The receipts into the Treasury, during the three first quarters of the present year, are estimated to have amounted to $19,437,230 98 Viz. And, with the balance on the 1st of January, 1829, forming an aggregate of The expenditures for the three first quar ters of the present year, have ainounted, by estimate, to (I) Viz. 18,919,114 05 2,482,415 50 5,155,256 44 Naval service, including the 24,602,230 98 30,574,666 79 The expenditures for the fourth quarter, including $3,689,542 93 on account of the public debt, are estimated at 7,245,481 05 26,164,595 10 Making the total estimated expenditures of the year Leaving in the Treasury, on the 1st January, 1830, an estimated balance of 4,410,071 69 Of this balance, which includes the funds heretofore reported by this department as not effective, there have been reserved, under the 4th section of the Sinking Fund act of 1817, $2,000,000, and the residue has been held to meet existing appropriations. But, of those appropriations, amounting to $3,435,387 03, it is estimated, on data recently furnished by the proper departments 1. That there will be required, to complete the service of the year 1829, and of previous years, $2,457,173 16; which sum will be expended in the year 1830. 2. That the sum of $862,251 84 will not be required for the service of those years, and may, therefore, be applied, without being re-appro priated, in aid of the service of the year 1830, as will be more fully stated when the estimates of the appropriations for that year are presented. 3. That the sum of $115,962 03 will be carried to the surplus fund at the close of the present year, either because the objects for which it was appropriated are completed, or because those moneys will not be required for, or will no longer be applicable to them. II. OF THE PUBLIC DEBT. The total amount of the public debt of the United States, was, on the 1st of January, 1829 $58,406,418 05 $58,362,135 78 12,792,000 20 15,994,064 11 13,296,249 45 Registered debt, being claims registered prior to the year 1798, for services. and supplies during the Revolutionary The payments made, and to be made, on account of the public debt, for the year 1829, amount to - 12,405,005 80 Of this sum there will have been paid for 2,563,994 25 9,841,011 55 48,565,406 50 Leaving the total debt on the 1st January, 1830 Viz. Funded debt, as per statement (K) Unfunded debt, as per statement (L) - 48,522,869 93 Of the sum applied to the payment of the public debt in the year 1829, $10,049,630 50 have accrued under the second section of the Sinking Fund act of 1817, which completes the whole amount of that appropriation up to the 1st January, 1830; and $2,355,375 30 have been derived, under the fourth section of the act, from the surplus moneys in the Treasury. The payments of the present year being applied exclusively to the redemption of the six per cent. stocks, there will remain the following stocks, redeemable according to the respective contracts, viz: 2,227,363 98 4,735,296 30 28,226,620 48 20,296,249 45 In 1833 (viz. on the 1st January, 1834) 4 per cents. Viz. 5 per cents. subscribed to Bank U. States 7,000,000 00 Making a total of 13,296,249 45 48,522,869 93 From the above statement it is apparent that the Sinking Fund, as hereafter estimated, at $11,500,000, for the year 1830, and subsequently at an average of $12,000,000, can only be applied to the reimbursement of those stocks which are not redeemable at pleasure, as follows: The inconvenience to which the Treasury will be exposed by this cause, may be averted by redeeming the stock subscribed to the Bank of the United States, and authorizing the Commissioners of the Sinking Fund to purchase the three per cents. when, in their opinion, the terms on which such purchase can be made, will render it as favorable to the United States as the payment of other stocks then redeemable. This stock is now quoted in the market at about 871. An unlimited authority to redeem it would, no doubt, somewhat enhance the price; but this effect would, in a great degree, be counteracted by the option to redeem other stocks. If, however, the revenues can, in the opinion of Congress, be more advantageously reduced, or otherwise disposed of, when the other stocks shall be redeemed, the payment of the three per cents. may be postponed, subject to the operation of a small sinking fund, to be applied conditionally, viz: when the stock can be bought at a reasonable price, to be fixed by law. In such case, it will be necessary, to the full employment of the present Sinking Fund, to give the Commissioners power to purchase the five and four and a half per cents. at their market price. III. OF THE ESTIMATES OF THE PUBLIC REVENUE AND EXPENDITURES FOR THE YEAR 1830. The amount of duties on imports and tonnage, which accrued from the 1st of January to the 30th September, 1829, is estimated at $21,821,500; being $2,621,300 less than that which accrued in the corresponding period of the preceding year. This deficiency has arisen almost entirely in the first quarter of the present year; and was probably caused by the extensive importations which had been made in the early part of 1828, in anticipation of the increased duties. In the second and third quarters of the year, however, the importations have so augmented, that the accruing duties secured in those quarters, are but $49,300 less than those secured in the second and third quarters of the preceding year. This improvement still continues; and there is reason to believe that the duties accruing in the fourth quarter will nearly equal those of the fourth quarter of last year. It is worthy of remark, that the accruing revenue of the three first quarters of the year 1829, though so much below that of 1828, is only $270,200 less than that of the same period of the year 1827. The debentures issued, during the three first quarters of 1829, were $3,059,060 25, which exceeds the amount issued during the corresponding period of the year 1828, by $96,475 70. The amount of debentures, outstanding on the 30th September last, and chargeable upon the revenue of 1830, was $1,111,136, exceeding, by $65,992, the amount chargeable on the same day, in 1828, on the revenue of 1829. The value of domestic articles, exported from the United States, for the year ending on the 30th September last, is estimated at $55,800,000, being $5,130,331 more than the value of those exported, during the same period, in the preceding year. The amount of custom house bonds in suit on the 30th September last, was $6,591,714 20, being $1,967,435 45 more than on the same day, in the preceding year. It may be observed, that the great increase of this item for several years past, has arisen from the heavy failures in the China trade; in which, series of bonds falling due from the same houses commence in one year, and terminate in another. From a view of all those facts and considerations, the receipts for the year 1830 are estimated at Customs Lands Viz. Bank dividends Incidental receipts, including arrears of internal duties, direct tax, and canal tolls, $22,000,00 00 150,000 00 To which is to be added the balance estimated to be in the Making an aggregate of The expenditures for 1830 are estimated at Civil, diplomatic, and miscellaneous Military service, including fortifications, ordnance, Indian affairs, pensions, arm $23,840,000 00 4,410,071 69 28,250,071 69 23,755,526 67 2,473,225 62 ing the militia, and internal improvement 5,525,189 95 Naval service, including the gradual improvement of the navy Public debt 4,257,111 10 11,500,000 00 Which will leave an estimated balance in the Treasury on the 1st January, 1831, of $4,494,545 02 If the foregoing estimate of the revenue and expenditure be correct, the sum at the disposal of the Commissioners of the Sinking Fund, for the year 1830, will be $11.500,000, and, when the increase of population is considered, may, probably, he safely computed at $12,000,000 for the four succeeding years. This sum will complete the payment of the whole public debt within the year 1834, without applying the bank shares. Should it be determined to reduce the revenue, so as to correspond with the existing expenditure, it will require the exercise of a wise forecast, on the part of the Legislature, to avert serious injury. Merchants having goods on hand, liable to be affected in price by a change in the fiscal system of the Government, have a just right to expect from it a reasonable notice, corresponding with the magnitude of the change proposed. In accordance with these views, it is respectfully suggested, that, whatever diminution of duties shall be determined upon, it be made to take effect prospectively and gradually. It will, in such case, be proper, at an early period, to select the articles upon which to commence the reduction. As auxiliary to this undertaking, the annexed tables, M and N, have been prepared. Table M exhibits the amount of duties accruing on such articles of importation as are generally of foreign production. Table N exhibits the tariff of duties imposed by foreign Governments on such articles as are produced in, or exported from, the United States, as far as has been ascertained at the Treasury Department. The precise effect of a reduction of duties on the revenue can only be ascertained by experience; but, as the imports will be somewhat increased by the operation, it is not apprehended that a gradual reduction, commencing at an early day, would sensibly prolong the total extinguishment of the public debt. |