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The New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
United States Congress on July 1 considers Mr. Fitzsimons's report on funding interest for foreign and domestic debts totaling over $2.8 million annually, plus government support. Proposes increasing imposts by 1/3, adjusting import duties, and adding new duties on spirits, wines, teas, etc., estimating revenues to cover needs with a small excess.
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WAYS AND MEANS.
Mr. Fitzsimons's report was moved should be again taken up in Committee of the whole. This report is as follows:
"The Committee appointed to report a plan making provision for the payment of the interest on the debts of the United States, report,
That the Secretary of the Treasury states the annual interest of the foreign debt, to be
Dols. 542,599
On the domestic debt,
1,696,563
The sum necessary for the support of government,
600,000
Dollars, 2,839,162
In the estimate the Secretary calculates upon 80,000,000 of dollars in old continental bills at 40 for one, is two millions; the annual interest whereof, at 4 per cent. is 80,000 dollars:
But the House having agreed that those bills should be liquidated at 75 for one, reduces the capital to 933,333, and the annual interest to 37,333
Which leaves the sum to be provided annually, Dollars, 2,801,829
The produce of the present impost is estimated to produce 1,600,000
And the tonnage
200,000
The committee propose that the present impost be increased 1/3, which will amount to 533,333
That the discount of 10 per cent. on the duties on goods imported in American ships, shall be discontinued, and an addition of 10 per cent. on goods imported in foreign ships be laid, which upon the above estimate will produce 160,000
That in addition there be laid the following duties, viz.
Distilled spirits 12/3 cents per gall. Wines 6 cents, Bohea Tea 5 cents, Hyson Tea 5 1/3 cents, other Green Teas 4 2/3 cents, Coffee 2/3 cent, Sugar 1/6 cent, Loaf Sugar 1 cent, Molasses 1/6 cent, Pepper 5 cents, Pimento, 3 cents, estimated at
Dollars, 281,997
Estimating the duties which will be collected in Rhode-Island at 1/60th of the whole they will produce,
42,114
2,317,444
Excess of ways and means,
15,615"
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What entities or persons were involved?
Where did it happen?
Domestic News Details
Primary Location
United States
Event Date
July 1
Key Persons
Outcome
excess of ways and means: 15,615 dollars
Event Details
Committee report on plan for payment of interest on US debts: foreign debt interest 542,599 dollars, domestic 1,696,563 dollars, government support 600,000 dollars. Adjustments for continental bills reduce total to 2,801,829 dollars annually. Proposals: increase impost by 1/3 (533,333), discontinue 10% discount on American ships and add 10% on foreign (160,000), new duties on distilled spirits, wines, teas, coffee, sugars, molasses, pepper, pimento (281,997), Rhode-Island duties (42,114), total revenues 2,317,444.