From the present demand, it appears probable that the residue of the treasury notes, authorized by the act of 30th June last, and amounting to $ 1,465,000, will be disposed of prior to the 1st of March next. It may be proper also to state, that, notwithstanding the addition thus made to the public debt, and although a considerable portion has been remitted from England and brought to market in America, the public stocks, which had at first experienced a slight depression, have been for the last three months and continue to be at par. II. Year 1813. The net revenue arising from duties on merchandise and tonnage, which accrued during the year 1810, amounted to $ 12,513,490 The net revenue arising from the same sources, which accrued during the year 1811, amounted, as will appear by the estimates (A) and (B), to $ 7,902,560 The same revenue for the year 1812 is estimated at $ 12,500,000 Of which sum, about 5,500,000 arise from duties on the late importations from Great-Britain. The custom-house bonds outstanding on the 1st day of January, 1813, and falling due in that year, are estimated, after deducting bad debts, at 11,250,000 dollars: and it is believed that the probable amount of receipts from that source into the treasury, during the year 1813, may be safely estimated at 11,500,000 dollars. The sales of public lands north of the river Ohio, during the year ending on the 30th September, 1811, and after deducting the lands which have reverted to the U. States, have amounted, as appears by the statement (C), tb 390,000 acres; and the payments by purchasers to 790,000 dollars. The Indian war may affect the sales, and perhaps, to a certain extent, the amount of payments. It is, however, believed that that branch of revenue may, together with some other small items, be estimated for the ensuing year at 500,000 dollars: making the whole amount of probable receipts into the treasury for the year 1813 (exclusively of loans) $12,000,000 The expenditures for that year are estimated as followeth, viz.: 1. Expenses of a civil nature, both foreign and domestic, 2. Public debt, viz.: Interest, including that on new $3,300,000 per cent. and deferred stocks, and of temporary loans, and treasury notes, falling due in 1813, and estimated amount of purchases of stock, 3. Military establishment: 5,200,000 The estimates of the secretary of war are, with respect to the army, predicated on the employment of the whole force authorised by law, and amounting to 36,700 men of every description. Adding to this the expense incident to the service of volunteers and militia, and also the increase of pay of the army, the appropriation for arming the militia, and 400,000 dollars of the unexpended balance for fortifications, the whole contemplated expense may be estimated as follows: Army-Pay, subsistence, boun ties, clothing, and $9,350,000 Ordnance and armories, 1,850,000 Quarter Master's de partment and contin $1,500,000 8,500,000 4. Naval establishment: The estimates of the secretary of the navy are predicated on the employment of the following force, viz.: Commissioned officers, and warrant Petty officers, seamen, and boys, viz.: For nine frigates and nine 871 3,620 Pay, provisions, and medicine, $ 3,290,000 100,000 Of this sum more than one million is already contracted for, and there remains on hand a balance of about a million and a half in treasury notes, not yet disposed of. An authority to issue new notes for about two millions and a half more, being the amount reimbursable in 1813, will still keep the whole amount issued at five millions, and reduce the amount of the loan to about fifteen millions of dollars. In order to facilitate the loan, and perhaps to improve its terms, it may however be eligible to leave some discretion in the executive as to the respective amounts of stock and notes to be issued; which may be advantageously varied according to circumstances, without increasing the aggregate of both. The preceding estimates do not embrace the expense incident to the proposed increase of the navy, nor any other expenditure not yet authorised by law. In order to meet any new expense which may thus be authorised by congress, it will therefore be necessary to increase the loan to a corresponding amount. The sums received or to be received on loan, during the calendar year 1812, have been stated (so far as ascertained on the 1st of December at the treasury) at $ 12,950,200 The payments on account of the principal of the debt during the same year, though not yet precisely ascertained, may be estimated at Making the actual increase of debt during that year 2,350,200 $ 10,600,000 It appears, according to the preceding estimate, that the whole sum to be borrowed during the year 1813 will amount to about twenty millions of dollars; and that the payments on account of the principal of the public debt will exceed five millions, making the actual increase of debt during that year $ 15,000,000 Of the revenue which will accrue during the year 1813, and on which the receipts of the year 1814 will principally depend, it is not practicable at this moment to form a correct estimate. So far as may be inferred from the experience of the short period which has elapsed since the declaration of war, it is not probable that the revenue derived from customs will exceed the amount of $5,000,000, at which it had been estimated in a former communication. The duties accrued or which will accrue during the last six months of this year, after deducting drawbacks and expenses of collection, are estimated at less than $9,000,000. Which, deducting about 5,500,000 dollars on account of duties on the late importations from Great Britain, and one million for the duties on importations from Calcutta and China, would not leave more than 2,500,000 dollars for the ordinary revenue on those branches of commerce which are permitted by law, and from which the United States will not be nearly excluded by the war. All which is respectfully submitted. ALBERT GALLATIN. Treasury Department, December 1st, 1812. A. A statement exhibiting the Amount of Duties which accrued on Merchandise, Tonnage, Passports, and Clearances, of Debentures issued on the Exportation of Foreign Merchandise, of Payments for Bounties and Allowances, and for Expenses of Collection, during the years 1810 and 1811. Duties on merchandise tonnage 1810. 16,601,711 71 169,161 24 1811. 10,427,412 21 124,363 30 passports and clearances 23,428 00 19,737 70 A statement of the Amount of Amèrican and Foreign Tonnage employed in Foreign Trade for the year 1811, as taken from the Records of the Treasury. American tonnage in foreign trade, Foreign tonnage, Total in the foreign trade of the United States, Tons, 948,247 33,203 981,450 Proportion of foreign tonnage to the whole amount of tonnage employed in the foreign trade of the United States, 3.4 to 100 •Treasury Department, Register's Office, November 18th, 1812. JOSEPH NOURSE, Register. |