Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-11-28

ton. And this .rrual p; ynitnt of stcp..h tee
millions e light hundred thousand collars.
would have been sufficient, with sine small
variations, to discharge IN ten years the whcIe
Of the resi- due Of the existing debt, with IT,.
exception of the three per cent. stock, the
annual interest on which amounts only to
4s5 COO dollars. The aspect of the foreign
relations of the United States forbids, howe.
yer, the hope of seeing the work completed
within that short period.
The redemption Of principal has been CT.
fected without the aid Of any internal taxes
either direct or indirect, without any add.
ton during the last seven years to the rate Of
dutiesEon importations, which on the contrary
have been impaired by the repeal of that on
salt, and notwithstanding the great diDinution
of commerce during the last four years |,
therefore proves decisiyely the ability of the
United State, with their ordinary revenue, to
discharge, in ten years Of peace, debt of
forty-two millions of dollars, fact which con.
siderably lessons the weight Of the most formi
table objection to which that revenue, del
pending almost solely on commerce, appears
to be liable In tire of peace, it is almost
sufficient to dcfray the expenccs of war; il
time of war il is hardly competent to support
the expences ola peace establishment. Sink
ing at once under adverse circumstances from
fifteen to six or eight millions of dollars, it is
only by persevering application of The sur.
plus, which it affords in years OF prosperity.
to the discharge Of the debt, that total change
in the system Of taxation, or a perpetual &C.
cumulation Of debt can be avoided. But if
similar application Of such surplu. be hereaf.
ter strictly adhered to, forty millions Of debt
contracted during five or six years Of war,
may always, without any extraordinary exer-
tons, be reimbursed in ten years of peace.
This view Of the subject has a. the present
crisis appeared necessary for the purpose of
distinctly pointing out one OF the principal re- >
sources within the reach Of the United States
But to be placed on solid foundation, it re-
quires the aid OF revenue sufficient at least
to defray the ordinary expences Of govern
ment, and to pay the interest On the public
debt, including that on new loans which may
be authorised"
PROVISION FOR THE ENSUING
YEARS.
The revenue is derived from two sources,
the duties on importatons, and the sales of
public lands.
The nett revenue arising from duties On
merchandise and tonnage, which accrued dur
ing the year 1909. amounted to s 6,527,I68
The nett revenue arising from the same
sources, which accrued during the year 1910,
amounted, as will appear by TIE statement (A.)
and OBJ to l2.5l3,4eo
The same revenue for the year 1911, is
estimated, as has already been
stated, at S7,5oo,ooo
A portion of the revenue of this year hav-
ing been collected Oh British merchandze i'm
ported before the prohibition took eject. the
permanent revenue, arising from duties on
tonnage and merchandise, will not probably,
at their present rate, and under existing cir.
cumstances, exceed 8 100000
an estimate which is corroborsted by the view
of the srbjectexhibited in the statement (B. 2.)
The sales of the public lands north Of the
river Ohio, have, during the year ending en-
the 30th September 1911, anountcd, as ap-
pears BY the Statement, [C.) to 2o7,oo0 acres,
and the payments by purchasers TO 10000
dollars. 1t has already been stated that those
payments an the average ofthe tw2 lost years,
amount after deducting the expenses {. Char
ges on that fund, to the annual
sum of s 100000
The sales in the Mississippi territory being
In the first instance appropriated to the pay
ment Of 100000 dollars to the state Of Geor.
gia, are distinctly stated.
The permanent revenue, or an
nual receipts after the year
1872, calculated on the exist
ing state Of affairs, may there
fore be estimated at 100000
Which, deducted from the an
nual expenditures calculated.
the same principle, and
amounting by the preceding
estimate OF the year 1912, to 100000