Alexandria daily advertiser. [volume] (Alexandria [Va.]) 1803-1808, 1803-11-02

ass tns equal 20 t1- l0sclSss acesuis'5 VI s'u1
.,oet viii thus be added TO the sinking fund,
&c Of that fund, as It relates 10 the ex-
ias 'si.ss,-at of the existing dbl, will remain
'' o., tie same footing as has been hereto
pss ,royided BY Congress. The new debt wall
~ ;.sa, impede nor retard the payment OF the
ps :.s;,., of the old debt; and the fund will De
.',I;eens besides paying the interest on BOTH to
s;scharos the principal Of the old debt, before TIC
.s-,sls. and THAI of the new wlthin one year
,od half after that year. .
Irs IN relation 70 the American CLAIMS the
.,s 80, Of WHICH is assumed by the conventions
vith France: -,
That sum net exceeding 8 10000 dollars
u,Ias;ye Of the two millions appropriated by law
& ne last session Of Congress for defrayins rhe
,ordina,v expenees incident TO the intercourse
m;,b foreign nations, be appropriated for the pay
..o. Of those claims, TO be paid oat of any mo-
s;..;n the Treasury nor otherwise appropriated
Thar for the purpose of efeciing tue whole of
4,.oayn,en., the President of che United States
!. .arbor.zsd TO borrow a sum not exceeding
1000 dollars, at an interest not exceeding SIX
percent a year
And that SO much of the proceeds OF the duties
i merchandise and tonnage as may be necessary,
{ :. appropriated for the payment Of the interest
ana for the reimbursement of the principal of the
ian which nay eventually be effected by virtue
# The preceding provision.
Il IS NOT proposed to charge that loan on the
sakiog fund, because IT'S amouns, in case it Shall
I, sasefed, cannot atPtesent be ascertained and
Because it may, perhaps under The then existing
circumstances Of the Treasury, be found more
spedicnt NOT TO borrow the money, and in lieu of
i. 70 pay our Of the sinking fund the whole or
mar, Of the two last instalments payable by
,rtuc of the C)nyeotion with Great Britain, as
authorized by the aa n,akiag provision for the
swmens Of the whole of the public debt.
It's evident that the possibility of thus pro-
yiding for tic partnent of the interest of new
deb. OF thirteen millions of dollars, without either
recurring ,onew taxes or interfering with the provi
sions heretofore maze for the payment of the ex.
jsng debt, depends the correctness Of the esti-
mate Of the public Revenue which has been sub
utted Although it isnot without d.hidence that
she hope Of such favorable result is entertained,
some reliance IS placed on the sald.y of the basis
on which the estimate is grounded. 1t rests
principally IN the expectation that the revenue
ofthe ensuiag year shall Mt be less than that
such accrued IN the year 1907.
No part OF lt depends on the probable cncrease
which may result from the nSutr Atty e the Unit
sdStates during the continuance of the war in
Europe nor even on the progressive augmenta
non, which from past experience may naturally
beexpeefcl 70 arise from the grsdua. increase of
population and wealth. Nor has that effect
been taken into consideration which the unln,
ierrupted free navigation Of the Mississippi,
aud the acquisition Of New Orleans may have
either on the sales of public lands, or on the
general resources Of the inhabitants OF the ives
stsIn states.
All which is respectfully submitted,
ALBERT GALLATIN,
Secretary Of tbe Trsasz'y.