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AN ESTIMATE of the Principal redeemed of the Debt of the United States, from 1st October, 1803, to 30th September, 1804; showing, also, the redemption of the Principal of the said Debt, from 1st April, 1801, to 30th September, 1804.

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TREASURY DEPARTMENT, REGISTER'S OFFICE, 14th November, 1804.

JOSEPH NOURSE, Register.

REPORT ON THE FINANCES.

DECEMBER, 1805.

In obedience to the directions of the act supplementary to the act, entitled "An act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following report and estimates:

REVENUE AND RECEIPTS.

The nett revenue, arising from duties on merchandise and tonnage, which accrued during the year 1801, amounted to The nett revenue, arising from the same source, which accrued during the year 1802, amounted to

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$ 12,020,279

10,154,564 11,306,430

That which accrued during the year 1803, amounted to And that which accrued during the year 1804, amounted, after deducting that portion which arose from the additional duties, constituting the Mediterranean Fund, as will appear by the statement (A.) to

12,672,323

It is ascertained that the nett revenue which has accrued during the three first quarters of the year 1805, does not fall short of that of the corresponding quarters of the year 1804. And that branch of the revenue may, exclusively of the Mediterranean Fund, be safely estimated, for the present, at twelve millions of dollars, which is nearly the average of the two years 1803 and 1804.

The defalcation which took place in the year 1802, and the increase in the next following years, sufficiently show that no inconsiderable portion of that branch of the revenue is due to the neutrality of the United States, during the continuance of war in Europe. Yet, if the revenue of 1802, the only year of European peace since 1792, be considered as the best basis on which to form an estimate, this, with an addition of ten per cent. on account of the increase of population for three years, and of near 300,000 dollars, the computed revenue of New Orleans, will give a result of near eleven millions and a half. The statement (B.) exhibits in detail the several species of merchandise and other sources from which that revenue was collected during the year 1804.

The revenue arising from the sales of public lands has been greater during the year ending on the 30th September, 1805, than that of any preceding year. It appears by the statement (C.) that during that period, besides 145,000 acres sold to persons claiming a right of pre-emption, 474,000 acres have been disposed of at the ordinary sales; making, altogether, with the preceding sales, from the time when the Land Offices were opened in 1800 ! and 1801, an aggregate of near two millions of acres. The actual payments by purchasers, which, during the year ending on the 30th September, 1804, had amounted to 432,000 dollars, and had not in any one previous year exceeded 250,000 dollars, have, during the year ending on the 30th Sept. 1805, amounted to 575,000 dollars; of which sum 535,000 dollars were paid in specie, and the residue in stock of the public debt. The specie receipts from that source may, for the ensuing year, be safely estimated at five hundred thousand dollars.

The receipts arising from the permanent revenue of the United States, may, therefore, without even including the duties on postage and other small

incidental branches, be computed, for the year 1806, at twelve millions and five hundred thousand dollars, $12,500,000

The payments in the Treasury, during the same year, on account of the temporary duties constituting the "Mediterranean Fund," which will have accrued to the 31st day of March next, are estimated at nine hundred thousand dollars, and about one hundred thousand may be expected from the arrears of internal duties and of the direct tax, and from other incidental branches; making, for temporary and incidental receipts, one million of dollars,

The balance of specie in the Treasury, which, on the 30th day of September last amounted to 4,575,654 dollars, will, as the receipts and current expenditures of the present quarter may be considered as nearly equal, be diminished at the end of this year, only by the payments on account of the American claims assumed by the Convention with France; and as the whole amount of those claims which remained unpaid on the 30th day of September last, will, in this estimate, be stated amongst the expenditures of 1806, the whole of the abovementioned balance may be added to the receipts of that year,

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Making, in the whole, an aggregate of more than

EXPENDITURES.

The expenses of the year 1806, which must be defrayed out of those resources, are, like the revenue, either of a permanent nature or temporary. The permanent expenses are estimated at 11,450,000 dollars, and consist of the following items, viz:

1,000,000

The annual appropriation of eight millions of dollars for the payment of the principal and interest of the public debt, of which more than 4,000,000 dollars will be applicable to the discharge of the principal, and the residue to the payment of interest, $8,000,000

2., For the Civil Department and all domestic expenses of a civil nature, including invalid pensions, the light house and mint establishments, the expenses of surveying public lands, the third instalment of the loan due to Maryland, and a sum of 150,000 dollars, to meet such miscellaneous claims or grants as may be allowed by Congress,

3. For expenses incident to the intercourse with foreign nations, including the permanent appropriation for Algiers, 4. For the Military and Indian Departments, including the permanent appropriations for certain Indian tribes,

5. For the Naval establishment, (exclusively of deficiencies for the service of the years 1804 and 1805, which are estimated at 600,000 dollars,)

4,575,000

$18,075,00

600,000

1,150,000

200,000

1,030,000

1,070,000

11,450,000

The extraordinary demands for the year 1806, amount to four millions of dollars, viz:

The Navy deficiencies for 1804 and 1805, as above-mentioned

And the balance of the American claims assumed by the French Convention, which remained unpaid on the 30th Sept. last, amounting to 3,400,000

4,000,000

Making altogether

15,450,000

It appears from the preceding statement that the permanent revenues of the United States will, during the ensuing year, exceed the permanent expenditures by a sum of more than one million of dollars; and that the moneys already on hand, together with the temporary resources of the year, will, after leaving the sum which it is always necessary to keep in the Treasury, be sufficient to discharge the Navy deficiencies and the whole amount of the claims assumed by the Convention with France, the large receipts of last year rendering it unnecessary to recur for that object to the loan authorized by the act of the 10th of November, 1803.

MEDITERRANEAN FUND.

It appears by the statement (B.) that the additional duty of two and a-half per cent. on goods paying duties ad valorem, which constitutes the "Mediterranean Fund," amounted, during the six last months of 1804, to 563,038 dollars. And it is ascertained that the amount of the duty accrued during the year ending on the 30th day of June, 1805, was 990,000 dollars. This apparent product will, it is true, be diminished by subsequent exportations: but it is believed, from a view of the value of the goods imported in 1803 and 1804, which are charged with that duty, that the fund may be estimated as producing nearly $900,000 a year. If that estimate be correct, the fund will ultimately produce, during the one year and nine months commencing on the 1st day July, 1804, and ending on the 31st day of March, 1806, 1,575,000 The expenses heretofore charged on that fund, have been, viz:

Paid in 1804, to the Navy Department, under the act constituting the fund,

Paid in 1805, to the said Department, by virtue of the 2d section of the act of 25th January, 1805,

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Making altogether

And leaving an unappropriated surplus, estimated at

525,000

590,000

1,115,000 460,000

But which will be more than absorbed by the Navy deficiencies above-mentioned.

The moneys actually received or to be received into the Treasury, on account of that fund, prior to the 1st day of January, 1806, are estimated at about $600,000. The residue will be received between that day and the 31st day of March, 1807, and credit has been taken for a sum of $900,000 on that account, in the preceding estimate of the receipts of the year 1806.

PUBLIC DEBT.

The payments on account of the principal of the public debt, have, during the year ending on the 30th September, 1805, exceeded four millions three hundred and seventy-seven thousand dollars, as appears by estimate (D.) $4,377,898 63 The two last instalments due to Great Britain, and amount

ing to one million seven hundred and seventy-six thousand dollars, have also been discharged during the same period, making in the whole a reimbursement of more than six millions one hundred and fifty thousand dollars.

As the exportation of the specie necessary to discharge the last mentioned instalment, would have been sensibly felt, it was found eligible to pay it in London, in conformity with the authority given by the act of the 3d of March, 1805; and the operation was effected at par, by the Bank of the United States.

It appears by the same statement (D) that the payments on account of the public debt, from the 1st April, 1801, to the 30th Sept.1805, have amounted to almost $18,000,000. During the same period there have been paid to Great Britain, in satisfaction and discharge of the money which the United States might have been liable to pay, in pursuance of the provisions of the 6th article of the treaty of 1794, The balance in the Treasury, amounted on

the 1st day of April, 1801, to

And on the 30th day of Sept. 1805, to

1,794,052 59 4,575,654 37

2,781,601 78

Making an increase of From which, deducting the proceeds of the

sales of the Bank.shares, Leaves for the increase arising from the ordinary revenue,

1,287,600 00

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3,786,114 79

1,776,000 00

6,153,898 63

17,954,790 49

2,664,000 00

1,494,001 78

Making, in the whole, a difference of more than twenty-two 22,112,792 27 millions of dollars in favor of the United States, during that period of four years and a half.

In order to give a more general and concise view of the receipts and expenditures of the United States, during the four years, commencing on the 1st day of April, 1801, and ending on the 31st day of March, 1805, than can be derived from the annual printed accounts, a statement, marked (H.) and several explanatory statements, marked (H 1. to H 8.) have been added to those which usually accompany this report.

From those it appears that a sum of fifty millions six hundred and sixtyseven thousand four hundred and sixty-seven dollars and four cents, has, been paid into the Treasury during that period, viz:

From duties on tonnage, and on the importation of foreign

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merchandise, From all other sources (including $1,596,171 43 cents, arising from the sales of Bank shares and of public vessels,)

45,174,837 22

5,492,629 82 50,667,467 04/

And that the expenditures, during the same period, have amounted to or ty-nine millions six hundred and sixty-five thousand five hundred and twenty-seven dollars and fifty-six cents, which have been disbursed for the following purposes:

1. Less than one-third of the whole has been sufficient to defray all the current expenses of the United States, viz: For the Civil List, and all domestic ex

penses of a civil nature

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