Alexandria Gazette & Daily Advertiser

We are informed, that in addition to the rapid fall of prices, by which the agriculture of the kingdom has been so greatly depressed, it had come in conjunction with the effects produced upon the commerce and manufacturing industry of the country by the sudden changes which had occurred in the political state of Europe, they were really prepared to find a very considerable deficiency in the produce of the principal taxes in the year ended the 5th January, 1817; and the more especially, as all these causes of distress appear to have been felt by most of the nations of the continent in a similar, and by many of them in a severer degree.

The fact has, indeed, corresponded with the principles upon which this expectation was founded; but although these concurring evils have not failed to produce in a material degree their natural consequences, yet your committee, in contemplating the utmost extent of them, in comparing them with the depression which the revenue has experienced in former instances, when affected by the sole calamity of a deficient harvest, are disposed to consider it as a striking proof of the substantial strength and wealth of the country, and its consumption should have been diminished in a greater degree under the accumulated circumstances of embarrassment, which have pressed upon the last year.

Your committee are well aware that in addition to the general causes affecting the usual consumption of taxed commodities in the year 1816, some part of the diminution of the revenue must be attributed to the diminished consumption of the government itself; but, in opposition to this circumstance, they consider the cessation of so large a portion of taxes (viz: £7,500,000 per annum) which expired in the last year, although their collection continued to operate during the remainder of that year, cannot fail, in the full benefit of the addition thereby made to the means of individuals generally felt, to encourage an increase of expenditure and consumption by the community at large: a consideration which is to be set against any inference to be drawn from the necessary diminution in the demands and consumption of government.

Your committee being, therefore, fully impressed with the belief that the unfavorable returns of the revenue in the year 1816 are essentially referable to the general distresses of the country, are necessarily led to the conclusion, that according as these distresses may be redressed by the recovery of trade and agriculture from the shock occasioned by the late change in the money value of commodities, and in proportion as the industry of the laboring classes may receive relief from more extended or more active employment, coupled with the blessing of a more favorable season than last—in the same proportion and degree may it be confidently expected that the public revenue of the country will return to its average rate of productiveness.

Of the degree in which some relief may already have taken place, of the period within which a full recovery from our late difficulties may be anticipated, it would be premature and presumptuous, in your committee, to attempt to state any distinct opinion. They have, however, thought it right to call for such information as could be acquired upon this very important subject from some of the persons most conversant, practically, with the manufacturing and commercial industry of the country; and the opinions of these persons, as to the actual commencement, or early prospect of returning activity, are, upon the whole, encouraging and satisfactory. Your committee feel warranted, by the concurring sentiments of the witnesses, as well as by all other indications within their own observation, in expressing a belief that a favorable alteration is already manifesting itself throughout the country. And when your committee contemplate the great advantages possessed by this nation over all others which have suffered, and are still suffering by the calamities peculiar to the present period,—in the substantial resources of accumulated wealth, and of extensive, active establishments for the employment of labor and the maintenance of industry—they cannot but indulge the confident hope that amelioration of our condition will be rapidly accelerated.

They, therefore, conceive that they will not be exhibiting a too favorable view of the future revenue from the present taxes, when they assume the average productiveness of the last two years (corresponding, nearly as they do, with the average of the three preceding years) as the foundation of their estimate of the probable average income in the years 1817 and 1818, is £52,205,364.

Should there be deducted from the estimated expenditure in each of those years, it would appear that there will remain to be provided by extraordinary resources, to make good the deficiency between the total income and expenditure, in the year 1817, £15,502; in the year 1818, £13,711,311.

Without any addition to the annual charge, on account of new debt which is estimated in either of those years.