Star.
London, England, 1829-01-09 00:00:00

AMERICAN PAPERS.

New York Papers to the 17th ult. have been received.
These Papers hove brought us a document of consi-
derable importance, which accompanied the President's
Message, and was laid by him, with others, for the con-
sideration of Congress. This document is the Report
from the Treasury. Though usually confined to the
financial operations of the year, it is extended, in the
present instance, to those of the three preceding years,
and to their results. We shall give a brief outline and
summary of the whole.

Mr. Rush, by whom, as head of the Treasury, this
Repot t is made, commences by confirming the statement
of the President, that the Revenue of 1828 had exceeded
the ettimate of Congress, while the expenses had not
gone beyond the limits prescribed by law, with the ex-
ception of those occasioned by a greater redaction of,
the public debt 'than had been anticipated, in conse-
quence of a surplus in the Treasury arising out of
vie increased receipts. He very justly observes, " that
it is amongst the highest duties of a nation, faithfully
to keep to its pecuniary engagements, and that there
need be no better demonstration of its pecuniary
ability, than when it is seen to pay off with prontp•
titude and punctuality its 'funded debt." He then
states, that in 182.5, the amount paid on account of the
.debt was 12,099,044 dollars, not however wholly out of
,a surplus revenue. In 1826, there were paid 11,039,444
dollars from a similar source; and in 1828. 12,163,566
!dollars, also from surplus revenue, making for the four
:years 45,303,642 dollars, 30,373,188 of which had been
:applied to the reduction of the principal, and 14,930.445
:to the payment of the interest. He also states the ins-
'portant fact, that the whole of the reduction operated
:on that part of the principal which bears the high in-
terest of six per cent. It is not astonishing, therefore,
the' as Mr. Rush tells us, " whatever the coosillerations
of public policy may be that have m ide the rapid ex-
tinguishment of the debt a favourite object with the na-
tioo, the public creditor regards it individually as a hard-
ship to be paid off."
By an Act of Congress passed in 1817, a Sinking
Fund of ten millions of dollars, applicable annually to
the payment cf the interest and the redemption of the
capital of the debt, was established. That Act, ethic,'
only began to operate in 1818, had, up to 1825, never
received its full execution, from inability on the part of
the Tteasuty. But since that period, the deficiency bas
been entirely ma& up by the excess of annual par

ments, and no arrears remain at present due to the
Sinking Fund.
The total sum paid since the commencement of 1818
to the clotft of 1828, on account of the Debt, i.
146569,773 dollars (36 667,4431. sterling), of which
88,834,108 went to the reduction of the principal, and
57,835,664 tb the payment of interest. " Facti Isle
these," Mr. Rush justly tells us, " attest the true dia.;
racter and value of a sinking fund, which can only be
effectively such, when income exceeds expeodituse, and'
a clear surplus from the former is steadily applied to
the diminution of the Debt." This is the principle on
-which the future operations of our own Sinking Fund
are to be conducted, and as the flourishing state of oar
Revenue now supplies us with a yearly surplus, otlr
progress will, we doubt not. become as regular and as
satisfrctor y as that of the Uriited Pates.
The next points on wbich the Ileport touches are the
state of the funds and the amount of the imports and
exprrts. " The Stoeks of the United States," we are
told, " keep an elevation above par, indicative of the
high credit of the Government." The Three per Centro
is particular, are favourites both at home and abroad.
because they are the last to be redeeined. Since 1824
their price has ranged fiom 80 to 8.4.•
The importations into the United States, during the
last four years, a.i.ount in value to 350,202,469 dollars ;
the exportations during the same period, to 337,202,426
dollars; the balance in favour of foreign trade is, there.
tore, 13 000,043 dollars. It may even be considered
greater, for the exports of domestic produce and ma.
nufacture amounted only to 233 690,035 dollars,
and the remaining 104,133,391 were ruespoitations of
foreign commodities. The imports and exports fur the
four years preceding 1824 were much less considerable,
but maintained a similar proportion in favour of ti.e
foreign trade.
The receipts into the Treaury during the last four
years amount to 97,957,559 dollars; the disbursements
to 95,885,518, of which 14 000,000 were expended on
internal works to benefit the country, and unconnected
with the civil, military, or naval est rhlishmeots. The
receipts and expenses for the four preceding years were
also considerably less, but much mo.e nearly balanced.
The positive increase of Revenue during the period
ending with the year 1828, exceeds 18,000,000 dollars,
and is said to be derived wholly from the Customs.—
The average increase of income in every year is esti-
mated at upwards of 24 per cent. while that of the ex.
penses is only 10 per cent. The augmented consump-
tion of foreign articles dirrii.g the same time averages
18 per cent. each year.
The shipping of the United States is believed to have
increased during the same period ; but the returns were
.not sufficiently correct to speak with precision. The
Iwhole mercantile shipping of the Union is estimated at
11,500,000 tons, while in 1818 it was only 1,200,000.
The Report then descants on the prosperity ef the
country advancing rapidly in all its branches, and dwells
with particular satisfaction on the benefit detived iron.
the services of the Bahk of the United States, in the col-
lection of the Revenue, and the payment of all the
public charges. It also bestows high praise t.n the
judgment with which it confines or enlarges its issue.
so as to restrain excessivt speculations tr. to seiese
scarcity. After pointing out the undertaking of glee
national works, it closes with a statement of the esti-
mated revenue and expenses for 18'29, similar to that
given by the President in his Message-23 140,000,
dollars the one, and 21,640,000 the other, leaving a
surplus on the year of 1,500,000 dollars.