The Sun.
London, England, 1822-01-17 00:00:00

ANNUAL TREASURY REPORT.

TREASURY DEPARTMENT, DEC. 10, 1821.
In obedience to the directions of the ' Act sup-
plementary to the Act to establish the Treasury
Department,' the Secretary of the Treasury re-
spectfully.submits the following Report :
FIRST—OF THE REVENUE.

The nett Revenue arising from imports and tonnage, internal
duties, direct tax, public lands, postage, and-other incidental
receipts,during the year 18137 amounted to 26,095,200 dollars 65
cents.—viz. Ctistoms 21,828,451 dollars 48 cents; arrears of in.
ternal duties 947,916 dollars 33 cents ; arrears of direct tax
263,926 dollars 1 cent ; public lands, exclusive of Mississipi
stock, 2,464,527 dollars 90 cents ; dividend on stock in the
Bank of the United States 525,000 dollars, postage and other
incidental receipts 65,348 dollars 93 cents.
That which accrued from the same sources, during the year
1819, amounted to 21,435,700 dollars, 69 cents, viz.—Customs
17,116,702 dollars 96 cents ; arrears of internal duties, 227,444
dollars 1 cent; =ears of direct tax 80,850 dollars 61 cents ;
public lands, exclusive of Mississipi stock 3,274,422 dollars
78 cents ; first instalment from the Bank of the United States
and Dividend on stock in that Bank 675,000 dollars : postage
and other incidental receipts 61,280 dollars 33 cents.
And that which accrued from the same sources, during the
year 1820, amounted to 15,234,546 dollars 29 cents.
It is estimated that the grosi amount of the duties on mer-
chandize and tonnage, which accrued during the three first
quarters of the present year, exceeds 14,038,000 dollars.
The payments into the TreasurY to the 30th Sept. last, have
amounted to 16,219,197 dollars, 70 cents, vii. :—Custorns,
10,068,394 dollars 85 cents ; public lands, 940.980 dollars 3b
cents ; arrears of internal duties and direct tax, 69,867 dollars
26 cents ; bank dividends, 105,000 dollars ; incidental receipts,
21,581 dollarS 51 cents ; repayments, 13,373 dollars 73 'cents ;
loan, 5,000,000 dollars. And the payments'into the Treasury
during the fourth quarter, are estimated at 3,595,278 dollars 14
cents, viz. :.—Customs, 3,000 dollars ; public lands, 360,000
dollars; monies recovered out of advances made in the war
department before July I, 1815, 120,000 dollars ; balances of
militarY appropriations Carried to the account of the Surplus
Fund, 90,278 dollars 14 cents ; direct tax and internal duties,
and incidental receipts, 25,000 dollars ; making the total amount
estimated to be, received into the Treasury during the year 1821,
19,814,475 dollars 84 cents ; which, added to the balance in
the Treasury on the Ist of January last, of 1,198,461 dollars
21 cents, making the aggregate amount of 21,012,937 dollars
5 cents.

Tlie application of this sum for the year 1321 is estimated as
follows :—The payments to the 30th of Sept. have amounted to
.15,665,283. dollars, 47 cents, viz. civil, diplomatic, and miscel:.
laneous, 1,772,717 dollars 30 cents ; Military service, including
fortifications, ordnance, Indian. department, revolutionary and
military pensions, arming the militia, and arrearages, prior to
the Ist January, 1817, 4,872,865 dollars 73 cents.; naval sr-
vice, including the gradual increase of the navy, 2,603,592
dollars 75 cents ; public debt,' including 591,611 dollars 30
cents; Mississipi 5t0ck,6,406,112 dollars 64 cents. During
the fourth quarter, it is eitinsated that the payments will
amount to 3,680,000 dollars, viz; civil, diplomatic, and miicel-
laneous,•69o,ooo dollars ; military service, 290,006 dollars;
na-
val service; 700,080 dollars ; &Wit- debt, 1,900,000' dollars;

Making the aggregate amount of 19,235,288 dollars 47 cents,
which being deducted from the above sum 0f21,012,937 dollars
5 cents, will leave in the_Treasury, on the Ist of January next,
a balance estimated at 1,777,648 dollars 58 cents.
But of the balances of appropriations for the service of the
year 1321, necessary to effect the object of those appropriations,
exclusive of balances, which will not be required, and which
have been deductedfrom the Estimates of the year 1822, or will
be carried to the account of the Surplus Fund, there remains
the sum of 2,268,611 dollars 28 cents; which is an existing
charge upon the Revenue of 1821, and exceeds the balance esti-
mated to be in the Treasury on the Ist day of January next, by
490,962 dollars 70 cents.

SECOND—OP THE PUBLIC DEBT.
The funded debt which was contracted before the year 1812,
and which was unredeemed on the 30th September, 1820,
amounted to 20,570,627 dollars 12 cents; and that contracted
subsequently -to the Ist of January, 1812. and unredeemed on
the 30th of September, 1820, amounted to 70,654,933 dollars
65 cents, making the aggregate amount of 91,225,560 dollars
77 cents. Which sum agrees with the amount stated in the last
annual Report as unredeemed on the Ist Of Crctober, 1820, ex-
cepting the suni. of 38 -dollarS 66 cents, which was then short
estimated, and which has been since corrected by actual settle-
ment.
In the fourth quarter of the year,- there was added to the
above, the sum of 457,747 dollars 95 cents. viz. in 6 and 7- per
cent. Stocks, for Treasury notes, brought into the Treasury
and cancelled, 3,280 dollars 29 cents. in 5 per cent. Stock, un-
der the act of May 25, 1820, 454,567 dollars 66 cents. ; making
91,633,30;; dollars 72 cents. ; and there was paid in the fourth
quarter the sum of 383,892 dollars 21 cents., viz,—deferred
stock reimbursed, 249,401 dollars 58 cents. ; payments on re-
count of the Louisiana Stock 139,490 d. 63c. ; making the pub-
lic 'debt unredeemed. on the Ist Jan. 1821, 91,294,416 d. 51c. ;
from the Ist January to the 30th September inclusive, there has
been added the sum of 4,739,776 dollars 33 cents., namely,
three per cent. Stock on interest on registered debt, 26 dol-
lars 1 cent. ; treasury note, six and seven per cent. Stock,
4,454 dollars 7 cents. ; loan authorized by Act of the 3d of
March, 1821, 4,735,296 dollars 30 cents., snaking 96,034,192
dollars 89 cents. ; from which is to be deducted the sum of
2,348,097 dollars 15 cents., viz. reimbursement of deferred
Stock during the same period 276,737 dollars 15 cts.; payments
on account of Louisiana Stock, 2,071,360 dollars; making the
public debt which was unredeemed on the Ist of Oct. 1821,-
93,636,095 dollars 74 cents.; to which will be added in the fourth
quarter, Treasury note six per cent. Stock issued, 390-40 ;
making 93,636,486 dollars 14 cents. from which will be deduc-
ted in the fourth quarter,- the suns of 262,880 dollars 41 cents.
viz. reimbursement of deerred stock, 257,322 dollars 26. cents. ;
residue of Louisiana Stock 5,558 dollars 15 cents., making the
amount of-public debt unredeemed on the Ist of January, 1822,
as estimated, 93,423,605 dollars 73 cents.; the Treasury notes
yet outstanding are estimated at 28,495 dollars ; the awards
made by the Commissioners appointed under the several Acts
of Congress, for the indemnification of certain Claimants of
public 'lands in the. Mississipi territory, amount .to 4,282,151
dollars 12 cents. of which there have been received at the
General Land Office in stock, 2,442,535 dollars 39 cents. ; and
there have been paid at the Treasury, 1,734,490 dollars 35
cents. ; making together 5,177,026 dollars 24 cents. • ,and leav-
ing outstanding on the 30th September, 1821, 105,124 dollars
88 cents.

Till RD-OF THE ESTIMATES OF THE PUBLIC RE-
"VENUE AND EXPENDITURE FOR THE YEAR 1822.
The dinunution of the Revenue from imports and tonnage,
which occurred in 1819, advanced with progressive force through
1820, and reached its lowest point of depression in the first.
qu'arter of the present year. The duties secured in that quar-
ter were 727,000 &liars less than those of the corresponding
quarter of 1820 ; whilst theamount secured in the second and
third quarters exceeded that of the same period of the preceda
nig year by '1,172,000 dollars ; thus presenting, on the 30th of
September last, an aggregate excess of 445,000 dollars for the
three first quarters of 1821, which sum, there is just reason
to believe, will be considerably-augmented at the end of the
year.
Whilst the duties have progressively increased, the deben-
tures chargeable upon them have considerably diminished ; the
amount of debentures issued from the Ist January to the 30th
September last, being 952,000 dollars less than was issued dur-
ing the same period of the preceding year.
The same causes which,au 1819 and 1820,,effected so great a
reduction of the revenue arising from imports and tonnage,
were. felt, in an equal degree, in the sale of the public lards.
Those who, from an anticipation 'of their resources previous-
ly to those years, were unable to purchase foreign merchandize,
were eqaally incapable of purchasing public lands, or of dis-
charging debts contracted with the Government by purchases
antecedently made.
In the annual Report of the Treasury at the commencement
of the last Session of Congress, the receipts from the public
lands for the year 1821 were estimated at 1,600,000 dollars, if
no change should be made by law affecting the obligations
which the purchasers were under to be punctual in their pay-
ments. But at the close of that Session, an Act was passed
for the relief of . the purchasers of public lands, which so far
impaired that obligation, as to induce the Connaittee of Ways
and Means to estimate the proceeds of that source of revenue at
only 800,000 dollars.
It has been shewn, however, that the receipts to the 30th
September hit haVe exceeded 94000 dollars ; and those of
the whole year are now estimated at 1,300,000 dollars. ,
This result in relation to the public lands, and the improve-
ment which has taken place in the Revenue arising from im-
ports and tonnage; indicate a favourable change in the condi-
tion of the nation ; from
.which a progressive increase of the
public Revenue may be confidently anticipated.
Independently, however, of any such increase, ' the facts
disclosed by the fiscal operations of the year, some of which
have been enumerated, warrant the conclusion that the receipt
of the year 1822 may be estimated at 16',110,000 dollars viz.—
Custom, 14,000,000 dollars ; public lands, 1,600,000 eollars ;
Bank dividends 350,000 ; arrears of . direct tax and internal
duties, 75,000 ; monies recovered out of advances made in the
war department, before the lit of July, 1815; 60,000 dollars;
incidental receipts, 25,000 dollars.
The expenditures of the year IB22are estimated at 14,947,661
dollars 80 cents. viz. :—Civil, Diplomatic, and illiscellaneena,
1,684,2a7 dollars ;- Public Debt, 5,722,857 dollars, 10 C 2 Tit. ;
Military Services, including Fortifications, Ordnance, India
Department, Revolutionary. and Military , Pensions, arming
the Militia, and Arrearagcs prior to. the.lst of January, 1817;
5,108,0 W dollars, 52 cents.; .Naval Services, including the gra-
dual increase of the Navy, 2,452,410 dollars, 27 cents.
The receipts. of the year will, therefoee, exceed the estimated
expenditure by 1,162,,338 dollars, 20 cents.
hieh, after discharging the difference between the balance
in the Treasury on the -Ist January 1822, and
.the balance of
appreprations chargeable upon it, will leave in tie Treasury,
on the Ist of January I'o3, a balance estimated at 671,375 dol-
lars 50 cents. , • •
It is, however, proper to state, that, in the estimate for the
naval service only, 200,0,00 dollars of the annual appeopriation
of 500,000' dollars for the gradual increase of the navy; is in-
cluded; but that, of the amount estimated by the Secretary of
War, a sum larger than the balance- of that appropriation is'
for arrearages for Revolatiohary
_Pensiona, and the Indian
Department, which will not be embraced in the estimates for
the year 1823.
The expenditure of the two succeeding years, it is believed,
will-not exceed that of the year 1822, unless a further experaii
tare shall, in the intermediate time, be authorised by law.—•
But in the expenditure of the year 1822, and also of 102.3 and'
1024, no part of the annual appropriation of 10,000,000 adollars,
constituting-the Sinking fund, is coMprehended, except what
is necessary to discharge the interest of the public-debt; and the
reimbursement a the 6 per cent. deferred stock. On the Ist
of January, 1825,.and the three succeeding years,•the debt con-
traeted daring the years 1812-18134814 and 1815, becomes re-
deemable at the will of the Government. Than sums greatly
exceed the amount of the Sinking Fund, applicable in those
yearS to the redemption of the public debt. As the current
value of the 5 per Cent. Stock, createdaduring the last and
present years,. eaoeeds that of the 7 per• Cent. Stock, and of the
6 per Cent. Stock of 1812. and 1813, it is presumed . that the,
holders of those Stocks will be diapoted to exehange diem for
an equal amount of. 5 per Cent. Stock, redeemable at such pe-
riods.as to give full operation to the. Sinking Fund, as at pre-
sent constituted. According, to 'this view' of the . liubject,
24,000,000 dollars of the Stocks which will be, redeeMable in
the yearn )320 arid.. 1826, 'may be.exchanged Par • five, per Cent.
Stock, redeemable, one third on the Ist January, 1831, aad cnte

third on the same daYs.of 1832 and 1833. This exchange of
six per Cent. Stock, if'effected on the. Ist January, 1823, will
produce an annual reduction of, the interest of the public
debt, from that time to the first mentioned period of 240.000
dollars, and an aggregate saving through the, whole Period of
2,160,000 dollars. If the whole. of the seven per Cent. ,Stock
should be exchanged, the sating will be considerably thcreasell.
If such an exchange of Stock should be deemed incipedi:mit
or impracticable, a saving of equal, if not greater extent, may
be effeeted in the years 1825, 1826, 1827, and 1828, by borrow-
ing at the rate of five per Cent., in the first and each successive
year, a Sum equal to the difference between the amount re-
deemable, and that portion of the Sinking Fund, applicable _to
its redemption ; Five per Cent. Stock, so created, to be re-
deemable at such periods as to give full operation to the-Sink-
ing Fund, until the whole of the Public Debt shall be redeem-
ed. If the five per Cent. Stock shall, during those yearS, be
above par, a saving beyond that proposed to be effected by the
exchange of Stock in 1822 will be secured, to the extent of
that difference, by the latter process.
But, it is possible, that the progressive increase of the Reve-
nue, which has been anticipated, and which is necessary to the
full operation of the Sinking Fund, may not be realised. 1a
that event, the public expenditure, authorised by law, now,
after the Ist of January, 1825, exceed the public Revenue.
The remedy in such case must be—First, an increase of the
public Revenue, by an addition to the existing impositions ;
•oz„second, a reduction of the Sinking Fund.
. 111. k—A general revision and correction of the duties rm -
posed upon foreign merchandise seem to be required. --:Many
of the articles which pay but 15 per cent. ad valo. em, ought, in
justice as well ad policy, to be placed at 25 per cent., which is
the duty paid upon the principal articles of woollen and. cotton
manufactures. The same observation is applicable to some of
the articles which pay 20 per cent. ad valorem. A correction of
the existing duties, with a view to an increase of the public
Revenue, could hardly fail to effect that object to the extent
of nearly 1,000,000 dollars annually. It is highly probable,
however, that an increase of duty on some of those articles
might eventually cause a reduction of the Revenue • but this
can only take place where similar articles are manufactured in
the country. in that event, domestic manufactures will have
been fostered, and the general ability of the community to con-
tribute to the public exigencies, will have been proportionably
increased.
Second—lf it should be deemed expedient to reduce ths
Sinking Fund, in preference to the imposition of additional
duties, it may be satisfactory to know, that an annual appro-
priation for that object of 8,000,000 dollars, commencing on the
Ist January, 1825, will extinguish the whole of the public
debt, exclusive of the 3 per cent. stock, in the year 16a9.
Should the Sinking Fund be reduced to 8,000,000 dollard, an
exchange of 36,000,000 dollars of six per cent. for five per cent.
stock may be effected in the course of the year 1822, if tl:e pre-
sent price of the latter stock should continue, without diminish-
ing, in any degree, the operation of that Fund, in the redemp-
tion of the public debt; such an exchange would reduce the
interest annually 360,000 dollars. •
The loan of 5,000,000 dollars, which was authorized by the
Act of 3d March, 1821, has been obtained at an" average pre-
mium of nearly 5,59 per cent. ; upon the issue of the 5 per
cent. stock, redeemable at the will of the Government, after the
Ist of Jan. 1835.—A1l which is respectfully submitted,
(Signed) W. 11. CRAWFORD.
Treasury Department, Dec. 10, 1820.

BOSTON, DEC. 22.—Amonoo• the documents transmitte.4 to
Congress with the report of the Secretary of the 'rreasuty.l is
the following, sheaving the amount of the funded debt of the
United States, on the Ist of October, 182 J

D liars.
C.
Deferred stock, unredeemed amount - 1,753,146 38
Three per cent. - - 13,295,928 04
Six per cent. of 1796 - - - - - 80,000 00
Exchanged 6 per cent. stock of 1812 - 2,660,974
Louisiana 6 per cent do, amount unapplied for 5,550 1
Six per cant. stock of 1812, loan of 11 millions 6,187,006 84
Six per cent. Stock of 1813, loan of 10 millions 15,521,136 45
Six per cent. loan of 7A millions - - 6,836,n2 •
Six per cent. stock of 1814, loan of 25 and 3
millions - - - - 13,011,437- .'44
Six per cent. stock of 1815, loan of 18,482,500 9,490.099 410
Treasury note 0 per cent. stock - - - 1,464,893 107.
Ditto 7 per cent. stock - - - 8,608,355 :27
.Five per cent. stock, subscription toißank United

Stakes - -
Six per cent. stock of 1819 - -
Five per cent. ditto - -
'Ditto, per act of March 3.1, 1821 -

THE COLONIES.

CANADA

- 7,000,000 00
- 2,000,000 04
- 999.N9 1?
- 4,735,296 -Z.w4

93,tia8,u25

PROVINCIAL PARLIAMENT PARLIAMENT OF LOWER CANADA.

LEGISLATIVE COUNCIL.

Tuesday, Dec. 11, 13'21.
This day at three o'clock, his Excellency, the Governor in
Chief came down in State to the Legislative Council Chamber,
and beihg'seated on the Throne, the Gentleman Usher of int.
Black Rod, was sent to command the immediate aftendanei' of
the Assembly, which being come up, his Excellency was.pitasp
ed to open the Session with the following speech :
Gentlemen of the Legislative Council, and
Gentlemen of the House of Assembly, .
I have met you under the flattering: hope that the Sristi-
ments which I felt it my duty to express to you on closing.
the last Session of the Legislature have received your most sr-
rious reflection.
I now again bring under your consideration the state ofthe-
province ; and, as a part of the subject above all others the most
important, I recommend to your immediate attention the tinazir
cial affairs,. with a view to making a suitable provision for: the
support of the Civil Government.
Gentlemen of the Assembly,
Under the difficulties in-which I found myself placed at. the
termination of the last Session of the Legislature, it became my
duty to adopt a course for the payment of the current expellees
of Government, as nearly consistent as, possible with .the exist-
ing laWs, or to the practice hitherto observed. I have 'directs.!
accompts to.be laid before you, shewing the amount of the te-
-1 venue which has come into the hands of the Receiver-General,
and of the expenditure under my warrants. 1 trust, upon ex-
amination,:they will be .found correct.
1 have ordered that the estimate for the ensuing year should
!also be laid before you without delay, and I have it again', in
[ command from his Majesty to acquaint you that his Majesty
I Still has the fullest confidence in your loyalty and affection to-
wards his person and Government, that he rests assured cf your
disposition to provide for the necessary expences of his.l,4vil
• Government, and those also equally necessary for the honour of
his Crown. And lam further commanded by his %,ajeity to
recommend that such provision as shall appear nee ssart, for
these purposes should be granted permanently, during his
Majesty's life..
Gentlemen of the Legislative Council, and
Gentlemen of the Assembly, . ~• . , _
It has been established in the British Parliament as a prk-
. ciple of the Constitution, that the Civil List should be granted
during the life of the King, and I am commanded'to impfess
upon you on this occasion his Majesty's recommendation that
sects principle of the Constitution should be adopted and
observed in future as the practice in this Province. 'lt
would be presumption in me .to add any words to what is tbus
• stated to you by his Majesty's authority :. it is a. fresh an-
stance of his Majesty's paternal care, and of the interest he
-takes in the welfare of his AMerican Provinces. I donfladilitly
rely on your well known loyalty and attachment to ,the .pf.i 4-1 -
ciples of the British Constitution, and cannot doubt, that
,tihis
; his Majesty's recommendation 'of the measure will have iti due
weight with you. •
1 .hall not advert to any of the various topics of great put,ll.:
• interest, which in the course of the. Session I. may have to :sob-
: I mit to you. I consider them of far inferior importance to the
• subject now comaanicateff to you by the Royal cornmaiid; and
I haye.
.therefore thought it proper to postpone them for the
1 present.

PROM UPPER CANADA.
KERCSTON, (kJ. C. 4, DEC. 7._ here is alair proopect tt ot
this SesOon,6l ParAament will ba short and tranquil.
Ecsiaes the cobsideration of our financial concetns with Lcwer
`Canada, we lea:* that the question respecting the 44th -Of' OW.
111. is revived in the House of Assembly. JO theLegislat:ve
Council a Judicature is 1,244er, consideration, wide 4 tf
said; he Nand very taatary. • •