The British Press; or, Morning Literary Advertiser.
London, England, 1822-01-17 00:00:00

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eniseellanenns, 1,064,297 dollars ; public debt sous/ dui.
lore 1- cent ; mititorp Perrier., lacluding fordlitations,
ordnance, India Departmeut, vevolution. sod mietatey pro-
ailing, arming the militia, sod arrearagea prior IA Obi 101 of
January. 1817, 5,108,827 Ilona,. 52 cents; naval ser-
vice, on-lading the gradual iticrease of the navy, 2,452,410
dollars 27 cents.
" The iteeipts or the year will, therefore, etrieCilie esti.
rosted expenditure by 1,162,3:18 dollars 20 cents;
" Which, after discharging the difference betweeu the be.
lance in the Treasory on the Ist January, 1822, mad the
balance of appropriatioos elisigrabe upon it, will leave in
the T y, on the lit of Jammu, 1823, a balance rail-
tasted at 671,375 dullare 50 comic
" It is, however, peeper to state, that is the estimate for
the naval service only, 200,4100 dollars of the anneal appro..
relation of 300,0410 duller* fur the gradual increase of the
navy, is iaelinted; but that, of the arteuisort reproved by the
' Secretary of War,.. sum larger teas the balance of that ap- '
. propristiou is fur. are enrages fur revolution. pensions, .sad
the Naive Department, which wall slot be embraced in the
estimates fur the year 1823.
" The expeuditureuf the two succeeding years, it is .be.
tiered, will not exceed that of the year 1822, sonless a further
capenilit ere shall, in the intermediate time, be authorised by
law. But is she raped Inure of the year 1822, and also of
1823 and 1824, nu part of the animal apprupriatio• of
re,non,nou dollar, constituting the Sinking Fugal, is coma
prekended, except what is trecessary to discharge the tortes(
of the public debt, and the reiinharseasent of the 0 per cent.
deferred stork. Ou the 14 of .1 1825, and the three
Ming years, the debt contracted during the years 1812,
1813, 1814, and 1815, becomes redeemable at the will of lb.
Government. Thi...... greatly d the amount of the '
Sinking Fund, applicable in those years to the redemption alf
the public debt. As the current value of the 5 per cent.
Stock, created aiming the lust and present years, exceeds that
of the 7 per cent. Stock, and of the 6 per Celli. Stuck of ISIS '
said 1813, it is presumed that the holders of those
will be disposed to exchange them fur an egos' antert o/
b per cent. Stock, redeemable at such periods as to give fun
operation to the Sinkable Fund, as at present constituted.
Acciiriling to all. view of the subject, 24,000,000 dollars of
the Storks, which will he redeemable in the years 1825 mad
1526, nay lie eachnisid for 5 per cent. Smck, redeemable,
oi.e.third un the lit Jantory, 1831, •uil our third on. the
seine days of 1832 and 1833. This exchange of 6 per teat.
Stuck, if effected on the Id January, 1823, wall produce as
sword reduction of the interest of the public debt, from
that time to the first.mentioneil period, of 240.000 dollars,
and an aggregate saving through the whole period of
2,160,000 dollars. If the whole of the 7 per cent. Sleek
should be exchanged, the saving will be considerably in.
creamed.
" if such as etelmage of Stork should be deemed inex-
pedient ur impracticable, a saying of equal, 11. Mal greater
extent,, may be effected in the years 1825, 1826, 1027, nod
1828, by borrowing at the rate of flee per cent. in the first
and each miewessive year, • sum equal to the difference be-
lievers' the redeemable, sod that portioa of the•Siirk.
ing Fund, applicable to Its redemption; Five per Gent.
Stock, so created, to he redeemable at each periods as to
give fall operation to thethokieg Fund, instil the whole of
the pub'ic debt shall be redeemed. If the Five per Cent.
Stock shall, during these years, be abuse par, a saving be-
yond that proposed to be effected by the egebamte of Stuck
is OM, will be teemed to the extent of that difference, by
the latter prucemi.
. . ... . . . -

". Out, it is possible, that the progressive increase of the
Reveuue, which has been anticipated, mud which is recramery
to the full operation of the Stettin Feed, may not be eabl-
Med. lit that event, the public expeuditute, authoriser. by
law, may, after the let of Jaimasy, 1825, exceed the public
Reeroue.
" The remedy its • math ease meet be—Firat, an increase
of the public Reveals., by au addittue to the existing im.
poritom; or, second, a reduction of the Sinking Fend.
" Fints-r.A general revision mud correctios of tbe-deliee
imposed span firming enerebandise seem to •be required,
31any of the articles which pay bet 15 per test. ad onkonais,
ought, in jeetie• as well as policy, to be placed at twenty.
five perceat. which is the deity paid epou the principal era.
ties of woollen sod ratios at ..sufacteres. The sane ohs,.
cation is applicable to mama the snicks which pay 20 per
evil. ad valorem. A corn-thou of the exiatier entiesersta
• view to an increase of the public Revenue could hardly
fail to effect that object to the extent of scatty 1,000,00111.
cellars ouusally. Is is highly pruleatile. insweverobat an in-
Meer of duty oat some of them articles might ereatenlly
cause • redaction of she Revenue; bus this eon rely take
place • here similar articles ere atanefactered in the eolOntra.
le that event, dogmatic reauufaroures will have been foster-
ed, mid Slur general ability of the commeasily to contribute
.In the public exigeueies, will have been proportionably
creased.
"Second—lf it
sahonW be deemed expedient to reduce the
Sinking Fond, in preference to the impuettrou of additional
duties, it may be satisfactory to know that an •nasual sp.
propriat lois for that object of 8,000,000 doilare, cumuseneisig
are the let Jimusry, 1835, will extinguish she whale of Opp
public &ht. exclusive of the 3 per Cent. Stock, is the year
1839. Should the Sinking Fund lie reduced so 8,000,000
dollars, ass exchange of 38,000,000 dollars of Six per Cant.
for Five per Cent. Stock may be effected its the course of the
year 1822, if the present price of the latter Stock should
euntunue, without dinsietebing, in any degree, the opera.
lusts of that Feud, isi the redemption of the public debt.
Such n 0 exchange would reduce the autereat annually
siso,oon dollars.
.1 he Loanotif 5.000,000 donors, which was antborited by
the Art of 3d Misch, 1821, has been obtaitied at an average
prrmium of nearly 6-69 per eclat. ; epos. the issue of 5 per
Cs id. Stock, redeemable at the will of the Goverumeet, after
the 14 Jausrary, 1835.
" All • Web is respectfully submitted.
(Signed) "%v. H. CR A %V FO RD.
"Thum/ Deportsama,„Deeember 10, 1821."