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Federal Gazette & Baltimore Daily Advertiser 1807/07-1807/12 msa_sc3722_2_6_2-0466 Enlarge and print image (5M) |
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Federal Gazette & Baltimore Daily Advertiser 1807/07-1807/12 msa_sc3722_2_6_2-0466 Enlarge and print image (5M) |
| REPORT Of the Secretary of the Treasury of the U. States,communicated to Congress, Nov. 6, 1807. In obedience to the directions of the act supplementary to the act untitled ' An act to establish the Treasury Department," the Secretary of the Treasury respectfully sub- mits the following Report and Estimates, REVENUE & RECEIPTS. The nett revenuearising from duties on merchandise and ton- nage which accrued during the Year 1805, amounted to dols. I4.13S<*38- And that which accrued dur- ing the year 1806, amounted, as will appear by the statement (A) to 16,575,45+ The same revenue, after de- ducting that porti m which a- rose from the duty on salt, & fr"in the additioal duties con- stituting the Mediterranean fund, amounted dunngtheyear 1805. to i2,52C'532 And, during the year 1806, t0 14,809758 It is ascertained that the net revenue which has accrued during the three fust quarters of the year 1807, exceeds that of the corres- ponding quarters of the year 1806 ; & that branch of the revenue may, exclusively ot the duty on salt, and of the Mediterranean fund, both of which expire on the 1st ot January next, be safely estimated for the pre- sent, and if no change takes place in the relations of the United States with foreign nations, at fourteen millions of dollars. The statement (B.) exhibits in detail, the several specis of merchandise and other sources, from which the revenue was col- lected during the year 1806. It appears by the statement (C.) that the sales of the public lands have, during the year ending on the 30th September, 1807, exceeded 284,000 acres. Some returns are not yet received: and the proceeds of sales in the Mississippi territory being, af- ter deducing the surveying and other inci- dental expences, appropriated in the first place to the payment of a sum of 1,250,000 dolls, to the state of Georgia, have not been included, but are distinctly stated. The ac- tual payments by purchasers have, during the same period, exceeded 680,000 d. and the receipts into the treasury from that source may, after deducting charges & the five per cent, reserved fr roads, be estimat- ed for the entuing year at 500,000 d. The receipts arising fr m the permanent revenue of the I nited States may, therefore, without including the duties on postage and other incidental branches, be computed for the year 1808, at 14,500,000 And the payments into the treasury during the same year, on account of the salt and Me- diterranean duties previously accrued, are estimated at one million three hundred thousand dollars 1,300,000 Making in the hole an ag- gregate of fifteen million eight hundred thousand dollars, 15,800,000 IAST QUARTER OF THE YEAR 1807. The ballance in treasury which, on the 30th day of Septembe. 1806, amounted to 5,496,969 dollars 77 cents, did on the 30th day of September 1807 amount to 8,530,000 The receipts into the treasury from the 1st of Oct, to the 31st day oi December 1807, are estimated at 4,000,000 Maryland, & a sum of 100,000 dollars to meet such miscella- neous appropriations, not in- cluded in the estimates, as may be made by congress: 2. For expences incident to the intercourse with foreign ations inclu'diug the permanent appropriation for Algiers, 3. For the military and indi- an depart, including trading houses, and the permanent ap- propriation for certain Indian tribes, 4.. For the naval establish- ment, 5. The annual appropriation of eight millions of dollars for the payment cf the principal and interest of the public debt, of which sum not more than 3,400,000 dollars will for the year 1808 be applicable to the payment of interest 1,100,000' 200,00c 1,280.000 1,020,000 8,000,000 12 530,000 The expences during the same period tor all objects whatever, the public debt except- ed, and including 686,076 dollars for the extraordinary expenditures of the Navy de- partment, of which the estimate lias been transmitted, are estimated at 1,700,000 The ordinary payments on account of the public debt, in- cluding the provision for the interest on the Louisiana and Dutch debt, to the 1st of July, 1808, are estimated at 1,700,000 A further sum of about 1,500,000 dollars should also be paid during this quarter, in order to complete the annu- al appropriation of eight mil- lions of dollars. If the whole of this sum, which is applica- ble to the purchase of the eight per cent, stock, cannot be expended this year, the un- expended balance will form an additional expenditure for the year 1808, charging however the / hole to tins qu. rier. 1,500,000 Making an aggregate of 4,900,000 dollars and -vill leave in the treasury ..at the clo^e of" the year a ballance of about seven million six hun- dred thirty thousand dollars. 7 630,000 ii;6oo,ooo To the permanent expences must be added for the year 1808 a sum of about 800,000 dol- lars, necessary in addition to the annual appropriation of eight millions of dollars, to complete on the 1st January, 1809, the reimbursment of the eight per cent stock, 800,000 And for paying the ballance of American claims assumed by the French convention, 200;000 Making altogether 12,603, 000 dollars for the expences of that year. 12,600,000 The receipts of that year having been estimated at 15,800,00s And the proba- ble balance in the treasury on the 1st January next, at 7630,000 Making altoge------------------- ther 33,430,000 Would therefore probably leave in the treasury on the 1st of January, 1809, a balance of near eleven millions of dollars 10,830,000 12,530,000 ExPENDrtURS EOF THE YEAR I 808. The peimanent expences cal- culated un a peace establish- ment are estimated at 11,600, 000 dollars, and consist of the following items, viz. I. For the civil department, and all domestic expences of a Civ il nature, including invalid pensions, the light houses, and mint establishments, the ex- fences of sbi vey ing publ ic lands a.id ihe'seyi coast, the huh in- ^IiBsct of "the loan due to 23,430,000 PUBLIC DEBT. It appears by the statement (D.) that the payments on account of the principal of the public debt have, during the year ending the 30th day of September, 1807, exceeded 4 600 000 dollars ; making the total of public debt reimbursed from the 1st of April, 1801, to the 1st of October, 1807, about 25,880,000 dollars, exclusively of more than six millions, which have been paid during the same peri- od, in conformity with the provisions of the treaty and convention with Great-Britain, and of the Louisiana convention. Of the twelve millions of dollars, which, according to the preceding estimates, may be paid on account of the public debt, be- tween the 30th September, 1807, and the 1st January, 1809, about eight millions will be on account of the principal. It must, how- ever, be observed, that the unascertained re- sult of the proposition made to the public Cieditors for the modification of the debt, may affect the amount payable during the year 3808, on account ef both principal and interest. On the 1st day of January, 1809, the principal of the debt will, if the proposed modification be not assented to by the public creditors, amount to near fifty seven millions and five hundred thousand dollars. The subsequent annual payments thereon, on account of piiucipal and interest, will not, exclusively of occasional purchases, exceed 4 600,000 dollars ?? and the whole of the debt, the nineteen millions of three per cent, stock only excepted, will be reimbursed in sixteen years. A general subscription would reduce the capital to about fifty-one millions of dollars. The payments would amount to eight mil- lions of dollars annually, during six years, and average less than three millions during the seven following, at the end of which period the whole debt would be extinguished. An annual unappropriated surplus of at least three millions of dollars, may hence- forth be relied on with great confidence. The receipts of the year 1808 have been estimated at 15 800,000, and the expences at 12.600,000 dollars. The permanent revenue lias been computed at 14,500,000 dollars, and the permanent expences, predicat( d on an annual payment of eight millions of dollars on account of the debt, have been .stated at 11600 000 dollars ; and as this would, if 110 modification of the debt should take place, be reduced to less than S,900,000, the annual surplus would then amount to six millions of dollars. JJor are the seven millions and ai half of dollars, which will remain in the ?.reasuary at the end of the present year, included in the calculation. What portion of that surplus may be want- ed for necessary measures of security and defence ; what portion should be applied to internal improvements, which, whilst in- creasing and diffusing the national wealth, will strengthen the bonds of union, are sub- jects which do not fall within the province of the treasury department; but it is not impossible, that after making ample provisi on for both those objects considerable sur- pluses, and v, Inch can no longer be applied to the redemption of the debt, may still ac cumulate in the treasury. The previous accumulation of treasure in time of peace might, in a great degree, de- fray the extraordinary expences of war, and diminish the necessity of either loans or additional taxes. It would provide, during periods of prosperity,for those adverse events to which every nation is exposed, instead of incieasing the burdens of the people at a time when they are least able to bear them, or of impaiiing by anticipations the- resources of ensuing generations ; and the public mo- nies of the United States not being locked up and withdrawn from the general circula- tion, but on the contrary, deposited in banks, and continuing to form a part of the circu- lating medium, the most formidable objection to that system, which has nevertheless been at times adopted with considerable success in other countries, is riereby altogether re- moved. It is also jjelieVd coat the renewal i of the chatter of the panic of-the. United j States may,amongst otrfcf advantages; afford ! to government an opportunity of obtaining j interest on the public deposits, whenever j they shall exceed a certiin amount. , ) tthtfuM the United Slates, contrary to | their expectation and dcsiie, be involved in a war, it is believed that tire receipts of the year 1803 will hot be materially affected by the event, inasmuch as they will principally arise from the revenue accrued during' the present year. The amount of outstanding bonds due by im- porters after deduct!irg the debentures is- sued on account of re-exportations, ex- ceeds, at this time, sixteen millions" or' dollars. '1 'he. deductions to be made from these on account of subsequent re-expor- tations, would, in case of war, be less than esual ; for exportations wilj toon be checked, as well as importations, and in proportion as these will decrease, a great- er home dernaed will be created for the stock on hand, and the necesity oi" re-ex- porting be diminished. It lias already been stated, that the spe- cie in the Treasury at the end of this year, together with the surplus of the year 1808, will amount to near eleven millions oi dollars?a sum probably adequate to meet the extraordinary expences of the war for that year. It will also be recol- lected, that in 'he estimated expences of the year I SOS, the reimbursement of near five millions and a half of the prin- cipal el the debt is included. The only provision therefore which may render any contingency necessary for the extraordi- nary service of that year, in order to cover any deficiency of revenue or in- crease oi' expenditure beyond what has been estimated, will be an authority to borrow a sum equal to that reimburse- ment. That the revenue of the United States ivill, in subsequent vears, be considerably impaired by a war, neither can or ought to be concealed. It is on the contrary, necessary, in order to be prepared for the crisis, to takean early view of thesubject, and to examine the resources which should be selected for supplying the defi cieucy, and defraying the extraordinary expences. There are no data from which the ex- tent of the defalcation can, at this mo merit, be calculated, or even estimated. It will be sufficient to states, 1st. That it appears necessary to provide a revenue at least equal to the annual expences on a peace establishment, the interest, of the existing debt, ami the interest on the loans which may be raised. 2. That those expences, togi ther with the inter- est of the debt, will, after the year J SOS, amount to a sum less than seven millions ol dollars, and therefore, that if the pre sent revenue of 14,500,000 dollars shall not be diminished more than one half by the war, it vviil still be adequate to the object, leaving only the interest war loans to be provided for. Whether taxes should be raised to a greater amount, or loans be altogether re- lied on for defraying the expences of the war is the next subject of consideration. Taxes are paid by the great mass of the citizens, and immediately affect almost every individual ol the community.... Loans are supplied by capitals previously accumulated by a few individuals. In a CoUutry where the resources of indivi- duals are not generally and materially af- fected by the war, it is practicable and wise to raise by taxes the greater part at least of the annual supplies. The cre- dit of the nation may also, from various circumstances, be at times so far impuii- ed as to leave no resource but taxation ... In both respects, the situation ol the U. States i? totally dissimilar. A maritime war will, in the U. States, generally and deeply affect, whilst it continues, the resources of individuals, as not only commercial profits will be cur- tailed, but principally because a great portion of the surplusof agricultural pro dace necessarily requires a foreign mar ket. The reduced priceof the principle articles exported from the U. Mates will opeiate more heavily than anv contem- plated tax. And .without enquiring whe- ther a similar cause may not still more deeply and permanently ail'ect a nation at. war with tire U. States, it seems to fol- low, that so far as relates to America, the losses and privations caused by the war should not be aggravated by taxes be. yond what it is strictly necessary. An addition to the debt is doubtless an evil ; but experience having now shewn with what rapid progress the revenue of the union increases in the time of peace, with what facility the debt formerly contract- ed has, in a few years, been reduced, a hope may confidently be entertained, that all the evils of the war will be tem- porary and easily repaired, and that the return of peace will, without any effort, afford ample resources for reimbursing whatever may have been borrowed dur- ing the war. The credit of the U. States is also un- impaired either at home orabroad, and it is believed that loans 1o a reasonable a- mount may be obtained on eligible terms. Measures have been taken to ascertain to what extent, this may be effected abroad ; and it will be sufficient here to suggest, that the several banks of the U. States may find it convenient after the ensuing year, and as the diminished commerce of the country require less capital, to loan to government a considerable portion of their capital stock, now computed at a- bout forty millions of dollars. It might be premature to enter into a particular detail of the several branches of revenue which may be selected, in or- der to provide for the interest of war- loans, and to cover deficiencies, in case the e.xisiing revenue should fall below sevt^.n million* of dollars. A general e- uuuieratiou seems at pn seu"t wrffWent'.' 1. Not only trie duty on salt and the Mediterranean duties may be immediate- ly revived; but tin duties on importation generally may,in case of war, be const-, derably increased, perhaps doubled, w ith less inconvenience than would arise from anv oilier made of taxation. Without re- sorting to the example oi other nations, experience has pi oven, that this source of revenue is, in the U. States, the most productive, the easiest to collect, and the least bur^hensome. to the great mass of the people. In time of war the dangerof smuggling is diminished, the scarcity of foreign articles prevents the duty ever falling on the importer ; the c< nsumers are precisely those members of the com- munity wdio are best able to pay the du- ty ; and the increase of Domestic Manu- factures, which may be indirectly affect- ed, is in itselfa desirable object. ~'. Indirect taxes, however ineligible, will-doubtless, be cheeifu ly paid us War Taxes, if necessary. Several modifica- tions of the svstem formerly adopted, might however be introduced, both in or- der in diminish some oi'lhe iueonvenien- cies which were experienced, and parti- cularly to ensure the collection of the duties. 3. Direct taxes are liable to a particu- lar objection arising from the unavoidable inequality produced bv the general rule of the constitution. Whatever difference may exist between the relative wealth, and consequent ability of paying, of the several states, still the tax must neces- sarily be raised in proportion to their re- lative population. Should it, however, become necessary to resort to that re- source, it is believed that the tax raised upon that species of property in each state which, by the stati laws, is liable to taxation, us had originally been con templated by Congress, woul I be prefer- able to a general assessment laid uniform- ly on the same species of property in all the states, as was ultimately adopted. All which is respertfrHlv submitted. ALBERT GALLATIN, Secretary of the Treasury. Treasury Department, } Nov. 5,1807. j" From English pipers to October 3, STATU P-KPER. DECLARATION OF TH KING. Westminster, September 25, i8Q7. His majesty owes to himsel' and to Eu- rope, a frank exposition of the motives which have dictated his late measures in the Kaltic. His majesty has delayed this exposition only in the hope of that more amicable ar- rangement with the court of Dennuuk. which it was his majesty's first wish and endeavor to obtain?for which he was rea- dy to make great efforts and great sacrifices -and of which he never lost sight, even in the moment of the most decisive hostili- ty Deeply as the disappointment of this hope has been felt by his majesty, he has the consolation of reflecting that no exer- tion was left untried on his part to produce a different result. And while he laments the Cruel necessity which has obliged him to have recourse to acts of hostility against a nation with which it was his majesty's most earnest desire to have established the rela- tions of common interest and alliance ; his majeety feels confident that, in the eyes of Europe and of the world, the justification of his conduct will be found in the com- manding and indispensable duty, paramount to all others amongst the obligations of a sovereign, of providing, while there was yet time, for the immediate security of his people. His majesty bad received the most positive information of the determination of thepiesent ruler of France to occupy, with a military force, the territory of Hoistein?for the pur- pose of excluding Great-Britain from all her accustomed channels ef communication ?u.ith the continent ; of inducing or compelling the count of Denmark to close the passage of the Sound against the British commerce and navi- gation ; and of availing himself of the aid of the Danish marine for the invasion cf G. Britain and Ireland. Confident as his majesty was of the au- thenticity of the sources horn which this intelligence was derived, and confirmed in the credit which he gave to it, as well by the notorious and repeated declarations of the enemy, and by his recent occupation of the towns and territories of other neutral states, as by the preparations actually made for collecting a hostile force upon the fron- tiers of his Danish majesty's continental do- minions, his majesty would yet willingly have fbreborne, to act upon this intelligence until the complete and practical disclosure of the plan had made manifest to all the world the absolute necessity of resisting it. His majesty did forbear, as lont as there could be a doubt of the urgency of the dan- ger, or a hope of an effectual counteraction to it, in the means or in the dispositions of Denmark. But bis majesty could not but recollect that, when at the close of the former war, the court of Denmark engaged in a hostile confederacy against Great-Britain, the appo- logy offered by that court for so unjustifiable an abandonment of a neutrality which his majesty had never ceased to respect, was founded 011 its avowed inability to resist the operation of external influence, and the threats of a formidable neighboring power. His majesty could not but compare the de- gree of influence, which at that time deter- mined the decision of the court of Den- mark, in violation of positive engagements, solemnly contracted but six months before with the increased operation which France has now the means of giving to the same principle of intimidation, with kingdoms prostrate at ht-r feet, and with the populati- I on of natioifs under her banners. Nor was the danger less emrninsnt than certain Already the army destined for the invasion of Hoistein wars assembling on the violated territory of neutral Harnrwr?. An A Hoistein once occupied, the island of Zea- land was at the mercy of France, and the navy o! Denmark at her disposal. It is true a British force might have found its way into the Baltic, and checked for a time the movements of the Danish marine. But the season was approaching when that precaution would no longer have availed, and when hie majesty's fleet must have retired from that sea, and permitted France in undisturbed security, to accumu- late the means of offence against his majes- ty's dominions. Yet even under these circumstances, in- caliinsr upon Denmark for the satisfaction and security which his majesty was compell- ed to require and in demanding the only pledge by which that security could be ren- dered effectual?the temporary possession of that fleet, which was the chief inducement to France for forcing Denmaik into hosti- lities with Great Britain ; his majesty ac- companied this demand with the offer of everv condition which could tend to recon- cile it to the interests and to the feelings of the court of Denmark. It was for Denmark herself to state the terms and stipulations which she might re- quire. If Denmark was apprehensive that the surrender of tier fleet would be resented by France as an act of connivance, his majesty had prepared a force of such formidable magnitude as must have made concession justifiable even in the estimation of France, by rendering resistance altogether unavail- ing. If Denmark was really prepared to resist the demands of France, and to maintain her independence, his majesty profit-red his co- operation for her defence naval, military, and pecuniary aid, the guarrantee of her Europe- an territories, and the security and extensi- on of her colonial possessions. That the sword has been drawn in the execution of a service indispensable to the safety of his majesty's dominions, is matter of sincere and painful regret to his majesty. That the state and circumstances of the world are such as to have required and jus- tified the measures of self preservation, to which his majesty has found himself under the necessity of resorting, is a truth which his majesty deeply deplores, but for which he is in no degree responsible. His majesty has long carried on an unequal contest of scrupulous forbearance against unrelenting violence and oppression. But that forbearance has its bounds. When the design was openly avowed, and already but too tar advanced towards its accomplishment, of subjecting the powers of Europe to one universal usurpation, and of combining them by terror or by force in a confederacy against the maritime rights and political existence of this kingdom, it became necessary for his majesty to anticipate the success of a sy?tem, not more fatal to his interests than to these of the powers who were destined to be instruments of its execution. It was time that the effects of that dread which France has inspired into the nations of the world, should be counteracted by art exertion of the power of Great-Britain, called for by the exigency of the crisis, and propor- tioned to the magnitude of the danger. Notwithstanding the declaration of war on the part of the Danish government, it still remains for Denmark to determine whe- ther war shall continue between the two nations. I!is majesty still proffers an amicable arrangement. He is anxious to sheathe tha sword, which he has been compelled to draw. And he is ready to demonstrate to Denmark and to the world, that, having acted solely upoia the sense of what was due to the security of his own dominions, he is not desirous, from any other motive, or from any object of advantage or aggrandizement, to carry measures of hostility beyond the limits of the necessity which has produced them. SURRENDER OP COPENHAGEN. Prince of Males, Copenhagen-Road, Sept. j My Lord.?My letter of the 5th instant will inform your lordship of the progress of the operations of his majesty's forces against Copenhagen to that period. I have now the honour and satisfaction to add, that pre-, viously to the hour intended for the open- ing our batteries that night, an officer with a flag of truce came out of the town with proposals for an armistic, to settle terms of capitulation. This was accordingly done, after a correspondence between the Danisrt general and Lord Cathcart and myself, of which I transmit a 8 ipy, and your lordship will be informed of the stipulations agreed upon by the inclosed copy of the articles. Our army has accordingly been put in posses- sion of the citadel and the arsenal, and the most vigorous exertions are commenced for equipping and sending to England the Da- nish navy. I have the honor to be, J. GAM BIER. To Lord Viscount Castlereagh, &c. &c ARTICLES OF CAPITULATION, For the town and Citidel of Copenhagen, agreed upon between admiral Gambier, commander in chief of his Britannic ma- jesty's ships and vessels in the Baliic Sea, and lieutenant-general the right hoir. Lord Cathcart, K. 8, commander in chief f his Britannic majesty's f rces In Zealand; on the one pari :?and his ex- cellency major-general Poiman, E; of the order of Danuebrog, and comma", mander in chief of his Danish majesty's forces in the island of Zealand, on the other part. Art. I. When the capitulation shall have been signed and ratified, the troops of his Britannic majesty are to be put in possession of the Citadel. Art. II. A guard of his Britannic ma- jesty's troops shall likewise be placed in the dock yards. Art. III. The ships and vessels o;'-v - every description, with all the naval stoic:.. belonging to his Danish majesty, shall be delivered into the charge of seen personsafl shall be appointed by the commanders in chief of his Britanic majesty's forces ; and they are to be put in immediate passe |