The Newhampshire gazetteer — Exeter, N.H., 1793-01-09 00:00:00, page 1

■ WEDNESDAY, January 9, 1793.]
ly of taxes to be successively laid, at
the refpeaive periods of creating them,
partly of the surplus dividenc to be
fapeaed on the ffock belonging to
the government, in the bank of the
United States, beyond the intereftto
be paid on account of it, and' partly
of the funds heretofore pledged for
• the payment of interest, which will
have been liberated upon so much of
the debt, as will have been extin
goifhed.
The refpe&ive,amounts of the taxes
to be federally laid, will be—
Newhampfhire
The table in the schedule B here
with submitted, will (hew in one view
the principles and operation of this
plan.
The schedule C will exhibit the
means of constituting the federal an
nuities proposed to be established.
From it, will be seen, that the propos
ed annuities are to be composed, part
ift. The amount of the annuity
constituted the third year, which will
have been liberated by reimbursement
of the third loan. zd. The arrears
of interest not previously appropriat
ed, and which are computed at 200,
ODO dollars.
LET an annual fund be constituted,
during the eigth feflion after the
present,equal to 423,583 dollars & 64
cents, to begin to accrue from the ilt
of January, 1800. Let the sum of
826,996 dollars and 65 cents be bor
rowed upon the credit of this annuity,
reimberfeable within one year, that
is, on the ift of January, 1802. The
sum borrowed to be applied, on the
ift of January, 1801, to the eighth
payment on account of the principal
ofthe debt.
, The proposed annuity will reim-
Barfe the sum borrowed with interest,
on the iff of January, 1802.
The sum redeemable the ninth
fear, that is, on the lit of January,
1802, is computed at 1,126,616 dol
lars and 44. cents.
The then exiting means for the
discharge of this sum, arising from the
operation of the plan, will be—
Os the fecrefar, of the Treafur,, refed
ing the redemption of the Public Debt ;
and the Reimbursement of the- Loan
made of the Bank of the United States'
■ tot
(Concluded from our laj?.J
There will consequently be a defi
ciency this year of 810,661 dollars
and 27 cents, which will require to
be supplied by a temporary loan, to be
reimourfed out of the surplus of the
fond, which, on the Ift of January,
ißoz, will exist for future redemp
tions, and which surplus will be fuf
ficienc to reimburse this temporary
loan in about thirteen years and a
half.
It may be proper to remirk, that
this deficiency, upon one year is fuf
fered to exill, o avoid an unueceffary
augmentation of revenue, materially
beyond the sum permanently requisite.
No inconvenience enfuestybecaufe this
temporary deficiency is made up by
the surplus of the permanent fund,
within the period mentioned. 'And
that fund, from the ift of January,
1802,is adequate to all future redemp
tions, in the full proportion permitted
by the contract
EXETER, (New-Hamfefoire) Printed by HENRY RANLET, at Nine Sbillfw per annum.
REPORT.
The sum which will have been re
deemed prior to the Ift day of Janua
ry, 1802. will be 5,443,607 dollars
and 37 cents. The turn redeemable
on the ill of January, 1802, wiil be
1,126,616 dollars and 44 cents, aud
the fund, which will thenceforth exist
for the purpose of future redemption
(as is particularly (hewn by the sche
dule D) will be 1,210,744 dollars and
34 cents, exceeding the sum ftridly
necessary by 84,127 dollars and 90
cents ; a fund, which including the
interest from year to year liberated,
will, as already intimated, be com
pletely adequate to the final redemp
tion ofthe whole amount of the 6 per
cent, flock (as well the deferred as
that bearing a present inrereft) ac
cording to the right, which has been
referred for that purpose.
In the mean time,a further impref
fign will be made, upon the debt by
the investment of the residue of the
funds, heretofore eftablilhed, in the
parchafe of it ; and it is hoped that
the restoration of peace with the In
dians will enable the application of
the surplus of the Lifting revenues
together with the oroceeds of the
ceded lands in our Weft rn Territo
ry, to the fameobjed, These, when
ever they can be brought into action,
will be important aids materially ac
celerating the ultimate redemption of
the entire debt—The employment of
these refo'urces, when it can be done,
by encreafing the intereft-fund, will
proportionably lessen the beceffity of
using rhe resource of taxation for
creating the proposed annuities ; if
the government shall judge it advifea
ble to avail itfelf of the fuoftitute,
Which may accrue from that circum
ffance.
ing provision for them as faft as Shall
be necessary, with doe convenience to
the people, and continently with the
idea of abstaining from taxing lands
and buildings (with the flock and im.
plements of farms) referring them at
a resource for those great emergencies,
which call for a full exertion of all
the contributive faculties'll a coun.
try..
The following means for constitu
ting the firft annuity, are refpe&ful!y
Submitted, viz.
Annual surplus of the dividend on
the Stock of government in the Bank
of the United States, beyond the in
Having now given a gereral view
of the plan, which has appeared upon
the whole the most eligible, it is
necessary io the next place to present
to the consideration of the House the
fequifite funds for commencing the
execution of it. These will embrace
a provision for the firfl: annuity only ;
—that alone requiring by the plan
immediate provision. With regard to
a provision for the subsequent annui
ties, which is proposed to be facceffive,
the Secretary will content hjmfelf
with this general observation, that he
difeerns notorin tick difficulty in mak.
Dollars. Cts.
In the firft year 43,199 and 6
In the second year 109,391 and 60
In the third year 115,955 an d L 7
In the fourth year 102,912 and 48
In the fifth year 102,743 and iz
In the sixth year 107,680 and 20
In the feveeth year 109,649 and 32
Making together 691,530 and 95
'ft l
h4Hb=^=^^
T H E
tereft to be paid out of the said divi
dend estimated at 60,000 dollars.
Tax on horses, kept or used for rhe.
purpose of riding or of drawing any;
coach, chario r , phaeton, chaise, chair,l
folk y or other carriage for conveyance
of perfans ; excepting and exempting
all horses, which are ujually and chiefly
employed for the purposes of husband
ry, or in drawing waggons, wains,
drays, carts or other carriages, for the
tranfporcation of produce, goods,
merchandize and commodities, or in
carrying burthens in the course of the
trade or occupation of the persons to
whom they refpedively belong, and;
the horses of persons in the military ;
service of the United States, viz.
For every horse, not above accepted
and exempted, at the rate of one
dollar per annum—where only one is
used or kept by the fame person, with
an addition of fifty cents per annum
per horse, where more than one and
not more than two horses are kept or
used by the fame perfod—with an ad
dition of one dollar per annum per
horse, where more than two, and not
more than four are kept or used by
the fame person, and with an addition
of one dollar and a half p;r horse, per
annum, where more than four are kept
or used by the fame person: Provided
that this addition Shall not be made
in rasped to horses ufaally employed
in publick stages for the conveyance
of paSTengers.
This progressive increase of rates on
the higher numbers has reference to
the prefamption of greater wealth,
which arises from the possession of
such higher numbers.
The product of this tax will pro
bably be about equal to the residue
of the propofed'annuity, which is 53,
199 dollars and 6 cents. How near
the truth this estimate may prove,
experiment alone can in so untried a
case, decide—in aid to this fund
may be derived from the surplus di
vidend on the bank stock, for the half
year ending the lalt of December next,
which it is presumed will be no less
than 20,d00- dollars. Should a defi
ciency appear upon trial, it can be
supplied by a future provision.'
Proper regulations for the collec
tion of this tax will, it is believed,
b! found not difficult, if the tax itfelf
(hall be deemed eligible. Iti fim.
plicity has been a considerable recom
mendation of it. Qualified as it is,
it is not likely to fall on any bat such
who can afford to pay it. The ex
emption from the tax, in regard to
horses, which are appropriated to the
parpofes of haJban^ry, or of any trade
or occupation; or to the tranfportat ion
of commodities, seems to obviate al!
reasonable objection.
If, however, there Should appear to
the legislature, reasons for preferring
a tax on carriages for pleasure, which,
it may be observed, will operate on
nearly the fame description of persons,
the sum required may. it is believed,
be produced from the following ar
rangement of rates, viz. Upon eve
ry coach, the annual sum of four dol
lars.—Upon every chariot, the annual
sum of three dollars— Upon every
other carriage for the conveyance of
persons, having four wheels, the annu
al sum of two dollars ; —and upon
every chair, fulkey, or other carriage
for the conveyance of persons, having
less than four wheels, the annual sum
of one dollar.
Gazetteer.
•
[Numb. XXVII of Volume VII.
The collodion of this tax will be
as Simple and easy, and perhaps more
certain, than that which has been
primarily fubmicted.
With rugard to the second object
referred to the Secretary, namely, the
plan of a provision for the reimburse
ment of the loan made of the bank
of the United States, pursuant to the
Xlth feftion of the a& by which it it
incorporated ;—the following is re
fpeafully submitted, (to wit.) That
power be given by law to borrow 'he.
fumdue, to be applied to that reim
bursement : and that so much of the
dividend on, the flock of th? govern
ment in the bask as may be necessa
ry, be appropriated for paying the
interest of the sum to be borrowed.
From this operation, it is obvious,
that a saving to the government will
reful:, equal to the difference between
the interest which will be payable on
new loan, and that which is payable
on the sum now due to the bank. If
the proposed loan can be effected, at
the rate of those iaft made in Holland,,
the nett saving to the government
may be computed at the annual fam
of 35,000 dollars ; which saving,
whatever it may be, is contemplated
as part of tfoe means for condituing
the proposed annuities.
The benefit of this arrangement
will be accelerated, if provision be
made for the application of the pro
ceeds of any loans, heretofore obtain
ed, to the payment foggelted on the
condition of re placing the fams which
may be so applied out of the proceeds
of the loan or loans, which shall be
made pursuant to the power above
proposed 0 be given.
Jr will also conduce to the general
end in view, if the legislature shall
think proper to authorize the invefL
ment of the funds, defined for pur
chases of the debt, in purchases of 6
percent, stock at the market price
though above par. The compariavc
prices of the several kinds of stock
have been arid frequently may be,
such as to render it more profitable to
make investments in the 6 per cents,
than in any other species of stock.
All <which is humbly fobmitted
ALEXANDER HAMILTON,
Secretary of the Treasury. ,
Treasury Department, Nov. 30,1792.
The COAS PING BILL, called up
by Mr. Goodhue, was read in para
graphs, amendments were made to it,
and the committee of the whole re
ported the lame.
Mr. Seney, from Maryland, notifi
ed the refigration of his 'feat in the
House,
THURSDAY, DEC. 6.
A MESSAGE from the President,
wich communications relative
to the Indian tribes North-weft of the
Obio, was received, and the galleries
were fhht for the reading thereof.
The commissioners for fettleing the
accounts between the United. States
and individual States, reported, that
they will be able to complete a fettle
meat by the fft July next.
HOUSE OF REPRESENTATIVES
ORDER OF THE DAY.
CONGRESS.