The New Hampshire Gazette

TREASURY REPORT
Annual Report of the Secretary of the Treasury,
to the two Houses of Congress.
Treasury Department,
December 5th, 1817.
Sir—I have the honor to enclose a report,
prepared in obedience to the act, entitled "An
act to establish the Treasury Department."
I have the honor to be, very respectfully, Sir,
your most obedient servant,
WM. H. CRAWFORD.
The Hon. the President of the Senate.

REPORT.
In obedience to the directions of the "Act
supplementary to an act to establish the treasu-
ry department," the Secretary of the Treasury
respectfully submits the following report and
estimates:

REVENUE.
The net revenue arising from duties upon im-
ports and tonnage, internal duties, direct tax,
public lands, postage, and incidental receipts,
during the year 1815, amounted to
$49,552,852 02
viz:
Customs
36,303,231 77
Internal Duties
5,963,225 58
Direct tax
5,723,152 25
Public lands ex-
clusive of those
in the state of
Mississippi and
Alabama terri-
tory
1,287,959 28
Postage and inci-
dental receipts
275,282 84
And that which accrued from the same soure-
es, during the year 1816, amounted to
$36,743,574 07
viz:
Customs (see statement
A)
27,569,769 71
Internal
duties
(see statement
B)
4,396,133 25
Direct tax, (see
statement C)
2,785,343 20
Public lands, ex-
clusive of those
in the state of
Mississippi and
of the Alabama
territory, (see
statement D) 1,754,487 38
Postage and inci-
dental receipts
237,840 53
It is ascertained, that the gross amount of du-
ties on merchandize and tonnage, which have
accrued during the three first quarters of the
present year, exceed 17,000,000; and that the
revenue arising from internal duties and from
the public lands, during the same period, ex-
ceed that of the corresponding quarters of the
year 1816.
The balance in the treasury on the 1st day of
January, 1817, exclusive of 10,665,287 dollars
30 cents, in treasury notes, of every descrip-
tion, amounted to
11,295,592 86
The payments in the treasury, during the
three first quarters of the year, are estimated to
amount to
27,095,984 14
viz:
Customs
21,732,068 22
Internal revenue
and direct tax: 3,480,173
Public lands, ex-
clusive of those
in the state of
Mississippi and
the Alabama .: 1,326,077 44
Postage and inci-
dental receipis . 26,913 93
Repayments into
the treasury:
530,751 13
And the payments into the trea-
sury during the fourth quar-
ter, from the same sources,
are estimated at
5,980,000,00
Making the total amount estt-
mated. to be received -into
the treasury, durinr the yeat
. 1817, amount to . . ; / ." .a. . .:. 33,075,984·14
Which, added to the sum in the. treasuiry on
the Ist day of Jan., last, makes the aggregate
amount of
44,571.577 00
: The application of this suin,for the year 1817.
is estimated as followg, viz :"
1+
To the SOth Sept. the payments
i; have amounted to ":
32,710,002 98
P.svz:5
Civil, "diplomatic, and miscella.
-neous expenses,' exclusive of
:three hundred and,seventy-
five thousand dollars paid to
the state of Georgia,from the
proceeds of the Mississippi
lands.~:i' : .: 2,798,248 75
Military - service, ;
including : ar-
rearage ..: . 7,105,816 99
Naval service ' . 2,044,474 25
Public debt exclu:
::, siveof three mil.
lians five hun.
dred and nine:
ty-two thousand
nine. hundred
and twenty-sey:
en dollars and
sixty cents of
treasury· notes,
which havebeen
eancelled in due
course of sct.
tlement.. , : 20,761,462 99
During 1he fourth guarter, it is :
,estimated that the payments
will amount te :, 6
5,660,00000
Civil, · diplomatic,
and miscellane-
oug expenscs
600.080 00
Military service ,1,110,000' 00
Naval scrvice :. 1,300,000,00
Public debt to the
first of Janyary,
1818, inclusive 2,650,000-00
Making the aggregate" amoumt
of
38,370,002 88
And leaving on that dav, exclu-
sive of 8,682,697 dollars and
70 cents, in treasury notes,
which are in a train of settle-
ment, in order to be caucel-
led, a balance in the treasury
of
6,001,575 88

OF THE PUBLIC DEBT.
The funded debt, contracted before the year
1812, which was unredeemed on the first day of
October, 1816, as appears by the statement (1)
amounted to
37,494,267 01
By the same statement, it ap-
pears that the funded debt,
contracted subsequent to the
first day of January, 1812,
amounted to
71,201,551 28
Making, together,the sum of
108,695,818 29
To which must be added the
temporary loan from theCum-
berland bank of
50,00000
Making the aggregate amount
of
108,745,818 29
On the 1st day of January,1817.
there was added to the above
amount, including seven mil-
lions dollars of five per cent.
stock,subscribed to the bank.
and including also a tempora-
ry loan from bankof $500,000
the sum of
7,877,471·61
From which deduct the amount
of the old six per cent. and
deferred stock, reimbursed
between the first day of Octo-
ber, and the first day of Janu-
ary, 1817, inclusive, amount-
ing to
815,484 42
Leaving the sum of
7,061,987 19
Making the public debt, which
was unredeemed on the first
day of January, 18l7, as ap-
pears by statement(2)amount
to
115,807,805 48
From the Ist day of January, to
the 3Oth day of September,
1817, inclusive, there was, by
funding treasury notes,added
to the public debt,as appears
by statement (6) the amount
of
1,097,315 43
Making on that day, as appears
by statement (4) the aggre-
gate amount of
116,905,120 91
During the same period, there
was purchased and redeemed
of the pubiic debt, including
five hundred and fifty thou.
sand dollars of temporary
loans, the sum of
16,993,275 50
Which, deducted from the
amount of the public debt,
last stated leaves, unredeem-
ed. on the first dav of Octo-
ber. 18l7. as per statement
(3) the amount of
99,911,845 41
Since the 30th
Sept. there has
been purchased
or redeemed of
the principal of
the public debt
as appears by
statement (5)
the amount of
333,235 1c
And there will be
reimbursed 'of.
. the principal of
the old six per
cent. and defer-
red stock, to
the Ist day of
January,
1818
inclusive, the
amount of
709,513 70
Making together
1,042,748 86
Which, being deducted from
the aggregate amount of the
public debt, on the Ist Octo-
ber, there will remain, uare-
deemed, on the Ist January,
1818, the sum of
98,869,096 55
By the same statement (5) it
appears that the principal of
the public debt, purchased
and redeemed, during the
vear 1817, including 550,000
dollars of temporary loans
amounts to
18.036,023 72
In this sum is included all the funded debt,
held by the bank of the U. States.
The old six per cent stock will be redeem-
ed in the course of the vear 1818. The fi.st in-
stalment of the Louisiana debt falls due on the
2lst day of October of that year. According
to the terms of the convention, this debt is to
be discharged by annual instalments of not less
than three millions each. It is therefore pre-
sumed that, consistentiy with the letter of the
convention, the whole debt cannot be discharg-
ed in one payment. But for this obstacle, in
the present state of the treasury. and under
the existing provisions of the sinking fund, the
whole amount of the stock might be redeemed
on the 2lst day of Oct. next. Is is believed
that neither the letter nor spirit of the conven-
tion forbids the redemption of that stock in two
annual instalments, by which the whole debt
will be redeemed on the 2lst day of October,
1819.
After the redemption of the Louisiana stock,
there is no part of the principal of the public
debt redeemable at the will of the government
until the 1st day of January, 1825, except the
5 per cent stock subscribed to the bank of the
United States. As the commissioners of the
sinking fund are not authorized to redeem the
five per cent, stock, the permanent anmuai ap-
propriation of 10,000,000 of dollars, from the
year 1819 to 1825, under the existing laws, can
only be applied to the payment of the interest
of the public debt, and -to the gradual reim.
bursement of the principal of the six per cent.
deferred stock, and will leave, during that pe-
riod, an annual surplus of nearlv five millions
of dollars.
During the year 1825, the exchanged six per
cent. stock, the six per eent, stock of 1812, and
the stock created by funding treasury notes, a-
mounting together to $18,895,456 23, will be
redeemable. To the redemption of the whole
of this stock within that year, the sinking fnnd,
by the aid ofits surpluses, will not only be en.
tirely adequate, but will be amply sufficient to
redeem the remainder of the public debt, atthe
several periods at which the different stocks of
which it is composed become redeemable. The
whole debt, including the 5 per cent stock, will
be extinguished during the year 183o, except
the 3 per cent. stock, which is not redeemable
at the will of the government,
It is not preslimed that taxes will be imposed,
and collected, for the express purpose of pur-
chasing the funded debt above its nominal value.
It is however believed to be unsafe to reduce
the revenue below the permanent anuual ex-
penditure, as now authorized by law, including
the appropriation constituting the sinking fund.
A reduction below that amount would postpone
the redemption of the public debt beyond the
periods when the several loans of which it is
composed become redeemable, or impose upon
the legislature, the duty of resorting to them
anew for that object.
If, then, the revenue shall, until the year 1825.
be equal to the present annual expenditure, it
is respectfully suggested whether the public in-
terests will not be promoted, by authorizing the
commissioners of the sinking fund to purchase
the funded debt at such rates above par, as in
their judgement will be for the interest of the
nation, rather than to sutfer the annual surplus
of the sinking fund to remain in the treasury
unapplied, fer five successive years. Should
such an authority be given to the commissioners
of the sinking fund, it is probable that tbe dif.
ferent species of stock would advance in price a-
bove their present current'value; but as the
authority would be permissive, not imposing the
obligation to purchase, it is probable that the
surplus of the sinking fund might be more bene.
ficially employed in purchasing the public debt,
than by remaining idle in the the treasury, un-
til the year 1825. If that surplus could be
annnally invested early in each year, at the pre-
sent prices of the different species of stock, it
would produce a saving to the nation of not less
than four millions of dollars, between the first
davs of January, 1820, and 1825. The interest
which will accrue on the 5 per cent. stock, be-
tween the first days of January, 1820, and 1825.
when it is estimated the whole redeemable debt
will be discharged, will amount to $3,500,e00 ;
if, therefore, it is intended to redeem that stock,
the surplus in the sinking fund may be legiti-
matelv applied to that object, during the vear
1820 and 1821.
- By. statement (3) it appears
that the treasury notes which
have issued under the severat
acts of congress on that subject,
have amounted to
56,133,79500
Of which there ,
has been'cancell-
ed at the treasury. :' 26,574,43
., There is "now
in: , the, treasury
which will be can.
celled when 'set-
tled, exclusive of
422,51977, the es-
timated : interest
upon . them the a
mount of i:
8,623,400
Making tögether the sum of..: 35,497,831 00
Leaving : outstanding;
mated balance of
635,96300
As the outstanding treasury notes are conver-
table into funded dlebt, which is considerably
above par, it is presumed that such portion of
them as are not lost or destroyed, will bé fund-
ed, instead of being paid into the treasury in
discharge of duties and taxes. It is, therefore,
probable that an addition to the public dcbt will
be made during the year 1818, nearly equal to
the treasury notes estimated io be outstanding.
Statement (E) presents the state of the l
offices in the state of Mississippi, and in the
Alabama territory, from which it appears that
the receipts into the treasury have amounted to
1,124, 100 81, of which 431,120 were in Miss s
sippi stock.
From the proceeds of the sales of these lands.
there has been paid to the state of Georgia, the
sum of 638.441 33, and theré has been trans-
ferred to the state, by the coinmissioners of the
United States, under the act compromising the
Yazoo claims, that part of the original purchase
money remaining in the state treasury amount-
ing to 184,515 94, making together the sum of
872,957 27, and ieaving still due to the slate.
the sum of377,042 73, which is now ready to
be paid under the provisions of thie act of the
3d of March last,
By statement (7) it appears
that the. Mississippi stock a-
warded by the commissioners,
amounts to
4,278,434 00
From which deduct the a-
mount received into the treasu-
ry,
431,120 00
Leaves outstanding the sum of 3,817,314 00
Which it is estimated will be _received into
the treasury during the two succeedin, vears.
in payment of the public lands in the state of
Mississippi, and in the Alabama territory, or
will be discharged by payments from the trea-
sury out of the proceeds of the sales of those
lands.

Of the estimates of the public revenne and expendi-
tures for the year 1818.
The importation of foreign merchandize dur-
ing the years 1815 and 1816, so greatly exceed-
ed what was presumed to be equal to the annu-
al average consumption, that a general inpres-
sion was produced thiat the importatiors during
the present year would fall ousitly below that
demand. Under this impression the revenue
accruing from that source, fo the year 1817, was
in the annual report of the treasury of the 16th
of December, 1816, estimaied at 12,000,000.
But it is ascertained that the gross revenue aris-
ing from that that source, during the thee irst
quarters of the year, have exceeded 17,c00,000,
and it is estimated that of the whole year will
exceed 22,000,100.
It is presumed that the importaticns from the
East Indies during the present year greatly ex.
ceed those which will take place during several
consecutive years; and that the reactioh pro-
daced by the excessive importations of 1815
and 18i6, has in some degree been diminished
by that circumstance. There is however, just
ground to believe, that the revenue derived
from this source, will not, for any given series
of years, fall below that of the present year.—
Considering that this reveuue, during the year
1807, (the last yéar that our commerce was not
greatly embarrassed by belligerent aggression,)
exceeded 16,000,000; that the cuties then im-
pesed are considerably augmented by the pre-
sent tariff, and that our population has increas-
ed more than thirty per cent. carrying with it,
in the same degree, an increase of the means of
procuring foreign articles, with an undiminish-
ed relish for their consumption ; it is presumed
that the revenue from that source, during the
present year, will be fouud to be less than that
ofany nrmber of successive vears.
According to these views the permanent an-
nual revenue may be estimated to amount
to
24.525,000 00
Viz :
Customs,
20,000,000 00
Internal duties, 2,500,000 00
Public lands, ex-
clusive of the
Mississippi and
Alabama lands, 1,500,000 00
Bank dividends at
7 per cent.
490,000 00
Postage and inci-
dental receipts,
35,000 00
And the payments into the trea-
sury during the year 1818,
may be estimated at the same
amount.
To which add the balance es-
timated to be in the treasury
on the first day of January,
1818,
6,000,000 00
Making together the sum of
30,525,000 06
The probable authorized de-
mands upon the treasury dur.
ing the year 1818, are esti-
mated to amount to
21,546,351 74
Viz :
Civil, miscellane-
ous,diplomatic,
and foreign in-
tercourse,
2,069,843 20
Military services,
including an ar-
rearage of five
hundred thou-
sand dollars,
6,265,132 25
Naval service, in-
cluding one mil-
lion of dollars
for the gradual
increase of the
navy,
3,611.376 20
Public debt,
10,000,000 00
Which, being deducted from the amount es:
timated to be received into the treasury, in
cluding the balance on the Ist of Jan, 1818.
leaves, on the 1st of Jan. 1819, a balance in the
treasury, of $8,578,648 26 which, however.
will be applied to the redemption of the Louisia-
na stock, under the provisions of thé act for the
redemption of the public debt, passed the 3d
day of March, 18l7, as far as those provisions
will admit.
All of which is respectfully submitted.
WILLIAM H. CRAWFORD.
Treasury Department, Dec 5th, 1817.