Making the aggregate amount of And leaving, on the 1st of January, 1821, a balance against the Treasury, estimated at 2. OF THE PUBLIC DEBT. 24,964,413 80 2,638,169 17 The funded debt, which was contracted before the year 1812, and which was unredeemed on the 1st of October, 1819, as appears by statement 1, amounted to And that contracted subsequent to the 1st day of January, 1812, and unredeemed on the 1st day of October, 1819, as appears by same statement, amounted to Making the aggregate amount of Which sum agrees with the amount as stated in the last annual report, as unredeemed on the 1st of October, 1819, excepting the sum of $63 49, which was then short estimated, and which has since been corrected by actual settlement. In the fourth quarter of the year there was added to the above sum for Treasury notes brought into the Treasury and cancelled, the following sums, viz. In 6 per cent. stock, Making, 23,668,254 71 68,060,336 29 91,728,591 00 4,152 18 10,525 00 14,677 18 1 91,743,268 18 From which deduct Louisiana 6 per cent, stock, reimbursed on the 21st October, 1819, 2,601,871 14 And deferred stock reimbursed between the 1st of October, 1819, and 1st of January, 1820, 242,063 47 2,843,934 61 Making the public debt which was unredeemed on the 1st of January, 1820, as per statement 2, From the 1st of January, to the 30th of September inclusive, there was, by funding Treasury notes and issuing 3 per cent. stock, for interest on the old registered debt, added to the public debt, as appears by statement 3, the amount of And by the loan authorized by act of May 15, 1820, Making From which deduct the amount of stock purchased, during that period, as per statement 3, And the estimated reimbursement of deferred stock, $4,550 19 Making, on the 1st of October, 1820, as appears by statement 3, the sum of To which, add, in the fourth quarter of 1820, on account of the loan of May 15, 1820, 91,225,522 11 454,567 66 Which, if discharged before the 1st day of January, 1821, will leave the public debt unredeemed on that day, as estimated, The Treasury notes yet in circulation are estimated, 89,214,236 83 2,439,308 51'. 27,656 00 4,282,151 12 1 1,142,879 55 3,582,187 86 Leaving outstanding, on the 30th September, 1820, 699,963 26 3. OF THE ESTIMATES OF THE PUBLIC REVENUE AND EXPENDITURES FOR THE YEAR 1821. In forming an estimate of the receipts into the Treasury for the year 1821, the amount of revenue bonds outstanding on the 30th of September last; the sum due for public land; the ability and disposition of the community to purchase, and especially the quantity and quality of land intended to be exposed at public auction in the course of the year, present the data upon which the calculations must be made. As a portion of the duties which accrue in the fourth quarter of the present year, and in the first and second of the next, forms a part of the receipts into the Treasury for the latter year, the amount received will exceed or fall short of the estimate by the difference between the duties which actually accrue in those quarters, and are payable within the year, and the amount at which they had been estimated. The receipts into the Treasury may, also, considerably exceed or fall short of the sum estimated, in consequence of the issue of a greater or less amount of debentures payable during the year 1821, than had been estimated. The degree of punctuality with which the revenue bonds are discharged, upon which the estimate is formed, must necessarily affect the amount that will be received into the Treasury. If the accruing revenue of the present and two succeeding quarters should exceed that of the corresponding quarters of the present and last year; if the amount of debentures which may be issued and made payable, so as to affect the receipts of the year, should be less than that of preceding years, since the peace, compared with the gross amount of duties secured within those years respectively; and if greater punctuality in the payment of revenue bonds now outstanding should be observed than during the last mentioned period, the receipts from the customs will exceed the estimates now presented; and they will fall short of it should all those contingencies be unfavorable, as has been the case during the present year. The revenue bonds outstanding on the 30th of September last, are estimated at 18,770,000 dollars; of this sum 3,130,000 dollars are in suit; of which about 1,250,000 dollars will not be collected on account of the insolvency of the debtors; leaving the amount of bonds outstanding, upon which collections are to be made, estimated at 17,520,000 dollars. The amount of duties secured during the 1st, 2d, and sd, quarters of the year 1820, is estimated at 13,350,000 dollars; and that of the whole year may be estimated at 16,500,000 dollars. The amount of debentures outstanding on the 30th of September, and payable during the year 1821, is estimated at $1,162,114 16, which is subject to be increased by the amount issued in the present quarter, and during the whole of the ensuing year chargeable upon the revenue of that year. The annual average amount of debentures, bounties, and allowances, and expenses of collection, chargeable upon the revenue, has been ascertained to be nearly equal to 15 per cent. of the annual average amount of the duties upon imports and tonnage, which accrued from the year 1815 to the year 1819, inclusive. If this proportion be applied to the revenue bonds outstanding on the 30th of September last; and if the receipts from the tonnage of vessels, and upon duties, secured during the present and the two succeeding quarters, are assumed to be equal to any deficiency resulting from the want of punctuality in the discharge of the outstanding bonds; the receipts into the Treasury, for the year 1821, from this source of revenue, may be estimated at $14,000,000. The receipts into the Treasury, from the public land, during the three first quarters of the present year, are estimated at 1,124,645 32, and those of the entire year will probably not much exceed 1,600,000. The receipts from that source, during the year 1821, will probably not exceed those of the present year, if no incentive to greater punctuality, or inducement to make prompt payments, should be presented to the public debtors, in the course of the present session of Con gress. The balances of internal duties and direct tax, still outstanding, are so considerable as to justify an estimate of some extent, in calculating the receipts of the ensuing year, if the difficulty of enforcing payment, in those states where the largest amount is due, were not known to be great. Under these circumstances, the receipts from that source, for the ensuing year, are estimated at $100,000. According to the foregoing data, the receipts into the Treasury, for the ensuing year, may be estimated as follows, viz. 14,000,000 Customs But, to determine the amount of the charge upon the Treasury, for the service of that year, the following additions must be made, viz: 1st. Civil, diplomatic, and miscellaneous, the sum of $1,500,000; being an amount of appropriations, of the present and preceding years, unexpended, and which may be expended during the year 1821, and the sum of $5,477,770 76, payable on account of the interest, and reimbursement of the principal, of the public debt during that year. 2d. The unexpended balances of appropriations for the War Department, under the different heads already enumerated, and which have been deducted from the estimates, or not included in them, (as in the case of revolutionary pensions, because the balance of that appropriation is estimated to be equal to the expenditure on that object, during the ensuing year) amounting together to $2,507,267 63. The annual appropriation of 200,000 dollars, for arming the militia; and the Indian annuities, not embraced by the estimates, amounting to 152,575 dollars. 3d. The annual appropriation of 1,000,000 dollars, for the gradual increase of the navy, which will expire in the year 1823; and an unexpended balance on the same account, which may be expended in 1821, of 1,750,000 dollars. According to the foregoing data, the expenditure of the year 1821, and which is chargeable upon the Treasury during that year, may be estimated as follows: Viz. Civil, diplomatic, and miscellaneous, Military department, including forti- Making an aggregate charge upon 3,269,850 04 7,445,195 24 5,170,594 56 the Treasury for the year 1821 of 21,363,417 60 To which add the balance against the Treasury on the 1st day of January, 1821, Making, 2,638,169 17 24,001,586 77 Leaving a balance of $7,451,586 77, beyond the estimated means, for which provision is to be made. To determine whether a deficiency to this, or any other amount, will occur in succeeding years, is extremely difficult. The data furnished by the fiscal operations of the government since the peace, must be principally relied upon, in making the calculations necessary to arrive at any general result upon the subject. |
