The British Press; or, Morning Literary Advertiser.
London, England, 1807-12-31 00:00:00

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S. .ligtl,2 tft of the principal . the pubic
alebt. ha "do** the year, ending the 30th day rlf44
.11107. exceeded 4 600,400 dollars;
'leaking Isital of publi • debt reimbursed, from
the Ist of April, 1801. to e Ist of Oflober. 1807,
le
about 25,860,000 dollars, lusively of; more than
six millions, which have hewn paid during toe same
period, in conformity with' the provisiPas of the
'treaty and Convention with Great Brltain, and of
the lamisiana Convention.
Of the twelve millions of dollars, which, accord.
sag to the preceding estimates, may be paid on ago
count of the public debt, haween the 50th of Sep-
tember, 1807, and the Ist of January. 1809, about
eight millions will be on accnnnt of this principal.-.-
must, laowever, be observed, that the mincer..
tained result of the' proposition made to the public
creditors, for the modification of the debt, may
aloft the amount payable during the year 180 S, on
account of both principal itud interest.
On the In day of Jamary. 1809, the principal of
i'..- de,o will, it the proposed moditicetion be not
- - . oii to by the public creditors, mutant to near
ioo o sri: millions and five hundred thousand
oollairs. The subsequot annual paymehts thereon,
on account of principal and Interest. will not, ex-
clusively of occasional purchases. exceed 4,600,000
dollars s and the whole of the debt, the nineteen
millions of three per cent. stock. only excepted, will
la reimbursed in sixteen years.
A gener if subscription world reduce the capital
to about fitty-nne millions of dollars. The ray-
ments would amount to eight millions of dollars sir
nually, dozing six years, and average less then three
inillions during the seven lollowieg, at the end of
which period the whole debt would be extin-
guished.
• Ao annual unappropriated surplus of at lewd
three trillions of dollars, may henceforth be relied
upon with, confidence. i'he receipts of the
Tear 1808 ilibp been estimated at 15,100,0f10, and
tba exposers at 12,600,000 dollars. -The permanent
revenue has been 'computed at 14,500,000 dollars.
end tbepermanent expenses predicated on an annual
payment of eight millions of dollars on actonnt of
the debt, have been stated at 11,800,000' dollars ;
and as this would, if nn modification of the debt
should take place, be reduced to less than 9,500,0010,
the annual terplos would then amount to six mil-
lions of dollars. Nor are the seven millions and an
half of dollars, which will remain in the treasury
at the end of the present year, included in the cal-
col:picot.
What portion of that surplus may be *anted for
necessary measures of security and delete.; what
portion should be applied to internal imprese-
ments, which, whilst increasing and diltusing the
national wealth, will strengthen the bond of union;
ate subjefis which do not fall within the province
of the Treasury Department ; but it is ton impossi-
ble, that after making ample provision for both those
chiral. considerable surplusst;s. and- e hich can no
longer be applied to the redemption of the debt, may
still accumulate in the Treasury.
The previons accurnelati. n of treasure in rime of
peace might, in a reat degree, defray the extraor-
dinary expenses of-war, and diininish the necessity
of either loans or additional taxes. It would pro-
vide, during periods of prospefity. for those adverse
events to which every Isadore is exposed, instead of
increasing the burdens of the people at a time when
they Me least able to bear sheen, or of impairing by
anticipation, the resource, of ensuing generations ;
and the public monks of the United States not being
locked ap and withdreen from the general circul.-
lion. but on the contrary deposited in banks, and
continuing to loran A part of the circulating me-
dium, the most formidable o!'jeOlion to that system,
which has nevertheless been at times adopted with
considerable suczios in other counts acs, is thereby
altogether removed. It is also belie sod that the
renewal of the charter of the Bank or the United
States may, amongst other advantages, afford to
Government an cop ottinity of oho-wing into est
on the public deposits, ohentver they enall exceed
a certain amount.
Should the United Stat”, contrary to their expec-
tation mid desire, be involved in a war, it is be.
]icved that the receipts of the year 1803 will not be
materially &lifted by the event. inasmuch as they
will principally arise from the revenue accrued dur.
lag the present year. The amount of outstanding
bonds due by importers, after deducting the deben-
tures issued on account of re-exportatioos, exceeds,
at this time. sixteen millions of dollars. The de-
doaion to be madefroni these on account 61601 s:
spent rweepinitotiona. Would, in case of war, be less
than Moat ; for exportations will then be checked,
as well Mimportations, and in proportion as these
will decrease, a greater home demand will be cre-
ated for the smelt en hand, and the necessity of re-
exporting be dirnmished. I
It has ahltady been states!, that the pperie in the
Treasury, M. dmTreasury, end of thittftese. together with the
surplus of the year 1808; will mamma to mar eleven
Millions of dollars—a sum probably adequate to
:meet the eitraordinary expenses of the war for that
year. It yiill also be reeolleded, that in the emi-
r/itwit:moms of the year 1808, the reimburse-
ment of near five millions and a halt of the princi-
pal of ihe debt is included. The only provision,
therefore, s. hich may rendea any contingency ne-
cessary for the extrandinary service of that year,
an order to 'cover any deficiency of revenue. or in-
crease of expondlture beyond whet has been esti-
%Wed, will he an authority to borrow a sum equal
iii that reirriburscieent.
That the revenue of the United States will, in '
subsequent years, be considesably impaired toy a
war. neither ma or ought to be concealed. It is,
en the contrary, necessary, in order to be prepared
lies she crisis, to take an early view of the subjeil.
rad
deto examiee the resources which should be se-
for supplying the deficiency. and del:eying
dor extraordionty expenses.
There are tin 4.11 a from which the extent of the
ItiePalcation can, at this moment. be calculated, or
even estimated. It will be sofliaient to state, Ist.
That it appears necessary to provide 8-revenue at
team equal to the annual expenses on a peace too-
bli shmint, the interest of the existing debt, and the
interest on the loans wli;ch may.be raised. 2. That
those expenses, together with the interest of the
debt, will, after the year Intfill, amount to a surer
ten than seven millions of drifts.' ; and, therefore,
--..... os to aoo,toso dollars

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' war, it will still be adequate to the objr , I.taving
ouly the interest of war loans to be provided for.
Whober taxes should •be raised to skier-tater
amount, or loans laraltogethar relied onfoir defray-
ing the expenses df the war, is the nett iibbjca of
• coiisideratione
Taxes are paid by the great mass of. die Citizens.
and immediately atllla_alro4l4
„every individual of,
the community. Loans arc applied by capitals
previously accumulated by .i.fese individuals. • In a
country where this resources of individuals are not
generally and mateci..lly afteartil by the war, it is
praalcable and wise to rain by taxes the greater
poi at least of the annual supplies. The credit of
the nation may alio. Irons various circumstances.
be it times so far impaired as to leave no reshilice
but taxation. In both respells thf situation"nt the
Visited States is totally dissimilar.
maritime war will, in the United States, gene-
rally and deeply ATP, , whilst it con:int/5, the re-
sobreet Of individuals, as not only commercial pro-
fiti Will be curtailed, but principally became a great
ptlytion of the surplea of agricultural produce ne-
ceesarily requires a foreign mariart. The reduced
price of the principal articles exported from the
United States will cm, erate more heavily than any
contemplated tax. And without inquiring whether
uatilar cause may not still more deeply mad per-
ivanently affeft a nation at war with the United
States, it seems to follow. that so far as relates to
America, the losses and privations caused by the
• war should not be aggravated by taxes beyond what
is atrial.) necessary. An aJdition to the debt is
donbtless an evil ; but experience having now shesvn
with what tepid wives, the revenue of the Urine
incraases in time of peace, with what facility the
debt fornretly contrail ed has. in afew years. been
reduced, a hope may confidently be enterteined,that
all the evils of the war will be temprary, and easily
repaired, and that the return of peace will, without
any anti, afford ample resources for reimbursing
whatever may have been borreacd i:uring the
war.

7 he credit of the United States is also unimpaired
either at home sr abroad, and it is belie►ed that
loans, to a reasonable amount, may be obtained on
eligible terms. blwasures have been taken to ascer-
tain to what extent this may be eireded abroad t
and it will be sufficient here to suggest, that the ee-
•erat beats of tee United States may find it souse-
nivel, after the ensuing year, and at the d.ininished
cornrows* of the country may require k,s capital,
to loan to gstvernmer.t st cOnsiderable portion of
their capital stock, uow computed at about lofty
millions of dollars.

It might be-premature to enter into a particular
detail of the several branches of •revenue, whit h
may be se!efted, in order to provide for the intetr't
of war loans, and to cover deficiencies, in cat- the
existing revenue should• fall below seven mina:). sot
dollars. A general euunneration seems, at piesenti
sufficient.
I. Ni- only the duty on salt aid the 'Me:lite:no
nests duties may be immediately revived, but t.*
duties on importation genemity mayiia-case of
be considerably increased, perhaps &Willed, wit:.
less inconvenience than wool& atirfrino Atit-e
mode of taxation. Without rusortiog fti the' ei stixv
ple of other nations, experience has pet sell:
that this source of revenue is, in the United si.ire.4
the most productive, the easiest rb collet% d ate
least burdensome to the great mats At t: e people.
In time of war. the eArger of smuggling is d tot.
niched, tl.c scarcity of foreign atticles prevents the
duty ever falling on the importeit the consumers
are precisily those mothers of the community who
are best able to pay the duty ; and the increase of
domestic manufadures, which may be indisedly a:•e
fe.fled, is. iditsekt. • desirabld °hied.
2. Indite& taxes, however intliiibk,
doubtless, he cheerfully paid as war t oes,' receit-
sary, S. venal modifications of the systems formerly
adopted, might. however, be introduced, both in
order to dimmish some of the inconveniences whiah.
were experienced, and particularly to insure tile
colledion of the duties.

9. Dire& taxes are liable to a particular ob-
jettion, arising; from the unavoidable inettuality
produced by the general rule of tile Constitution.—
krhatever JiSerence may exist between the relative
wealth, and consequeat ability of paying. of the
several States. still the tax must necessarily be
raised in proportion to their relative population.—
Should it, bowever, becorce necessary to resort to
that resource. it is believed that thetas raised upon
thatspecies of property. in eat* state, wbicb, by the
state laws, is hairier to Waist% as had originally
been contemplated by Congress. would be pre.
ferable to a general assessment laid uniformly on
the sam• species of property in all the States, as
was ultimately adopted.
Ali which is respeatully submitted.
AillpkT GALLATIN.
Secretary of the MARI( y.
Timely Department, Nuv. S. 1•07. .

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IMP •01111, OTC. S.
tie MilaeldpAia True American of Monday, coos
gained the following, article :
" Pleasing leyor,noicn.—We ate ittEotrned, by a
Gentleman, upon whose cotrectness ankl veracitj Re
can implicitly rely, that Mr..lefferson has lately
observed, that ample reparation Would be made by
the British Government for the affair of the Chefta-
pealC: and that the other points of difference would
procied in a train of amicable adjustment —Fur.
they, that Mr. Jefferson now says. that war with
Pteat Britain aced not Se apprrLemi,d.
SENATE.
wasitteetror CITY, SOT. '25.
Mr. ADAMS submitted the following resolution
forvirtsideralien

•• Kt•arlied, That the President atilt United States be re-
queet. 14r esie.e to be Lug befoot thE Seam. • return of the
number ,of Ainvieen seamen impressei nr detaintd by British
mined weasels, whom name. hand Gema r-port ni the detest-
anent of Susie, Mime the lag lotatelf;thel made to Cunge,ge,
enrntio g the names of the personslmpresead, the ttrne and
piece of theft impressment, the names of the stave, stud, as
far as may be known, of the Officers by whom they were im-
pressed, together yrth ant material (ails 'At eireu mi!ane es In
re. !Anon 60 she same : stating OW the whole nunibe; of sea-
men ampres ed since the etuniencement of the present leer,
wiiat number of peiarim ac.coirling to the lag state.
mint or the Secretary of State, hat titer heen restored, and
the ntintle.rs stiff detained slurs demand of their resturatioy
made, 44th the eVelnft assigned for their detention."
PUNY!? OF REPRESENTATIVI.S. Nov. 49.
Mr. J. Cs•Y presented a Ateu,orial from sundry
inhabirants end traders et the coy et Philadelphse,
.14 nrllhibitin% the irnponatiorf of