qotoiiiiiit((jifi6il kmoi vzitti t publish weekly by allmasd hail at tbftkl djllass a year thursday january 20 lbos vol 7 no 315 l e t t e ii f h o m thk txretary of the treasury accompatfnnij his k e o r t tirc<l in obedience to tin directions rthe act supplementary to the act en itled " an ac to estab.ish the trea iry department sir have the honour to enclose a report pared in obedience to the directions he act supplementary to the act inti d " an act to establish the treasury partment i have the honour to be very respect fully sir your obedient servant albert gallat1n casury department f dec 16 1802 5 ic honourable the speaker of the house of representatives report n ob.dience to the directions of the net jplementary to the act entitled " an to stablish the treasury depart nt ihe secretary of the treasury res tfully submits the following report he permanent revenues of the united tes exclusively of fees fines and pe ties which in a general view of the iject may be omitted consist of du ; on merchandise and tonnage ; pro ilsofthe sales of public lands and os on postagei lie duties on postage which were le annual report of hist year estima at 50,000 dollars ha/e during the r ending on the 30th of september , yielded 50.500 dollars the de se of ship letters the extension of establishment through the unproduc roadi and the acceleration of the greas of the mail may however cause tie defalcation in the receipts of the uing year three hundred and twenty-six thou dand fifty-two dollars and eight cents e been received during the same year account of public lands ; of which ft 17,162 dollars and so cents were 1 in the treasury in evidences of the lic debt and 179,575 dollars and 52 ts in specie the local situation of i land offices not having yet rendered iractioable to draw the balance from receivers of public monies three hundred and fory thousand a s of land have been sold for six hun d and eighty thousand dollars during year ending on t e 31st day of octo list of which quantity near ninety en thousand acres were sold on ac nt of pre-emptions claimed by pur sers under john clevis symmes and hundred and forty-three thousand a i are the result of current sales he annexed statement [ \] designates i quantities respectively sold in the se lal districts and the annual payments livable on account of the balance of i hundred and sixty thousand dollars i on these and on the preceding sales vom those several results it appears l'jable that the annual receipts under i head will not on an average fall rt of the sum of four hundred thousand barn at which they have been esti it had been anticipated that ■ receipts in the treasury on account 1'ities on merchandise and tonnage d not for the present year be aflfec by the restoration of peacein europe ithe sum actually paid has exceeded i most sanguine expectations ijlve millio-is two hundred and eighty luand ritll.irs have been received du w the csurseofthe year ending on the ■ i day of september ast a sum lar i by two millions of dollars than the a lint received for t!ie same duties du m the preceding or any ether year ; i which exceeds by twelve hundred wsand djllars the aggregate hereto m coll.^ctvid in any one year on account loth the impost and the internal du i repealed by tm act of last session this excess which had not been cal itcd upon isconsidered alone as am i sufficient to cover any possible defal i n which mi it durinsc the next and liing year reduce tha branch of the nue below last year's estimate of i millions five hundre-1 thousand dol . such defalcation is not however ehended for although there are not uiticient data precisely to at cert i.n iffect of peace on the amount of du i those which are in the possession is department tend to corroborate sumption thai that sum at least kons and an half will hereaf e anoually received the suteracat b which exhibits a comparative vi«w ofthat revenue for each quarter during the last iwo years shows that the amount of duties accrued during the nine iir*.t months of the present your exceeds le ven milliotuthree bun ired thousand dol lars and after deducting three millions five hundred thousand dollars amount of debentures issued during the vimc peri od onoccount of the re-exportations of foreign goods leaves for those three quar ters a balance of more than seven mil lions eii;ht hundred thousand dollars sub ject to no other deduction th«n the ex penses of collection : and from the know ledge already obtained of the importa tions during the present quarter us well as from the gradual diminution ot re-ex portationsi no doubt remains that t he nett revenue accruing during the whole y«ar will exceed the estimate from present appearances the whole of the permanent revenues of the united states may therefore be reasonably com puted at ten millions of dollars.—of ibich s\i;n seven millions three hundred uus'.nd dollars are appropriated for the ymtmtofthe principal und interest of c public debt and two millions seven indred thousand dollars are applicable to the r.\w ont exptusts of government according to the estimate for the yt-:ir 1803 those expenses will e telusively of a sum of 180.0uo dollars wanted to co ver the navy cjcficiencieit oi the years 1301 an:l 1802 but including sun iry per manent appropriations which m ide no part of the annual estimates amount to 2,660,000 dollars to wit for the civil department and all domestic expenses of a civil nature 6s0,o0o for expense attending the in tercourse with foreign na tions including prize cau sesand ila.-bary powers 250,000 fur the military and indian departments 83o,oco from tlte naval establishment calculated on a supposition th it ma frigates ahallbe kept inconstant employment 900,000 dollars 2,660,000 neither the payments due on account of the convention with great-britain and winch will for three years amount annu ally to ei^ht hundred and eighty-eight thousand dollars nor the installment and interests due on account of the 200,000 dollars lo^in obtained fiom the state of maryland for the city of washington are included in that calculation ; as they may be-defrayed out of the following re sources which make no part of the per manent revenue viz 1st the surplus of specie in the trea sury which as the whole amount there will not at the close of the presont year fill much short of five millions of dollars far exceed me sum which it is prudent to 2dly the uncollected arrears of the direct tax estimated at four hundred thousand dollars and 3dly the outstanding uncollect ed internal duties amounting to near se ven hundred thousand dollars the only embarrassment experienced during the course of last year arose from the difficulty of procuring the remittan ces necessary to meet the large instal ments of the debt due in holland the impossibility of obtaining bills on that country to the amount wanted by govern ment and the loss which on account o the rate of exchange must be incurrec by remitting circuitously through eng land induced the secretary of the treasu ry to recommend in a report to the com missioners of the sinking fund marked c a recourse io bank stock as the most favourable mode of remitting of the fire thousand shares in the stock of the bank of the united states origi nally subscribed by the united states 2,730 shares had betn sold in the year 17 3 by virtue of the act entitled •' an act making provision for the payment of certain debts of the united states ;" and for the purpose of discharging a part of the debt due to the bank the re maining 2.220 shares were now under the same authority sold at 45 per cent advance the 1,287.600 dollars which they produced were in conformity to the provisions of the said act applied towards discharging an equal amount ofthat pait of the debt which had become due to the bank before or during the year 1896 and the purchaser of the stock sold at the same time to the treasury an equal sum in bills on holland at 41 cents per k«''1 der ; the securing of which large amount at that rate was the inducement on the part of yovrnment to dispose of the bank stock on these terms a ihe di\u nd usually received on the l»j*:ik itock mjui and the annual interest payable on thr debt due to the bank thus extingui hed were nearly equal the july half yearly dividend on the stock was in let the premium paid for the purpose of effecting the remittance and governmeiii lms thereby been enabled to obtain without raising the price of exchange the whole due in holland till the month of sip temher 180 !• exclusively of nvirt in addition to the debt of 1,287,600 collars thus paid to the bunk out of the proceeds of the wiles of bunk shares ; a sum of eight millions three hundred and thirty ■•• uiousontt seven hundred and fifty-se • uollars and eighty-nine cents has be paid out of the treasury during the'year ending on the 30th day of september last on ac counlofthe principal and interest of ihe p;lic dt>bi,and thepnyments in part of principal oi the debt made during the same period have been a followeth : i he puyments ccount il'the cipal and in st of the do tic debt have i dolls 4,63fi 105 39 which deduc i year's in terest on the same 3,470,259 75 leaves a sum appli ed to the reim burscment of the principal of the six jk r ccnti mid deferred stocksj 1,157,845 64 2u paid to foreign officers and for the registered 3d pi iucipal of do me licloans,(ex clusively of the 1,-87,600 dollars paid out of the proceeds ot bank shares 2*3,400 4th evidences of public debt paid for lands - 17 62 50 stli the paymtnis on account of the principal and in tcrojt of the fo reign debt have been 3,310,874 33 from which sum • dt ducting a year's interest and char ges equal to 462,731 and on account of tliedifferent rates at which bills have been pur chased and of sundry bills re turned for non payment 8c now in suit a further sum of 82,28i 98 545,015 93 leaves applicable to paymeutof the principal 2,7^5,858 3-1 4,152,869 30 amounting altogether to four millions one hun dred and fifty-two thousand eight hun dred and sixty-nine dollar and sixty.six and if to that sum shall be added the 1,287,000 dollars puid on account of the principal of the debt due to the buuk out of the proceeds of the sa'x of the bank —■ shares the 5,440,469 65 total amount of debt ———-— extinguibhed during that year will be found to exceed five millions four hundred and forty thousand dollars the balance ofspecie in the treasury which on the fist day of october 1801 amounted to 2,948,718 dollars and 73 cents had increased on the 1st october 1bu2 to the sum of 4,539.675 dollars and 57 cents making a difference in fa vor of the treasury of l,r>90,956 dol lars and 84 cents ; which last sum added totjie above mentioned payment of4.l5l 809 dollars and c6 cents made out of the treasury on account ot the principal of the public debt makes an actual difli r ence in favour of the united states f more than five millions kven hundred and forty thousand dolllars during that vi 11 the payments on account of the prin cipal of the public debt from the first day of april 1801 to the 30th day <■( september 1803 exclusively of and in addition to the bank debt discharged out ot the proceeds of bank shares amount to dolls 5,339,886 44 viz —- on account of the domes tic debt 1,334,942 8 on account of the foreign debt 3,302,543 6 and in repayment of tem porary loulis 702,400 5,j3 i,beu 44 and if to that sum shall be added the increase of specie in the 1 reasury during the same period which as the amount 011 the 1st of april 1801 did not exceed 1,794,044 dollars and 8 j cents a tnountsto 2,745,630 72 the difference in favour of tl-.i u slates 8.085,517 16 for these eighteen months will ae found equal to eight millions eighty-five thousand five hundred and seventeen dol lars and sixteen cents of the annual appropriation of 7.300 000 dollars for the principal and interest of the public debt near three millions nirr hundred thousand dollars will be wanted to pay the interest which falls due in the year 18u3 and the residue a mountt'fig to three millions four hundred thousand dollars may be considered as the s':m applicable during tha year to the extinguishment of the principal of t pub lit d t i'om all which it results that so long lie united suites shall not be aulicti d my unforeseen calamity ami whilsi the public expenditures shall l>e kept within tlieii present limits there docs not appear any necessity for increasing the public revenues •-; all which is most respectfully submit albert gallatin secretary of the treasury treasury department ~) at a meeting of the commissioners of the sinking fund on the 7th of june pxtsbst the secretary of the state the secretary of the treasury the attorney general of the u states the secretary 6fthe treasury repor ted to the board that provision has al teady been made to meet nearly all the demands which will become due in hol land during the course cif the present r but that it is necessary to make ediate provision for the payments on unt of principal and interest which lue there during the first live months ot the year 1803 and amounting to four millions four hundred and thirty-nine thousand eight hundred and thirty guil ders and payable at the following peri ods z 1st of jnnuary 872,700 guilders 1st of february 8g,35o do 1st of march 601,000 do lstofjune 1,973,780 do thatfrom the great diminution of trade between this country and holland he has ascertained during his late excursion to new*york and 1 hiladelphia that it is im practicable to obtain bills on holland to thut amount : that the rate of exchange is already forty-one cents per guilder and that any attempt on the part of the government to procure the large amount now wanted would indubitably i\iise con siderably the rate flxchanges that if it sh^ll be attempted to remit ly the way of england the l"-os will be also conside rable the present rate of exchange * ' 1 that country being 1 ow above pur 1 d raisin and would indubitably bt el 1 . n ced s!:rm!d government c«me into mar ket for large purchase ; and the run of exchange between england and hnilnd being by the l^st advices ten guilders eight stivers per pound sterling nor like ly to become more favorable which t>iip posingthe whole amount in bills on eng land to be procurable which isnol belie ved to be the fuct at 168 would inclu ding uhe commission o ( ne per cent in 1 1 ; i nd amount to forty-three and a hall cents per guilders that thobankof thr united sun having been applied to ! is n &< d '"■ upd rti i.e to < oulract for ; king the necessary remittance and iv the two only considerable offera made toth«j secretary tr u«w submit ted to the ko<ud vi the manhattan company oflvr tt re mit the whole at the rate of f-jity-thrru tents per guilder alexander baring offers to remit c^uil ders3,140,487 if 1-2 payable in am terdain at the following dates viei 1st of january isu3 605,000 guilders 1^.1 of february 68..,roo do i mot'march 425,000 do l»tofjun 1,435,487 16 1-2 do and at the rate of 41 cents per guilder provided however that the united state shall sell to him the tvo thousand mn hundred and twenty sharebof the bank of the united states owned by the utited states ut foity-five per cini advunc or 1 the rate of five hundred and eighty dollar per share whkh last propose tionis recommended by the secretary f tlie treasury as the most eligible j as ex clusivelv of the advantageous rate ofex change thereby secured the transaction will not have any unfavourable efiec-.i en the rate of exchange generally and by to considerably diminishing the dem nd will enable the united states to obtuin what it still wanted at a reasonable rate t and because in his opinion the price ob tained for the bank shares is more than could be obtained were they thrown in the market for sale and more than their intrinsic alue whereupon it was resolved by the board that the secretary of the trea kybe authorised to bel the shared of stock of the hank of the united states onj^ingto the uniic stuttst ahdihat the proceeds thereoi be applied to ihe payment of the capital crpi m ipal of ny i of the <'■'/ of the united l rs hhrdbtc .■'',■■■.,.•:• ted states le year >•.'■. nidi in i'.oi he : ■■ \ - n for ih her it oi may l ■ : ;■ of coiiiiiiisatoiiers of the sinking i u congress housk of lif.i'uksentatives friday dec 24 a communication was received frortl the secretary of atate containing an ab struct of the collector returns pursuant to the act for the relief and protection of american seamen also extracts from the i immunicationsreceived from the apents foreign countries for the relief of ame erican stamen mr thatcher presented a petitiort om sundry inhabitants of maine pivy ingfor a division of the distiirt of wai roroughi deferred to committee of commerce and manufactures mr greene culled up the resolution offered by him yesterday instructing the committee of commerce and manufac tures to enquire into the expediency of providing by law for fixing the port of entry for the mississippi territory t fort adams and the port of delivery at the natchez on the suggestion of mr griswoldj the resolution was so modified as to con fine it to an enquiry into the expediency of makin jthe natchez a port of delivery in whkh shape it passed mr van rensselaer moved the ap pointment of a committee to bring in a bill for erecting a monument to the n <• rrovy oi general herkimer pursuant to i k niiuiou of congress passed the 4th of ( i ober 1797 ( rdered to lie on the table mr thomas called the attention ofthe house to a part of the unfinished busu i si ofthe last session a bill to ex tii ui»h t'ie claims ofthe united state for balances reported against certain states ice was postponed during the list session to the 4th monday in november he moved the reference of so much of the rtporl of the committee of re visa and unfinished business i-s n kted to this subject to a select ccm mittec a\es 2g—lost mr morris observed thai if in order he would move the reference of so much of the report of revital and unfinished t u intss as related to the petition of c l'i f.iiit to the secretary ofstat^i 11 c speaker raid this would be irre gular as it wuuld ii.volve the refcrenet