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Domestic News
December 19, 1794
Gazette Of The United States And Daily Evening Advertiser
Philadelphia, Philadelphia County, Pennsylvania
What is this article about?
In the U.S. House of Representatives, a committee led by Mr. W. Smith reports on reducing the public debt, proposing appropriations from 1795 revenues up to $600,000, extending certain duties and taxes to 1801, repealing some acts, and selling western lands.
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CONGRESS
HOUSE OF REPRESENTATIVES.
On motion of Mr. W. Smith, Resolved, that further provision ought to be made for the reduction of the Public Debt; Mr. W. Smith, Mr. Fitzimons, Mr. Ames, Mr. Duvall and Mr. Nicholas, were appointed a Committee to prepare and report a plan for that purpose.
Mr. W. Smith, from the COMMITTEE appointed to prepare and report a plan for the reduction of the Public Debt, brought in the following REPORT:
That from the documents accompanying this report, marked A and B, it appears, that the surplus of the existing revenues, beyond the probable expenditures for the year 1795, and the succeeding years, will enable the Legislature to commence during the year 1795, and to continue thereafter the payment of that portion of the public debt which the government has by law reserved the right to redeem.
The committee therefore submit the following resolution:
I. Resolved, That there be appropriated out of the revenues of the year 1795, a sum not exceeding 600,000 dollars, to be applied to the payment of two dollars on every hundred dollars of the amount of that part of the public debt which bears an actual interest of six percent.-the said payment to be made on the day of next.
The committee further report, that it would, in their opinion, be expedient to appropriate, until the year 1801 all the revenues arising from the duties and taxes on manufactured sugar and snuff, on licences for retailing wines and spiritous liquors, on sales at auction and on carriages, to the payment of so much of the public debt, as the government shall annually have a right to redeem, and for that purpose, to prolong the duration of the said duties and taxes, to the year 1801--They therefore recommend the following resolution.
2. Resolved, That the several clauses of limitation, in the acts for laying duties and taxes on manufactured sugar and snuff, on licences for retailing wines and spiritous liquors, on sales at auction and on carriages, be repealed, that the said several acts to be continued in force until the year 1801, and that the monies arising therefrom be appropriated to the discharge of that portion of the public debt which is redeemable by law, subject, however, to a substitution of other duties or taxes of equal value to all or any of the said duties and taxes.
The following resolutions, as connected with this subject, are also submitted by the committee:
3. Resolved, That the eighth section of the act of last session, laying additional duties on goods, wares and merchandise, be repealed, and that the duration of the said act be made commensurate with the act for laying such duties, passed 10th of August 1790, intituled, "An act making further provision for the debt of the United States."
4. Resolved, That the surplus of revenue, which may hereafter exist after satisfying all legal appropriations, ought to be annually appropriated to the purchase of the public debt.
The prospect of an approaching peace with the Indian tribes having suggested to the committee the propriety of resorting to the western lands, as an auxiliary resource for the discharge of the public debt, they further recommend the following resolution:
5. Resolved, That provision be made for the sale of the public lands in the western territory.
HOUSE OF REPRESENTATIVES.
On motion of Mr. W. Smith, Resolved, that further provision ought to be made for the reduction of the Public Debt; Mr. W. Smith, Mr. Fitzimons, Mr. Ames, Mr. Duvall and Mr. Nicholas, were appointed a Committee to prepare and report a plan for that purpose.
Mr. W. Smith, from the COMMITTEE appointed to prepare and report a plan for the reduction of the Public Debt, brought in the following REPORT:
That from the documents accompanying this report, marked A and B, it appears, that the surplus of the existing revenues, beyond the probable expenditures for the year 1795, and the succeeding years, will enable the Legislature to commence during the year 1795, and to continue thereafter the payment of that portion of the public debt which the government has by law reserved the right to redeem.
The committee therefore submit the following resolution:
I. Resolved, That there be appropriated out of the revenues of the year 1795, a sum not exceeding 600,000 dollars, to be applied to the payment of two dollars on every hundred dollars of the amount of that part of the public debt which bears an actual interest of six percent.-the said payment to be made on the day of next.
The committee further report, that it would, in their opinion, be expedient to appropriate, until the year 1801 all the revenues arising from the duties and taxes on manufactured sugar and snuff, on licences for retailing wines and spiritous liquors, on sales at auction and on carriages, to the payment of so much of the public debt, as the government shall annually have a right to redeem, and for that purpose, to prolong the duration of the said duties and taxes, to the year 1801--They therefore recommend the following resolution.
2. Resolved, That the several clauses of limitation, in the acts for laying duties and taxes on manufactured sugar and snuff, on licences for retailing wines and spiritous liquors, on sales at auction and on carriages, be repealed, that the said several acts to be continued in force until the year 1801, and that the monies arising therefrom be appropriated to the discharge of that portion of the public debt which is redeemable by law, subject, however, to a substitution of other duties or taxes of equal value to all or any of the said duties and taxes.
The following resolutions, as connected with this subject, are also submitted by the committee:
3. Resolved, That the eighth section of the act of last session, laying additional duties on goods, wares and merchandise, be repealed, and that the duration of the said act be made commensurate with the act for laying such duties, passed 10th of August 1790, intituled, "An act making further provision for the debt of the United States."
4. Resolved, That the surplus of revenue, which may hereafter exist after satisfying all legal appropriations, ought to be annually appropriated to the purchase of the public debt.
The prospect of an approaching peace with the Indian tribes having suggested to the committee the propriety of resorting to the western lands, as an auxiliary resource for the discharge of the public debt, they further recommend the following resolution:
5. Resolved, That provision be made for the sale of the public lands in the western territory.
What sub-type of article is it?
Politics
Economic
What keywords are associated?
Public Debt Reduction
Congress Committee
Revenue Appropriation
Tax Extension
Western Lands Sale
What entities or persons were involved?
Mr. W. Smith
Mr. Fitzimons
Mr. Ames
Mr. Duvall
Mr. Nicholas
Domestic News Details
Event Date
1795
Key Persons
Mr. W. Smith
Mr. Fitzimons
Mr. Ames
Mr. Duvall
Mr. Nicholas
Outcome
proposes appropriations of up to $600,000 from 1795 revenues for debt payment; extends duties on sugar, snuff, licenses, auctions, carriages to 1801; repeals certain acts; suggests annual surplus for debt purchase and sale of western lands.
Event Details
Committee appointed on motion of Mr. W. Smith to plan public debt reduction submits report indicating surplus revenues allow payments starting 1795 on redeemable debt portions, with specific resolutions for appropriations, tax extensions, repeals, and land sales.