The National Republican And Ohio Political Register in Cincinnati, Ohio
14 Jan 1823

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The National Republican And Ohio Political Register in Cincinnati, Ohio
14 Jan 1823

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The National Republican And Ohio Political Register (Newspaper) - January 14, 1823, Cincinnati, OhioThe National Republican an Ohio political Register. To vol. I. From the ratio fat . Annual Treasury report in obedience to the directions of the Quot act supplementary to the act to establish the Treasury department the Secretary of the Treasury respectfully submits the following report 1. Of the Public Revenue and expenditure of the years 1821 and 1822. The sett Revenue which accrued from duties on import and tonnage during the year 1821, amounted to $15,898,434 42 a the actual receipt in the Treasury during the year 1821,in Quot eluding the loan of $5,000,000, amounted to $19,573,703 72 Viz customs 813,004,447 15 Public land exclusive of Mississippi Stock 1,212,966 46 arrears of inter Nal duties and direct tax dividend 8t Stock v Konett a in a. Bank of 356,200 11 the u. States and other incidental receipts. Loan authorized by the act of the 3d March 1821, including a Premium of a 64,703 70, gained on the same 5,000,000 00 making with the balances in the Treasury on the 1st of january. A oa4 1821, 81,198,461 21 an aggregate of 820,772,164 93 i the expenditures during the year 1821, amounted to # 819,090,572 69 Cir re cup somatic and miscellaneous �2,241,871 54 military service including fortifications ordnance i Indian depart ment revolutionary end military pensions arming the militia amp arrearage prior to the 1st january 1817, 5,16264 47 naval service including the gradual increase of the v Navy 3,319,243 06 Public debt 8,367,093 62 leaving a balance in the Treasury on the 1st of january 1822, of ,681,592 24 the actual receipts in the trea i sury during the three first quarters of the year 1822, Are estimated to have amounted to 81v45.408 75 Viz customs a. 12,684,933 15 Public lands exclusive of Mississipp i Stock 1,298,484 56 a arrears of internal 4 duties and direct tax dividend on Stock in theban and other Inci it dental receipts v 391,871 76 balances of appropriations for the War and Navy department returned to the Treasury and carried to the sur-1 plus fund 406,119 28 he actual receipts into the Treasury during the fourth Quarter Are Esti mated at 5,000,000 000 Tai aking the total is timoted receipt into the Treasury during the year 1822, 19,745,408 75 and with the balance in the Treasury on the lit of Jan a. 1822, forming an aggregate of 21,427,000 99 he expenditure during the three first quarters of the year 1822,Are estimated to have amounted to 12,278,653 32 Viz and miscellaneous a 1,536.434 24 Lih tary service including fortifications ordnance Indian department revolutionary and military pensions arming the militia and arrearage prior to 1st of january 1817, 4,930,210 68 a aval service including the gradual increase of the Navy 1,538,952 88 Public debt 4,273,055 52 Rae expenditures during the fourth Auar ter i incl uding the redemption of the 82,0 >0,000 of the 6 per cent. It Meek of 1820,Are estimated at Kulk Agthe total estimated expend�-�01 of the year Cincinnati tuesday january 14, 18ss. And leaving in the Treasury on the 1st of january 1823,an estimated balance of $3,148,347 67 after deducting from this sum certain balances of appropriations amounting to 81.232,212 11, which Are necessary to effect the objects for which they were severally made or have been deducted from the estimates for the service of the ensuing year a balance of 81,916,135 56 Mcmains which with the receipts into the Treasury during the year 1823, constitutes the Means for defraying the cur rent service of that year. 2. Of the Public debt. The funded debt which was contracted before the year 1812, and which was unredeemed on the 1st Day of october 1821, amounted to 817,833,746 84 and that which was contracted subsequently to the 1st of january 1812, Ami was unredeemed on the 1st of october 1821, a mounted to 75.852,458 18 making the total amount of funded debt unredeemed on the 1st of october. 1 �21, 93,686,205 02 in the fourth Quarter of the year there was issued Treasury note six per cent Stock to the amount of 390 40 making an aggregate of 93,686,595 42 in the same Quarter there was paid the sum of 2617738 75 Viz reimbursements v % of six per cent deferred Stock 257,180 6q redemption of Louisiana Stock 5,558 15 reducing the funded debt on the 1st of january 1822, to 93,423,856 67 from that Day to the 1st of october last there was issued three per cent Stock to the Arnout of 143 02 making an aggregate of 93,423,999 69 during the same period there was paid the sum of 380,980 02 Viz reimbursement of six per cent deferred Stock 300,980 02 redemption of 6 per centum Stock of 1796, 80,000 00 6,000,00ft 18,278,653 32 reducing the funded debt on the 1st of october 1822, to 93,043,019 67 it is estimated that in the 4 b Quarter of the present year there will be paid 2,265,588 07 Viz reimbursement of 6 per cent deferred Stock 265,588 07 redemption of 6 per cent Stock of 1820, 2,000,000 00 which will reduce the funded debt unredeemed on the first of january 1823, to 90,777,431 60 the amount of Treasury notes outstanding on the 1st of october 1822, is estimate 1 at 27,437 00 and the amount of Mississippi Stock unredeemed on that Day at 26,735 94 3. Of the estimate of the Public Revenue and expenditure for the year 1823, the Gross amount of duties on imports and tonnage which accrued from the 1st of january to the 30th of september last both Days included is estimated at $19,-500,000 00, and that of the whole year at $23,000,000 00. It is estimated that the amount of debentures issued during the same period exceeds the amount issued during the corresponding period of the year 1821 by $86,000, and that the amount of debentures outstanding on the Soth of september last chargeable upon the Revenue of 182 is $234,000 More than was on the same Day in 1821 chargeable upon the Revenue of 1822. It is estimated the value of Domestic articles exported from the United states during the year ending on the 30th of sept. Last has amounted to $49,874.079, and that foreign articles exported during the same period have amounted to $22,-286,202. As the receipts from the customs in the year 1823 depend 1st. Upon the amount of duty Bonds which become due within that year after deducting the expenses of collection and the amount of debenture chargeable upon them and 2d, upon such portion of the duties secured in the first and second quarters of that year As Are payable within the year it is Manifest that an increase in the amount of debentures chargeable upon the Revenue of the year 1823 or a diminution of the importations of foreign merchandise during the two first quarters of that year must necessarily diminish the receipts into the Treasury. As debentures can be issued at any time within twelve months after importation chargeable upon Bonds Given for the duties upon such importation it is impossible to foresee the amount which May be chargeable upon the Bonds that Are payable during the year 1823. The facts however which have been stated justifies the conclusion that the amount of debentures which will be issued and charged upon the Revenue of 1823, will considerably exceed the amount which was chargeable upon that of 1822. From the same facts it is also presumed that the importations of the two first quarters of the year 1823 will be less than the corresponding quarters of the present year. Giving due weight to All the facts connected with the subject the receipts for the year 1823 May be estimated at ,100,000. Viz a customs 19,000,000 00 Public lands 1,600,000 00 Bank dividends 350,000 00 arrearage of in Terna duties and direct tax and incidental receipts 150,000 00 to which is to be added the sum of 1,916,135 56 remaining in the Treasury after satisfying the balances of appropriations chargeable upon the Revenue of 1822, which makes the entire Means of the year 1823, a into unto the expenditure of x the it ear 1823, is estimated at civil diplomatic and miscellaneous 1,599,317 35 military service including fort Ifica Tiona ordnance Indian department revolutionary and military pension arming the militia and arrearage prior to the 1st of january 1817, 5,134,292 75 naval service including the gradual increase of the Navy 2,723.987 12 Public debt 5,602,000 00 23,016,135 56 15,059,597 22 which being deducted from the above sum will leave in the Treasury on the 1st of january 1824, after satisfying the current demands of the year 1823, a sum estimated at $7,956,538 34 although the facts already disclosed justify the conclusion that the importation of the present year exceed the value of Domestic articles exported during the year yet there Are no Means of ascertaining the extent of that excess. If the custom House documents were to be considered conclusive evidence upon this subject it would be apparent that the nation has through the whole period of its exist More in value than it has exported. But the fact is Incont Estibee that the United states have enjoyed a More uninterrupted Prosperity and have increased their capital to a greater relative extent than any of the nations with whom hey have maintained commercial Intercourse. To Shew that the custom House documents cannot be considered conclusive evidence in this Case it is proper to observe a 1st, that the value of articles paying duties and Valorme imported into the United states is ascertained by adding to the invoice value 20 per cent if from beyond the Cape of Good Hope and 10 per All other places whilst the value of Domestic articles exported if ascertained at the port of shipment without any such addition. 2d, the greatest portion of the importations and exportation Are made in vessels of the u. States 3d, the capital employed in the Trade of the North West coast and the Pacific Ocean consists almost exclusively of Tiiu Labin and enter prize of those engaged in it. Foreign articles the proceeds of those enter parted into the United states Are therefore Only equivalent to the labor and Enterprise by which they were procured. 4th, the value of Domestic articles exported is More imperfectly ascertained than of foreign articles imported because it has not been considered necessary to resort to the same sanctions to enforce a compliance with the regulations which have been prescribed for that purpose. To ascertain the relative value of imports and exports it is necessary the same additions should be made to the invoice value of the latter As Are required by Law to be made to the former. 2d. The freight of Domestic articles exported in american vessels should be added to their value after deducting from it the freight of foreign articles imported in foreign vessels. 3d. The value of foreign articles imported in vessels engaged in the Trade of the North West coast and Pacific Ocean the proceeds of the labor and Enterprise of those by whom they Are navigated should be added to the Domestic exports. 4th. It is impossible to ascertain what addition should be made to the value of the Domestic exports on account of the omission of the exporters to state correctly the value of articles exported by them but after making a Liberal allowance for foreign articles illicitly introduced or inaccurately invoiced it is believed that a considerable addition should be made. V if then to the amount of Domestic articles exported during the year ending on the sort sepi Ember last already estimated at,$49,874,079, the additions should be made which the preceding facts and considerations appear to authorise the value of our Domestic exports during that period May be estimated at nearly $6o,-000,000. Although no calculation has been completed shewing the average rate of duty upon the value of foreign articles imported into the United states it is presumed that an importation of $60,000 000 of foreign merchandise will not produce a less Revenue than $17 000,000. As the receipts from the customs during the year 1823 have been estimated at $19,000,000, it is probable that the receipts front the same source in 1824, which will depend upon the importations of 1823, will not exceed $15,000,000. Under the most unfavourable circumstances it is believed that the receipts of that year will be Suffi client to discharge All demands upon the Treasury which May be authorised by Law. If the current appropriations for the year 1825 shall be equal to those required by the estimates for the ensuing year the expenditure of that year May be estimated at $28,253,597 22 Viz current approx Ria a tons $8,573.722 22 permanent appropriations for arming the militia k. Indian annuities 378,875 00 gradual increase of the Navy 500,000 00 Public debt including balance Sun applied in 1823 and 1824,amounting to$8,796,000, 18,796,000 00 the Means of the Treasury to meet this extraordinary expenditure consist 1st. Of the balance which May be in the Treasury on the 1st Jan. Of that year estimated at $8,000,000 and 2d. Of the receipts of that year estimated at 19,000,000 Viz customs $17.000,000 Public lands 1,600,000 Bank dividends 350,000 incidental receipts 50,000 making together an aggregate of 27.000,000 00 and leaving a deficit of about $1.250,000 00 1 in this estimate the receipts and expenditures of the year 1824 Are estimated to be nearly equal. It is probable however that the receipts May exceed to a Small extent the expenditures but there is at least an equal probability that the receipts for the year 1825 Are estimated too High. In the year 1826, the expenditure assuming the current appropriations to be the same As in the year 1823, May be estimated at 19,457,000 dollars and the receipts at 19,000,000 dollars. As the appropriation of 500,000 dollars for the gradual increase of the Navy expires in that year the annual expenditure May for subsequent years be estimated at 19,-000,000 dollars unless it shall be considered expedient to make further provision for the increase of that essential Means of National defence. It is probable that the annual Revenue will be equal to that sum to provide fur the estimated deficit of the years1-825 and 1826, As Well As to meet any extraordinary demands up a the Treasury which unforeseen exigencies May require it is believed to be expedient that the Revenue should be increased. This May be conveniently effected by a judicious revision of the Tariff which while it will not prove onerous to the consumer will simplify the labors of the officers of the Revenue. At present articles composed of Wool Cotton flax and hemp pay different rates of duty. Difficulties frequently occur in determining the duties to which such articles Are subject. The provision in the Tariff that the duty upon articles composed of various materials shall be regulated by the material of chief value of which it is composed is productive of frequent embarrassments and inconvenience. It is therefore respectfully submitted that All articles composed of Wool Cotton flax or hemp or silk or of which any of these materials is a component part be subject to a duty of uhf qty five per cent and Valorme. The duties upon Glass and paper upon Iron and Lead Aud upon All articles composed of the two latter materials May also be increased with a View to the augmentation of the Revenue. In All these cases except articles composed of silk it is probable that the effect of the proposed augmentation of duties will gradually Lead to an ample Supply of those articles from our Domestic manufactories. It is however presumed that the Revenue will continue to be augmented by the p opposed alterations in the Tariff until the Public debt shall have been redeemed after which the Public expenditure in time of peace will be diminished to the extent of the sinking fund which is at present 10,000,000 dollars. But if contrary to present anticipations the proposed augmentation of duties should before the Public debt be redeemed produce a diminution of the Revenue arising from the importation of those articles a corresponding if not greater augmentation May be confidently expected upon other articles imported into the United states. This supposition rests upon the two fold conviction that foreign articles nearly equal to the value of the Domestic exports will be imported and consumed and that the substitution of particular classes of Domestic articles for those of foreign nations not Only do a not necessarily diminish the value of Domestic exports but Usu usually tends to increase that value. The duties upon various other articles not in any degree connected with our Domestic Industry May likewise be increased with a View to the augmentation of the Public Revenue. If the existing Tariff shall during the present session of Congress be judiciously revised for the purpose of augmenting the Revenue it is confidently believed a a at it will not Only be no. 4. Amply sufficient to defray All the demands upon the Treasury at present authorised by Law but that there will remain an annual surplus subject to such disposition for the promotion of the Public welfare As the Wisdom of Congress May direct. Under the act of the 20th april last authorising the Exchange of certain portions of the Public debt for five per cent. Stock 56,704 77 dollars Only have been exchanged. The increased demand for capital for the prosecution of commercial enter prizes during the present year and the Rise in the Rale of interest,.consequent upon that demand which were not anticipated at the time the measure was proposed have prevented its execution. Existing circumstances do not authorise the conclusion that a measure of this nature will be More successful during the next year. If he Price of the Public debt in 1825, should be As High As it is at present any portion of it redeemable at the pleasure of the government which should be unredeemed in that and subsequent years after the application of the sinking fund to that object May be advantageously exchanged for Stock redeemable at such periods As to give full operation to the sinking fund. This May be effected either directly by an Exchange of Stock or indirectly by authorizing a loan to the amount of Stock annually redeemable beyond the amount of the sinking fund applicable to that object. All which is respectfully submitted William h. Crawford. Treasury department it december 23,1822. $ from the National Gazette. Tho us h to on banking in o. S. It has been stated in my last essay that the importation of specie by the Bank of the United states so far from permanently increasing the Gold and Silver circulation of the country caused a More rapid in itself would have been no the Bank could by its operations Supply the merchant with the Means of paying his debts in the cheapest manner and he will never Export specie for that purpose unless it is the cheapest commodity it would be profitable to the country but this was purchased at a very High Price and the loss was merely transferred from the merchant to the stockholder of the important injury resulted from this it i the interest of the individuals so it is of the nation that their debts should be paid in the cheapest manner hence no obstacles ought to be interposed if this end can be most effectually accomplished the exportation of specie. "1 hat exportation will be arrested at the precise moment when according to the common course of Commerce it ought to cease its value like that of All other articles will increase in proportion with its Scarcity until it becomes More advantageous to the debtor to devise other remitting for the liquidation of his debts. Now the Bank by its interference prevented this operation from taking he natural course by deferring the period when specie would otherwise have reached the Price at which its exportation would be Cessa ii have ceased they caused a much greater amount to be sent out of the scheme for increasing the Gold and Silver capital like All other schemes of that nature hastened its diminution it operated As a Bounty on its exportation to the full amount of its Cost beyond its Par value. The recollection of the almost unanimous approbation conferred upon this measure at the time of its adoption and not the desire of casting censure upon the directors of the institution has induced me to examine the subject More fully than i otherwise might have done the directors were placed in a difficult Aud painful situation and the Clamour in favour of the measure was so general that had they refused to adopt it every succeeding evil would have been ascribed to that refusal. Nor did they want High authority to support their adoption of this scheme for if my recollection is Correct a predecessor of the present Secretary of the Treasury mentions in one of his official reports the importation of Bullion As one of the Means of increasing the specie circulation and suggests the consideration of the propriety of a Law to prevent its exportation. The immediate formation of a great number of branches was one of the most injurious measures adopted by the Bank of the United states and if As is believed they were located without any fixed appointment of capital it was one of the most extraordinary. That under such circumstances the Bank directors could have no Means of estimating the proper amount of their issues is arrangement can Only be accounted Tor by the supposition that the Mother Bank imagined they possessed an inexhaustible Reservoir and if we May form an up a a a _ Ion from the oper limit of some of the branches they had adopted the same idea. X a neither seem to have recollected that the capital subscribed to the Bank had added nothing to the capital of the country and that when its vaults were opened that capital would return into its accustomed channels the measure was in deed pm of a of Aness of those principles which regular and control a Money circulation

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