1,500,000 Making an aggregate cf 4,900, 000 dollars, and will, leave in the T tea fury, at the close of the year, 7 bailee of about 7,630,000 Dolls. 12,530,000 Expenditures of the year 1808. The permanent expences cal culated on a peace eftablifhment.are estimated at 11,609,000 dollars, and cpnfift of the following items : 1. For the civil department, and all domestic expences of a civil nature, including invalid penfiona, the Light-House and mint estab lishments, the expences of surveying public lands and the sea coail, the fifth mllalmer.t of the loan due to i the state of Maryland, and a sum |of 100,000 dollars, to meet such j mifcelaneoiisapproprnations, not in i eluded in the estimates, as may be made by Congrcfs, 1,100,000 2. For expences incident to the j intercourse with foreign nations, j including the permanent appropria | tion for Algiers, 200,000 3. For tlie military and Indian department, including trading hor ses, and the permanent appropria tion for certain Indian tribes, 1,280,000 4. For the naval eltablilhmcnt, 1,020,000 5. For the annual appropriation of eight millions of dollars for the principal and interest of the public debt; of which sum not more than 3,400,000 dollars will, for the year 1808, be appropriated to the payment of interest, 8,009 000 Dolls. 11,600,000 To the permanent expences must be added for the year 180‘S, a sum of about 800,000 dollars, ne cessary in “addition to the annual appropriation of eight millions of dollars to complete on the Ift of January 1809, the remiburfement of the eight per cent, flock, 800,000 And for paying the balance of American claims, a (Turned by the French convention, 200,000 Making altogether 12,600,c0b dollars for the expences of tlmt year, 12,500,000 The receipts of that year having been efti maied at 15,500,000 And the public bal ance in the Treasury, on the Ift Jau. next, 7,630,000 Making altogether, 23,430,000 Would therefore probably leave in the Treasury, on the Ift of Jan. 1809, a balance of near eleven mil lions of dollars, lo,SSd,ooo Dolls. 23,430,00 PUBLIC DEBT. I It appears by the statement (D.) that the payments on account of the principal of ihe public debt, have dur ing the year ending the 301 b day of September, 1807, exceeding 4,600, 1 000, dollars—making the total of pub lic debt reiinburfed from the iftof A prilj ißot, to the lft of Otfober, 1807, abour 25,880,000 dollars, exclusively 1 of more than fix millions, which have been paid during the fame period, in conlormiry with the provisions of the treaty and convention with Gieat-Bri tain, and of the Louisiana convention. Os the twelve millions of dollars, which, according to the preceding esti mates, may be paid on account of the public debt, between the 30th Sep tember, 1807, an d lft January, 1 809, about eight millions will be on account of tire principal. It must, however, be observed, that the unas certained result of the proposition made to the public creditors for themodefi cation of the debt, may effect the a mount payable during the year 1808, on account of both principal and inte rest. On the firft day of January, 1800, the principal of the debt will, if (he propoftd modification be not afiented to by the public creditors, amount to Imy-feven millions and five hundred thousand dollars. The subsequent annual payments thereon, on account 0 principal and interest, will not, ex clusively of occasional purchases, ex ceed 4,600,000 dollars: and the whole of the debt, the nineteen millions ol three per cent, flock only excepted, will be reiinburfed in 16 years. A general fubfeription would reduce the capital to about fifty-one millions ol dollars. The pay ments would a -1 mount to eight millions of dollars an m<ally, during fix years, and average IcLs than three Trillions during the fc ven following, at the end of which pe riod the whole debt would be extin gt; lifted. An annual unappropriated surplus of at lead three million of dollars, >na) henceforth be relied upon with great confidence. The receipts of the year 1808 have been estimated at 15,800,- 000 and the expenses at 12,500,000 dollars. The permanent revenue has been computed at 14.500,000 dollars, and the permanent expences, predicat ed on an annual payment ot eight mil lions of dollars on accountof the bebt, have been dated at 1 1.500,000 do liars; and as this would, if no modification of the debt should take place, be re duced to less than 8,500,600 the an nual surplus would then amount to fix millions of dollars. Nor are the se ven millions and an half of doi’Jars, which will remain in the treasury ai the end of the present year, included in the'calculation. What portion of the surplus may be wanted for needhry measures of secu rity, and defence; what portion should be applied to internal improvements, which, whilst increasing and diffufiffg the national wealth, will {Lengthen the bonds of union, arel übjecis which do not fall within the province of the Treasury Department—‘-but it is trot unpoftible, that after making ample provision for both t hefe objects, conli derable furpluffes, and which can no longer be applied to the redemption of the debt, may ftiil accumulate in the treasury. The previous accumulation of trea sure in time of peace might, in a great degree, defray the extraordinary ex pences of war, and diminish theneces fity of either loans or additional taxes. It would provide, during periods of prosperity, for these adverse events to which every nation is exposed; inltead of inereafing the burden.s,of the people at a time when theyAe fca(lf able to bear them, or of loAai nr.xb> antici pation the gene rations—and the puiwPffiibes of the United States, not lng locked up and withdrawn from the general circu lation ; but on the contrary depofned in banks, and continuing to form a part of the circulating medium, the moft formidable objeLion to that sys tem, which has nevertheless been at times adopted with confidfcrable fuc j cefs in other countries, is thereby alto jgether removed. It is also believed j that the renewal of the character of j the Bank, of the United States may, ; amongst other advantages, afford to j government an opportunity of obtain ing interest on the public deposits, j whenever they shall exceed a certain ■amount. j Should the United States, contrary to their expe&aiion and detire, be in volved in a war, it is believed that the receipts of the year 1808 will not be materially affe&ed by the event, inas much asthey will principally arifefrom the revenue accruing during the pre sent year. The amount es outfhnd ing bonds due by importers after de ducting the debentures issued on ac count of re-exportations, exceeds, at ibis time, sixteen millions of dollars. 1 he deductions to be made from these on account cf subsequent re-exporta tions, would, in case of war, be less than usual ; for exportations will then he checked, as well as importation, and in proportion as these will de cieafe, a greater home demand will be created for the flock on hand, and the p.ecelfity of re-exporting be banished. It has already been Rated, that the specie in the treasury at the end of this year, together with the surplus of the year 1808, will amount to near eleven millions of dollars—a sum probably adequate to meet the extraordinary ex pences of the war for that year. It will also be recollefled, that in the es timated expences of the year 1808, the reimburiement ofnear five millions & a half of the principal of ihe debt is in clined. The only provision therefore which may render any contingency ne ceiraiy lor the extraordinary ierviceof that year, in order to cover any defi ciency of revenue or increase of ex penditure beyond. what has been elti mated, will be an authority to borrow a sum equal to that feiinburfenient. That the revenue of the United States will, in subsequent years, be con. fiderably impaired by a war, neither * can or ought to be concealed. It is on the contrary, necessary, in order to be prepared for the crisis, to make a n early view of the fubjefl, and to exa mine the resources which should be felled for supplying the deficiency, and defraying the extraordinary ex pences. There arc no data from which tire extent of the defalcation can at this mcmeut be calculated, or even estima ted. It will be fufficient to state, 1 ft. That it appears necessary to provider revenue at least equal to the annual ex pences on a peace establishment, the in terest on the loans which may be rais ed. 2. That those expenses, togeth er with the iruereft of the debt, will, after the year 180S, amount to a sum less than seven millions of dollars, ana therefore, that if the present revenue of 14.500,000 dollars shall not be di minilhed more than one half by the war, it will fti-II be adequate to the ob ject, leaving only the interest of war loans to be provided for. Whether taxes should be raised to a greater amount, or loans-be altogether relied on for defraying the expenses of the war is the next lubjeft of con sideration. Taxes are paid by the great mafsof the citizens, and immediately affedt al mofl every individual of the commu nity, Loans are supplied by capitals previously accumulated by a few indi vidual s. In a country where the re sources of individuals are not general ly and materially alFctled by the war, it is practicable and wife to raise by taxes the greater part at least of the an jrtual supplies. Ihe credit of the na tion may also, from various circum stances, be at times so far impaired as to leave no resource but taxation. In both refpeds the function of the Uni ted States is totally dii'Ximihr. A maritime war will, in the United States, generally and deeply affedt, whilst it continues, the resources of in dividuals ; as not only commercial profits will be curtailed, but principal ly hecaufe a great portfen of the fur ■plusof agricultural produce neeeffari- Iy requires a foreign market. The reduced price of the principal articles exported from the United Strtes util operate more heavily than any con templated tax. And without enquir ing whether a fimiUr cause may not fhll more deeply and permanently afreft. a natiorr at war with the United States. It fectns to folio’.”, that so far as relates to America, the losses and privations caused by the war should not be aggra vated by taxes beyond what is ftri&ly necefifary. An addition to the debt is doubtfefs an evil; but experience hav ing now (hewn with what rapid prog ress the revenue of the union iucreaf es in time of peace, with what facility the debt formerly contracted has, ir. a few years, been reduced, a hope may confidently be entertained that all the evils of the war will be temporary and easily repaired, and that the return of peace will, without any effort, afford ample resources for reimbursing what ever may have been borrowed during the war. The credit of the United States is also unimpaired either at home or a broad, and it is believed that loans to a reasonable amount tnay be obtained on eligible terms. Measures have been taken to afeertain to what extent this may be effected abroad; audit will be k. ficient here to suggest, that the fev crel banks of ihe United States may find it convenient after the ensuing year, and as the dirninifhed commerce of the country may require less capi tal, to loan to government a comid-T ----ab’e portion of their capital'iiock, now computed at about forty millions of dollars. It might be premature to enter into a particular detail of the Lveral bran ches of revenue which may be sdcUed, in order to provide for the interest war loans, and to cover deficiencies in ca(e tiie extfting revenue should full below seven millions oi’ dollars. A