Nominal amount of Funded Debt and Temporary Loaus, 1st October, 1816.................. Dollars 128,007,170 54 Deduct: Reimbursement of the old 6 per cent., and deferred stocks, to the 31st December, 1815, per Trea Unredeemed Amount, 1st October, 1816...(a) Dollars 108,745,818 29 Dollars. C. Nominal Amount, as above stated, brought down..... 128,007,170 54 SINKING FUND. The following sums are, in the Treasury Books, passed to the credit of this Fund. Dollars. C. Dollars C. Treasury Note, 6 per cent. stock............ 58,245 78 (b.) Nominal amount, including Sinking Fund, 1st January, 1816 157,648,517 53 LETTER from the Secretary of the Treasury to the Congress of The United States, transmitting Statements of the amount of Duties on the Trade between The United States, and the British West Indies and American Colonies.—1801 to 1816. SIR, Treasury Department, 10th December, 1816. I HAVE the honor to acknowledge the receipt of your Letter of the 8th instant, requesting information on the following points: 1st. The annual amount of Revenue arising from the Trade of the British Colonial Possessions with The United States, excluding the East-India Trade? 2nd. The probable effect upon the Treasury Receipts of a total prohibition of Importations from, or Exportations to, the British Colonial Possessions, other than the East Indies, except in American Vessels? 3rd. The probable effect upon the Revenue of The United States, of increased duties on the articles imported in, and on the tonnage of British Vessels, coming from those Dependencies of Great Britain to The United States, whose Trade with us is not regulated by Treaty? To the first question, I have the honor to state, that the Statement A, hereto annexed, exhibits the amount of Revenue which accrued on British Merchandise imported into The United States, from the British West Indies and their American Colonies, from the 1st of October, 1801, to the 30th of September, 1814. From this Statement it appears that the average Revenue of the 6 first years, exceeds 2,000,000 dollars per annum. By Statement B, hereto annexed, it appears that, during the same period of time, the annual exportation of domestic productions to those Colonies, has exceeded the average amount of 6,500,000; and that the exportation of the same articles during the year 1816, has exceeded 6,000,000 dollars. The probable effect upon the Treasury Receipts, of a total prohibition of importations from, or exportations to, the British Colonial Possessions, except in American Vessels, will depend upon a variety of circumstances, which, at this time, it is difficult to foresee or correctly to estimate. It is probable that the prohibition would produce one of these effects: 1st. A conventional relaxation of the British Colonial system, by which American Shipping would participate in the Trade of those Colonies. 2nd. That the Trade would be carried on circuitously; or 3rd. That it would be wholly discontinued. In the 2 first cases, the Revenue would not be affected. In the latter case, it might eventually diminish the Revenue derived from duties on merchandise and tonnage. In the present state of the world, it is believed that an adequate supply of the articles principally furnished by the British Colonies in the West Indies, and in America, might be obtained from other Countries. But as the importation of Foreign Merchandise into the Country, must be substantially regulated by the amount of domestic articles exported in return, any Measure which has a tendency to diminish the value of that produce, by excluding it from a profitable market, must necessarily diminish the receipts into the Treasury, accruing from that source of Revenue. An enumeration of the Articles with which the British West-India Islands are supplied by The United States, will be sufficient to prove that the loss of that market, must, in some degree, diminish the value of that part of our Exports. Considering the nature and extent of the commerce which has been carried on between The United States and these Colonies, it is improbable that the Measure contemplated in the second inquiry would entirely annihilate it. The more probable result of the Measure would be, to change the Trade which is now carried on, directly, exclusively in British Vessels, into a circuitous Trade, which would give to American Shipping the exclusive transportation of our products to the intermediate Port, from whence it would be carried in British Vessels to their West-India Colonies. nue. An increase of the duties on articles imported into, and on the tonnage of British Vessels entering the Ports of, The United States, from the Dependencies of Great Britain, whose Trade is not regulated by Treaty, would probably make a considerable addition to the ReveThis Revenue, however, would be paid exclusively by ourselves. It is probable, also, that one effect of the Measure would be to diminish the value of our Exports to those Colonies, to nearly the amount of the additional duties proposed to be imposed. But it is believed that an ultimate effect of such a Measure, would be to obtain, by the employment of American shipping, a supply from other Countries of those Articles which we now receive from the British West Indies. In this point of view, the Measure may be considered as a temporary sacrifice of the interest of the grower and manufacturer, for the present and permanent advantage of the shipping interest. With sentiments of the highest respect, The Hon. John Forsyth, I have the honor to be, &c. WM. H. CRAWFORD. Chairman of the Committee of Foreign Relations. |