But such has been our indifference, that the race the treasury, as to the business of the present year of popularity seemed to belong to those persons I do not recollect that the state of the sinking fund who could devise the most efficient plans for dis-is even hinted at--and its excess, be it what it may, bursing the public money for relieving the trea- is swallowed up in the current expenses without the sury of the burthen of keeping it. Now some ap- least degree of ceremony! This is the first report pear disposed to act with a portion of the same spi- for twenty years, I venture to say, in which that fund rit, on the other side, to save it, when the treasury was not most respectfully mentioned. Until now, is in a state of beggary: but most are content to do it always formed a prominent part in the reports the disreputable thing of borrowing money without from the treasury. It would seem that this "sacred looking to the means of its re-payment. The credit fund," this pledge of the national faith, has passed of government is good-money can be borrowed at to "the tomb of the Capulets." Some old-fashioned five per cent interest, and so we will borrow! This members of congress may recollect that such a puts me mind of a mean young man, of fair prosthing was, and, perchance, pronounce a funeral eupects in life, who was accustomed to frequent a beer logium upon it,-nay, even go so far as to approhouse. He never would drink any more than one priate money to inscribe hic jacet on a stone to copint at a time, if he had to pay for it himself, at the ver it. But here the matter must stop it was morrate of 61 cents per pint-he could not afford it!-tal, and "dust to dust, ashes to ashes," is the lot of bnt a rival dealer in the article made a proclama-all human things. A little while ago, Mr. Crawford tion that he would sell it at four cents-thither this told us of the mighty matters which our deceased youth resorted, and, because the beer was cheap, he friend was to accomplish-its surpluses, (said he), then always drank a quart, and spent eight cents.will not only be entirely adequate, but amply suffiOne thing led to another, and the consequence cient, to redeem the remainder, (i. e. the whole), of was, that he became a vagabond and ended his life the public debt, at the several periods at which the in a poor-house, after having drank up a handsome different stocks of which it is composed become little fortune which was left him by his father. This redeemable." Its strength was gloried in-it was is a true history-a reduction in the price of beer was the very Sampson of finance-an Ailas, to support the direct cause of destroying that young man. Credit a world of credit. But "it hath departed the way is a most ticklish thing. If sported with when it of all flesh," and its chief guardian, that was, the ought not to be used, it is nine chances out of ten treasury department, has not honored its memory that it will be denied when absolutely necessary: with a passing word. Well-well; what is past can the ruin of thousands of farmers by the accursed not be recalled, but let us look to the future. A banks, affords lamentable proof of this. Besides, if fragment of the Louisiana debt, which ought to it be not based upon active resources, it naturally have been paid some time ago, remains unpaid. We expires. There is little favor in it, except to the are told, by the secretary, in his explanatory letter punctual, though some manage it so as to render of the 19th ult. that its payment "has not been themselves notable villains. But inattention and pressed; which has been the result of forbearance carelessness has reduced our country to a state in on the part of the holders of the stock, and of confiwhich we shall do a wrong to suffer one; because dence in the faith of the nation," ["forbearance" we have lost the energy to do the right: we shall and "confidence" excited for the paltry national either borrow large sums of money, without regard sum of two millions!] and when it is to be paid, to their re-payment, (as the manner is in England), whether this year or next, we do not at present or jeopardize the efficiency of useful establishments understand--but we must pay it, and the faith of and check necessary improvement, by rigid re.the nation is pledged to certain redemptions of the trenchments. We have acted, or shall act, by the public debt, as follows: rules of contrary." We disbursed immense sums of money when the state of the nation did not require it and may withhold rightful expenditures when their amount would give life to the circulation of it, now so nearly at a stand. The smat-Without the probability of having one cent a-head terer in political economy will see the whole scope in the treasury--nay, with the certainty of restrictof this remark, which is entitled to no small share ed means, in consequence of payments to be made of consideration. Last year we borrowed three on account of interest on new loans; for, as to the millions, without making any specific provision for loans themselves, they are shoved off ad infinitum. their re-payment*--we are now called upon to borrow seven millions in the like manner; and it is nearly public service, if allowable under the provisions o certain that we shall need an extra sum to be raised the act making the appropriation, would only postin some way, in 1822, by loans or taxes. The sinking pone the period at which additional impositions. fund, which was solemnly pledged for the payment would be required to meet the public expenditure. of the interest and the redemption of the principal Such an application would also have the effect of of the public debt, was last year taken for the cur- ultimately retarding the redemption of the public rent common expenses, with a perfect understand-debt." ing, however, of its being wrong to do so, and with an apparently fixed determination that the procedure should not be repeated unless on some great emergency. But in the report of the secretary of *See the act-Register, Vol. XVIII. page 314. In the year 1825 1826 19 millions 23 do 1827 13 do 1828 91 do &c. f And the committee of ways and means, after talk. ing reverentially of that fund--see Vol. XVIII, page 142, observe--"In recommending the application of the surplus of the sinking fund to the current expenses of the present year, your committee deprecate a recur. rence to a like resort in future years, if the same can, with any propriety, be avoided; and it is hoped that such retrenchments will be made in the public expenditures, as may render a recurrence to that fund unnecessary." In his annual report of Dec. 10, 1819-see Vol. XVII, page 262--the secretary of the treasury thus respectfully speaks of the sinking fund: "Any application of that portion of the sinking fund which, on account of the price of the public stock, may remain unemployed in the hands of the commission-XIII, page 243. as of the sinking fund, to other branches of the See treasury report of December 5, 1817, Vol. It is possible that our credit may endure so that we countrymen have been changed-that we are a recan borrow money to pay off the loans, as stipulat-generated people It seems to me as plain as that ed--perhaps, hope that our country will remain so I live and move, that the bank must needs be an depressed, that, by some much-to-be-praised finan-ally of government against the people, or a macial economy, they may be settled by new debts chine in the hands of foreigners or the factious, to at a reduced rate of interest!--and then we may operate against both. It is hardly in its nature that be told boastingly, how much has been saved to it can be neutral; because its leading principle (as the nation by such management. But, it may be, of all other such things, and of all purse-proud these things will not happen: there may be other men), is to accumulate power, enjoy especial privi. uses for money than to invest it in stocks--the lege, or gratify resentment. public credit may be shaken. The time lately was when six per cent. was not regarded as the value per annum of money; and it was in 1815-only six years ago, that government stocks were shaved at 20 per cent. discount, and went off heavily at that rate, though paying 6 per cent. interest, "History is philosophy teaching by example," but personal feeling, above all things, should learn us discretion. A very few monied men can assess the price which our stocks will bear, in times of war, when only public credit should be wanted. During the late war the small town of Boston, it may be fairly said, de. pressed the price not less than 10 per centum. In adition to the power then existing, which operated against the United States, and has absolutely cost the people millions of dollars by the way of borrowing money and making contracts at shaving rates, we have built up a soul-less incorporation, which may either aid the enemies of the United States, or support the government against the people: I mean the bank. When this tremendous institution shall have recovered its capital and matured its mighty means, it can, and will, controul the monied operations of the United States; not only to fix the price of stocks and personal commodities, but affect the current value of every acre of land of fered for sale. But to look towards a close of this article, which has reached an unreasonable length already, I must pass over many things that I wish to say, and hasten to an application of my remarks. I am solemnly anxious that the borrowing system should be nipped in its bud--It seems to be an outrage on common sense to suppose, that the people of the United States cannot contribute revenue enough to support their government in a time of peace:-if we cannot, let it go, and we will make a new one that shall be less expensive!!! The borrowing system, (for ordinary purposes), is not only dangerous to the liberties of a people, but palpably dishonest. Dangerous to liberty, in raising up a powerful class of men whose feelings are opposed to republican simplicity, and whose interests are at war with public economy: palpably dishonest, in inveigling the nation into debt, and deceiving it with the semblance of a well administered government, because present pressure is not felt. This may do better in countries wherein the people never will be called upon to pay any thing more than the interest on such debts-but this does not square with our ideas of political morality: and while I live, publicly and privately, I must oppose the borrowing of money without some calculation about its repayment. The individual that did so, would be plainly called a rogue-but fashion has done much to reconcile us even to this, provided we are not the immediate victims! "We have fallen on evil times,”—and the cry should be, "TO YOUR TENTS, O Ishael!" If ever we ought to require public loans, except for short periods and of a temporary nature, it must be in times of war, when commerce is deranged and our usual resources fail. There is no reason to expect war with any power that can severely try I have spoken freely, but in a manner that, I trust, us, except Great Britain-and though when or why should not give offence to any friend of truth-a that will take place, we know not; but both the republican of the revolutionary school. One of the British and ourselves calculate upon its happening. earliest political essays from my pen which was A large part of the stock of the bank is already in made public, was against the principle of national the hands of Englishmen-purchased by or pawn-loans, except of a temporary nature, because it aped to them; and greater quantities will pass over peared to me that the people ought always to feel, there as soon as the credit of the bank is re-estab-and by feeling to KNOW, what their government lished in the estimation of British capitalists. That was doing. This was a fashionable doctrine with government may be said to command, as well as to those among whom I learnt to think; and would to be deeply influenced by, her monied men-they Gon, that it may ever be so in the UnitedStates! I are just as naturally devoted to their government mention the Deity, I hope, with reverence;--and the as the usurer is to his shop; and the actual control wish of my soul is, that every freeman shall conof the bank of the United States may be placed in tribute his just part to the current expenses of go. the hands of lord Castlereagh in less than twelve vernment, and know what he contributes; for I hate months, after any period at which he pleases to the idea of cheating any one into a proceeding possess it. It is true, that a foreign stockholder which he would disapprove of, if he felt its bearcannot vote for directors, nor any one be a director ings. There is a saying, "he who is robbed, not except a citizen of the United States. But what knowing what he has lost, is not robbed at all," of that? It is nothing-as rank Englishmen as ever but this does not meet the fact, in cases such as I lived, are, or have already been, in the direction, allude to. The poor laborer, who buys one pound and enough others may be found to serve as share of sugar for ten cents, does not know that three holders, who would glory in such a service to king cents of the amount is a tax upon him; yet he is George. Na, nay-in case of a war with England, wronged, because these three cents would supply there are a plenty of native citizens who would one of his children with bread for a whole day. generously lend a hand on such an occasion-to The present mode of revenue is wrongly consti compel some future president to "abdicate," as was tuted-I may denounce it as iniquitous it is deinfamously talked of, in respect to Mr. Madison,rived from consumption, and bears ten times harder the other day, as it were! He that remembers these things and will not profit by them, must believe that, by some miracle, the hearts of his See Astley's letter, vol. XVIII, page 387. on the poor man than it does on the rich one: the former must eat and drink and be protected from the inclemency of the seasons, as well as the latter, -and there is not so much difference between the cost of their necessaries and reasonable comforts as agents and send out few more-and regulate the outfits. The amount of the actual cost of these is not much, but they lead to other heavy public and private expenditures. 4. Legislate distinctly, and especially in money matters, so that every one may receive what is right, and promptly, and no more. Have respect to Mr. Jefferson's doctrine about specific appropriations, and arrange their disbursement so that we may not have to run through half a dozen offices to ascertain who is responsible for their mismanagement. Grant salaries sufficient to induce persons to be honest and to engage sufficient talents, but take care of allowances, which come in like the "thread, tape and buckram" of a taylor's bill, and sometimes seem to amount to as much as the making of the garment. some suppose. If a wretch who has robbed the public, defrauded a bank, or brought his friends to poverty, builds a palace or purchases an estate, and settles it upon his wife, or some forty-third cousin who is hired to be an accomplice in the rascality, -pleases to cover his floor, the place on which he walks "like a lord," with carpeting that costs as much as would subsist some family that he has ruined for a twelve-month--it is not the villain, but his victims, who really pay the whole cost, including the tax-and so in respect to other articles used or consumed. It is LABOR that must pay for all these things. But the loans which I opposed about twenty two years ago, were supported by special means for their repayment. Certain taxes were pledged for the payment of the interest and redemption of the principal of them. What should I have said about these loans, if they had been contracted as we 5. Go to the polls with the same deliberation are now making them--when even the sinking fund that you go to church, with hearts devoted to good is annihilated? The vigor of youthful feeling, then purposes. Give your suffrages to no man as your excited by party zeal, would have given a fire to representative who solicits them at grog-shops my thoughts, ready to consume the authors of such and taverns, who descends to amuse you by singing measures. But, I am no party-man now, and gene- songs or telling stories. The person that is mean rally "keep cool;" yet think that what was right, enough for this, will surely seek his own interest in principle, in 1798, must be right in 1821! Re- at your cost. Reject those also who are fond of ferring to my own writings and to files of old papers much speaking-who can make a speech at any containing the writings of others, I feel astounded time: one thinking man is worth a gang of them, at the clamor that was raised in 1798 and 1799, 6. If the "wheels, of government" will not go against the practice of loans, though the country on with these retrenchments and improvements, was in a state of semi war, when I notice the mill-having refused to borrow money to meet current horse-patience with which we bear them at this time. expenses, get up a fair and equitable system of taxaThe public mind has been a little roused, or ration, which shall bear equally upon all classes of ther is rousing. We begin to think again-to re. the people, and as little as possible depend on fo. cover our balance; and there will be a re-action.reign events. But to enable us to pay these taxes, Good old grandmother, snugly seated in the chim-let agriculture, manufactures and commerce be ney corner, raising her spectacles as if to give encouraged by every honest contrivance which more force to her admonition, often repeats the can give profitable employment to domestic labor. household proverb, that "a stitch in time saves nine" "Then shall our barns be filled with plenty, and our -which as well applies to the greatest affairs of presses burst forth with new wine.". state as to a pair of breeches. Timely repair alWith these propositions, we conclude one branch ways prevents waste, and prudent retrenchment of the remarks which was intended to be contained may arrest destruction. The efficiency of useful es-in our "New year's desultory" discourse-distendtablishments should no more be cast aside, than a man should throw away his old breeches before he has a new pair to put on-and leave himself naked, to be laughed at or insulted by every one that he meets. After this long essay, and having said so much about what I think is wrong, some will say that I ought to express my opinions of the right; and I shall very respectfully do so. ed, indeed, to an enormous length, though much remains to be said. All which is respectfully submitted to our readers, with an intimation that there are several other matters about which we shall speak in the same frank and unreserved strain. National Finances. HOUSE OF REPRESENTATIVES, FEBRUARY 6. subject of the revenue, 1. Let us gather up the "candles' ends and cheese | Report of the committee of ways and means, upon the parings" of office-look well to the accounting offices, of all descriptions, make them settle up The committee of ways and means, to whom were their own and other persons accounts--and com- referred three resolutions of the 3d instant, requir. pel all the public defaulters and debtors to come ing of the committee to enquire and report, "wheforward forthwith, and at least close up their seve-ther, in their opinion, the permanent revenue is ral concerns. Exact real security of public offi- adequate to the expenses of the government;" cers for the faithful performance of their respec-"whether any measures are necessary to increase tive trusts. the revenue, and, if so, to report those measures;" 2. Discharge all useless persons-let there not and "to enquire into the expediency of prohibitbe any officers without offices, and whenever it ap-ing, or imposing additional duties on the importapears that any one really does the business of his tion of foreign spirits, and imposing an excise on office by deputy, reduce his salary or emoluments domestic distilled spirits," reportat once, or turn him out. There is always danger That they have had these important subjects unto the public in these delegations of power to ma-der their consideration, and have obtained from the nage the public concerns. Appoint no one to of several departments all the information which the fice because of past services or present virtues, un-officers at their head could furnish; yet, such are less he is personally competent to perform its duties. These are most expensive charities, and have cost us millions, in our general and local go vernments. 3. Lessen the diplomatic intercourse with foreign nations-call home one half of the ministers and +I could name a person (not of Maryland) who was elected to congress, that openly declared he did not want gentlemen to vote for him-the halfpint men" were the only persons whose suffrages he was anxious to obtain. the difficulties that present themselves, that they to the wants of the people he increase of our enter into the discussion and the statements neces-wollen manufactures has afforded a considerable sary to elucidate the subject, with great diffidence. quantity of woollen cloths for consumption, but we They may differ in opinion with gentlemen, for have no information on which to form a decided whose talents they have the highest respect, and opinion as to its extent. Other important articles in whose integrity they have unbounded confidence; of domestic manufactures are silently entering into the subject is one, however, on which the best competition with those heretofore imported from friends may fairly differ in opinion. foreign nations. Is the permanent revenue adequate to the expenses of the government? Those circumstances, added to the distresses of. the people, and to the price of our exports, being such as, in a great degree, to affect the means of paying for imports, make it extremely difficult to form a correct estimate of the revenue which may arise hereafter from duties on imports, estimated on that which had been received in former years. With those views, which the committee have deemed it proper to submit, they proceed to answer the first resolution. The revenue is mainly bottomed on the duties arising on the importations of foreign goods; it is, therefore, dependant on fortuitous circumstances, which cannot easily be foreseen, and which may tend to its increase or decrease; there are some, however, which can, in a degree, be appreciated. The tariff of 1816 was expected to operate a loss to the revenue, by giving what was considered, at the time, sufficient encouragement to the manufac tures of the country. A variety of causes, arising out of excessive and ruinous importations, and the time required for diverting one channel of commerce or supplies into another, has, until lately, prevented the effect from being materially felt. The operation of that tariff is now beginning to be known, and the effect on the revenue is believed to be considerable; its extent is, however, noted for this year, as will, before the first day of Ja 'completely developed. Its operation on a few of the principal articles may afford some idea of the increase of our manufactures, and the consequent decrease of the revenue, resulting from the duties on the importation of such articles. They are of opinion, “that the revenue which wil be received in the present year will be adequate to the expenses of the government," and, should no change take place, the revenue will, in their opinion, during the years 1822, 1823, and 1824, be not only equal to the expenses of government, but afford such a surplus, applicable to the payment of the loan of the last year, and any that may be authoriz nuary, 1825, fully repay the amount borrowed.The house will remember, that, as the appropria tion bills have not passed, the real or true expenses of government cannot be correctly stated. The committee are compelled, therefore, to bottom their statement on the estimated expenses, as submitted to congress, which will, it is confidently believed, be reduced at least one and a half million of dollars. The tariff of 1816, increased the duty on brown sugar about 20 per cent. and gave a protecting duty to that article of three cents per pound. No material decrease has, as yet, resulted to the revenue therefrom. The tariff was enacted during the ex- It is now reduced to a certainty, that the actual istence of the excise on domestic distilled spirits, receipts from the customs into the treasury, during and an additional duty was imposed for the protec- the year 1820, have been 15,005,328 dollars; which tion of the domestic article. The excise on import-amount, it is humbly conceived, may be safely re ed spirits was repealed; the duty was continued; and the duty on foreign spirits exceeds, at this time, the whole value of the domestic, the average duty on the imported being 43 cents per gallon, when the value in the market of the domestic does not exceed 33 cents the gallon, This has tended, it is believed, to decrease the consumption of foreign spirits and, of course, the amount of the re-October, 1819; that, from those of 1819, an extraor. venue. In 1818, the nett revenue from imported spirits after deducting the debentures, amounted to 2,646,186 dollars, and in 1819, to 1,959,125 dolJars. lied on as the receipts for the present year. The committee are of opinion, that the receipts of 1821, (from that source), will exceed that amount. They form that opinion from the following circumstances, to wit: The bonds for duties in the treasury amounted, on the first day of October, 1820, to nearly the same sum as those in the treasury, on the first of dinary deduction was made by the more than com, mon amount of debentures issued on the re ship. ment of goods during that year: that a similar amount of drawbacks, it is believed, will not occur during the present year; and, of course, that the revenue from imports will be greater in 1821 than Bonds in the treasury on the 1st of Ootober, 1820, 18,770,000 Bonds in suit, which may not be received Bonds paid in 4th quarter of 1820, 1,250,000 750,000 2,026,815 1,163,000 637,000 The tariff of 1816 raised the duties on cotton and woollen cloths from 12 per cent. the duty impos. ed prior to the late war, to 25 per cent. and it valu-that of 1820, and in this opinion they are confirm ed all cotton cloths under a cost of 25 cents the ed by the following view of the customs for the square yard, (although some cost as low as six present year. cents), as if they had actually cost 25 cents, and charged the duty thereon accordingly. The result has been, that cotton goods, imported from India, under a cost of 25 cents the square yard, pay a duty exceeding 60 per cent, on the average cost of those heretofore imported from that country, and above 40 per cent. on the average cost of similar goods when imported from Europe. The operation has had a salutary effect on our infant manufactures of cotton, which begins to be understood by the manu. facturers. The importations from India of such cottons as are under a cost of 25 cents the square yard, haye almost ceased, for consumption, and those from Europe have decreased, it is believed, to a Considerable extent. The coarse cottons of our domestic manufactures have entered, it is believed, into the consumption of the nation, nearly equal Debentures which may be issued on the same (estimated at) Estimated nett proceeds from those bonds, Add thereto the amount of the receipts into the tressory from bonds taken during the last quarter of the year 1820, and taken, or to be taken, during the two succeeding quarters of 1821, which, bottomed on the reken during the fourth quarter in 1819, and the first and ceipts into the treasury for actuai receipts from bonds tasecond quarters of 1820, are estimated to give, for the present year, the sum of 6,426,8 12,343,186 4,437,205 20,780,389 The committee have submitted the preceding view of the car Toms for 1821, for the consideration of the house, but would not be willing to pledge themselves for the result; the items they be lieve to be correct, and the present appearance of our commerce, becoming less unfavorable, warrants them in the belief that the revenue from customs, for 1821, will not be less than sixteen mil lions of dollars. They, however, deem it more safe to assume the receipts of the present, on that of the preceding year, and therefore submit the following statement: Estimated receipts for 1881. Customs received in the first, second, and third quarters of 1820, see secretary's report 12,378,5!3 Customs received in the fourth quarter, 2,626,815 will be deducted the interest on any loan that, may be authorized Leaving a surplus of 5,673,324 dolls. per annum, from which during the present year. to the second question, to wit: "Whether any measures are nes The preceding view will sbew, that the committee, in answer pessary to increase the revenue?" are of opinion, that the reven pe is amply adequate to the expenses of the government, and, of course, that no measure for its increase is necessary. To the third resolution, to wit: "Is it expedient to prohibit or impose additional duties on the importation of foreign spirits, and to impose an excise on domestic spirits?" the committee answer, that the revenue from imported spirits amounted, in 1818, to 2,646,186 dollars; in the year 1819, to the sum of 1,959,125 dollars; and, it is believed, that that of the year 1820 will not amount to the sum received in 1819. But the committee are of opinion, that the imposition of an excise, at this time of extreme distress, would be unwise, and is not demanded by the condition of the treasury, and that, if imposed, it would be difficult to collect; and if collected, it would, in some parts of the union, be in paper little availa ble to the treasury. They, therefore, submit their opinion against any immediate imposition of an excise on domestic spirits, or of any new duty on, or prohibition of, the importation of foreign spirits. The committee have thus far confined themselves to the answering of the three resolutions referred to them; they have, however, deemed it not improper, whilst on the subject, to submit their views of the financial state of the treasury. The demands on the treasury necessary to complete the payments for the year 1820. are, For civil, diplomatic, and iniscellaneous Mississippi stock Navy department (report of 21st Dec.) War department, agreeably to a letter from the secretary, dated 31st Jan. to the committee of ways and means Excess of receipts over payments, Dols. 151,311 The preceding statements shew that there will be an excess of receipts over the expenditures, even if the whole amount, estimated for by the different departments, should be granted and expended. But it is known that the amount is estimated on the presumpFrom which must be deducted, agreeation that all the expenditures authorized by law will be required.bly to the same letter, the amount of moThis, however, in time of profound peace, has seldom been the case. Rey in the hands of the treasurer, as The reform in the army, and reduction from the estimates of the agent for that department, on the 1st Jan. several departments, will amount at least to one and a half mit the sum of lion of dollars, and thus confirm the opinion expressed by the comuittee, that the revenue for 1821 will be fully adequate to the Expenses of government for that year." The committee submit their views for the succeeding years of 1822, 1823, and 1824, to prove the opinion, that the revenue will be fully equal to the payment of the expenses of "government during those years. In addition to the statement given of the receipts from customs for the year 182, and with the view of further elucidating the subject, they submit the following state ments of the receipts derived from the customs, land, &c. for the years 1817, 1818, 1819, and 1820; three of those years are known to be the minimum years, the fourth not uncommonly productive. 2817. The customs produced nett 1818. do do do Dols. 17,524,778 21,828,431 17,1 6,702 15,005,328 dols. 855,905 00 692,285 75 251,565 30 2,076,913 15 571,827 57 1,110,000 00 440,720 45 Balance against the treasury, on the first day of the present year dols. 4,579,094 99 The committee believe the above statement to be accurate, and that the balance against the treasury on the first day of the present year amounted to the sum of 4,579,094 99; that balance will, it is believed by your committee, be reduced by retrenchment in expenditures, as, already stated, to an amount not less than one vided for, to the sum of 3079,094 99; say three millions seventyand a half million, which will reduce the actual deficit to be pronine thousand and nintety-four dollars and ninety-nine cents.→ But, if the estimate of the secretary of the treasury should prove correct, to wit: Dols. 71,475,239, 71,475,239 dolls averaged on 4 years, gives for 1 year, 17,868,809 Although your committee think it probable that the average receipts from the customs, during those four years, will be real ized for the years 1822, 23, and 24, vet, under the uncertainty arisfug from the view already given, they consider it more safe to asThat the customs in 1821 will produce only fourteen millions, sume a less amount, and therefore submit the following statement of receipts and expenditures, as one which they have full confi-Deficit, as above, on the 1st January then the two years will shew the following result: dence may be relied upon for 1822, 23, and 24. Excess of expenses over receipts in the year 1821, esmated on the demands made by the several departments, conformably with the existing laws The item of 854,017 will be found in the difference of 1,005,328 between the secretary's estimates of the receipts from castonis in the year 1821, and that of your committee: from which must be deducted the excess of receipts over expenditures of 151,311, in the view they have taken above of the receipts and expenditures of 1821, which will leave the item of 854,017. In this last view, bottomed on the estimate of the secretary of the treasury, for the receipts in the present year, there appears sto be an actual deficit in the two years of 1820 and 1821, of 5,433,111 99, from which the committee believe that there may be deducted for retreuchment 1,500,000, which will leave the sum of 3,933,111 99 to be provided for. The committee bave deemed it proper to give to the house those two views of the subject. If the estimates of the secretary, of 14,000,000 from the customs, should prove correet, the amount to be provided for will be, as already shewn dels 3,933,111 99 If that of your committee should appear to the house as one to be relied upon, then the amount to be provided for will be The committee ask leave to observe, that a more accurate view 3,079,094 99 of the actual amount to be provided for will be taken by your committee, if the appropriation bills shall pass in time to afford the opportunity. The house have been correctly informed by the secretary of Dols. 15,046,670 the treasury, that it requires time to transfer the money received |