Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1812-02-07
COMMITTEE ROOM,
SIR,

to defray the ordinary expenses of govern
ment, and to pay the interest on the public
debt, including that on new loans which may
be authorised.
That the expenses of the year
1919, calculated on the ex-
listing state of affairs, and in
GLIDING the interest on the
public debt, will amount to $4,000 900
That the whole amount of ac-
tual receipts into the treasu-
ry, during the year 1912,
may be estimated at 100000
Leaving deficiency (which it
is proposed to supply by au-
thorising loan] of 100000
And that an authority to Dor
row sum equal to that
which will be reimbursed of
the principal of the public
debt, during that year, will
be necessary, and amount
inc 10 not less than c,l35,3lS Al
Making thu whole sum which
it is proposed should be pro-
vided for by loan, for that
year, 3,332,oiS Al
Under this view of the subject the commit
tee OF ways and means have instructed me to
inquire OF yoc, whether, according to the prin-
ciple first above stated it does NOT become ne
cessary to provide ga fixed revenue" to be re-
ceved during the year 1879, equal as well to
the estimated expenses of that year, and a
mounting as above stated to SO, 400, 900, as al
SO to the interest which will arise on the pro-
posed loan Of 81 100000; or otherwise whe-
= 10 H. e RI
Of such interest, out of the meney in the trea-
sury, at the commencement Of that year, or
from any other source
Cd. 1t Is stated in your report "that fixed
revenue Of about nine millions of dollars is ne
cessary under the existing circumstances of
the United States and that the same amount
would be necessary, and with the aid of loans,
will, in your opinion, be sufficient in case of
war"
In reference to this state of things, the com
mittee wish you to state whether, as in the
event of war, increased loans will undoubted-
ly be required, it will not be necessary to
provide additional and gradually increas-
1ng revenue, to pay the interest on such loans?
80. II Is stated in your report ''that the per-
nanent revenue, or annual ipts, after the
year 1912, Calculated on the existing state of
attairs) together with an addition OF so per
cent. on the present amount of duties, may be
estimated at nine millions of dollars and that
should any deficiency arise in the event Of
war; 1t may be supplied without difficulty by
further increase of duties, by restoration
OF that on salt, and by proper. selection of
moderate internal taxes"
Tne Committee request that you would ia
vor them with the best opinion which YOU are
aOe to form calculated on the event of war;
OF the probable amount Of the receipts from
dltles specification of the increase of du-
ties, which you would think practicable and
advisable an estimate of the amount of that
on salt, and such selection of moderate in
'ernal taxes, as you would recommend, with
'he probable expense Of collection and the
amount of net revenue estimated to arise
therefrom.
4th. The committee request that you would
furnish them, in connexion with your replies
70 the preceding inquiries, with an estimate
o' ways and means calculated on the event of
awarl which will provide revenue sufficient
20 meet the ordinary expenses of government,
ana provide for the legal reimbursement and
interest Of the public debt, including the inte-
rest on new loans, to the amount at least of
zen millions of dollars per annum; accompa-
H'ed with such a scheme for the reimburse
Ient OF the principal of the new loans as you
should deem expedient, together with such
vpihions as you may have formed respecting
we terms on which such loans may probably
DC obtained; also, such further views or in
"F1ation connected with, or touching the