Years..

Interest on 3 Total in each

Six per ct. stock. Deferred stock. Interest. Principal.

per cent. stock.

year.

H.

A TABLE of the annual payments on account of the Public Debt, from the year 1809 to the year 1821, on the supposition that the old six per cent. deferred, and three per cent. stocks shall be converted into a new six per cent. stock, redeemable within seven years; and that the annual appropriation of eight millions of dollars shall be continued till the final reimbursement of that new stock.

a The whole of the public debt will then have been completely reimbursed.

K.

COMPARATIVE VIEW of the Annual Payments to be made on ac count of the Principal and Interest of the Public Debt, after the year 1808, agreeably to the principles assumed in the two preceding tables, marked G and H.

REPORT ON THE FINANCES.

NOVEMBER, 1807.

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 1805, amounted to

And that which accrued during the year 1806, amounted, as will appear by the statement (A.) to

The same revenue, after deducting that portion which arose from the duty on salt, and from the additional duties constituting the Mediterranean Fund, amounted, during the year 1805, to

And during the year 1806, to

$14,135,138

$ 16,576,454

12,520,532 14,809,758

It is ascertained that the nett revenue, which has accrued during the three first quarters of the year 1807, exceeds that of the corresponding quarters of the year 1806; and that branch of the revenue may, exclusively of the duty on salt, and of the Mediterranean Fund, both of which expire on the first day of January next, be safely estimated for the present, and if no change takes place in the relations of the United States with foreign nations, at fourteen millions of dollars.

The statement (B.) exhibits in detail the several species of merchandise, and other sources, from which that revenue was collected during the year

1806.

It appears by the statement (C.) that the sales of the public lands have, during the year ending on the 30th September, 1807, exceeded 284,000 acres. Some returns are not yet received; and the proceeds of sales in the Mississippi Territory, being, after deducting the surveying and other incidental expenses, appropriated in the first place to the payment of a sum of 1,250,000 dollars to the State of Georgia, have not been included, but are distinctly stated. The actual payments by purchasers, have, during the same period, exceeded 680,000 dollars; and the receipts into the Treasury from that source, may, after deducting charges, and the five per cent. reserved for roads, be estimated for the ensuing year at five hundred thousand dollars.

The receipts arising from the permanent revenue of the United States, may, therefore, without including the duties on postage, and other incidental branches, be computed, for the year 1808, at $14,500,000

And the payments into the Treasury during the same year, on account of the salt and Mediterranean duties previously accrued, are estimated at

Making in the whole an aggregate of

LAST QUARTER OF THE YEAR 1807.

1,300,000

$ 15,800,000

The balance in the Treasury, which, on the 30th day of September, 1806, amounted to $5,496,969 77 cents, did, on the 30th day of September, 1807,

amount to

The receipts into the Treasury from the 1st of October, to the 31st of December, 1807, are estimated at

8,530,000

4,000,000

$12,530,000

The expenses during the same period, for all objects whatever, the public debt excepted, and including 686,076 dollars for the extraordinary expenditures of the Navy Department, of which the estimate has been transmitted, are estimated at

The ordinary payments on account of the public debt, including the provision for the interest on the Louisiana and Dutch debt, to the 1st July, 1808, are estimated at

A farther sum of about 1,500,000 dollars, should also be paid during this quarter, in order to complete the annual appropriation of 8,000,000 of dollars. If the whole of this sum which is applicable to the purchase of the eight per cent. stock cannot be expended this year, the unexpended balance will form an additional expenditure for the year 1808; charging, however, the whole to this quarter,

Makes an aggregate of

And will leave in the Treasury at the close of the year, a balance of about seven millions, six hundred thousand dollars.

1,700,000

1,700,000

1,500,000

$ 4,900,000

7,630,000

$ 12,530,000

EXPENDITURES OF THE YEAR 1808.

The permanent expenses, calculated on a peace establishment, are estimated at 11,600,000 dollars, and consist of the following items, viz:

1st. 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 and the sea coast, the fifth instalment of the loan due to Maryland, and a sum of 100,000 dollars, to meet such miscellaneous appropriations not included in the estimates, as may be made by Congress,

1,100,000

2d. For expenses incident to the intercourse with foreign nations, including the permanent appropriation for Algiers, 3d. For the Military and Indian Department, including trading houses, and the permanent appropriations for certain Indian tribes,

4th. For the Naval establishment,

5th. The annual appropriation of eight millions of dollars, for the payment of the principal and interest of the Public Debt, of which sum not more than 3,400,000 dollars will for the year 1808, be applicable to the payment of interest,

To the permanent expenses must be added for the year 1808, a sum of about 800,000 dollars, necessary. in addition to the annual appropriation of eight millions of dollars, to complete, on the 1st January, 1809, the reimbursement of the eight per cent. stock,

And for paying the balance of American claims assumed by the French convention,

Making altogether, for the expenses of that year The receipts of that year having been estimated at

$ 200,000

1,280,000 1,020,000

8,000,000

$ 11,600,000

800,000

200,000

$ 12,600,000

15,800,000

7,630,000

$23,430,000

And the probable balance in the Treasury on the

1st January next, at

Making altogether,

Would therefore, probably, leave in the Treasury on the 1st January, 1809, a balance of near eleven millions of dollars.

10,830,000 $23,430,000

PUBLIC DEBT.

It appears by the statement (D.) that the payments on account of the principal of the public debt have, during the year ending on the 30th day of September, 1807, exceeded four millions six hundred thousand dollars; making the total of public debt reimbursed from the 1st of April, 1801, to the 1st of October, 1807, about twenty-five millions eight hundred and eighty thousand dollars, exclusively of more than six millions which have been paid during the same period in conformity with the provisions of the treaty and convention with Great Britain, and of the Louisiana convention.

Of the twelve millions of dollars, which, according to the preceding estimates, may be paid on account of the public debt between the 30th September, 1807, and the 1st January, 1809, about eight millions will be on account of the principal. It must, however, be observed, that the unascertained result of the proposition made to the public creditors for a modification of the debt, may affect the amount payable during the year 1808, on account of both principal and interest.