The American Republican gazette — Concord, N.H., 1803-01-20 00:00:00, page 1

IMPORTANT
Public Documents.
tANK SHARES.
From the letter of the Secretary of the
Treasury, accompanying his Report to
Co^refs, which was forwarded to us
1, a friend, we have extracted the fob
lowing proceedings of the Commission
ers of the Sinking Fund. The Report
will be given at length in our next.
[C] BoftnCbroatcle ,as. 6.
THE Secretary of the Treasury
reported to the Board, that pro
vision has already been made to meet
nearly all the demands which will be.
come due in Holland, during the pre.
sent year, but, that it is neceffar, to
make immediate provision for the
payments on account of principal &
jntereft which fall due there, during
the firft five months of the year 1803,
and amounting to four millions, four
hundred and thirty nine thousand, 8
hundred and thirty Guilders, and pay
able at the following periods, viz. Ift
of January, 872,700 Guilders—ift of
February, 986,350 do.—ill March,
601,000 do—lft June, 1,979780 do.
That from the great diminution of
trade, between this country and Hol
land,he has ascertained during his late
excursion to Newyork and Philadel
phia, that it is impraaicable to obtain
billion Holland to that 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 want.
0 ed, would indubitably raise consider
ably, the rate of exchange; that if it
shall be attempted to remit by the wayl
of England, the loss will be also con.
fiderable, the present rate of exchange
with that country, being now above
par and riling, and would indubitably|
be enhanced, mould the government
>cotpe into the market for large pur
- chafes ; and the rate of exchange be
tween England and Holland, being
by the last advices ten guilders eight
ftivers per pound sterling, nor likejy
< to become more favorable, which fup
poling the whole amount in bills on
England to be procurable (which is
not believed to be the fa&) at 168,
would, including the commiffipn of
one per cent in England, amount to
forty three and a half cents per guil
der—that the Bank of the U. States
having been applied to, has refufed to
undertake to contrast for making the
necessary remittance —and that the
two only considerable offers made to
the Secretary, are now Submitted to
the Board, viz.
The Manhattan Company offer to
remit the whole, at the rate of forty
three cents per Guilder.
Alexander Baring offers to remit
Guilders 3,140,487 16^ payable in
Ajnfterdam, at the^ following dates,
viz. Ift of January 1803, 605,000
guilders—in 0fFeb.685,000 do—ift
of March, 425,000 do—ift of June,
' ^425.487 16| do.—and at the rate
of 41 cents per Guilder, provided
however, that the United States shall
fell to him the 2220 fharesof the bank,
of the United States, owned by the
United States, at 45 per cent advance,
or at the rate of 580 dollars per fhare|
r % ™'^'? c ^s"—r^^_T":^''™"™™"
THURSDAY, JAN. 1803.}
gs. a Year,] t
PRINTED AT CONCORD, N. HAMPSHIRE, BY E. RUSSELL.
AMERICAN REPUBLICAN GAZETTE.
—: —— ■ 1 — ~ • r : ■ — —
“ Error of Opinion may be tolerated, where Reason is left free to combat i&^CheriJh the Federal Union, as the only Rock of ^cfy.'—Jefferson./
.—which last propofrion is recommen
ded by the Secretary of the Treasury,
as the molt eligible ; as exclusively of
the advantageous rate of exchange,
thereby fecurd,(he tranfaaion will not
have any unfavorable effe& on the
rate of exchange generally, and by
so considerably diminishing the de
mand, will enable the United States
to obtain what is Rill wanted at a rea
sonable rate—and because in his 0-
pinipn, the price obtained for the Bk.
Shares, is more than could be obtain,
ed, 'were they thrown in the market
for sale, and more than their intrinfc
value..
Whereupon it was resolved, by the
Board, " That the Secretary of the
Treasury be authorized to fell the
shares of the Stock of the Bank of the.
United States, belonging to the U. S.
and that the proceeds thereof be ap
plied to the payment of the capital or
principal of any part of the debt of
the U. States, which had become due
to the Bank of the U. S. before or dur
ing the course of the year 1796, and
which remains ftill,unpaid, in con
formity to the provisions of ihe a&
entitled, « An a& making provision
for the payment of certain debts of
the U. States" palled on the 31st day
of May, 1796.
Signed,
Jam^s Maddison, Sec. of State.
Albert Gallatin, &c. of Try.
Levi Lincoln, Attorney General.
AtteJI —Edward Jones, Sec. to]
the Board of Commffion >
ers of the Sinking Fund.J
REPORT
Ofthe4SECRETARYof the Treasury.
IN obedience to the directions of
the aft supplementary to the a&, en-
I titled, " An AH to establish the Trea.
fury Department,''the Secretary of
the Treasury refpe&fully Submits the
following
depart :—
The permanent revenues of the U.
States, exclusive of fees, fines and pe
nalties, which in a general view of the
fubje& may be omitted, consist of
Duties on Merchandize and Tonnage ;
Proceeds ofthe fdles of Public Lands ;
and Duties on Poflage.
The duties on pottage which were,
in the annual report of last year, efti.
mated at 50,000 dollars, have, during
the year ending the 30th day of Sep
tember last, yielded 50 500 dollars—
The decrease of (hip letters, the ex
tension of the establishment through
unproductive roads, and the accele
ration of the progress of the mail,
may, however, cause some defalca.
tion in the receipts of the enfuihg year.
Three hundred & twenty fix thou,
sand and fifty two dollars and 8 cents
have been received during the fame
year, on account of public lands, of
which sum, 17.162 dollars and fifty
cents were paid in the Treasury, in
evidences of the public debt, and
*79 575 dollars & 52 cents in specie.
The local situation of the landoffices
not having yet rendered it practica
ble to draw the balance 'from the re
ceivers of public monies.
f Three hundred and forty thousand
acres of land have been fold for fix |
LIBERTY and THE CONSTITUTION.
wi»iwj»wt. , ji»!mi
THE
hundred and eighty thousand dollars,
during the year ending the 31st day
of O&ober last; of which quantity
near 97.000 acres were fold on acc't
of pre-emptions claimed by purchasers
under John Cleve Symmes, andtwo
hundred and forty three thousand a
cn t, are the refulrof current i'alo.=-
The annexed ftatement(A) designates
the quantities refyaively fold 10 the
several diftriHs, and the annual pay
ments receivable qn account of the ba
lance of 960,000 dollars due on these
and oh the preceding sales.
Fromthbfe several refute it appears
probable that the annual receipts un
der this he%d, will not, on an average,
fall £hort of the sum of 400 coo dolls,
at which they have been estimated.
Although it had been anticipated
that the receipts in the Treasury, on
account of duties on merchandize &
tonnage could not, for the prefent^
year, be affixed by the restoration of
peace in Europe, yet the sum aHu^ly
paid has exceeded the most sanguine
expectations: 12,280,000 dolls, have
been received during the course of
the year ending on the 30th day of
September last ; a sum larger by two
millions of dollars, than the amount
received for the fame duties during
the preceding or any other year; and
which exceeds, by twelve hundred
thousand dollars, the aggregate here,
tofore collected, in any one year, on
account of both the Impost and the
Internal Duties, repealed by an
aft of last session.
This excess, which had not been
calculated upon, is considered, alone,
as amply fufficient to cover any possi
ble defalcation which might, during
the next and ensuing year, reduce
that branch of the Revenue, below
last year's estimate of nine millions five
hundred thousand dollars. Such de.
falcation is not, however, apprehend
ed, for although there are not yet fuf.
ficient data, precisely to afeertain the
effect of peace on the amount of du^
ties, those which are in the possession
of this Department, tend to corrobo-.
rate the presumption, that that sum, at
least (nine millions and an half) will
hereafter be annuhlly received. The
ftatem^nt (B) which exhibits a com.
parative view of that Revenue, for
each quarter during the last two years,
shows that the amount of duties accrue
ed during the nine firft months of the.
present year, exceeds eleven millions
three hundred thousand dolls, amount
of debentures issued during the fame
period, on account of the re-exporta
tions of foreign goods, leaves for those
three quarters, a balance of more than
seven millions eight hundred thousand
dollars, fubjeCl to no other deduction
than the expences of collection: and
from the knowledge already obtained
of the importations during the present
quarter, as well as from the gradual
diminution of re-exportations, no
doubt remains that the nett revenue
accruing during the whole year, will
exceed the estimate.
From present appearances,the whole
of the permanent Revenue of the
United States may therefore be rea
sonably computed at ten millions of
dollars —of which sum, seven millions
three hundred thousand dollars are
appropriated for the payment of the
principal and interest of the Public
Debt, and two millions seven hundred
thousand dollars are applicable to the
current expenses of Government.
According to the estimates for the
year 1803, tnofe expenses will, exclu
firtly of a sum of 18OCCO dollars,
wanted to cover the Navy deficien
cies of the years 1801 and 1802, but
including sundry permanent approx
priations which make 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, 680,ct0
For expenses attending the
iotercourfe with foreign Na
tions, including prize causes
and Barbary powers. 250,000
For the Military and In
dian departments, , 830,000
For the Naval establishment
calculated on a fuppofirion
that fix frigates shall be kept
in constant employment, 900,006
Dollars, 2,660,000
Neither the payments due on ac
count of the convention with Great
Britain, and which will, for 3 years,
amount annually to eight hundred &
eighty eight thousand dollars, nor the
inftalments and interests due on ac
count of the 200,500 dollars loan ob
tained from the Rate of Maryland, for
the City of Washington, are includ
ed in that calculation ; as they may
be defrayed out of the following re
sources, which make no part of the
Permanent Revenues, viz.
ift. The surplus of specie in the
treasury which, as the whole amount
there will not at the close of the pre.
sent year, fall much short of five mil
lions of dollars, far exceeds the sum
which it is prudent to keep.
2dly. The uncolle&ed arrears of
the Dire& Tax, estimated at four
hundred thousand dollars.
And ^dly. The outstanding uncoL
levied Internal Duties, amounting to
near 700,000 dollars.
The only embarrassment experien
ced during the course of last year, a#
rose from the difficulty of procuring
the remittances necessary, to meet the
large instalments of the debt due in
Holland. The impossibility of ob
taining bills on that country, to the t
amount wanted by government, and
the loss which, on account of the rate
of exchange, must be incurred by re
mitting circuitously thro' England, in
duced the Secretary of the treasury to
recommend, in a report to the com
missioners of the Sinking Fund, (mark
ed C) a recourse to bank flock as the
most favorable mode of remitting.
Os the ,five thousand shares in the
stock of the bank of the United States,
2,780 shares had been fold in the year
*796, by virtue of the a&, entitled,
"An A& making provision for the
payment of certain debts of the Unit
ed States ;" and for the purpose of dis
charging a part of the debt tide to the
bank. The remaining 2,220 shares
were now, under the fame authority,
fold at 45 per cent advance; —the
1,287,600 dollars which they produc
ed were, in conformity to the provi-
[Pay quarterly.
!SBreEßßßCTa&mH#fflM^
Volume ll.— Number 102.