« ForrigeFortsett »
ON ACCOUNT OF THE DOMESTIC DEBT.
The amount of warrants issued on the Treasurer of the United States, on account of the interest of the domestic debt, of the reimbursement of the old six per cent. and deferred stocks, and of purchases of the eight per cent. and exchanged six per cent. stocks, from 1st Oct. 1806, to the 30th September, 1807, exclusive of $36,934 49, repaid into the Treasury, and $2,499 63, commissions to Agents purchasing stock, $5,834,423 03
AN ESTIMATE of the Principal redeemed of the Debt of the United States, from the 1st October, 1806, to the 30th September, 1807, inclusively; showing the redemption of the Principal of the said Debt, from the 1st April, 1801, to the 30th September, 1807.
Deduct interest which ac
crued during the same period, calculated quarter yearly $2,923,196 87 And loss on
Reimbursement of the Navy six per cent.
Ditto, of the five and half per cent. stock Ditto, of the four and half per cent. stock Payments made in certificates of the debt of the United States, on account of lands Payments made to foreign officers, and for certain parts of the domestic debt Payments on account of domestic loans
ON ACCOUNT OF THE FOREIGN Debt,
Funds having previously been provided in Europe, the warrants issued on the Treasurer of the United States for that object, from 1st Oct. 1806, to 30th Sept. 1807, were less than the amount of interest arising: the difference, therefore, forms a deduction.
Redemption from 1st Oct. 1806, to the 30th September, 1807.
$2,938,275 07 a $2,896,147 96 $6,479,745 84 $9,375,893 80
Redemption Total Princifrom 1st April, pal redeemed, 1801, to 30th from 1st April Sept. 1806, per 1801, to 30th the Secretary's September report of 5th 1807. December, 1806.
a 1. On account of annual reimbursement
2. Eight per cent. and exchanged six per cent, stocks purchased
3. Moneys in the hands of Agents purchasing stock
4. Moneys in the hands of the Treasurer of the United States, as Agent to the Commissioners of the Sinking Fund
b The amount of eight per cent. purchased Exchanged six per cent.
$1,504,466 61 1,006,005 00 193,860 80
767,231 25 253,851 95
1,021,083 20 1,006,005 00
TREASURY DEPARTMENT, REGISTER'S OFFICE, 5th November, 1807. JOSEPH NOURSE, Register.
REPORT ON THE FINANCES.
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. The nett revenue arising from duties on merchandise and tonnage, which accrued during the year 1806, amounted to And that which accrued during the year 1807, 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 1806, to
And during the year 1807, to
But it is ascertained that the nett revenue which accrued during the three first quarters of the year 1808, did not exceed eight millions of dollars, and is daily decreasing.
The statement (B.) exhibits in detail the several species of merchandise and other sources, from which that revenue was collected during the year
It appears by the statement (C.) that the sales of the public lands have, during the year ending the 30th September, 1808, amounted to about 200,000 acres; and the payments by purchasers to near 550,000 dollars. 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, are distinctly stated.
It appears by the statement (D.) that the payments on account of the principal of the public debt, have, during the same period, amounted to only 2,335,000 dollars. But the payments from the Treasury, for the annual reimbursement of the six per cent. and deferred stocks, and for the final reimbursement of the 8 per cent. stock, will (exclusively of a sum of 730,000 dollars, already in the hands of the Treasurer, as Agent for the Commissioners of the Sinking Fund,) amount during the last quarter of this year, to 5,376,000 dollars: making the total of public debt reimbursed from the 1st of April, 1801, to the 1st January, 1809, about thirty-three millions six hundred thousand dollars, exclusively of more than six millions paid during the same period, in conformity with the provisions of the treaty and convention with Great Britain, and of the Louisiana Convention.
The public debt will, on the 1st day of January, 1809, amount to 56,647,663 dollars, consisting of the following items:
Old six per cent. stock, nominal amount, $ 20,706,603 22
unredeemed Deferred stock,nominal amount,$11,717,476 92, unredeemed New six per cent. stock, exchanged at par for old six and deferred
New six per cent. stock, arising from conversion of three per cent. stock, at 65 new six for 100 three per cent. stock,
$11,919,877 57 9,386,627 08
penses Foreign intercourse,and payment of American claims, assumed by the Louisiana Convention
The interest on the whole debt, and the annual reimbursement on the six per cent. and deferred stocks, will, for the ensuing year, amount to 4,226,000 dollars, leaving, in order to complete the annual appropriation of 8,000,000 dollars, a sum of 3,774,000 dollars, applicable to the reimbursement of the new exchange six per cent. stock. The whole of that and of the other new six per cent., arising from the conversion of three per cent. stock, amounting together to 7,853,000 dollars, would thus be reimbursed within two years. And after the 1st day of January, 1811, the whole annual amount payable on account of interest and annual reimbursement, could not, during the seven ensuing years, exceed 3,756,000 dollars. But, under existing circumstances, it is believed that the reimbursement of that new six per cent. stock will be nominal, and must be effected by incurring a new debt to an equal amount.
The actual receipts into the Treasury during the year ending on the 30th September, 1808, as they principally arose from the revenue accrued during the preceding year, (and the payments on account of drawback having been diminished by the embargo,) have been greater than those of any preceding year, and amounted to -$17,952,419 90
And the specie in the Treasury on the 1st October, 1807,
The disbursements during the same period have amounted to $12,635,275 46.
Naval Department, including the appropri-
Leaving a balance in the Treasury, on the 30th September,
80,000 00 11,250,000 00
$40,489,618 85 16,158,044,42
The cash in the hands of Collectors and Receivers, and the outstanding revenue bonds, which will almost altogether fall due prior to the 1st of January, 1810, may, after deducting the debentures yet unpaid, and the expenses of collection, be estimated to have amounted, on the 30th September, 1808, - $10,500,000
Making, together with the balance in the Treasury on that day, of
An aggregate of
Although the expenses of the present quarter cannot at present be precisely ascertained, they will not, including the reimbursement of 5,376,000 dollars, on account of the principal of the public debt, exceed
Leaving on the 1st day of January, 1809, a sum of
Sixteen millions of dollars in cash or bonds, payable during the year 1809, and applicable to the expenses of that year. It is presumed that the receipts arising from importations and payments for lands, subsequent to the 30th September, 1808, will not be greater than the deductions on account of bad debts, and of the extension of credit on certain articles.
The expenses of the year 1809, would, according to the appropriations already made, and to the usual annual estimates, amount to thirteen millions of dollars, consisting of the following items:
1. Civil list and miscellaneous expenses, 2. Foreign intercourse,
3. Grants by Congress, and other miscellaneous unforeseen demands,
4. Military and Indian Departments,
5. Naval Department,
6. Annual appropriation for the Public Debt,
Leaving a surplus of only three millions of dollars for defraying all the expenses for fortifications, military stores, increase of the Army and Navy, or otherwise incident to a state of actual war, or of preparations for war.
The annual appropriation on account of the public debt, amounting to eight millions, and the interest for the year 1809, being less than three millions of dollars; an authority to borrow five millions, would only create a new debt equal to the principal of old debt reimbursed during that year, and appears sufficient to provide for any deficiency arising from the extraordinary expenses which may be thus authorized by Congress.
It thus appears, that, notwithstanding the general warfare of the belligerent powers against neutral nations, and the consequent suspension of commerce which took place in the latter end of the year 1807, and notwithstanding the increased rate of expenditure naturally arising from that state of things; the ordinary revenue will have been sufficient to defray all the expenses of the years 1808 and 1809, including for 1808, a reimbursement of debt exceeding six millions of dollars, and without making any addition to that debt in 1809. The measures necessary to be adopted in order to make a timely provision