STATEMENT B.-Continued.

Cents and half cents coined at the Mint-from
Benjamin Rush, Treasurer of the Mint
Stamp duties and penalties-from David Gels-
ton, Collector, New York

REPORT ON THE FINANCES.

DECEMBER, 1809.

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 duties on merchandise and tonnage, which accrued during the year 1807, amounted, after deducting the expenses of collection, to $ 26,126,648 From which, deducting for debentures issued on account of re-exportations,

10,067,191

Left for the nett revenue accrued during that year,

$ 16,059,457

The same duties during the year 1808, amounted, after deducting the expenses of collection, to

From which, deducting for debentures issued, and which on account of the embargo did not exceed

Leaves, for the nett revenue accrued during that year, as will appear by the statement (A.)

10,581,559

249,396

$10,332,163

The statement (B.) exhibits in detail the several species of merchandise, and other sources from which that revenue was collected during the year 1808; and the statement (Aa.) gives a comparative view of the importations and re-exportations of the several species of merchandise for the years 1807 and 1808, showing thereby distinctly the effect of foreign aggressions commercial restrictions on the importations of foreign articles.

and

From the returns already received for the three first quarters of the present year, and from the general knowledge of the importations made during the two last months, it is believed that the gross amount of duties on mer chandise imported during the whole year, will, after deducting the expenses of collection, amount to about ten millions of dollars.

But as the debentures issued on account of re-exportations, (principally of colonial produce,) will amount to about 3,500,000 dollars, the nett revenue accrued during the year 1809, cannot be estimated at more than six millions

and a half.

It appears by the statement that the sales of public lands have, dur ing the year ending on the 30 September, 1809, amounted to 143,000 acres; and the payments by purchasers to near 500,000 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 stated.

1

distinctly

It appears by the statement (D.) that the payments on account of the prin cipal of the public debt, have, during the same period, amounted to near

6,730,000 dollars; the reimbursement of the eight per cent. stock having taken place on the first of January last. But the aggregate of payments on account of principal and interest, will not, for the two years 1808 and 1809, exceed the sum of sixteen millions of dollars appropriated by law.

The same statement shows that about 34,796,000 dollars of the principal of the debt have been reimbursed during the eight years and a half, commencing on the 1st of April, 1801, and ending on the 30th September, 1809; exclusively of more than six millions of dollars paid in conformity with the provisions of the convention with Great Britain and of the Louisiana convention.

The actual receipts into the Treasury, during the year ending on the 30th of September, 1809, have amounted to - $9,315,753 16

13,846,717 52

An aggregate of

$23,162,470 68

The disbursements, during the same year, have consisted of the following items, viz:

Making, together with the balance in the Treasury on the 1st October, 1808, and amounting to

Civil Department, including miscellaneous expenses, and those incident to the intercourse with foreign nations, - $1,439,633 23

Military and Naval establishments, including the Indian Department, viz:

Military, including arms and fortifications

Navy,

Indian Department,

Interest on the Public Debt,

3,366,403 12
2,379,267 80
292,303 84

Reimbursement of principal of the public debt,

Amounting together, as will appear more in detail by the statement (E.) to

And leaving in the Treasury, on the 30th of September, 1809, a balance of

17,333,534 67

5,828,986 01

$ 23,162,470 68

Whence it appears that the expenses of government, exclusively of the payments on account of the principal of the debt, have exceeded the actual receipts into the Treasury, by a sum of near thirteen hundred thousand dollars; and that that deficiency, as well as the reimbursement of the principal of the debt, have been paid out of the sums previously in the Treasury, or, in other words, out of the surplus of the revenue of the preceding years.

The outstanding revenue bonds may, after deducting the expenses of collection, and allowing for bad debts, be estimated to have amounted, on the 30th of September, 1809, to

7,500,000

The duties on the importations during the last quarter will not, probably, after making a similar deduction, fall short of

2,800,000

All those will fall due prior to the 1st day of January, 1811, and make, together with the balance in the Treasury,

6,037,974 76 3,126,149 15

10,603,757 14 6,729,777 53

on the 30th September, 1809, and amounting as above stated,

to

An aggregate of

The expenses of the present quarter, though not yet precisely ascertained, will not, probably, including the payments on account of the public debt, exceed

Leaving, on the first day of January, 1810, a sum of

5,800,000

$ 16,100,000

Estimating the expenses of a civil nature, both domestic and foreign, for the year 1810, at the same amount actually expended for those objects during the preceding year, or at about

About twelve and a half millions of dollars in cash or bonds, payable during the year 1810, and applicable to the expenses of that year. This estimate, however, is founded on the supposition that the amount of debentures payable in that year, will not exceed two millions of dollars, and that the receipts during the year, arising from importations subsequent to the first of January next, and from the sales of lands, will be sufficient to pay those debentures, and to leave at all times in the Treasury, at least one million of dollars.

3,600,000

$12,500,000

And adding thereto the annual appropriation of

for the public debt; (of which sum about three millions seven hundred and fifty thousand dollars will be applied to the final reimbursement of the exchanged six per cent. stock,) it follows that unless the aggregate of the expenses for the Military and Naval establishments, should be reduced to about

1,500,000 8,000,000

3,000,000 $12,500,000

That state of the increase of duties But should that

a loan will be necessary to make up the deficiency. Treasury had been anticipated; and, for that reason, an had been respectfully submitted in the last annual report. measure be now adopted, it would not, on account of the terms of credit allowed for the payment of duties, supersede the necessity of a loan for the service of the year 1810, commensurate with the extent of those establishments, and with the appropriations which may be made for their support by Congress. No precise sum is suggested, since this must vary according to the plans which may be adopted in relation to foreign nations, and will particularly depend on the decision of Congress on the question of war or peace. It is sufficient to state, that, if the actual expenditure of the year 1810, for all military and naval purposes, should be estimated at the same sum which was disbursed by the Treasury for those objects during the year ending on the 30th September, 1809, and exceeding, as above stated, six millions of dollars, the deficiency, according to the preceding estimates, would amount to three millions: on which supposition, it would seem prudent, in order to provide against any deficiency in the receipts, beyond what has been estimated, to authorize a loan of four millions of dollars.

In the event of war, the necessity of rendering it efficient, and of calling for that purpose into action all the resources of the country, is too obvious