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The disbursements during the same year have been as folfyweth, viz:
Civil department, including miscellaneous expenses, and those incident to the intercourse with foreign nations, ... g 1,360,853 98 Army, fortifications, arms and arsenals, g 2,129,000 Navy department, - 2,136,000 Indian department, .... 142,725
Payments for interest on the public debt, - - 2,225,800 93
Total current expenses, ..... 7,994,384 91 Reimbursement of the temporary loan (in
March and September 1811,) ... - 2,750,000 Payments on account of the principal of the
public debt, 5,058,272 82
Amounting together, as will appear more
in detail by the statement (E) to - - 15,802,657 73 And leaving in the treasury, on the 30th
September 1811, a balance of .... 3,947,818 36
g 19,750,476 09
The actual receipts arising from revenue alone, and exclusively of the temporary loan, since reimbursed, appear from this statement to have exceeded the current expenses, including therein the interest paid on the debt, by a sum of more than five millions and a half of dollars. But the payments on account of interest, during the year ending on the 30th September 1811, have, from an unavoidable delay in making the usual remittances to Holland, fallen short of the amount due during the same period: and the real excess of receipts arising from revenue, beyond the current expenses, including therein the interest accrued on the debt, amounts only to near 5,100,000 dollars.
The receipts for the last quarter of the year 1811, are estimated at 3,300,000 dollars; and the expenditures (including the payment of arrears of interest, and near 2,160,000 dollars on account of the principal of the public debt) at 4,300,000 dollars, which will leave at the end of the year, a balance in the treasury of near three millions of dollars. It will not, therefore, be necessary to resort, for the service of the present year, to the loan authorized by the act of the last session of Congress.
2. Year 1812.
"It is ascertained that the net revenue arising from duties on merchandise and tonnage, which has accrued during the three first quarters of the year 1811, exeeeds six millions of dollars; and it may for the whole year be estimated at 7,500,000 dollars.
The customhouse bonds outstanding on the first day of January 1812, and falling due in that year, are also estimated, after deducting bad debts, at 7,500,000 dollars. This sum may therefore be assumed as the probable amount of receipts into the treasury, during the year 1812, on account of duties on merchandise and tonnage; the portion of the revenue arising from importations subsequent to the present year, which will be received in 1812, being considered sufficient to pay the debentures, and expenses of collection of that year.
The payments made by purchasers of public lands north of the river Ohio having, during the two last years, after deducting the expenses and charges on that fund, amounted to near 600,000 dollars a year, that branch of revenue may for the present be estimated at that sum. Allowing one hundred thousand dollars for the other small items of revenue, which consist principally of arrears and repayments, the whole amount of actual receipts into the treasury during the year 1812, may therefore be estimated at - - - - g 8,200,000
The current expenses for the same year are estimated asfol-
1. Expenses of a civil nature, both domestic
and foreign, - - g 1,260,000
2. Military and naval establishments, according to tlie estimates of those two departments, and including the additional permanent appropriations for the purchase of arms, and for Indian annuities, vif:
Army (including 32,000 dollars for the
militia) g 2,581,000
Arsenals, arms and ordinance, - - 614,000
3. Interest on the public debt, - - - 2,225,000
Amounting together, to - - - g 9,400,000
and exceeding by 1,200,000 dollars the probable amount of receipts. This deficit may be paid out of the sum of three millions of dollars in the treasury. But under existing circumstances, it does not seem eligible to exhaust that fund; and the estimate of receipts being also liable to more than usual uncertainty, the propriety of authorising a loan sufficient to supply that difference, and to defray such other extraordinary expenses as may be incurred during the year, is respectfully submitted. Vol. III. App. t O
It must at the same time be observed, that the sum of 9,400,000 dollars thus stated as the amount of current expenses for the year 1812, includes in fact a portion of extraordinary expenses arising from the present state of affairs. For if the military and naval expenditure had been estimated at a sum not exceeding the amount actually expended for those objects during the yeur ending on the 30th of September 1811, that is to say, at 4,400,000, instead of 5,900,000 dollars, the estimate of receipts would exceed that of current expenses.
The disbursements on account of the naval establishment have amounted in the year ending on 30th September 1810, to ... g 1,675,000 And in the year ending on 30th September 1811, to 2,136,000 They are estimated for the year 1812, at - - 2,500,000
The disbursements on account of the military establishment have amounted in the year ending on 30th September 1810, to ... - 8 2,309,000 And in the yearendingon 30th September 1811, to 2,129,000 They are estimated for the year 1812, at - - 3,195,000
But the detailed annual estimates of the year 1812, will show that they are predicated on the employment of almost the whole naval force, and of the whole military establishment of the United States, as authorised by law, covering, besides several other items, all the expenses of more than 17,000 effective men in the land and sea service.
With respect to the payments on account of the principal of the debt, it is evident that an authority to borrow a sum equal to that which will be reimbursed during the year 1812, will be necessary. The payments which, according to law, must be made during that year, on that account consists of
1. Annual reimbursement of six per cent. and de
fered stocks, ...... g 1,570,000
2. Reimbursement of the residue of the converted
stock 565,318 41
Amounting together, to .... 8 2,135,318 41
This sum, and that payable for interest, amounting together to 4,360,000 dollars, leave in order to complete the annual appropriation of eight millions, a balance of 3,640,000 dollars, which can be applied in no other manner than in purchases of stock at the prices limited by law. The amount which may be thus applied, is therefore uncertain.
It appears that the payments on account of the principal of the public debt will, from the 1st of October 1810, to the 31st December 1811, have exceeded six, millions four hundred thousand dol
lars. With the exception of the annual reimbursement of the six per cent, and deferred stocks, there will remain at the end of the year 1811 no other portion of the public debt reimbursable at the Will of the United States, than the residue of converted stock amounting, as above stated, to 565,000 dollars, and which will be paid in the year 1812. There being nothing afterwards left, on which the laws passed subsequent to the year 1801, for the redemption of the debt can operate, a general view of the result and effect of those laws, will now be presented.
Exclusively of near three millions of unfunded debt, since reimbursed, as detailed in the report of 18th April 1808, the public debt of the United States amounted on the 1st of April 1801,
to g 79,926,999
as will appear by statement (D.)
officers, .... 90,093
Leaving the amount of old debt unre
deemed on 1st January, 1812, - - 33,904,189 And consisting of the following species, viz:
Six per cent, and deferred stocks unre-
Three per cent, stock 16,157,890
Converted do. 565,318
1796 six per cent, stock, - - 80,000
Registered debt, and debt due to fo-
Amount brought forward g 33,904,189 And to which adding the Louisiana six
per cent. stock, 1 ] ,250,000
being a new debt contracted subse
quent to the 1st of April 1801, Makes the whole amount of public debt
on the 1st of January 1812, ... g 45,154,189
The annual interest on the public debt due on the
1st of April 1801, amounted to - - g 4,180,463 The annual interest on the public debt extinguished
between the 1st April 1801, and the 1st January
1812, amounts to .... 2,632,982
Leaving for the amount of annual interest on the
old debt unredeemed on 1st January 1812, - 1,547,481
The annual interest on the Louisiana stock is - 675,000
Making the annual interest on the whole due on —
1st January 1812, .... 2,222,481 Which subtracted from the annual interest on the
debt due on 1st April 1801, - - 4,180,463
Leaves for the difFererence between the amount of .
interest respectively payable at those two dates, g 1,967,942
The disposable national revenue, or that portion which alone is applicable to defray the annual national expenses, consists only of the surplus of the gross amount of revenue collected, beyond the amount necessary for paying the interest on the public debt. A diminution of that interest is, with respect to the ability of defraying the other annual expenses, a positive increase of revenue to the same amount. With an equal amount of gross revenue, the revenue applicable to defray the national expenses is now, by the effect of the reduction of the debt, two millions six hundred thousand dollars greater than on the 1st day of April, 1801. Or if another view of the subject be thought more correct, the laws for the reduction of debt have in ten years and nine months enabled the United States to pay in full the purchase money of Louisiana, and increased their revenue near two millions of dollars.
If the amount of annual payments on account of both the principal and interest of the public debt, during the last eight years, be contrasted with the payments hereafter necessary for the same purpose, the difference will be still more striking. Eight millions of dollars have been annually paid on that account during those eight years. The whole amount payable after the year 1812, including the annual reimbursement on the six per cent. and deferred stocks, is 3,792,382 dollars, making an annual difference of more than four millions two hundred thousand dollars, which will be liberated from that appropriation. And this annual payment of about three millions eight hundred thousand dollars, would have been sufficient, with some small variations, to discharge in ten years the whole