LETTER from the Secretary of the Treasury, transmitting his Annual Report on the state of the Finances of The United States. 23d December, 1822. SIR, Treasury Department, December 23, 1822. I HAVE the honour to transmit a Report prepared in obedience to the "Act supplementary to the Act to establish the Treasury Department." I have the honour to be, &c. The Honourable the Speaker WM. H. CRAWFORD. of the House of Representatives. REPORT. In obedience to the directions of the "Act supplementary to the Act to establish the Treasury Department," the Secretary of the Treasury respectfully submits the following Report: 1. Of the Publick Revenue and Expenditure of the Years 1821 and 1822. The nett revenue which accrued from duties on imports and tonnage, during the year 1821, amounted to Dollars 15,898,434 42 The actual receipts into the Treasury during the year 1821, including the loan of 5,000,000, amounted to Viz: Customs, Publick lands, exclusive of Missis 19,573,703 72 13,004,447 15 Loan authorized by Act of the 3d of March, 1821, including a premium of 264,703 70, gained on the same, 5,000,000 00 Making, with the balance in the Treasury, on the Military service, including fortifications, ordnance, Indian Department, Revolutionary and Military pensions, arming the militia, and arrearages, prior to the 1st January, 1817, 5,162,364 47 Naval service, including the gradual increase of the Navy, 3,319,243 06 Publick debt, 8,367,093 62 Leaving a balance in the Treasury, on the 1st of The actual receipts into the Treasury, during the three first quarters of the year 1822, are estimated of Mississippi stock, 1,298,484 56 Arrears of internal duties and direct tax, dividend on stock in the Bank of The United States, and other incidental receipts, 391,871 76 Balances of appropriations for the War and Navy Departments, returned to the Treasury, and carried to the surplus fund, 406,119 28 The actual receipts into the Treasury, during the fourth quarter, are estimated at 5,000,000 00 Making the total estimated receipts into the Trea sury, during the year 1822, And, with the balance in the Treasury, on the 1st 19,745,408 75 21,427,000 99 of January, 1822, forming an aggregate of The expenditures during the three first quarters of the year 1822, are estimated to have amounted to 12,278,653 32 Viz: Civil, diplomatick, and miscellaneous, 1,536,434 24 Military service, including fortifications, ordnance, Indian Department, Revolutionary and military pensions, arming the militia, and arrearages prior to 1st January, 1817, 4,930,210 68 Naval service, including the gradual increase of the navy, The expenditures during the fourth quarter, including the redemption of the 2,000,000 of six per cent. stock of 1820, are estimated at 6,000,000 Making the total estimated expenditure of the year 1822,.. And leaving in the Treasury, on the 1st of January, 18,278,653 32 1823, an estimated balance of............... Dollars. 3,148,347 67 After deducting from this sum certain balances of appropriations, amounting to 1,232,212 11, which are necessary to effect the objects for which they were severally made, or have been deducted from the estimates, for the service of the ensuing year, a balance of 1,916,135 56 remains; which, with the receipts into the Treasury during the year 1823, constitutes the means for defraying the current service of that year. 2. Of the Publick Debt. The funded debt which was contracted before the year 1812, and which was unredeemed on the 1st day of October, 1821, ...... amounted to.... ...17,833,746 84 And that which was contracted subsequently to the 1st of January, 1812, and was unredeemed on the 1st of October, 1821, amounted to.. .......75,852,458 18 Making the total amount of funded debt unredeemed on the 1st of October, 1821.............. In the fourth quarter of that Year there was issued, Treasury note six per cent. stock to the amount of Making an aggregate of............. .......93,686,205 02 390 40 .93,686,595 42 In the same quarter there was paid the sum of............ 262,738 75 Viz: Reimbursement of six per cent. deferred stock .......... .................... Redemption of Louisiana stock...... 257,180 60 5,558 15 Reducing the funded debt, on the 1st January, 1822, From that day to the 1st of October last, there was issued three per cent. stock to the amount of................ Making an aggregate of........... ....93,423,856 67 143 02 .......................93,423,999 69 During the same period there was paid the sum of........ 380,980 02 Viz: Reimbursement of six per cent. Reducing the funded debt, on 1st of October, 1822, to 93,043,019 67 It is estimated that, in the fourth quarter of the pre sent year there will be paid................................ Viz: Reimbursement of six per cent. de ferred stock........................... Redemption of the six per cent. stock of 1820..... 2,265,588 07 265,588 07 ..2,000,000 00 Which will reduce the funded debt, unredeemed on the ...... .........90,777,431 60 .27,437 00 1st of January, 1823, to................. The amount of Treasury notes outstanding on the 1st of October, 1822, is estimated at............ And the amount of Mississippi stock, unredeemed on that day, at.. ........ Dollars 26,735 94 3d.Of the Estimate of the Publick Revenue and Expenditure for the Year 1823. The gross amount of duties on imports and tonnage which accrued from the 1st of January to the 30th of September last, both days included, is estimated at 19,500,000, and that of the whole year at 23,000,000 Dollars. It is estimated that the amount of debentures issued during the same period exceeds the amount issued during the corresponding pe riod of the year 1821, by 86,000 dollars; and that the amount of debentures outstanding on the 30th of September last, chargeable upon the revenue of 1823, is 234,000 dollars more than was, on the same day in 1821, chargeable upon the revenue of 1822. It is estimated that the value of Domestick Articles exported from The United States in the year ending on the 30th of September last, has amounted to 49,874,079 dollars; and that Foreign Articles, exported during the same period, have amounted to 22,286,202 dollars. As the Receipts from the customs in the year 1823 depend: 1st, upon the amount of duty bonds which become due within that year, after deducting the expenses of collection, and the amount of debentures chargeable upon them; and, 2d, upon such portion of the duties secured in the first and second quarters of that year, as are payable within the year; it is manifest that an increase in the amount of debentures chargeable upon the Revenue of the year 1823, or a diminution of the importations of Foreign Merchandize during the two first quarters of that year, must necessarily diminish the Receipts into the Treasury. As debentures can be issued at any time within twelve months after importation, chargeable upon bonds given for the duties upon such importation, it is impossible to foresee the amount which may be chargeable upon the bonds that are payable during the Year 1823. The facts, however, which have been stated, justify the con clusion that the amount of debentures which will be issued and charged upon the revenue of 1823, will considerably exceed the amount which was chargeable upon that of 1822. From the same facts, it is also presumed that the importations of the two first quarters of the year 1823 will be less than the corresponding quarters of the present year. Giving due weight to all the facts connected with the subject, the Receipts for the year 1823 may be estimated at........... 21,100,000 00 remaining in the Treasury after satisfying the balances of appropriations, chargeable upon the Revenue of 1822, which makes the entire means of the year 1823 amount to.........23,016,135 56 The expenditure of the year 1823 is estimated at......15,059,597 22 Viz: Civil, diplomatick, and miscella neous,......... ........ 1,599,317 35 Military service, including fortifications, ordnance, Indian Department, revolutionary and military pensions, arming the militia, and arrearages prior to the 1st January, Which, being deducted from the above sum, will leave in the Treasury, on the 1st of January, 1824, after satisfying the current demands of the year 1823, a sum estimated at.......... ....... Dollars 7,956,538 34 Although the facts already disclosed justify the conclusion, that the importations of the present year exceed the value of domestick articles exported during the year, yet there are no means of ascertaining the extent of that excess. If the custom-house documents were to be considered conclusive evidence upon this subject, it would be apparent that the Nation has, through the whole period of its existence, imported more in value than it has exported. But the fact is incontestible, that The United States have enjoyed a more uninterrupted prosperity, and have increased their capital to a greater relative extent, than any of the Nations with whom they have maintained commercial intercourse. To show that the Custom-house documents can |