of the war, did not operate as a check upon importations, beyond what may be requisite for the consumption of the current year. These counteracting causes may, therefore, be reasonably supposed to neutralize the force of each other, and, consequently, to refer and confine any estimate of the double duties upon merchandise, imported in the year 1815, to the amount of the importations for the consump tion of a single year. Under these views it is estimated, that the produce of the Customs, during the first 10 months of peace, will amount, with doubles duties, to a sum between 18,000,000 and 20,000,000 of dollars. Of that period, 10 months occur in the year 1815; but as the importations can only partially commence, for the space of 2 months, and cannot reach their average extent for 3 or 4 months, the fair proportion of time, to form the ground of an estimate, will be (as already suggested) 8 months of the year 1815. Upon this scale of computation, the product of the Customs, which will accrue from the 1st of May to the 31st of December, 1815, will probably be 13,500,000 dollars; but there must be added to that sum, the estimated amount of Customs accruing, independent of the effects produced by the peace, from the 1st of January to the 1st of May, to wit, 1,500,000 dollars; making the aggregate of the revenue of the Customs, accruing in the year 1815, about 15,000,000 of dollars. It remains, however, to present an Estimate of the amount of the Customs, which will not only accrue, but which will be actually received at the Treasury, in the year 1815. The extent of the commerce, which is expected to be opened, and the effect of the credits which are allowed for the payment of duties, for the year 1815, have been already explained. The Estimate, therefore, assumes the following form. 1. The total revenue of the Customs, accruing in the year 1815, being, as above stated ......... ...... It is estimated, that of that sum there will become pay- Dollars. 15,000,000 3,500,000 near 3,000,000 Making the total amount of the actual Receipts into the 6,500,000 The ways and means of the Treasury for 1815, provided and pay able during the year, may now be presented in a view essentially different from that which was necessarily taken in the Letter from this Department, dated the 17th of January last, while contemplating a continuance of the war. 1. The duties on imports and tonnage will, probably, produce a sum, inclusive of that receivable for duties which accrued prior to the present year, of about.... 2. The direct tax, instead of a sum of 2,000,000 of dollars, will probably give to the Treasury, in the year 1815, in consequence of the facilities of the peace, a sum of about........ 3. The internal duties, old and new, and postage, instead of a sum of 7,050,000 dollars, will probably give to the Treasury, in the year 1815, in consequence of the facilities of the peace, a sum of about 4. The sales of the public lands will probably produce in the year 1815............. ..... Dollars. 6,500,000 2,500,000 8,000,000 1,000,000 5. The amount of incidental receipts from miscellaneous sources, will probably be about...... 200,000 While the revenue is thus materially augmented, the charges upon the Treasury will be considerably reduced. It is not in the power of this Department, at the present time, to advert to the estimates of the expenses of the peace establishment for the War and Navy Departments, but with the aid of the public credit, and the legislative sanction for the measures which will be proposed, it is believed that the Treasury will be competent, in that respect, to meet the most liberal views of the Government. Independent, therefore, of the estimates of the War and Navy Departments, the charges on the Treasury for the year 1815, will consist of the following items: 1. Civil, diplomatic, and miscellaneous expenses, as stated in the general estimates for 1815.............. 2. The Public Debt will call for a sum of 14,723,808, to answer the following claims: For interest and reimbursement of the Funded Debt created before the war, (the amount of principal unredeemed on the 31st of December, 1814, being about 39,905,183 dollars)............. ..........3,452,775 For interest of the Funded Debt created since the war, (the amount of principal on December 31st, 1814, being 48,580,812, to which little has been since added,) about....... .............................3,000,000 For the principal and interest of Treasury Notes falling due in 1815, and the 1st of January, 1816, Dollars. 1,979,289 including 620,000 dollars, of Notes issued under the Act of 25th February, 1813, falling due within this period ............8,271,033 Dollars. 14,723,808 It is to be observed, however, that the preceding estimate does not include a sum of 2,799,200 dollars, being the principal of the Treasury Notes, which became due in 1814, and remain unpaid; because the unexecuted authority to raise money by Loan for that year, is sufficient to cover the amount, if a Loan can now be obtained, independent on the Custom-House debt, (3,000,000 of dollars) which accrued in 1814, but is payable in 1815, and which is now considered as part of the excess of 3,975,909, stated in the Letter of the 17th of January, 1815, for the purpose of being specifically transferred, in the present estimates, from the ways and means of last year, to the credit of the ways and means for the present year. Upon the whole, then, it appears that the Revenue for the year 1815, will probably amount to 18,200,000 dollars; and that ways and means are now to be divised, to provide for the difference between that sum, and the aggregate amount of the demands for the service of the year 1815; which will be ascertained by adding the amount of the estimates for the Peace Establishment of the War and Navy Departments to the amount of the demands for the expenses of Government, and the Public Debt, being as above stated, the sum of 16,703,097 dollars. It only remains to suggest some additional measures, which appear to be required at this time, for the support of the public credit, and the supply of the Treasury. 1. It is respectfully suggested, that all the Holders of Treasury Notes, issued or to be issued, under the authority of any existing Law, should be allowed to fund them at an interest of 7 per cent; and that interest be allowed on all Treasury Notes which have not been punctually paid, until the day of funding, or of payment. 2. It is respectfully suggested, that a new issue of Treasury Notes should be authorized, upon the principles suggested in the Letter from this Department, dated the 17th of January, 1815. 3. It is respectfully suggested, that a Loan should be authorized to the amount necessary, upon a view of all the estimates, to complete the ways and means for the year 1815. 4. It is respectfully suggested, that the exportation of Specie should be prohibited for a limited period. J. W. Eppes, Esq. I am, &c. A. J. DALIAS. Chairman of the Committee of Ways and Means. REPORT of the Secretary of the Treasury of The United States, relative to the Sinking Fund for the liquidation of the Public Debt created during the War with Great Britain.-Washington, 24th February, 1815. SIR, Report respecting the Sinking Fund. Treasury Department, 24th February, 1815. I HAVE the honor to submit to the consideration of the Committee of Ways and Means, a proposition to provide for paying the interest, and gradually reducing the Stock Debt, which has been created during the late War. It was my intention to have accompanied this Communication with Tables, illustrating, in detail, the operation of the Sinking Fund, as well as the effect of the present proposition; but various causes render the performance of this task impracticable before the adjournment of Congress; and I cannot do better, than to refer to the Report which was made by the Treasury Department to the House of Representatives on the 9th of April, 1808, exhibiting explanatory statements and notes of the Public Debt, its increase or decrease, from the 1st January, 1791, to the 1st January, 1808. I shall, therefore, confine my views to: 1st, the general state of the Public Debt before the War; 2nd, the general state of the Public Debt contracted since the War; and, 3rd, the particular provision to be now made for the last description of the Public Debt. I. On the 31st December, 1814, the amount of the Public Debt, created before the War, may be estimated at 39,905,183 dollars, and it consisted of the following particulars : 1. Old 6 per cent. stock, the nominal Dollars. 4. Exchanged 6 per cent. stock, under the Act of 1812... 2,984,746 5. Six per cent. stock of 1796 80,000 6. Louisiana 6 per cent. stock 10,923,500 Estimated amount of the whole of the Public Debt, contracted before the war, due on the 31st of December, 1814........ Dollars. 39,905,183 Upon the principles and estimates of the Treasury Report of the 9th April, 1808, it was computed; 1. That on the 1st January, 1808, the Public Debt amounted to.............. 2. If, therefore, the amount of the Public Debt, computed to be due on the 31st December, 1814, be deducted, to wit The amount redeemed between the 1st of January, 1808, and the 31st of December, 1814, may be estimated at.............. 64,700,000 39,905,183 24,794,816 The establishment of a Sinking Fund to redeem the principal of the Public Debt, was coeval with the funding system of 1790; but the payment of the interest of the debt was not charged upon that fund until 1802. The amount of the Public Debt was increased, during several of the years that intervened between January, 1791, and January, 1803; and the Sinking Fund was enriched at various periods by the assignment of additional revenues. The Acts of the 8th of May, 1792, the 3rd of March, 1795, the 29th of April, 1802, and the 10th of November, 1803, form, however, the principal basis of the present Sinking Fund, providing for the annual payment of the interest, as well as for the gradual redemption of the Debt. Under the authority of these Acts of Congress, the Sinking Fund amounts to the sum of 8,000,000 dollars annually, which at this time is supplied from the following sources: 1. From the interest on such parts of the Public Debt as have been reimbursed, or paid off, and which, at present, amounts to the sum of.... 2. From the net proceeds of the sales of Public Lands, (exclusive of lands sold in the Mississippi territory, which, as yet, belong to the State of Georgia,) estimated annually at the sum of.............. 3. From the proceeds of duties on Imports and Tonnage, to make the annual sum of 8,000,000 of dollars, estimated at about Dollars. 1,969,577 800,000 5,230,422 Dollars... 8,000,000 II. On the 31st December, 1814, the amount of the Public Debt, |