portations of 1823, will not exceed 15,000,000 dollars. Under the most unfavourable circumstances, it is believed that the receipts of that Year will be sufficient to discharge all demands upon the Treasury which may be authorized by Law. If the current appropriations for the Year 1825 shall be equal to those required by the Estimates of the ensuing year, the expenditure of that Year may be estimated at....... ....Doll. 28,253,597 22 Viz. Current Appropriations..... 8,578,722 22 Permanent Appropriation for arming the Militia, and Indian Annuities..... Gradual increase of the Navy....... 378,875 00 500,000 00 Publick Debt, including balances unapplied 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 of January of that Year, estimated at And, 2d, of the Receipts of that Year, estimated at......... 8,000,000 00 19,000,000 00 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 for the estimated deficit of the Years 1825 and 1826, as well as to meet any ext.aordinary demands upon 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 labours 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 they are composed, is productive of frequent embarrassment and much inconvenience. It is, therefore, respectfully submitted, that all articles composed of wool, cotton, flax, hemp, or silk, or of which any one of these materials is a component part, be subject to a Duty of 25 per cent. ad valorem. The Duties upon glass and paper, upon iron and lead, and 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 Domestick Manufactories. It is, however, presumed, that the Revenue will continue to be augmented by the proposed alterations in the Tariff, until the Publick Debt shall have been redeemed; after which the Publick 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 present augmentation of Duties should, before the Publick Debt be redeemed, produce a diminution of the Revenue arising from the importation of those articles, a corresponding, if not a 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 Domestick Exports, will be imported and consumed; and that the substitution of particular classes of Domestick Articles for those of Foreign Nations, not only does not necessarily diminish the value of Domestick Exports, but usually tends to increase that value. The Duties upon various other articles, not in any degree connected with our domestick industry, may, likewise, be increased with a view to the augmentation of the Publick 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, that it will not only be amply sufficient to defray all the demands upon the Treasury, at present authorized by Law, but that there will remain an Annual Surplus, subject to such disposition for the promotion of the Publick welfare, as the wisdom of Congress may direct. Under the Act of the 20th of April last, authorizing the exchange of certain portions of the Publick Debt for 5 per cent. Stock, 56,704 77 dollars only have been exchanged. The increased demand for Capital for the prosecution of commercial enterprizes during the present Year, and the rise in the rate of interest consequent upon that demand, which were not anticipated at the time that the measure was proposed, have prevented its execution. Existing circumstances do not authorize the conclusion, that a measure of this nature will be more successful during the next Year. If the price of the Publick 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 the Stock annually redeemable beyond the amount of the Sinking Fund applicable to that object. All which is respectfully submitted. Treasury Department, Dec. 23, 1822. WM. H. CRAWFORD. (A.) — STATEMENT exhibiting the Amount of Duties which accrued on Merchandize, Tonnage, Passports, and Clearances; of Debentures issued on the Exportation of Foreign Merchandize; of Payments for Bounties and Allowances; of Expenses of Collection; and of Payments made into the Treasury, from the same sources, during the Year ending 31st December, 1821. (D and G.)-Abstract STATEMENT of Lands sold, and of Monies received on account of Publick Lands. 1821, 1822. Lands sold in 1821 Acres. ..... 780,572 Dollars. Gross Amount received for Lands sold in 1821................ 1,169,224 Gross Amount received in 1821, for Lands sold prior to 1st July, 1820......... 330,115 Total......Dollars 1,499,340 Incidental Expenses, including Salaries and Commis sion....... Repayments made to Individuals for Lands erroneously sold..................... Nett Proceeds, 1821..... Nett Proceeds, First Half Year 1822........ Payments made into the Treasury do....... 86,824 2,587 89,411 .....Dollars 1,409,929 644,199 705,532 592,952 Total, 1st January to 30th September, 1822..........Dollars 1,298,484 (E.)-STATEMENT of Moneys received into the Treasury from all sources other than Customs and Publick Lands, during the Year 1821. From arrears of Old Internal Revenue, Direct Tax of 1798.......... New Internal Revenue..... New Direct Tax.......... Dividend on Stock in the Bank of The U. States.. Fees on Letters Patent........ Postage of Letters........ Cents coined at the Mint............... Dollars. 3,661 25 69,027 63 25,687 80 105,000 00 4,770 00 516 91 Prizes captured by Publick Armed Vessels...... Vessels, &c. condemned under the Acts pro- Interest on Balances due by Banks to The United 14,440 00 634 20 9,372 75 10.00 233 33 8,923 28 310 35 |