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Of the dutiee which actriied on tlie principal article, imported from Great Brimin ami her dependencies during the -ear 11,0, with an e,timate
I —v-i-'.' . _i,
I I' I
Gro,, amount of dutiee on article, imported from all countriee, ... dollare'
Deduct groe, amount of debenture, i,,ued on the exportation of ,uch articlee,
Gro,, amount of dutiee on ,uch of the ,a' article, a, were imported from Great
Deduct eetimated amount of debenture, on the exportation of ,uch of the eaid ar-
Eetimated net reve.e on article, imported from Great Britain 'd dependencie,,
Net reve.e a, per e,te'nt ,, ter -in, Dollare'
Deduct ditto' ditto' on article, imported from Great Britain 'd dependencie,, viz:
on meevh'diss ad valorem' ................... .'67.,010
Spirite, 1 0
Spice,, indigo 'd cotton, ... ................ '000
Of the amount of the public debt on the \st Atiril 1801, and on the lit January, 1812.
Debt on 1st April 1801.
Five and a half per cent. ------
Four and a half per cent. ------
Eight per cent, (including 800 dol-
Navy six per cent
Temporary Loans, viz. at six per ll
cent. 2,040,000 I
at five per
1706 six per cent. Forvigu debt, on first
Deduct principal and
paid between first January and
first April, 1801, - - - • Unfunded debt, consistmgaf ruch pans of t
debt, and debt due to rbtvieii Officers, a#
subsequently paid, - ----------
Debt, first April, 1801,
Reimbursements from first April, -1801, to first Januarv,
On six per cent, and deferred stocks, - 20,820,744 49
Ufory six per cent, stocks, and tempo- M2,657,700
Fonign debt paid in full, 10,075,004
On account of unfunded debt, . - - - 90,092 58
Letter from the chairman of the committee of ways and means, to the secretary of the treasury, in relation to the revenue necessary for the service of the United States for the present and future years; and the ways and means for raising the same: with the an swer of the secretary of the treasury thereto.
SIR, Committee Room, Becember 9th, 1811.
In your annual report, prepared in obedience to the act, supplementary to the act, entitled "An act to establish the treasury department," and transmitted to the house of representatives on the 22d ultimo, it is stated, 1st. That to place the financial system of the United States on a solid foundation, it requires the aid of a revenue, sufficient at least to defray the ordinary expenses of government, and to pay the interest on the public debt, including that on ntw loans which may be authorized.
That the expenses of the year 1812, calculated on the existing state of affairs, and including the interest on the public debt, will amount to - - g9,400,OCIO
That the whole amount of actual receipts into the treasury, during the year 1812, may be estimated at--- ---- -- - 8,200,000
Leaving a deficiency [which it is proposed to supply by authorizing a loanj of - - - - 1,200,000
And that an authority to borrow a sum equal to that which will be reimbursed of the principal of the public debt, during that year, will be necessary, and amounting to not less than ----- 2,135,51841
Making the whole sum, which it is proposed should be provided for by loan, for that year, - - 3,335,318 41
Under this view of the subject, the committee of ways and means have instructed me to inquire of you, whether, according to the principle first above stated, it does not become necessary tft
Vol, III. Arr. , . * Q
provide "a fixed revenue," to be received during the year 1812, equal as well to the estimated expenses of that year, and amounting as above stated to 89,400,000, as also to the interest which will arise on the proposed loan, of S1,200,000; or otherwise, whether it is proposed to provide for the payment of such interest, out of the money in the treasury at the commencement of that year, or from any other source?
2d. It is stated in your report " that a fixed revenue of about nine millions of dollars is necessary under the existing circumstances of the United States; and that the same amount would be necessary, and with the aid of loans, will, in your opinion, be sufficient, in Case of war."
In reference to this state of things, the committee wish you to state whether, as in the event of war increased loans will undoubtedly be required, it will not be necessary to provide an additional and gradually increasing revenue, to pay the interest on such loans?
3d. It is stated in our report " that the permanent revenue, or annual receipts, after the year 1812 (calculated on the existing state of affairs), together with an addition of 50 per cent on the present amount of duties, may be estimated at nine millions of dollars; and that should any deficiency arise in the event of war, it may be supplied without difficulty by a further increase of duties, by a restoration of that on salt, and by a proper selection of moderate internal taxes."
The committee request that you would favour them with the best opinion which you are able to form (calculated on the event of war) of the probable amount of the receipts from dudes; a specification of the increase of duties, which you would think practicable and advisable; an estimate of the amount of that on salt, and such a selection of moderate internal taxes, as you would recommend, with the probable expense of collection; and toe amount of net revenue estimated to arise therefrom.
4th. The committee request that you would furnish them, in connexion with your replies to the preceding inquiries, with an estimate of ways and means (calculated on the event of a war) which will provide a revenue sufficient to meet the ordinary expenses of government and provide for the legal reimbursement and interest of the public debt, including the interest of new loans, to the amount at least of ten millions of dollars per annum; accompanied with such a scheme for the reimbursement of the principal of the new loans as you should deem expedient, together with such opinionsK you may have formed respecting the terms on which such loans nu) probably be obtained; also, such further views or information connected with, or touching the foregoing objects of inquiry as yov may deem necessary and expedient.
With great respect, I have the honour to he your obedient servant, E. BACO.V Honourable Albert Gallatin,
Secretary of the Treasury'. . ,