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REPORT. 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. The nett revenue arising from duties on merchandise and tonnage,
which accrued during the year 1808, amounted to
$ 10,348,000 The nett revenue arising from the same sources, which accrued
during the year 1809, amounted, as will appear by the statement (A.) to
6,527,000 It is ascertained that the nett revenue arising from the same duties, has, for the three first quarters of the year 1810, exceeded 7,500,000 dollars; and it is believed that it will not, for the whole year, fall short of twelve millions.
The sales of public lands north of the river Ohio have, during the year ending on the 30th of September, 1810, amounted to 159,000 acres; and the payments, by purchasers to 610,000 dollars. The same statement shows that the total amount of sales, from the establishment of the land offices in the year 1800, to the 30th of September, 1810, have amounted to 3,168,000 acres, which have produced 6,681,000 dollars; of which sum 1,646,000 dollars remain due by purchasers. The sales in the Mississippi territory, being (after deducting expenses) appropriated in the first place to the payment of 1,250,000 dollars to the state of Georgia, are discinctly stated.
RECEIPTS AND EXPENDITURES.
1. Year ending on 30th September, 1810. The actual receipts into the treasury, during the
year ending on the 30th of September, 1810, have amounted to
$ 8,688,861 17 Making, together with the balance in the treasury,
on the 1st of October, 1809, and amounting to $ 5,828,936 01
An aggregate of
The disbursements during the same year have consisted of the
following items, viz. Civil department, including miscellaneous ex
penses, and those incident to the intercourse with foreign nations,
$ 1,249,200 06 Military and Indian departments, 2,5 14,523 75 Navy,
4,189,259 25 Interest on the public debt,
Total current expenses,
Amounting together, as will appear more in detail
by the statenient (B) to And leaving in the treasury on the 30th of Septem
ber, 1810, a balance of
It therefore appears that the actual receipts into the treasury have exceeded the current expenses of government, including therein the interest on the debt, by a sum of five hundred thousand dollars: The expenses had during the preceding year exceeded the receipts by a sum of thirteen hundred thousand dollars. The difference arises, not from an increase in the receipts, but from a diminution in the expenses, particularly those of the military and naval departments.
2. Last quarter of the year 1810. The receipts for that quarter will, it is believed, be more than sufficient to defray the current expenses and interest on the debt accruing during the same period. But the payments to be made on account of the principal of the debt, in order to complete the annual appropriation of eight millions of dollars, amounting to more than 5,100,000 dollars, a loan, first negotiated for 3,750,000 and afterwards reduced to 2,750,000 dollars, became necessary. The receipts and disbursements for that quarter are therefore
estimated as follows:
Expenses, civil, military, and naval, esti-
plete the annual appropriation of eight millions, and
Probable balance in the treasury on the 31st Decem
3. Year 1811. The outstanding revenue bonds, after deducting the expenses of collection, and allowing for bad debts, will not probably, on the first of January 1811, fall short of eleven millions and a half of dollars the actual receipts for the year 1811, on account of the sales of lands, may be estimated at five hundred thousand: and it is presumed that the portion of the revenue arising from importations subsequent to the present year, which will be received in 1811, will be more than sufficient to pay the debentures payable in that year. The actual receipts into the treasury during that year may therefore be estimated at
Estimating the expenses of government for the year 1811 not to exceed the amount actually expended during the year ending on the 30th of September, 1810, that is to sayExpenses of a civil nature, both domestic and foreign, $ 1,240,000 Military and naval departments,
And adding thereto the interest on the public debt esti
The aggregate of the current expenses, exclusively of
the payments on account of the principal of the
7,980,000 Brought forward,
$ 7,980,000 The payments on account of the principal of the debt
will be applicable to the annual reimbursement on
Making for the whole amount of the expenditures of the year 1811,
13,430,000 or about one million of dollars more than the receipts for the same year.
If, therefore, this estimate could be relied on, an authority to borrow one million of dollars would be sufficient to enable government to pay all the current expenses, and to reimburse nearly four millions and a half of the principal of the debt, leaving at the same time in the treasury a balance of two millions of dollars, a sum not greater than what under existing circumstances it is eligible to reserve. But a deficiency may take place in the receipts if the amount of debentures should exceed what has been estimated; and the expenses for the military and naval departments (which, according to the estimates of those departments, and exclusively of the sum necessary for fortifications, amount to 4,916,000 dollars) may be greater than the amount actually expended during the year ending on the 30th of September, 1810. In order to provide for these and other unforeseen contingencies, the propriety of authorizing a reloan, not exceeding in the whole the amount of the principal of the debt reimbursed during the same year, is respectfully submitted.
PUBLIC DEBT. It appears by the statement (C) that the payments on account of the principal of the public debt have amounted, during the year ending on the 30th day of September 1810, to 2,884,000 dollars; and during the nine years and a half ending on the same day, to near 37,700,000 dollars; exclusively of more than six millions of dol. lars paid in conformity with the provisions of the convention with Great Britain and of the Louisiana convention.
Taking the calendar year 1810, by itself, the principal of the debt actually reimbursed will amount to 5,163,376 dollars, viz. Annual reimbursement of six per cent. and deferred stocks,
$ 1,412,251 Reimbursement of the six per cent. exchanged stock, 3,751,125
From which deducting the loan from the bank of
Leaves for the actual decrease of debt during the year,
The loan authorized by the act of last session, had at first been negotiated in the latter end of May for 3,750,000 dollars; but the expenses having proven less than had been supposed, it was by mutual consent reduced in October to 2,750,000. With that object in view, in order that no greater sum should be ultimately borrowed than might be necessary, and also in order to avoid as long as practicable an increase of stock in the market, and that of a more permanent species of debt, a temporary loan from the bank of the Uni. ted Stales was preferred to any other mode. It is reimbursable on the last day of December, 1811, with a reservation that the bank may, in case of a non-renewal of its charter, demand an earlier payment on giving three months' notice. This condition may, if enforced, save some interest to the public, and can produce no inconvenience, as there will be no greater difficulty in effecting a new loan (if necessary) in the middle than in the latter end of the year.
From what has been stated it appears, that no other provisions are necessary for the year 1811, than a continuance of the additional 2 1-2 per cent. duty, commonly called the Mediterranean fund, and an authority to borrow a sum, probably much less, and certainly not greater than the amount of the principal of the public debt which will be reimbursed during the year. "But as, in conformity with the act of the 1st of May, 1810, the importation of articles the growth, produce or manufacture of the dominions, colonies and dependencies of Great Britain, will be prohibited after the 2d day of February next, if that nation shall not, before that time, so revoke or modify her edicts as that they shall cease to violate the neutral commerce of the United States, some provisions appear necessary for the purpose of supplying the deficiency in the revenue arising from that cause, and of giving to that measure all the efficacy of which it is susceptible.
The probable defalcation in the revenue cannot, for obvious reasons, be at this time estimated with any degree of precision. The experience of the ensuing year can alone afford sufficient data for a permanent and detailed plan adapted to that state of things, and calculated to insure perseverance in the system as long as may be thought proper. But in the meanwhile, it appears essential to lay the foundation of such plan, and to guard in time against any great deficit in the receipts of the year 1812. It is believed that, under existing circumstances, it would be sufficient to render those receipts equal, or nearly equal to the current expenditure, including therein the interest on the public debt, and estimated at about eight millions of dollars: and with a view to that object, a considerable and immediate increase of the present duties on importations is respectfully suggested. It is not less important that the act should be free of legal difficulties, and of well founded objections, and that it should be enforced by every practical means. On that subject the following observations are submitted. 1. The law of the 1st May 1810, has neither expressly defined the
edicts, the revocation of which is expected, nor made a notifi