« ForrigeFortsett »
State of the Finances.
3. Sales of public lands. - The only data on and the Virginia reservation, are not embraced in which to calculate the annual revenue, which may this general result. The reservations and the milprobably be derived, for the ensuing eight years, itary tract are not yet disposable by any existing from those sales, are the quantity of land at the law; and the tract lying between the Great Midisposal of Government, compared with the pro- ami and the Virginia lands has been only parbable annual demands and the actual sales which tially offered for sale, under the act of Congress have taken place since the several land offices have giving a right of pre-emption to certain purchasbeen opened.
ers under J. C. Symmes. The result of the opeThe precise quantity cannot be ascertained, all ration of this act has not yet been ascertained.' It the surveys not being yet completed, and the west- is, however, known that under it a number of ern boundary line of the Virginia reservation, from tracts have been sold, and some payments already the head spring of the Little Miami northward, made. The remainder of the tract will afterwards, being neither surveyed, nor even the principle on according to law, be surveyed and offered for sale which its course must depend, determined by the on the same terms as other lands. terms of cession accepted by Congress.
Taking in consideration the probable sales in The estimate N may, however, be considered so those several tracts, the total amount of annual far correct, as to render it certain that the quan- sales might fairly be estimated at 400,000 acres, if tity of public lands Northwest of the Ohio, within the periods during which the land offices have the Indian boundary line, and not yet disposed of, been opened had been sufficiently long to form a amounts to very near nine millions of acres. A safe basis for calculation. To estimate them at general map of those lands, including the
Virginia 250,000 acres a year, for the ensuing eight years, reservation and the grants to the Ohio Company is equally justifiable, by the actual sales, by the and to John C. Symmes, which has been compiled known usual demand, and by the quality and sufrom the survey of the Indian boundary line and perior safety of title of the public lands. from the draughts returned to the Treasury De- The nominal price of those lands is two dollars partment, will be transmitted to Congress, and will per acre; but, on account of the provision which more clearly explain their relative situation than relate to interest and discount, they may be obcould be done by any written description. tained, within a fraction, at the rate of one dollar
The statement O shows the actual sales which and eighty-four cents, if the whole purchase mohave taken place in the several land offices, to the ney is paid at the time of sale, and may bring in 31st day of October last. By this it appears that the Treasury two dollars and twenty-seven cents 398,646 acres have been sold, for $834,887; of per acre, if the purchaser shall avail himself of which sum, $248,461 have been paid, and $586,426 ihe terms of credit given by law. remain due, being payable under the law in instal- If the proceeds of the whole sales shall be estiments, bearing interest from the date of sales, and mated only at the rate of $1 84 per acre, it will which will become due in the years 1802 and 1805, allow 24 per cent. for losses on account of nonin the proportions exhibited in the statement. payments on the three last instalments; and, after
The quantity of land sold, either at the public the year 1805, give, on an annual sale of 250,000 sales of the three land offices of Marietta, Chilli- acres, an annual income of $460,000. But as, cothe and Cincinnati, or at private sale at Steu. on account of the credit given by law, the whole benville, when the land office was first opened, of this sum will not, till after the year 1805, be cannot afford any just data, on which to predicate annually receivable in payment of lands sold an estimate of the probable annual sales; as they after the 1st of January next, whilst, on the other may be supposed to have been greater when the hand, the sums due for lands sold before the end lands were first offered for sale than at subsequent of this year will become payable during the four periods.
next ensuing years; it will be found that, making Rejecting, therefore, the result of the whole of the same deduction of 24 per cent. for losses on the public sales, and that of the first two months the sums already due, the whole sum receivable have been sold, at private sale, 122,673 acres, at eight years 1802-1809, will, for those eight years,
, , Steuben ville, during a period of fourteen months, on an average, amount annually to $400,000. ending the 31st day of October last—64,205 acres Some legislative provisions seem necessary to at Chilicothe, during a period of five months, end- ascertain the western boundary of the Virginia ing on the same day—42,656 acres at Cincinnati, lands: to define in what manner the seven first during a period of six months, ending on the same ranges of townships shall be subdivided into secday; and 1,544 acres at Marietta, during a period tions, without interfering with the claims of former of sixteen months, ending on the same day-which purchasers; and, perhaps, in relation to the lands gives, in the whole, a result of 245,000 acres, an- claimed by purchasers under John C. Symmes. nual sales, in all the land offices.
But the most important object, in order to secure The reservations in the grants to the Ohio com- and improve this valuable branch of revenue, is to pany and to John C. Symmes, and in the town provide against the progress of intrusions on the ship formerly sold at New York; the surplus of public lands, and especially to devise some effithe tract appropriated for military bounties, after cient and prom mode of giving quiet possession the same shall have been satisfied”; and a tract of to every person purchasing under the law. near one million of acrés, lying north of Symmes's 4. Postage, dividends on bank shares, incipatent, and contained between the Great Miami dental.—The annual proceeds of the duties on
7th Con. 2d SES.-39
State of the Finances.
postage may not be estimated at less than $50,000. Powers-estimated, after the ensuing year, by the The dividends on bank shares, at the rate of eight Secretary of State, at $70,000; of those which may per cent. dividend, amount 10 $70,040. But, as be incurred for the purchase of arms-estimated, the shares themselves may eventually be want- by the Secretary of War, at $55,000; and of a ed as a resource to meet certain contingent de part of the Indian annuities, amountiog to $11,000: mands against the United States, those dividends, ihese iteins having been omitted in the estimates although constituting a part of ihe revenue, unless of the ensuing year, because the balances of unexit shall be found necessary to sell the stock and pended appropriations have been considered as suíthe incidental or temporary revenues, shall be ficient for those objects, by the Secretaries of State omitted in the estimate of the permanent revenues. and War, respectively. On the other hand, a sum
These, therefore, are estimated in the whole at of about $70,000, in relation to the census and quar$10,000,000, viz:
antine laws, which is included in those estimates, Duties on merchandise and tonnage $9,500,000 is a temporary expense. Internal duties (stamps excepted) 650,000 The particular sums, which, under existing laws, Proceeds of the sales of public lands 400,000 seem necessary to defray each particular authorDuties on postage
50.000 ized expense, being detailed in theannualestimales, The other temporary resources of the United will not be repeated here; and it appears sufficient States are
to recapitulate the gross amount of the general 1st. The proceeds of stamp duties for fourteen heads of expenditure, viz. months from the 1st of January, 1802, to the 4th For all domestic expenses of a civil nature, inclaMarch, 1803, which, under the existing law, lim- ding the civil department, and all the miscelits their continuance, $260,000.
laneous items of the light-houses and mint 2d. The balance due on the direct tax.
establishments, of the survey department, of amount paid in the Treasury to the 1st instant, so pensions, claims and contingencies - $780,000 far as the same can be ascertained, was $1,245,000, For all the expenses of intercourse with leaving an outstanding sum of $755,000; but, as foreign nations, including those of the this last sum is chargeable with all the expenses diplomatic department, those incident of collection, estimaied at the rate of seven per to the prosecution of claims, and to the cent., at $140,000, the real balance is only about protection of seamen in foreign coun$615,000, and as delays and perhaps an eventual iries, and those in relation to the Barloss may be expected on the last part of the col- bary Powers
• 200,000 lection, it would not be safe to estimate the amount For the Military Establishment, incluwhich will probably be paid into the Treasury at ding all the expenses in relation to the more than $150,000.
army, to arsenals and magazines, to 3d. The proceeds of sales of public vessels. Fif- the fabrication and purchase of arms teen vessels have been sold under the act of last and military stores, to fortifications, session of Congress, for $275,767 73; of which and to the Indian Department - - 1,420,000 sum, $86,412 83 had been paid on the 30th of For the Navy Department, including all September last, leaving an outstanding balance of the expenses in relation to the ships $189,354 90.
kept in commission, or laid up in or4th. The excess of specie in the Treasury be- dinary, to the building of new ships, yond the sum which it is prudent to keep there, and to dock-yards
- 1,100,000 may be estimated at about one million of dollars. 5th. The shares of the Bank of the United States, Making altogether
- 3,500,000 owned by the United States, are, at 33} per cent. advance, worth $1,184,000.
Which sum, deducted from the estimated rereThose several items, exclusively of several bal- nue of ten millions and six hundred thousand dolances due by individuals, and a part which will lars, leaves a sum of seven millions and one huneventually be received in the Treasury, constitute dred thousand dollars, annually applicable to the a sum exceeding three millions of dollars; and may, payment of interest and redemption of the princifor the present, be considered as resources, suffi- pal of the public debt. cient to meet the demands against the United It must be further observed, that the sums asStates, which may be eventually payable on ac- signed to each head of expenditure being deduc!count of the sixth article of the Treaty with Greated from the estimates of appropriations necessary Britain, and of the article of the Convention for the ensuing year, and these having been calwith France.
culated before ihe re-establishment of peace in The permanent expenditures of the United Europe was known, they are predicated, for every States relate either to the current expenses of Gov-item which relates to supplies, on the then existernment, domestic or foreign, civil and military, ing prices, a considerable reduction will take place or to the payment of the interest and principal of in every item, which depends on the price of prothe public debt.
visions, freight, transportation, and even wages. The estimate of appropriations for the ensuing Although the saving ihence arising cannot yet be year, amounting to $3,448,147 18, include all the correctly ascertained, it may not be estimaied at expenses of Government, other than those in re- less than $200,000 annually. It is therefore belation to the public debt, with the exception of lieved that, after defraying every expense necesthose incident to the intercourse with the Barbary sary to support every civil, military, or naval es
State of the Finances.
tablishment to the extent now authorized by law, 3d. For remittances to Holland, on the annual surplus applicable to the debt may be account of the Dutch debi, $782,confidently estimated at seven millions and three 665 79; from which, deducting hundred thousand dollars.
$245 980 50, being the interest The statement P exhibits the amount of the un- and commissions for one-half of redeemed principal of the public debt as it will be the year 1801, on that debt, leaves on the 1st of January next, and of the annual in- paid on account of the principal - 536,685 29 terest and charges payable thereon, including the 4th. Evidences of public debt paid annual reimbursement on the six per cent. and for lands
21,282 66 deferred stocks.
By the printed statements of receipts and ex- Amounting, altogether, to one milpenditures for the year 1800, transmitted to Con- lion one hundred and eighty-seven gress the first week of the present session, it ap- thousand and sixteen dollars and pears that the unredeemed principal of the public seventy-eight cents
1.187.016 78 debt (exclusively of the sums passed to the credit of the Commissioners of the Sinking Fund, which The balance of specie in the Treasury amountare only a nominal debt due by the United States ed, on the 1st of April, 1801, to $1,794,044 85, and to themselves; and after deducting the reimburse on the 1st of October, 1801, to $2,946,038 73; ment of the principal of the six per cent. stock, making a difference in favor of the Treasury of operated by the annual payment of eight per cent. $1,151,993 88; which last sum, added to the on the nominal amount of that stock) amounted, above stated payments on account of the princion the 1st of January, 1801, to $80,161,207 60. By pal of the debt, makes an actual difference in fathe statement P, it appears that the unredeemed vor of the United States of $2,339,010 66 cents, principal will, on the 1st of January, 1802, amount during those six months. to $77,881,890 29; the difference of $2,279,317 31 The principal of the public debt, unredeemed being the amount of principal paid during the on the ist January, 1802, is, in the statement P, year 1801 ; during the same year 1801, more than arranged under four heads, viz : eight hundred thousand dollars have been 1st. The six per cent. and deferred stocks. The remitted to Holland in part of the interest and nominal amount of this debt is $41,879,525 23, and instalments on the Dutch debt falling due next the eight per cent. annuity, applicable to its inyear, which sum is not included in the amount of terest and reimbursement of principal, amounts principal thus stated to have been paid during the to $3,350,362 1. As, by the effect of this annuity, present year. The sums which, on the 1st of Jan: $5,027,740 57 of the principal shall have been reuary, 1801, had been remitted to Holland, in partimbursed on the 1st of January, 1802, the unreof the interest and instalments due in the course deemed principal of that debt will, on that day, of this year, and which were not deducted from be only $36,851,784 66. The interest, at the rate the amount of public debt on the 1st of January, of six per cent., on which sum, is $2,211,107 08. 1801, did not exceed five hundred thousand dol- | The part of the eight per cent. annuity, at present lars. The amount of debt actually paid, or for applicable to the redemption of the principal, is, the payment of which provision shall have been therefore, $1,139,254 03, and increasing each year, made during the present year, will not, therefore, at compound interest, shall, without any further be less than two millions five hundred thousand provision, have discharged the whole of the six dollars. And it is believed, though it cannot at per cent. in the year 1818, and the whole of the present be precisely ascertained, that the balance deferred debt in the year 1824. of specie in the Treasury, which, on the 1st of 2d. Three per cent.stock, amounts January, 1801, was $2,557,395 38. will not be di
- $19,079.705 63 minished on the 1st of January, 1802.
The Treasury accounts being settled to the 30th And the interest on the same, to - $572,391 16 day of September last, the amount of public debt paid during the half year commencing on the 1st No provision has been made for of April, and ending on the 30th September, 1801, its redemption, occasional payas well as the comparative view of the Treasury ments for lands excepted. at the commencement and end of that period, may 3d. All the other domestic debts be precisely stated. The payments in part of the created, under the present Govprincipal of the debt made during those six ernment of the Union, in order months, exclusively, of certain parts of the un- either to discharge other debts, funded debt which have been reimbursed, have or to nieet certain extraordinary been
expenses. These include the five 1st. To the Commissioners of the Sinking Fund, and a half, four and half, navy
and to be by them applied, on the 1st of January six, 1796 six, and eight per cent. next, to the reimbursement of the six per cent. stocks, and the temporary loans stock
- $129,048 83 obtained from the bank; and 2d. To the Bank of the United States,
amount, altogether, to - $12,035,400 00 on account of the principal of sundry temporary loans, formerly ob
The interest on all these constitained from that institution 500,000 00 tutes an item of
State of the Finances.
4th. The foreign debt due in Hol
have paid the whole of the Dutch debt; of the land and Antwerp amounts, in
temporary loans due to the bank; of the navy sis cluding premiums and gratifi
per cent.; and of the five and a half per cent. cations, to
$9,915,000 00 stocks; $5,525,300 38 of the eight per cent stock;
$150,387 26 of the four and a half per cent. stock; The interest on which, commis
and $11,399,263 06 of the principal of the six per sions and charges included, is,
cent. and deferred stocks; amounting, altogether, for the year 1802
$476,931 00 to thirty-two millions two hundred and eighty
nine thousand one hundred and fifty dollars and
seventy cents. This last debt being payable in instalments, at The public debt would, therefore, on the 1st of certain fixed dates, and it being necessary to pur- January, 1810, be reduced to $45,592,739 59, viz: chase remittances in America, near six months $954,899 62 of the eight per cent. stock; $25,612 before the payments are made in Holland, the 74 of the four and a half per cent. stock: (both of statement R has been added to show the pay- which would be discharged during the four first ments, both on account of principal and interest, months of the year 1810; ($80,000 of the 1796, sir which become annually due in Holland, until the per cent.stock: $25,452,521 60 of the six per cent. final redemption of the debts in 1809, and the sums and deferred stocks; and the $19,079,705 63 three which it will be necessary, every year, to provide per cent. stock. in America, in order to meet those payments. It is true that this statement is predicated on the
The greater part of this debt becomes due in supposition, that the whole of the remittances to the course of the five next ensuing years; and Holland may be purchased at par, which is not the annual payments on account of principal and probable ; but, on the other hand, it is calculated interest for that period, exceed, on an average, on the principle of a yearly, instead of a quarterly two millions of dollars. The inconvenience and annuity; or as if all the payments made in one difficulty of procuring remittances to that amount, year, on account of the principal of the debt, took and the real injury arising from such heavy dis- place only at the end of the year, instead of being bursements abroad, render an extension of the made, as will be case, in the course of the terms of payment, by re-loans, a desirable object; year, and stopping the interest from the end of the and measures have been taken to ascertain iis quarter in which they may be made. The suppracticability. All that seems wanted, is, that posed extra cost of bills on Holland is at least the gross amount of payments, which are to take partly covered by that difference, and cannot maplace during the eight next years, should be more ierially affect the general result. equally apportioned amongst those years; and It may, in the same manner, be shown that the any greater surplus of revenue which might be same annual sum of $7,300,000, applied to the payfreed by that operation, would be applicable to ment of the principal and interest of the public the redemption of those species of the domestic debt, would, on the supposition that the whole of debt which it may be thought most eligible to re- the six per cent. and deferred stocks may be reimburse.
deemed at par, and that the whole of the three per Whether this operation shall be effected or not, I cent. stock should be reimbursed at its nominal no difficulty is apprehended, from want of re- value, discharge the whole of the public debt in sources, to discharge every instalment as it shall seven years and a half, after the year 1809, or become due; the sum payable in 1803, in which within the year 1817. year the largest payment must be made in Hol- The only part of the preceding estimates which land, amounting, including both those and all is liable to any material error, is what relates to other actually due, on account of the interest and the probable annual revenue derived from the reimbursement of the domestic debt, to only seven impost and from the sales of land. Should these millions one hundred thousand dollars, or to two prove to have been correct, it will result that the hundred thousand dollars less than the annuity of present revenues of the Union are sufficient to seven millions three hundred thousand dollars, defray all the expenses, civil and military, of Gorwhich has been estimated as the surplus of rev- ernment, to the extent authorized by existing enue applicable to that object.
laws: to meet the engagements of the United If that surplus does exist, and it will be sufi- States; and to discharge, within eight years, thircient to meet the engagements of the United 1y-iwo millions of dollars of the principal, and, States, as they become due, the only remaining within fifteen years and a half, the whole of the objects of inquiry seem to be: What impression public debt; that any increase of expense will will
, during the next eight years, to which these probably, either render an increase of taxes necesestimates refer, be made on the public debt, by the sary, or retard the ultimate payment of the debt; annual application of that surplus ? In what time and that any reduction in the present rate of exwould the same annuity discharge the whole of penditure may permit a reduction of the present the public debt ?
iaxes, or be the means of accelerating the redempThe statement S exhibits the effect produced at tion of the public debt. the er of the year 1809 on the debt, by the an- All of which is most respectfully submitted. nual application of that sum, (7,300,000.) to the
ALBERT GALLATIN, payment of both principal and interest, and shows
Secretary of the Treasury. ihat, at the end of those eight years, it shall To the PRESIDENT, U. S.
e From fo reign
State of the Finances. Table of duties paid on merchandise, imported in parts of same, whips and canes, toys, lampblack,
American vessels, in the United States. parchment and vellum, clothing ready made. Goods, wares, and merchandise, imported in 3d. All wares, goods, and merchandise, not the United States, unless free of duty, pay either otherwise enumerated, consisting principally of duties according to their value, or specific duties manufactures of wool, cotion,, silk, hemp and fax,
and wood. according to their quantity. 1. Articles free of duty, are
III. Articles paying specific duties. All articles of American growth, produce, or manufacture, spirits excepted.
Bullion,copper, old pewter, tin, teutenauge, wire,
28 cts. 25 cts. 7 cts. twenty, fifteen, or twelve and a half per cent., on
15 cts. 29 cts. 25 cts. 8 cts.
16 cts. their respective value, which value is calculated 2d proof
17 cts. by adding to their prime cost, all charges included, 3d proof
34 cts. 32 cts. 11 cts.
19 cts. ten per cent., if imported from countries this side, 4th proof
13 cts. 23 cts. and twenty per cent., if imported from countries 5th proof
30 cts. beyond the Cape of Good Hope. Articles paying twenty per cent. ad valorem,
Madeira, London Particular, and Malmsey, 58 Carriages, and parts of same.
cents. Manufactures of glass, other than window glass,
Madeira, all other, 50 cents. and black quart bottles.
Burgundy, Champaign, Rhenish, Tokay, 45 Articles paying fifteen per cent. ad valorem,
Sherry and St. Lucar, 40 cents. 1st. All manufactures of metal,* earth and
Lisbon, Oporto, and other Portugal, 30 cents. stone,f and leather ;£ all fruits and spices; all
Teneriffe, Fayal, Malaga, St. George, and Westpainters' colors and medical drugs, not otherwise
ern Islands, 28 cents. enumerated.
All other. in bottles, 35 cents. 2d. Cabinet wares. hair powder, starch, and
All other, 23 cents. wafers; oil, anniseed, glue, essences, washes, per
Ale, Beer, and Porter, per gallon, 8 cents. fumes, dentifrice, and cosmetics; paperhanging,
Molasses, per gallon 5 cents. cartridge and sheathing paper; carpets, carpeting, floor-cloths, and mats; bonnets, hats, caps, gloves
SUGAR-per pound. and mittens, and stockings; fringes and tassels Loaf, 9 cents. for saddles, upholsters, and coachmakers; buttons, Lump, and other refined, 6 cents. millinery, artificial flowers, feathers, ornament
Candy, 111 cents. dresses, dolls, and fans.
White, powdered, 39 cents. Articles paying twelve and a half per cent. ad
Brown, 24 cents. valorem.
TEAS-imported. 1st. The following manufactures of metal, viz: anchors, locks, hinges, hoes, anvils, vises, and printing types.
Per pound. 2d. Gunpowder, black quart bottles, saddles and
From China or
From all other
* Including arms, cannon, plated ware and jewelry, buckles and buttons, clocks and watches, gold and silver lace. Excepting the articles free of duty; those Hyson, Imperial, Gun
powder, and Gomee
14 cts. 17 cts. enumerated as paying 124 per cent.; and lead, nails,
18 cts. 21 cts.
27 cts. spikes, steel, wool and cotton cards, which pay specific
32 cts. 40 cts. 50 cts. duties.
20 cts. 24 cts. † Including China, queen's and earthen ware, window glass, bricks and tiles, marble and slate, pastework,
Coffee, per pound, 5 cents. and jewelry. Excepting articles free of duty, and hol
Salt per 56 pounds, 20 cents. low glass ware.
For other articles paying specific duties, see | Excepting saddles and saddlery, which pay only 124 per cent.; boots and shoes, which pay specific statement H. All articles imported in foreign duties.
vessels pay an extra duty of ten per cent. on the $ Excepting lampblack, which pays 124 per cent.; duty paid if imported in American vessels. and colors of lead, which pay a specific duty of one per [The Tabular Statements being very voluminous, cent. per pound.
are necessarily omitted.]