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remaining third, subscribed under the Act of the 20th of April, 1822, and redeemable in 1833.

II. The sum of 2,227,363 dollars 97, at 44 per cent., being onehalf of the amount subscribed, in exchange for 6 per cent. stock of 1813, under the Act of the 26th of May, 1824, and redeemable in 1833.

12. The sum of 2,227,363 dollars 98, at 41 per cent., being the other half subscribed under the Act last above stated, and redeemable in 1834.

13. The sum of 4,735,296 dollars 30, at 5 per cent., being the amount of stock issued under the Act of the 3d of March, 1821, and redeemable in 1835.

The foregoing enumeration gives the aggregate of 68,913,541 dollars 08, stated as the amount of the Debt on the first of October last.

Of this aggregate, it may not be improper here to state that 49,001,215 dollars 36, are owned in The United States, and 19,912,325 dollars 72, by Foreigners.

A payment being about to be made on account of the principal of the debt at the close of the present Year, in addition to one that was made in July, its total aggregate amount on the 1st of January, 1828, will be 67,413,377 dollars 92.

To make up this aggregate, all the items exhibited in the foregoing view of the whole Debt are included. But the whole together gives the nominal rather than the real amount of the Debt. Its real amount on the 1st of January, 1828, will be but a fraction above 60,000,000. The sum of 7,000,000 subscribed by the Government to the Bank of The United States, is, in effect, destroyed as Debt, by The United States owning an equal amount in the shares of the Bank. So far is this sum from being any charge upon the Treasury, that the Treasury is annually receiving interest for it in the dividends upon the shares. Whenever the latter are sold, they may at least be expected to replace the sum that was invested in them. The old Revolutionary 3 per cents., too, have now existed nearly 40 years. By the provisions of the Sinking Fund Act, this stock can only be bought up and extinguished by the Government, when the price shall fall to 65 dollars for every 100 dollars. This, in all probability, will prevent, for some time to come, the 13,296,247 dollars 70, of which this stock consists, being any charge upon the resources of the Nation, so far as paying off the Principal is concerned; as it would be difficult to say when the obligation to pay it off will attach under the above Act, or when it could otherwise be done with full advantage to the Publick. It is many Years since this stock has been as low as 65 dollars for 100, and there is no present prospect of its falling so low. The portions of the Debt, therefore, which, under the existing enactments of the law, can alone be met by an annual and ascertained process of extinguishment, unless the 3 per cents. should be paid off at 100, cannot be computed at more than 47,117,130 dollars 22. It is plain that this amount is rapidly hastening to extinguishment. If The United States continue at peace, and there is happily no present prospect of its interruption, their Debt must, in a few years more, disappear. The new obligations which will devolve upon

the National Councils, in reference to the pecuniary resources of the Country, when liberated from large annual payments on account of the Debt, the wisdom of those Councils will, at the proper season, know how to estimate.

It remains to make kuown, in conclusion, under this head, the operations had at the Treasury upon the Publick Debt since the adjournment of the last Session of Congress.

In the last annual Report from this Department, a Loan to the amount of 16,000,000 at an interest not to exceed 5 per cent. was recommended. The object of such a Loan was to pay off a portion of the Debt, equal to 16,000,000, bearing an interest of 6 per cent. No Law to this effect having passed, it became the duty of the Department to proceed in the work of paying off the 6 per cents. as far as the means of the Treasury would allow. Accordingly, on the 1st of July, the sum of 5,007,303 dollars 68 was paid on account of the 6 per cent. Joan, created by the Act of the 8th of February, 1813. By the decision of the Commissioners of the Sinking Fund, in September, it was agreed that the further sum of 1,500,000 should be paid, on account of the same Loan, at the termination of the present quarter of this year. Public notices have been issued in conformity with this decision, and are now outstanding. A small fraction over the sum is included in the notice, the terms of the Loan having rendered it necessary that the Certificates to be paid off, should be fixed upon by lot, and the last drawn number, in this instance, as in the payment of July, having given the fractional excess. The manner of drawing the lots having been minutely described in a Paper annexed to the last annual Report, will not here be repeated. In deciding upon the further payment of 1,500,000 dollars, the Commissioners had due reference to the 4th Section of the Sinking Fund Act of March the 3d, 1817, which declares that, “whenever there shall be, at any time after an adjournment of Congress, in any year, a surplus of money in the Treasury, above the sums appropriated for the service of such year, the payment of which to the Commissioners of the Sinking Fund will yet leave in the Treasury, at the end of the year, a balance equal to 2,000,000 of dollars, then such surplus shall be, and the same is hereby, appropriated to the Sinking Fand, to be paid at such times as the situation of the Treasury will best permit." But this provision was not viewed as creating any obstacle to the decision. The construction and practice at the Treasury, since the passage of the Act, have invariably been, not to consider the above provision as attaching, so long as any part of the 10,000,000 remain unapplied to the Debt; this sum being considered, under the very object and terms of the Act, as a standing appropriation for the service of the Year.

No further remarks are deemed necessary at this time, in relation to the Publick Debt. Should the Laws respecting it remain unchanged, payments on account of the Principal will continue to be made throughout the ensuing Year, in such ways as the obligations of the Laws direct, and the means of the Treasury may best allow.

Publick Revenue and Expenditure of the Yeurs 1826 and 1827. The pett Revenue which accrued from duties on Imports and Tonnage,

during the year 1826, amounted to....... Dollars 20,248,054 30

The actual Receipts into the Treasury, from all sources, during the Year 1826, amounted to...

25,260,434 21 Viz: Customs......

23,341,331 77 Publick Lands...........

1,393,785 09 Dividends on Stock in the Bank of The United States,

Arrears of Internal Duties and direct Taxes, and

incidental Receipts.............. 500,228 90 Repayments of advances made in the War Department

for services or supplies, prior to the 1st of July, 1815..........

... 25,088 45 Making with the balance in the Treasury on the 1st of January, 1826, of........

5,201,650 43

An aggregate of.............................. Dollars 30,462,084 64 The actual Expenditures of The United States, on all accounts, during the Year 1826, amounted to 24,103,398 46

Viz:
Civil, diplomatic, and miscellaneous... 2,600,177 79
Military Service, including Fortifications, Ordnance,

Indian Department, Revolutionary and Military
Pensions, arming the Militia, and Arrearages prior

to the 1st of January, 1817......... 6,243,236 03 Naval Service, including the gradual increase of the Navy.....

4,218,902 45 Publick Debt............

11,041,082 19 Leaving a balance in the Treasury on the 1st of January, 1827, of.....

......

.Dollars 6,358,686 18

The actual Receipts into the Treasury, during the 3

first Quarters of the Year 1827, are estimated to have amounted to....

.......... 17,488,810 07 Viz: Customs........

... 15,142,892 68

Publick Lands.........

1,212,011 29 Dividends on Stock in the Bank of The United States..........

420,000 00 Arrears of internal Duties and direct Taxes, and incidental Receipts...........

681,561 12 (This item includes the sum of 602,480 dollars, as the first moiety of a sum paid by the British Government, by virtue of a Convention under the 1st Article of the Treaty of Ghent, for Slaves carried off by British Officers, in contravention of that Treaty; which sum, as it is paid out to the American Claimants, by Treasury Warrants in the usual form, has a place among the actual Receipts of the Year, though no part of the Revenue.) Repayments of advances made in the War Department,

for Services or Supplies prior to the 1st of July 1815...........

32,344 98 And the actual Receipts into the Treasury, during the

4th Quarter of the Year, (inclading the other moiety of the sum explained as above,) are estimated at... 5,117,480 00

Making the total estimated Receipts into the Treasury, during the Year 1827....

22,606,290 07 And with the balance in the Treasury on the 31st of December, 1826, of..........

6,358,686 18

An aggregate of...........

..Dollars 28,964,976 25 The Expenditures of the 3 first Quarters of the

Year 1827, are estimated to have amounted to...............

17,895,390 96 Viz: Civil, Diplomatick, and Miscellaneous

2,013,520 47 (This item includes 294,392 23, paid to the American Claimants under the 1st Article of the Treaty of Ghent, in virtue of awards duly made in their favour.) Military Service, including Fortifica

tions, Ordnance, Indian Department, Revolutionary and Military Pensions, arming the Militia, and Arrearages prior to the 1st of

January, 1817..........4,750,271 15 Naval Service, including the gradual

increase of the Navy 3,458,575 91 Publick Debt, viz: Reimbursement of

principal............... 5,007,303 68 Payment of interest...... 2,665,719 75

7,673,023 43

And the Expenditures of the 4th
Quarter are estimated at.............. 4,800,000 00

Viz:
Civil, Diplomatick, and Miscellaneous 672,243 42

(This item includes 92,687 67, as amount of awards under the 1st Article of the Treaty of Ghent.) Military Service, including Fortifica

tions, Ordnance, Indian Depart. ment, Revolutionary and Military Pensions, arming the Militia, and Arrearages prior to the 1st of January, 1817....

900,000 00 Naval Service, including the gradual increase of the Navy.............

875,000 00 Publick Debt, viz: Reimbursement of Principal

1,500,163 16 Payment of interest.... 852,593 42

2,352,756 58 Making the total Expenditure of the Year 1827 ..... .....

Dollars 22,695,390 96 And leaving in the Treasury on the 1st

of January, 1828, an estimated balance of ...

Dollars 6,269,585 29

It will be observed, from the above Statements, that the Receipts into the Treasury, from all sources, in 1826, were 25,260,434 dollars 21. The Sum at which they were estimated, in the Annual Report of 1825, was 25,500,000 dollars. From the Statements and Estimates applicable to 1827, it will also be observed, that the Sums received, and expected to be received, from all sources, during this year (apart from the Moveys paid under the Treaty of Ghent) will amount to 21,401,330 dollars 07. The amount at which they were estimated, in the Annual Report of 1826, was 23,150,000. It is, therefore, expected, that the entire Receipts of 1827 will be 1,748,669 dollars 93 less than the Estimates presented in 1826.

Of this difference, upwards of 400,000 dollars were caused by postponements in the Sales of the Public Lands. The Estimate in 1826, of Receipts from this source, for 1827, was fixed at 2,000,000 dollars. This was founded, in part, as stated in the Report, on ex. pected Sales of a considerable quantity of relinquished Lands in Alabama. These Sales having been postponed until 1828, the amount which it was anticipated they would yield, should, therefore, be stricken from the Estimate. With this deduction, the amount produced by the

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